OEM OEM

RNS Number:7358J
OEM PLC
27 April 2000

Interim Accounts

The  first  matter that I must address is the two recent episodes  of  violent
movement in the OEM share price.  So far as we have been able to establish the
cause  of  the movement is unsubstantiated rumours placed on Internet bulletin
boards.   Obviously, we cannot restrict the ability to post on  the  Internet.
However,  we do urge serious caution before anyone deals on the back of  them.
Our  policy must be not to comment upon these rumours.  This is because if  we
failed to deny one because we did not know it existed, it might be thought  to
be  a  confirmation  and  this would be unfortunate.  We  take  seriously  our
obligation  to  keep our shareholders informed and will make announcements  as
appropriate.  Shareholders frequently ring simply for a chat and we are  happy
to talk to them although what one can say is frequently restricted.

We  had  hoped to launch a scheme whereby any shareholder could sell, free  of
costs,  up  to  1,000 Ordinary shares back to the Company.  We  would  without
commitment  have been prepared to pay the lesser of the market price  and  the
net  asset  value  per  share.  The recent movement in  the  share  price  has
rendered  this scheme impractical at the moment.  We shall reconsider  matters
later in the year.

The results for the six months show little apparent activity.  As usual we  do
not  recommend  payment of any dividend.  Looking back, I see the  same  thing
happened  last year.  As with that year, I have no reason to suppose that  the
outcome  for  the full year will be other than satisfactory.   As  ever,  much
depends  on  the timing of the relatively few transactions that give  rise  to
debits  and credits in our accounts.  We have added to our stock of properties
during  the period and are excited by their potential.  

We continue actively to seek opportunities to add shareholder value wherever
they arise, whether in our traditional activities or elsewhere.

Robert P.B.Noonan
27 April 2000

OEM plc                                                                       
            
INTERIM RESULTS                                                               
                                                               
Group profit and loss account
Audited                                 Unaudited          Unaudited
year to 30 June                         6 months to        6 months to
1999                                    1 December         31 December
                                        1999               1998

#000                                     #000              #000

497     Turnover                           65                14 

32      Operating Profit (Loss)          (187)             (181)

65      Interest net                       22                70

        Profit (Loss) on ordinary        
97      activities before taxation       (165)             (111)  

(1)     Taxation                           30                30 

        Profit (Loss) on ordinary
96      activities after taxation        (135)              (81)

-       Dividends                           -                -

96      Retained Profit (Loss)           (135)              (81)      

        Earning (Loss) 
1.34p   per 25p ordinary share           (1.7p)           (1.2p)

         
Notes                                                                         
             
1    The interim financial statements have been prepared on the basis of the  
     accounting policies set out in the Group's 1999 statutory accounts.

2    Taxation has been provided for at the effective rate estimated to charged
     for the full year.                                                       
                 
3    Earnings per share are calculated by dividing the profit (loss) on       
     ordinary activities after taxation by 7,914,325 being the weighted number
     of ordinary shares in issue in this half year and by 7,150,058 and       
     6,945,612 being the weighted number of shares in issue in the prior year 
     and half year respectively.

4    The results for the year ended 30 June 1999 are an abridged version of   
     the Group's statutory accounts for that period which received an         
     unqualified auditors' report and have been filed with the Registrar of   
     Companies.                   


Summary group balance sheet
                                                 
   Audited                             Unaudited            Unaudited         
   30 June                             31 December          31 December       
   1999                                1999                 1998

   #000                                #000                 #000
       
                                                                              
       
            Current assets                             
   2,583    Stocks                     3,977                2,514
   1,184    Debtors                      530                   24
     902    Cash                         176                1,572
   4,669                               4,683                4,110
                                                  
   (784)    Creditors - due             (667)                (397)
            within one year
   3,925    Net assets                 4,048                3,747
                                                   
   1,837    Share capital              2,006                1,837
      43    Share premium                132                   42
   2,045    Profit and loss            1,910                1,868
            account
   3,925                               4,048                3,747
                                                   
Summary group cash flow statement

 
   Audited                          Unaudited        Unaudited  
   30 June                          six months to    six months to
   1999                             31 December      31 December
                                    1999             1998
   
   #000                             #000             #000
   
   1,381    Operating cash          (1006)            2,137
            inflow/(outflow)

      65    Returns on               22               70
            investments

   (221)    Taxation                  0                0

     (7)    Investing activities      0                0

    319     Financing activities     258               0

   1,537    Increase / (decrease)   (726)            2,207
            in cash



END

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