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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Quiktrak | LSE:QTR | London | Ordinary Share | GB0031988057 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1230D QuikTrak Networks PLC 20 September 2004 QuikTrak Networks Plc Interim Results For the six month period ended 30 June 2004 The first six months of this financial year have presented the Company with some major challenges. Following the commercialisation of the M25 Network in late 2003, the Company found that the market demand for a network limited to within the M25 was incompatible with the operating costs being incurred, in particular the level of spectrum fees being paid, which were for a national UK telecommunications licence. Given the intense competition in the sector and the variety of technologies on offer, it is now clear that a fundamental component of a successful business plan is the ability to offer UK national coverage. The establishment of such a network for QuikTrak would require a significant amount of capital and we have to date not been successful in securing these funds, despite sustained efforts. Following a review of the costs incurred in operating the M25 Network, the Board resolved it was not in shareholders' interests to continue to do so. As a result, the Company's wholly-owned subsidiary, QuikTrak Telecommunications (UK) Ltd (QTT), was placed into administration on 23 August 2004. The ability of QuikTrak Networks plc to pursue its broader objectives is not impacted by this decision. During the six month period, the Company generated revenue of #157,002 (2003 : #26,025). The loss for the period was #2,589,940, which includes writing off the value of the net assets in QTT to #nil (2003 : loss of #1,471,848). Included in the consolidated balance sheet at 30 June 2004 are assets of QTT amounting to #1,142,642, offset by liabilities of QTT of the same amount. The Company has refocused its operations in order to enable it to exploit the Intellectual Property Rights of the technology and its unique software in Europe, the Middle East and the countries of the former USSR through network sales and licensing arrangements. In order to be able to demonstrate the technology, the Company has negotiated the right to use a QuikTrak network currently operating in Australia, at a substantially lower cost than the operating costs of the M25 network. In July 2004, the Company raised new equity of #800,202 (net of costs) to finance this revised strategy. Progress continues to be made in selling a licence agreement to a prospective operator in the United Arab Emirates. This is the first example of QuikTrak utilising the Intellectual Property ownership of its system and is intended to act as a blueprint for all future licensing deals in Europe, the Middle East and the countries of the former USSR. Licensing deals are expected to provide a revenue stream through consultancy fees for preliminary investigations, technical planning, acquisition of base-stations and software, as well as through monthly technology, licence and technical support fees per base-station and transponder deployed. QuikTrak's secure, accurate and reliable tracking technology has been well received by the market for a wide range of applications and I remain confident that with our new approach based on licensing and partnerships we have a solid base for re-building shareholder value. Chris Kyriakou Chairman QuikTrak Networks plc For further information contact: Annie Richards QuikTrak Networks Plc Tel: 0870 010 6044 Hugh Oram Nabarro Wells & Co Ltd Tel: 020 7710 7400 QuikTrak Networks plc Unaudited Consolidated Profit and Loss Account for the six months ended 30 June 2004 6 months 18 months 6 months 30 June 31 December 30 June 2004 2003 2003 # # # Revenue (Discontinued operations) 157,002 49,732 26,025 Cost of sales (44,735) (24,308) (10,261) _______ ______ ______ Gross margin 112,267 25,424 15,764 Expenditure Sales and administration overhead (972,846) (2,913,620) (586,451) Radiocommunication licence fees (236,732) (191,640) (945) Technology support fee (265,000) (572,850) (304,835) _______ _______ _______ Loss before depreciation and amortisation (1,362,311) (3,652,686) (876,467) Depreciation of plant and equipment (150,527) (197,366) (41,189) Amortisation of goodwill (171,555) (496,298) (153,191) ________ ________ ________ Loss before exceptional items (1,684,393) (4,346,350) (1,070,847) Exceptional item - Note 1 (908,894) (2,619,951) (401,001) ________ ________ ________ (2,593,287) (6,966,301) (1,471,848) Bank interest received 3,347 - - ________ ________ ________ Loss before taxation Continuing operations (314,646) (1,105,669) (524,001) Discontinued operations (2,275,294) (5,860,632) (947,847) ________ ________ ________ (2,589,940) (6,966,301) (1,471,848) Taxation - - - ________ ________ ________ Loss after taxation (2,589,940) (6,966,301) (1,471,848) Loss per share (pence) (4.3) (14.7) (3.0) Weighted average loss per share (pence) (4.4) (16.1) (3.5) The Company has no gains or losses other than the results for the period set out above. The Company has taken advantage of section 230 of the Companies Act 1985 not to publish its own Profit and Loss Account. QuikTrak Networks plc Unaudited Reconciliation of Movement in Shareholders' funds for the six months ended 30 June 2004 6 months 18 months 6 months 30 June 31 December 30 June 2004 2003 2003 # # # Loss for the financial period (2,589,940) (6,966,301) (1,471,848) New equity from capital subscribed 125,800 471,397 34,618 Premium on new share capital subscribed 1,386,200 2,471,916 6,435,250 Premium on preference shares - subsidiary - 5,195,057 - ________ ________ ________ Net addition to funds (1,077,940) 1,172,069 4,998,020 Opening shareholders' funds 1,172,069 - - ________ ________ ________ Closing shareholders' funds 94,129 1,172,069 4,998,020 ________ ________ ________ QuikTrak Networks plc Unaudited Consolidated Balance Sheet as at 30 June 2004 30 June 31 December 30 June 2004 2003 2003 # # # Fixed assets Goodwill 679,932 1,417,486 3,087,988 Tangible assets 299,981 628,840 886,281 Current assets Trade debtors - 4,136 - Other debtors 12,325 23,260 44,330 Prepayments 53,012 34,932 44,277 Inventory - - 93,666 Letter of credit deposit - - 150,215 Investments 150,000 - - Cash at bank 213,872 114,556 581,536 ________ ________ ________ 429,209 176,884 914,024 Creditors: Amounts falling due within one year (1,314,993) (1,051,141) (689,802) ________ ________ ________ Net current (liabilities)/assets (885,784) (874,257) 224,222 ________ ________ ________ Total assets less current liabilities 94,129 1,172,069 4,198,491 ________ ________ ________ Net assets 94,129 1,172,069 4,198,491 ________ ________ ________ Capital and reserves Called up share capital 597,197 471,397 442,626 Share premium 9,053,173 7,666,973 6,690,492 Accumulated loss (9,556,241) (6,966,301) (2,934,627) ________ ________ ________ Shareholders' funds 94,129 1,172,069 4,198,491 QuikTrak Networks plc Unaudited Consolidated Cash Flow for the six months ended 30 June 2004 6 months 18 months 6 months 30 June 31 December 30 June 2004 2003 2003 # # # Net cash outflow from operating activities (1,194,363) (3,539,784) (1,258,211) Interest received 3,347 - - Payments to acquire tangible fixed assets (71,668) (1,071,113) (642,551) Purchase of investment (150,000) (500,000) - Sale of investment - 98,999 - Net cash acquired with subsidiaries - 29,604 13,699 ________ ________ ________ Cash outflow before financing (1,412,684) (4,982,294) (1,887,063) Financing Issue of equity share capital 1,512,000 2,943,313 1,274,811 Loans raised from QuikTrak Networks Ltd (and subsequently converted into non-equity capital) - 2,153,537 464,884 Extended credit provided by suppliers (net of repayments) - - 184,229 ________ _______ _______ Net cash flow 99,316 114,556 36,861 Cash at beginning of period 114,556 - 544,675 ________ _______ _______ Cash at end of period 213,872 114,556 581,536 ________ _______ _______ QuikTrak Networks plc Notes to the Interim Accounts for the six months ended 30 June 2004 Note 1 Exceptional items 6 months 18 months 6 months 30 June 31 December 30 June 2004 2003 2003 # # # Impairment write down: Goodwill (565,999) (1,498,950) - Network assets (250,000) (250,000) - Stock (92,895) (470,000) - Loss on sale of investments - (401,001) (401,001) ______ ________ _______ (908,894) (2,619,951) (401,001) Continued operations - (401,001) (401,001) Discontinued operations (908,894) (2,218,950) - _______ ________ _______ (908,894) (2,619,951) (401,001) Note 2 Post balance sheet events In July 2004, the company issued a further 56,430,004 Ordinary 1p shares at a price of 1.5p per share. The total proceeds of this issue less costs of #46,248 amounted to #800,202. On 23 August 2004, QuikTrak Telecommunications (UK) Limited, a 100% owned subsidiary of the Company was placed into administration. This information is provided by RNS The company news service from the London Stock Exchange END IR QKKKNBBKDCCB
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