Marlwood Plc
LSE : MARL KY

March 31, 2011 12:50 ET

Preliminary Results for the year ended 31 December 2010

31 March 2011

                                             MARLWOOD PLC

                                      ("Marlwood" or "the Group")

                   UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010


Marlwood  PLC  (CSX:  MARL  KY), a group specialising in the licensed goods  business,  is  pleased  to
announce its unaudited consolidated preliminary results for the year ended 31 December 2010.

This  preliminary statement was approved for issue on 31 March 2011.  This consolidated  statement  has
been reviewed, not audited.

The final audited results are expected to be announced in the next couple weeks.

The Directors of the Company take responsibility for this announcement.

For further information, please contact:

Marlwood plc                                                   
Pam Hulme, Managing Director                                   +44 161 487 5130
                                                               
Corporate Advisor                                              
Nick Michaels, Alfred Henry Corporate Finance Limited          +44 207 251 3762
                                                               
Broker                                                         
Robert Tannahill, Cenkos Channel Islands Limited               +44 1481 732 766



                                                                               Audited period from 16
                                                       Unaudited year ended           September to 31
                                                           31 December 2010             December 2009
                                                                         GBP                      GBP
                                                                              
                                                                              
Operating revenues                                                            
Continued operations                                               3,048,334                2,016,972
Discontinued operations                                            1,067,659                2,290,565
                                                                   _________                _________

                                                                   4,115,993                4,307,537
                                                                              
                                                                              
                                                                              
(Loss)/profit before extraordinary items                          (2,848,848)                  43,481
                                                                              
Profit on disposal of discontinued operations                      1,489,441                        -
                                                                   _________                _________

(Loss)/profit before taxation                                     (1,359,407)                  43,481
                                                                              
Taxation                                                                   -                    3,637
                                                                   _________                _________

(Loss)/profit for the period                                      (1,359,407)                  47,118
                                                                   =========                =========
                                                                              
Attributable to:                                                              
Equity holders of the company                                      (1,359,407)                  47,118
Non-controlling interest                                                   -                        -
                                                                   _________                _________
                                                      
                                                                  (1,359,407)                  47,118
                                                                   =========                =========
                                                                              
Loss/earnings per share (pence)                                               
- Basic loss/earnings per share pre extraordinary items                (0.28)                   0.010
- Basic loss/earnings per share                                        (0.14)                   0.010
- Diluted loss/earnings per share                                      (0.14)                   0.010

The Board is not recommending a dividend as all funds are required for the development of the business.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2010

For the period from 19 August 2008 to 31 December 2009

                                       Share        Share          Reverse       Retained           Total
                                     Capital      premium      acquisition       Earnings                
                                                                   reserve                               
                                         GBP          GBP              GBP            GBP             GBP
                                                                                            
Balance at 19 August 2008                  2            -                -              -               2
                                                                                            
Issue of share capital              970,898     7,143,909                -              -       8,114,807
Profit for the period                     -             -                -         47,118          47,118
Reverse acquisition                       -             -       (5,413,008)       239,756       5,173,252
Foreign exchange movements                -             -                -           (146)          (146)
                                   ________     _________        _________       ________       _________

Balance at 31 December 2009         970,900     7,143,909       (5,413,008)       286,728       2,988,529
                                   ========     =========        =========       ========       =========

For the year ended 31 December 2010

                                       Share        Share          Reverse       Retained           Total
                                     Capital      premium      acquisition       Earnings                
                                                                   reserve                               
                                         GBP          GBP              GBP            GBP             GBP
                                                                                            
Balance at 1 January 2010            970,900    7,143,909       (5,413,008)       286,728       2,988,529
                                                                                            
Issue of share capital               151,700    1,323,484                -              -       1,475,184
(Loss)/profit for the period               -            -                -     (1,359,407)     (1,359,407)
Foreign exchange movements                 -            -                -         (5,008)         (5,008)
                                   _________    _________        _________      _________       _________

Balance at 31 December 2010        1,122,600    8,467,393       (5,413,008)    (1,077,687)      3,099,298
                                   =========    =========        =========      =========       =========
 
1.      Basis of preparation

The  unaudited  preliminary  statement has been prepared in accordance  with  International  Accounting
Standard   34   'Interim  Financial  Reporting'  ('IAS  34')  and  International  Financial   Reporting
Interpretations Committee ('IFRIC') interpretations as adopted by the European Union ('EU').

Under  IFRS  3  'Business combinations' the New BAI International Limited and The New  Licence  Factory
Limited  share exchanges have been accounted for as a reverse acquisition. Although this statement  has
been  issued  in  the  name  of  the  legal parent, the Companies it  represents  in  substance  are  a
continuation of the financial information of the legal subsidiaries, New BAI International Limited  and
The  New  Licence Factory Limited, both of which were newly incorporated in 2008 and 2009  respectively
and did not begin trading until they purchased their respective businesses on the date of admission  to
CSX, 16th September 2009. Therefore the income and expenses included within these results relate to the
period  from  1  January 2010 to 31 December 2010 and there are no directly comparative  results.   The
results  for the period ended 31 December 2009 cover the reporting period from 16th September  2009  to
31st December 2009.

Marlwood  plc  is  an existing preparer of IFRS consolidated financial statements; IFRS  1  "First-time
adoption of International Financial Reporting Standards" is not applicable.  Marlwood plc is an  issuer
of shares and does not have listed debt.

The  accounting policies used are consistent with those adopted in the annual financial statements  for
the  period ending 31 December 2009, subject to any changes to IFRS that may be implemented in the mean
time.   This  preliminary  statement  should be read in conjunction  with  the  consolidated  financial
statements  for  the  period ended 31 December 2009 as they provide an update  of  previously  reported
information.

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