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Share Name | Share Symbol | Market | Type |
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Tiscali Spa | BIT:TIS | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:2444Q Tecc-IS PLC 29 September 2003 tecc-IS plc ("tecc-IS" or the "Company") Interim Results for the six months to 30 June 2003 Chairman's Statement The six months to 30 June 2003 have resulted in a loss of #0.1 million (2002 loss #0.1 million) and the resultant loss per share for the period is 0.2p (2002 0.2p). Approximately half this loss is attributable to professional fees incurred in investigating investment opportunities. As at 30 June 2003 the cash position was #2.845 million (6.5p per share) and the net tangible assets at that date were #4.472 million (10.3p per share). The Board will not be recommending the payment of a dividend. It is some three months since I wrote to you in my first statement as Chairman of tecc-IS. Whilst we continue to discuss the development of a new strategy for the company, I am not yet able to give shareholders any information. I anticipate writing to you again in the not too distant future in this regard. In connection with the investments that the company is holding it has been decided that there is no requirement at this stage for any further write-down in the value thereof although this position is periodically reviewed. Our continued focus and effort is, as I mentioned in my previous statement, to produce a material increase in shareholder value. Larry Lipman Chairman Consolidated Profit & Loss Account For the six months to 30 June 2003 1 January 2003 to 1 January 2002 to Year ended 31 30 June 2003 30 June 2002 December 2002 Unaudited Unaudited Audited #000 #000 #000 Administrative expenses (150) (182) (383) Amount written off investment - - (410) Operating Loss (150) (182) (793) Interest receivable 51 75 158 Loss on ordinary activities before tax (99) (107) (635) Tax on loss on ordinary activities - - (4) Loss for the financial period (99) (107) (639) Loss per share - basic and diluted (0.2p) (0.2p) (1.5p) Loss per share: Basic loss per share has been calculated using a loss for the financial period 1 January 2003 to 30 June 2003 of #0.1 million (#0.1 million for the financial period 1 January 2002 to 30 June 2002 and #0.64 million for the financial year ended 31 December 2002) and a weighted number of ordinary shares in issue during the period 1 January 2003 to 30 June 2003 of 43,473,000 (43,373,000 for the financial period 1 January 2002 to 30 June 2002 and 43,373,000 for the financial year ended 31 December 2002). There was no diluted effect on the loss per share from the warrants or options outstanding during the period. Consolidated Balance Sheet As at 30 June 2003 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #000 #000 #000 Fixed Assets: Tangible Assets - 6 - Investments 1,684 1,609 1,600 Current Assets: Debtors 13 40 79 Cash in Bank 2,845 3,517 2,983 Creditors: amounts falling due within one year: (70) (73) (101) Net current assets 2,788 3,484 2,961 Net Assets 4,472 5,093 4,561 Capital and reserves: Called up share capital 2,179 2,169 2,169 Share premium account 3,744 3,744 3,744 Profit and loss account (1,451) (820) (1,352) Shareholders' funds 4,472 5,093 4,561 Consolidated Cash Flow Statement For the six months to 30 June 2003 1 January 2003 to 1 January 2002 to Year ended 31 30 June 2003 30 June 2002 December 2002 Unaudited Unaudited Audited #000 #000 #000 Reconciliation of operating loss to net cash outflow from operating activities: Operating loss (150) (182) (793) Amounts written off investments - - 410 Depreciation of tangible fixed assets - 2 3 Loss on disposal of tangible fixed assets - - 5 Decrease in debtors 66 4 6 (Decrease) in creditors (31) (90) (54) Net cash outflow from operating activities (115) (226) (423) Returns on investment and servicing of finance 51 75 117 Interest received Taxation Overseas Tax Paid - - (12) Capital expenditure and financial investment Purchase of fixed assets investments (84) (227) (634) Management of liquid resources Decrease/(increase) in short term deposits 72 (54) 313 Net cash outflow before financing (76) (472) (639) Financing Issue of ordinary shares 10 - - (Decrease)/increase in cash (66) (472) (639) Analysis of funds As at 1 January Cash Flows As at 30 June 2003 #000's 2003 #000's #000's Cash at bank 79 (66) 13 Short term deposit 2,904 (72) 2,832 2,983 (138) 2,845 Notes to the Interim Report: 1. Basis of preparation and accounting policies. This interim financial information was approved by the Board on 26 September 2003. The interim financial information for the six months ended 30 June 2003 and the six months ended 30 June 2002 are neither audited nor reviewed by the auditors. The unaudited interim financial information has been prepared in accordance with accounting policies set out in the audited statutory accounts for the year ended 31 December 2002. The financial information in this report for the six months ended 30 June 2003 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and should be read in conjunction with the 31 December 2002 audited financial statements. The figures for the year ended 31 December 2002 are an abridged statement from the group's statutory accounts at that date, which have been delivered to the Registrar or Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985. 2. These accounts consolidate the accounts of tecc-IS Plc and all of its wholly owned subsidiaries. 3. Investments held on the group balance sheet are stated at cost less any permanent impairment in value. 4. Copies of this interim report are available, free of charge, from the Company's registered office at 94-96 Great North Road, London N2 0NL. Further enquiries: Paul Davis 020 8815 1600 Company Secretary David Rae 020 7459 3600 Durlacher Limited This information is provided by RNS The company news service from the London Stock Exchange END IR BUGDCSBDGGXL
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