Conduit Profit Before Tax Exceeds Euro 1.0 Million in Quarter 1.

Business Editors

DUBLIN, Ireland--(BUSINESS WIRE)--July 24, 2002

Conduit plc (COND.FK):

Highlights

-- The Group achieved profits from operations in quarter 1 of Euro 1.1 million compared with losses from operations of Euro 4.7 million in quarter 1 last year

-- EBITDA further improved in quarter 1 to Euro 2.7 million compared to a loss of Euro 3.5 million in quarter 1 of the previous year

-- Call volumes for the quarter rose by 40% to 24.2 million calls as compared to 17.3 million in the previous year

-- Revenues up 41% to Euro15.3 million compared to quarter 1 last year of Euro 10.8 million

-- Gross margin increased from 19.2% in quarter 1 last year to 45.6% in quarter 1 this year

Financial Figures

Detailed below is a summary of the performance of the company for the three month period from 1 April 2002 to 30 June 2002 together with the comparative amounts for the three month period ended 30 June 2001.

                         Quarter 1 ended      Quarter 1 ended
                         30 June 2002         30 June 2001    % Change
                              Euro                 Euro
Revenue                   15,288,911           10,821,177        41%
Gross profit               6,968,731            2,077,308       235%
Gross profit %                 45.6%                19.2%
EBITDA                     2,712,640           (3,549,453)
Profit/(loss) from
 operations                1,142,272           (4,694,195)
Profit/(loss) before tax   1,043,040           (4,454,542)
Net profit/(loss)
 attributable to common
 shareholders                905,489           (3,916,067)
Basic net profit/(loss)
 per share                      0.05                (0.23)
Employees                      1,401                1,566      (11%)

Prepared in accordance with generally accepted accounting
principles in the United States of America

Commenting on the results Liam Young, Chief Executive Officer

Conduit plc, said;

Conduits gross margin improvement over the last four quarters is an immense achievement, and is the result of a relentless focus on cost improvement and better efficiencies during the period. The Group has now reached the scale required to enable us to deliver consistently strong gross margins, and which places us in an excellent position to deliver substantial bottom-line profitability and real improvements on shareholder value.

Our low-cost base now provides us with a strong competitive advantage in the UK market, and we are confident that we will achieve significant market share on deregulation of the directory enquiry market there.

Notes to Editors

Conduit plc listed on the Frankfurt Neuer Markt on 30 June, 2000 and Irish Stock Exchange technology market ITEQ on 6 April 2001.

Conduits core business is as a directory assistance service provider. The Company currently operates call centres in Dublin, Cardiff, Biel and Vienna and provides directory assistance services to clients in the UK, Ireland, Switzerland and Austria.

In Ireland, Conduit operates the independent 11,850 directory assistance number which has achieved widespread brand recognition throughout Ireland. In addition, Conduit operates directory assistance for Esat Telecom and O2 in Ireland. In the UK Conduit provides UK directory assistance for Orange and Telewest. The company also provides directory assistance services to clients in Austria, and Switzerland and has launched its own independent 11 88 11 directory assistance number in Austria and 18 50 in Switzerland.

The Company has 1,401 employees across the Group.