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GLOBO plc

INTERIM RESULTS FOR THE 6 MONTHS ENDED 30
JUNE 2009 

Globo plc ("Globo", the "Group" or the
"Company"; LSE-AIM: GBO), the international IT, S.a.a.S
and mobile solutions group, is pleased to announce its interim
unaudited results for the 6 months ended 30 June 2009.

Financial Highlights:

• Revenues increased by 16% to
  €8.34m
  (H1, 2008:
  €7.21m).
• EBITDA increased by 24% to €3.70 m (H1, 2008:
  €2.98 m).
• Underlying operating profit* increased
  19% to €1.62m (H1, 2008: €1.36m).
• Profit before tax increased
  by 6% to €0.91m
  (H1, 2008:
  €0.86m).
• Net debt as
  at 30 June 2009 reduced by €2.37m to €7.46m (31
  December 2008: €9.83m).
• 
  €1.19m equity fundraising completed in August to further support the
  roll-out of CitronGO!
  

* after adjustment for expenditure on CitronGO!

Operational Highlights:

• Good inflow
  of contracts and business in the local market despite
  the very difficult economic background.

• Software as a Service ("S.a.a.S") revenues tripled to
  €0.54 m (H1, 2008: €0.16 m), reflecting increasing demand for S.a.a.S,
  particularly within the SME sector.

• First Memorandum of Understanding signed with a
  Mobile Network Operator ("MNO") in South America with
  planned commercial launch of CitronGO! Service expected
  in early 2010. 

• CitronGO! business
  development in 7 world regions including Latin America, North America, South
  East Europe, Middle East, India, China and Indonesia.

On outlook, the Chairman, Brett Miller stated:

"The Group’s current forward order book for the
rest of the year remains strong at approximately €4.3
million and there is a good level of activity in tendering for new contracts in
both the public and private sector tenders.

"The second half of 2009 is traditionally the
stronger trading period within the year. Despite the uncertainties created by
the difficult economic situation, we are confident of achieving good results
for the year as
a whole.

"Globo is now well positioned in key growth
markets for the future which include S.a.a.S, mobile applications and ‘cloud’
computing which will help increase our reach into international markets."

CONTACTS

  About
Globo

GLOBO plc was admitted to AIM in December 2007.
Founded in 1997 by Konstantinos Papadimitrakopoulos and headquartered in
Halandri (a suburb of Athens), Globo has established itself as one of the market
leaders in the Greek ICT market. It provides e-business and telecom software
products and related services to the private and governmental sectors in Greece
as well as developing and operating broadband wired and wireless networks. It
has developed to become one of the largest e-business software and SaaS. vendors
in Greece. More recently, the Group has formed a new business unit, Globo
Mobile, to deliver its mobile communications strategy. For further information
please go to www.globoplc.com. 

  CHAIRMAN &
CHIEF EXECUTIVE OFFICER’S STATEMENT

Introduction

We are pleased to present Globo’s half yearly
financial results for the six months to 30 June 2009. These
results were ahead of the Board’s expectations and show that further growth in
revenue and profits has been delivered against a very difficult economic
background in our principal markets.

During the half year, we
have maintained our momentum in winning new contracts
through our traditional e-business/broadband access technologies and software
business as well as launching our new CitronGO! mobile communications product in
several world regions.  We have
achieved our first significant step in commercialisation with the signing of our
first Memorandum of Understanding with a mobile network
operator ("MNO") in South America. We expect to be
able to announce further significant
progress in commercialisation in due course.

Also, shortly after the end of the half year,
we were pleased to announce a €1.2
million issue of new equity
which has strengthened the Group’s balance sheet to support CitronGO!’s
international expansion. 

Results and Finance

Revenues for the six months to 30 June 2009
increased by 16% to €8.34 million (H1, 2008: €7.21 million) with progress across
the business.  Despite the difficult economic conditions, operating margins
held up well at 18.2% (H1, 2008: 18.9%).  Operating profit for the period
under review increased 12% to €1.52 million (H1, 2008: €1.36 million).  Profit
before tax increased by 6% to €0.91 million (H1, 2008: €0.86 million).  As
a result of a reduced provision for deferred tax, profit after tax increased by
43% to €0.82 million (H1, 2008: €0.57 million).

During the period, CitronGO! did not contribute
to revenue but approximately
€95,000 of costs related solely to
CitronGO! was charged to income.
Adjusting for this, the underlying business achieved a 19% growth in operating
profit to €1.62 million (H1,
2008: €1.36 million), an
increased operating margin of
19.4% (H1, 2008: 18.9%) and a 14% increase in
pre-tax profit to €1.00 million (H1,
2008: €0.86 million).

As previously reported,
the Group has improved its cash
collections.  For the half year as a whole, €7.6 million was collected out
of €8.8 million invoiced and recognised under IAS 11 on public sector contracts
which were due as at 31 December 2008.  Net debt (excluding finance leases) as
at 30 June 2009 reduced by €2.37 million) during the
half year to €7.46 million from €9.83 million as at 31 December 2008.  

After the end of the half year on 6 August
2009, we were pleased to announce a placing of new shares with UK and
Greek investors which raised €1.19 million before expenses (€1.15 million after
expenses).  These new funds were raised to fund the
initial roll-out of CitronGO!.

Operations

CitronGO!

CitronGO! was launched formally at the Mobile
World Congress in Barcelona in
February 2009 with a very positive initial market reception. The
Group‘s strategy to
achieve successful commercialisation of CitronGO! is
based firmly on developing partnerships with mobile network operators ("MNOs"),
internationally, in order to access their customer bases. It
is expected that the business model will be based on a sharing of revenues
generated by the use of CitronGO! with
the MNOs.

The acquisition of control of ReachFurther
Communications at the start of 2009 provided the basis for the creation of Globo
Mobile, a new operating division to develop the Group’s mobile activities. During
the half year, Globo has recruited a number of executives with substantial
senior operating experience within international MNOs. We
now have an excellent team which, we are confident, will help deliver a
successful commercialisation of CitronGo!.

During the past six months, Globo has entered
into discussions with a significant number of MNOs in seven world
regions: Latin America, North
America, South East Europe, the Middle
East, India, China and Indonesia.  Inevitably,
establishing appropriate strategic relationships with major MNOs takes time and
includes detailed evaluation of the product and associated services.  Recently
we signed our first Memorandum of Understanding with a MNO
in South America, which is expected to lead towards
a commercial service launch with
that MNO at the beginning of 2010.  We
anticipate reporting further progress in due course.

Software products and project services

Despite a difficult trading environment, total
revenues from software products and services was little changed at €6.35 million
(H1, 2008: €6.43 million) during the first half year and we were pleased to have
achieved increased operating margins in our traditional business despite the
economic background. In addition, considerable effort was devoted to the
development of new business, resulting in the winning of a number of new public
and private sector contracts.

Within the government and public sector,
order intake continued, beside the economic slowdown, with a number of
substantial e-business, digitalization and broadband WiFi contracts being
secured for delivery during the course of the current year. These included
projects for the Prefecture of Messinia, Ministry of Interior, Information
Society S.A, Municipality of Kyparissia, Municipality of Markopoulo and
Municipality of Chalandri.

Corporate sector revenues are based on Globo’s
suite of CITRON branded e-business applications and broadband access
technologies including Internet Hotel and WiPLUS from customers including
Lavisoft, Credin, Careffour Marinopoulos, Museum of Cycladic Art, Nutco, Fokas
Bookstores and Roi Bros. New customers signed since the end of the half year
include EADS Hellas, Dimi Shipping, Pazaropoulos Cards, Lymperis publications,
Tsantilis, Mellon Financial Services and Chandris Hotels; these customer
contracts will contribute to revenue in the second half of the year.

S.a.a.S & Telecom
services

Revenues from this division
more than tripled during the
period to €0.54 million (H1, 2008: €0.16 million), reflecting increasing demand
for S.a.a.S,
particularly within the SME sector.

Following on from significant contracts signed
in 2008, the Group’s WiFi broadband internet connectivity activities have
expanded successfully to include WiMax technologies. The
outlook for this business segment is particularly good as major investment in
WiFi and WiMax infrastructure is expected over the next two years, driven by
Greek government and telecom operator initiatives. Opportunities
exist for consolidation within the provision of wireless broadband
infrastructure and services. 

Product development

The momentum of developing the Group’s product
portfolio has been maintained during the first half year
with an investment of €3.5 million (H1, 2008: €2.19
million) which was capitalised in accordance with International Financial
Reporting Standards ("IFRS").

More specifically the group has invested:

• €2.14m in further
  development and functionality of the Citron e-business server family in order to
  meet the modern needs of corporate and public customers; and

• €1.36m in further
  development of the CitronGO!
  service platform by the addition of several critical
  modules for the full scale expansion of the platform to MNOs around the world. These
  modules include full
  web, wap interface to support mobile client functionality, expanding
  CitronGO!’s ‘reach‘ to
  almost 100% of mobile phones in the market today, new mobile clients for the Blackberry
  and Android platforms, a fully
  integrated server management system to handle the service platform, development
  of a specific helpdesk system for the provision of technical support to MNO’s
  and customers and platform
  multilingual adoption for 10
  major languages.

Strategy

Globo’s strategy to date has been to increase
its Greek market penetration, maintain a balance in its business between private
and public sector contracts and increase its recurring
revenues business (via S.a.a.S). Our
portfolio of products and services means we are well placed to sustain this
balance. So far in 2009, the
focus of sales to the private corporate sector has been e-business products and
services. Activities for
public sector customers have included archive
digitalisation and, increasingly, e-business and ‘WiFi’ network infrastructure
and services. Meanwhile, the
SME marketplace in Greece and
neighbouring countries has been served by our S.a.a.S
services. Although not yet
commercialised, we anticipate that Globo Mobile will become an increasing part
of the business from 2010 and beyond.

Globo’s international strategy
is making good progress with
developments in our WiPlus (WiFi) service offering in several countries
including Cyprus, Italy,
Spain and Portugal.
International expansion is expected to increase sharply as the commercialisation
of CitronGO! moves forward. 

Looking ahead, developments in
our domestic market are underway for the EU Fourth Community Support Framework
(2007-2013), which is expected to support public and private investment in IT
infrastructure and services, thus underwriting prospects within the Greek
market.

Outlook

The Group’s current forward order book for the
rest of the year remains strong at approximately €4.3 million and
there is a good level of activity in tendering for new contracts in both the public
and private sector tenders.

The second half of 2009 is traditionally
the stronger trading period within the year. Despite
the uncertainties created by the difficult economic
situation, we are
confident of achieving good results
for the year as a whole.

Globo is now well positioned in key growth
markets for the future which include S.a.a.S, mobile applications and ‘cloud’
computing which will help increase our reach into international markets.

Brett Miller                                                               
Costis Papadimitrakopoulos

Non-executive Chairman                                            Chief
Executive Officer

 Financial
Review

In the first half of 2009 the
Group has produced a solid financial
performance, reflecting strong contributions from all
main business areas.    

In the six months ended
30 June 2009 revenue reached €8.34 million,
a 16% increase
on the same period in 2008 (H1,
2008: €7.21 million).  The
increase in revenue came from
growth in both private and public sector segments of
the Group. 

Gross profit increased by 5% to
€3.23 million
(H1, 2008: €3.08 million)
delivering a gross margin of 39% (H1, 2008: 43%).

Operating profit excluding depreciation and
amortization increased 24% to €3.7 million (H1, 2008: €3.0 million) delivering a
margin of 45% (H1, 2008: 41%).

Depreciation
and amortization of non-current assets was €2.17 million (H1, 2008: €1.62
million), reflecting the significant investment in product development.
Operating profit increased by 11.8% to €1.52 million (H1, 2008: €1.36 million)
which, despite the increase of 34.0% in the depreciation and amortization
charge, delivered an operating margin of 18.2%, slightly below that achieved in
the same period of 2008 (H1, 2008: 18.9%).

Profit before tax reached
€0.91 million, an increase of 5.8% over the same period (H1, 2008: €0.86
million).

The taxation charge of the period was €0.09 million
(H1, 2008: €0.28 million).

Basic earnings per share grew by 50% to €0.006 (H1, 2008:
€0.004).

Globo plc’s balance sheet, as at 30 June 2009,
reflects a net asset position of €14.71 million.  Total
assets were €39.34 million
(H1, 2007: €30.88 million).  Of
total assets, €15.0 million
were held in non–current
assets, €20.46 million
were held in inventories, trade receivables,
prepayments and other current assets and €3.88 million
were held in cash and cash equivalents. Total liabilities increased by 31.6% to
€24.64 million.

Accounts receivable
and prepayments increased by €1.68 million compared
to 30 June 2008, primarily
because of the higher volume of trading and
the lengthy duration
of large public projects that the Group gained in the last 12 months.  However, for
the half year as a whole, €7.6
million has been collected out of the €8.8
million invoiced and recognised
under IAS 11 on public sector contracts which were due as at 31 December 2008.  Furthermore, the
Group expects the majority of
the outstanding amounts will be fully recovered
within 2009.

The net cash provided by
operating activities reached €6.05 million,
(H1, 2008: outflow
of €0.77 million), mainly
due to the successful collections of receivables that
have been realised
within the first six months of the year.  Net
cash used in investing activities was €3.6 million, reflecting
the significant investment in product development and infrastructure.  In
addition, cash from financing activities of
the Group have been reduced by €4.3 million compared
to the same period last year.

CONSOLIDATED INCOME STATEMENT

For the 6 months ended 30 June 2009

  CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME

For the 6 months ended 30 June 2009

CONSOLIDATED BALANCE SHEET

At 30 June 2009

  CONSOLIDATED
CASH FLOW STATEMENT

For the 6 months ended 30
June 2009

CONSOLIDATED STATEMENT
OF CHANGES IN SHAREHOLDERS’ EQUITY

NOTES TO THE INTERIM
FINANCIAL STATEMENTS 

For the 6 months ended 30 June 2009

1    Basis of preparation 

The condensed
consolidated interim financial information for the 6 months ended 30 June 2009 has
been prepared in accordance with IAS 34 ‘Interim financial reporting’. The
condensed consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended 31 December
2008, which have been prepared
in accordance with International Financial Reporting Standards as adopted by the
European Union.

The financial information contained in this
report does not constitute statutory accounts within
the meaning of Section 435 of the Companies Act 2006.  

The 2009 interim
financial report of the Company has not been audited but has been reviewed by
the Company’s auditor, Littlejohn LLP,
whose independent review report is included in this Interim Report.

2    Accounting
policies

Except as described below, the
same accounting policies, presentation and methods of computation are followed
in this condensed consolidated
financial information as were
applied in the preparation of the Group’s annual financial statements for the
year ended 31 December 2008. Those
financial statements have been reported on by the Company’s auditors and
delivered to the Registrar of Companies. The report of the auditors was
unqualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying their report, and did not
contain a statement under section 237(2) or 237(3) of the Companies Act 1985.

Change in accounting policies

The Group applies revised IAS 1 Presentation of
Financial Statements, which became effective as of 1 January 2009. As a result,
the Group presents in the consolidated statement of changes in equity all owner
changes in equity, whereas all non-owner changes in equity are presented in the
consolidated statement of comprehensive income. This standard is concerned with
presentation only and does not have any impact on the results or net assets of
the Group. Comparative information has been
re-presented so that it also is in conformity with the revised standard.

This condensed consolidated financial
information has been approved for issuance by the Board of Directors on 25
September 2009.  

3    Segmental
analysis of revenue     

Revenue is mainly derived from sales of Group’s
software products and services to private and public sector customers based upon
contractual agreements. Sales of third party goods which are treated as a
complement to the Group’s software products and services are recognized
according to the relevant contractual obligations.

4    Taxation 

The charge in
the period arises from movements in deferred tax and provision for tax in
accordance with Greek Law.

5    Earnings per
Share

Basic earnings per share are calculated by
dividing the profit after tax attributable to equity holders by the weighted
average number of ordinary shares in issue during the period.

Diluted earnings per share assumes that options
and warrants outstanding at 30 June 2009 were
exercised at 1 July 2009,
for options and warrants where the exercise price was less than the average
price of the ordinary shares during the period. On this basis, the calculation
of diluted earnings per share is based on the profit attributable to ordinary
shareholders divided by 132,058,740 (six
months ended 30 June 2008:130,589,530;
year ended 31 December 2008:132,118,740)
ordinary shares.

6    Consolidated
Cash generated from/(used
in) Operations 

7    Intangible assets

During the period the Group spent €3,521,749 on
licences and software development on existing products
of the Group as well as the new mobile products. 

8    Related Party
Transactions

a.    Profitel
Communications S.A. ("Profitel")

In the first half of 2009, Globo Technologies
S.A. realized sales to Profitel S.A. for the Wiplus service amounting to
€110,635 (30 June 2008: €99,657). Moreover, Globo Technologies S.A. received
€3,145 from Profitel for office rent. Additionally Globo Technologies S.A. has
bought telephony, internet bandwidth services, Wiplus network services, help
desk – call centre services, data centre services as well as related support
communication services from Profitel at a total value of €843,393 (30 June 2008:
€103,075). The outstanding debtor balance at 30 June 2009 was €486,698 (30 June
2008: €564,530). The outstanding creditor balance at 30 June 2009 was €412,624
(30 June 2008: €Nil).

b.    3nSold S.A.

Mr Costis Papadimitrakopoulos and his wife
hold 27.5% of 3nSold S.A. ("3nSold"). In the first half of 2009, 3nSold realised
sales to Globo Technologies for a total value of €21,100 (30 June 2008: €Nil).
The outstanding debtor balance at 30 June 2009 was €14,555 (30 June 2008: €
90,222).

c.    Sparti Hellas
S.A.

Mr. Petros
Papadimitrakopoulos, the father of Costis Papadimitrakopoulos, holds 19.39 % of
Sparti Hellas S.A. ("Sparti Hellas"). There is no outstanding debtor balance at
30 June 2009 (30 June 2008 – €Nil).
The outstanding creditor balance at 30 June 2009 was €5,902  (30
June 2008: €Nil)

d.     Globo
Technologies S.A.

The outstanding debtor balance at 30 June 2009 was
€232,051
(30 June 2008: €447,981).

e.    Globo Mobile
S.A.

On 30 November 2008 Globo Technologies S.A.
formed Globo Mobile S.A., a company that will operate the new mobile products
and services of the Group. On 31 December 2008, Globo Mobile S.A. acquired
a 35 per cent equity interest in Reachfurther Communications Limited, a
Cyprus-based mobile value-added service provider and content aggregator. For the
purposes of the above acquisition, Globo Technologies S.A provided finance of
€450,000 to Globo Mobile S.A. 

f.    Reach Further
Communications Ltd

In first half of 2009, Globo technologies
realized sales to ReachFurther
Communications Ltd for a total value of € 8,995 (30
June 2008 – €Nil). There is no
outstanding debtor balance at 30 June 2009 (30 June 2008 – €Nil).The
outstanding creditor balance
at 30 June 2009 was €23,730 (30
June 2008 – € Nil).

9    Post Balance
Sheet Events

On 6 August 2009, Globo
plc has raised approximately £1
million before expenses via a placing, with UK and Greek investors, of
11,944,029 new ordinary shares of 1 pence each, representing approximately 8.4
per cent of the issued share capital of the Company as enlarged by the placing,
at a price of 8.5 pence per share. 

The net proceeds from the placing
will contribute to the initial international roll-out of CitronGO! the open
‘cloud’ mobile communication software solution providing personal and
professional users with true ubiquitous computing on a
single screen on any mobile phone or laptop – regardless of manufacturer, vendor
or network.

Independent Review Report to the Directors of
Globo plc

Introduction

We have been engaged by the Company to review
the condensed set of Financial Statements in the half-yearly financial report
for the six months ended 30 June 2009 which comprise the
consolidated income statement, consolidated statement
of comprehensive income, consolidated balance sheet,
consolidated statement of changes in equity, consolidated
cash flow statement and related notes. We have read the
other information contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of Financial Statements.

Directors’ responsibilities

The half-yearly financial report is the
responsibility of, and has been approved by, the Directors. The Directors are
responsible for preparing the half-yearly financial report in accordance with
IAS 34 and the AIM Rules for Companies.

The annual Financial Statements of the Group
are prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of Financial Statements included in this half-yearly financial
report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted by the
European Union and the requirements of the AIM Rules for Companies.

Our responsibility

Our responsibility is to express to the
Company a conclusion on the condensed set of Financial Statements in the
half-yearly financial report based on our review. This report, including the
conclusion, has been prepared for and only for the Company for the purpose of
the AIM Rules for Companies. We do not, in producing this report, accept or
assume responsibility for any other purpose to any other person to whom this
report is shown or into whose hands it may come, save where expressly agreed by
our prior consent in writing.

Scope of review

We conducted our review in accordance with
International Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity", issued by the Auditing Practices Board for use in the United Kingdom. A
review of interim financial information consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with International Standards on Auditing
(UK and Ireland), and consequently does not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our
attention that causes us to believe that the condensed set of Financial
Statements in the half-yearly financial report for the six months ended 30 June
2009 is not prepared, in all material respects, in accordance with International
Accounting Standard 34 as adopted by the European Union and the AIM Rules for
Companies.

Littlejohn LLP

END

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