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topjobs.net plc Announces Fiscal 1999 Financial Results

- Company Reports Solid Progress as Key Metrics Continue to Grow Growth Strategy Remains Firmly Focused on Lucrative
European Market -

MANCHESTER, England, June 28 /PRNewswire/ -- topjobs.net plc (Nasdaq: TJOB - news) Board of Directors today released the unaudited group consolidated
annual financials for the year ended March 31, 1999 (see attached table).

Revenue for fiscal year 1999 grew to 1,590,999 pounds silver (US$2,567,872) from 785,646 pounds (US$1,268,033), representing a 103% increase in the
comparable prior year period(1), in line with analyst expectations. Loss from operations during the same period widened to 4,579,002 pounds (US$7,390,509)
from 2,294,972 pounds (US$3,704,085), which is in line with the Company's plan, reflecting its continuing investment in building brand awareness and preparing for
future growth.

The Company reported that its flagship UK site http://www.topjobs.co.uk continues to record a steady monthly increase in the number of individual top-level
searches made across all job categories this calendar year, rising from 1,343,057 in January 1999 to 2,601,245 in May 1999, representing a 94% increase. The
total number of individual top-level job category searches during this five-month period was 9,460,631.

The number of visits by job seekers to the Company's web sites through the end of May 1999 rose to 497,356 from 134,883 in May 1998, representing a year on
year increase of 269%. Similarly, the total number of registered users rose to 197,211 in May 1999 from 15,960 in May 1998, representing a year on year increase
of 1135%.

Victor F. Kaminski, President and Chief Executive Officer, said, ``These metrics are key measurements and indicators of our progress, and these numbers validate
our business model. Our objective is to capitalise on our leading market position in the UK, Ireland and Switzerland and the outstanding market fundamentals in
selected new European country markets. We believe the conditions are ripe in Europe for rapid growth and business development. Near term, we have identified
The Netherlands, Germany and Scandinavia as holding the most potential. Our aim is to become the dominant provider of branded Internet recruitment solutions
across Europe.'

Jupiter Communications (03/99) forecast that the number of western European households online will triple by 2003, increasing from 14 million to 47 million,
representing 31% penetration. Forrester Research (01/99) has predicted the US Internet recruitment market growing from $105 million in 1998 to $1.75 billion in
2003.

``Given the European population is an estimated one and a half times the size of the US population, we believe the size of the European market will equal or surpass
the size of the US market early in the new millennium. We believe that Europe is anywhere between eighteen to twenty-four months behind the US in Internet market
maturity in terms of usage and adoption. Our growth and the mounting evidence of exponential Internet adoption and usage in Europe powerfully affirm our decision
to focus on Europe as our top priority,' said Kaminski.

According to Brian Mosley, Chief Operating Officer, ``While Europe is the top priority for new growth, we are also focused on strengthening existing Top Jobs on
the Net country operations. We have taken steps since the initial public offering to consolidate all of our existing operations and to increase our market penetration
through attracting a new and steady stream of Management, Professional and Technical (MPT), including graduate, job seekers to our sites and through new
multinational client wins and renewals.'

Significant client wins and renewals across the business during the first quarter of the new fiscal year has increased the total number of clients using Top Jobs on the
Net to over 300, which includes a significant blue chip roster such as Allied Irish Bank, British Aerospace, BT Cellnet, Cable & Wireless, Dell Computer
Corporation, Fidelity Investments, HFC Bank, KPMG, Intel Corporation, LM Ericsson, Microsoft, Siemens, Sony, Swisscom AG, Telecom Eireann and Tellabs.

Kaminski concluded, ``This has been a year of challenges and triumphs for the Company, which included completing our initial public offering. The IPO has provided
us with the capital to pursue further growth and public currency with which to pursue acquisitions. We have emerged as a stronger Company with an even fiercer
commitment to moving our business forward. We believe that our results endorse our value proposition of providing only the very best range of branded Internet
recruitment advertising solutions to the many multinational clients using Top Jobs on the Net. We remain confident about our performance relative to analyst
expectations for the first quarter of this fiscal year. And, we believe that success in both our existing and new country markets will deliver long-term value for our
shareholders.'

About topjobs.net plc:

topjobs.net plc is the parent company of the Top Jobs on the Net http://www.topjobs.net group, with offices in the UK, Ireland, Switzerland, Poland, Australia,
Thailand and the US. Customers using Top Jobs on the Net can efficiently create, modify, monitor and manage their own branded Internet recruitment advertising
campaigns. Prices for Top Jobs on the Net range from approximately $5,000 to $100,000 for an annual presence. Higher value contracts include TV advertising.
The Company's sales strategy emphasises serving large multinational companies through premium-serviced and priced, longer-term contracts. After giving effect to its
April 28, 1999 IPO, topjobs.net plc has 9,201,910 ordinary shares outstanding.

NOTE:

1. Results for the comparable prior year period have been obtained by combining the results of topjobs.net plc for the nine months and nineteen days ended March
31, 1998 with the results of the predecessor company for the two months and eleven days ended June 11, 1997.

This release contains forward-looking statements. These forward-looking statements are not historical facts, but rather are based on our current expectations,
estimates and projections about our industry, beliefs and assumptions. Words such as ``anticipates,' ``expects,' ``intends,' ``plans,' ``believes,' ``seeks,'
``estimates' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements. The company cautions you not to place undue reliance on these forward-looking statements, which
reflect our management's view only as of the date of this release. The company is not obliged to update these statements or publicly release the result of any revisions
to them to reflect events or circumstances after the date of this release or to reflect occurrence of unanticipated events.

topjobs.net plc (Successor) Group Financial Statements
Year ended 31 March 1999

Exchange rate 1.614

Income Statement Period from Period from Year ended Year ended
1 April, June 12, March 31, March 31,
1997 to 1997 to 1999 1999
June 11, March 31, Pounds
1997 1998 Sterling US Dollar
Pounds Pounds
Sterling Sterling Unaudited Unaudited

Revenue 88,181 697,465 1,590,999 2,567,872

Operating expenses
Advertising 53,529 520,415 1,073,995 1,733,428
Commissions 13,718 118,923 253,607 409,322
Amortization -- 497,423 621,779 1,003,551
Depreciation 6,603 54,752 114,631 185,014
Compensation charge 176,665 -- -- --
Selling, General
& admin 209,512 1,429,078 4,105,989 6,627,066
Total 460,027 2,620,591 6,170,001 9,958,381

Loss from operations -371,846 -1,923,126 -4,579,002 -7,390,509

Interest expense -5383 -86781 -285,935 -461,499
Other expense -2523 -36290 -46,535 -75,107
Share of losses
from equity affiliate -- -85869 -256,420 -413,862
Minority interest -- -- 135,356 218,465

Net loss -379,752 -2,132,066 -5,032,536 -8,122,512

Balance Sheet March 31, 1998 March 31, 1999 March 31, 1999
Pounds Sterling Pounds Sterling US Dollar
Unaudited Unaudited
ASSETS
Current assets
Cash 3,085 122,974 198,480
Accounts receivable 168,659 511,392 825,387
Retained interest
in factored receivables 80,728 154,888 249,989
Prepaid expenses
and other receivables 36,646 1,146,258 1,850,060
Total current assets 289,118 1,935,512 3,123,916

Property, plant & equipment 261,153 617,102 996,003
Investment in equity affiliate -17,926 -200,035 -322,856
Goodwill 1,367,913 849,584 1,371,229
Total assets 1,900,258 3,202,163 5,168,292

LIABILITIES
Current liabilities
Trade accounts payable 258,869 1,053,319 1,700,057
Bank overdraft payable 1,322,358 1,758,587 2,838,359
VAT & payroll tax payable 110,503 244,020 393,848
Accrued and other liabilities 130,649 803,994 1,297,646
Deferred revenue 448,549 1,264,265 2,040,524
Current portion
of capital lease obligation 76,986 123,505 199,337
Payables to related parties 1,377,936 5,046,981 8,145,827
Total current liabilities 3,725,850 10,294,671 16,615,598

Capital lease obligation
less current portion 124,076 99,757 161,008

Total liabilities 3,849,926 10,394,428 16,776,606

STOCKHOLDERS DEFICIT
Ordinary shares 1000 1,006 1,624
Preference shares -- 49,000 79,086
Additional paid in capital 176467 176,467 284,818
Accumulated deficit -2132066 -7,164,602 -11,563,667
Minority interest -- -248,010 -400,288
Cumulative translation adjustment 4931 -6,126 -9,887
Total stockholders' deficit -1,949,668 -7,192,265 -11,608,314

Total liabilities
and stockholders equity 1,900,258 3,202,163 5,168,292

SOURCE: topjobs.net plc

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