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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Telecom Argentina SA | TG:TEO | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.10 | 1.67% | 6.10 | 6.00 | 6.20 | 0.00 | 22:50:19 |
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RNS Number:5830T
Tecteon PLC
23 December 2003
TECTEON PLC
Preliminary Results for the Year ended 30 June 2003
Tecteon PLC ("Tecteon" or "the Company"), the software developer for the voice
quality and telecommunications markets, announces its Preliminary Results for
the Year ended 30 June 2003.
Key highlights:
> Turnover increased to #208,430; 2002 #184,205
> Initial sales made, worldwide marketing network in place
> Cost base going forward substantially reduced
> Loss for the period: #1.45million
Post-period Event:
> Additional funds raised: #600,000
Masoud Alikhani, Chairman, Tecteon plc, commented:
"Our focused development programme is beginning to pay off; we have broadened
our product range and are working closely with a number of major global telecom
businesses in developing bespoke echo cancellation solutions. We are confident
of securing a number of material orders in the New Year and the Board believes
that Tecteon is now poised for significant growth going forward."
23rd December 2003
For further information please contact:
Masoud Ahmadi, Managing Director, Tecteon plc Tel: 020 7408 1181
Michael Padley/Susan Scott, Bankside Consultants Tel: 020 7444 4140
EXECUTIVE DIRECTOR'S REVIEW
Telecommunications
During the year under review, we consolidated our product development and were
able to extend our product portfolio to Far-End Echo Cancellation, Noise
Canceller, Voice Activity Detection, Comfort Noise Generator and Automatic
Speech Recognition.
In the period under review, as announced already, we have made sales to a major
Korean telecommunications company and an independent specialist
telecommunications company in the UK. Although the initial sales are small, we
expect to receive further orders following the test periods. In addition, we
have carried out the changes to the product requested by a Scandinavian telecoms
company and the revised product is currently undergoing testing.
We have also concluded sales and marketing agreements with two distribution
companies to give us an increased presence in the USA and UK. The UK marketing
company specialises in niche communication product sales where the sale cycle is
expected to be much shorter than the larger companies we have been dealing with
to date. Our negotiations with other major international telecommunication
companies are ongoing.
Oil and gas
Our subsidiary, Dominion Energy, which is quoted on the OFEX market in London,
continues to seek opportunities to expand its operations. Our US subsidiary
currently operates four oil and six gas fields in Kansas. These fields are
controlled by the Kansas State environmental agency and are directly managed by
the operating group in Wichita, Kansas. With oil and gas prices stable, the
outlook for the subsidiary is positive.
Results for the year
For the year ended 30 June 2003, the group turnover was #208,430 compared with
#184,205 for the same period in prior year. The loss for the year amounted to
#1,453,191 compared with a loss of #420,776 for the same period in 2002.
Our development work going forward is significantly less than before. Hence we
have made a significant reduction in the cost base. Our in-house sales and
marketing is complemented by outside specialists who are largely contracted on a
success basis. Hence our ongoing cash requirement has been considerably reduced.
In order to complete development and provide additional working capital, we have
recently issued shares to raise #600,000, at a premium to the current share
price, and we are continuing to progress the divestment of our oil and gas
subsidiary company.
During the year the Company acquired an investment in New Opportunities
Investment Trust PLC (NOIT) via a share exchange for a consideration of
#1,250,000. At the time of our acquisition, prospects for NOIT appeared good.
However, the business prospects for NOIT deteriorated in subsequent months and
we have disposed of the investment, which gave us a valuable net cash injection
to the business at the time, but its disposal resulted in a book loss of
#912,500.
We are optimistic regarding the prospects for the Company. Tecteon has made
initial sales, proved that its products are indeed unique and that there is a
market for them. Enquiry levels are high and the Board believes that the Company
is now at a stage where anticipated product sales will provide the desired
success.
M Alikhani
Executive Director
TECTEON PLC
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2003
2003 2002
# #
TURNOVER 208,430 184,205
Depreciation and amortisation - ordinary (43,953) (47,614)
Other cost of sales (138,574) (155,497)
----------- -----------
GROSS PROFIT/(LOSS) 25,903 (18,906)
Administrative expenses (1,480,928) (400,639)
------------- -----------
OPERATING LOSS (1,455,025) (419,545)
Interest receivable and similar
income 60 -
Interest payable and similar charges (5,488) (11,583)
-------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (1,460,453) (431,128)
Tax on loss on ordinary activities - -
-------- --------
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (1,460,453) (431,128)
Equity minority interest 7,262 10,352
-------- --------
LOSS FOR THE FINANCIAL YEAR (1,453,191) (420,776)
-------- --------
Loss per ordinary share - Basic (1.20)p (0.5)p
- Diluted (1.20)p (0.5)p
-------- --------
The activities for the year 2003 are continuing.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2003 2002
for the period to 30 June 2003 # #
Loss for the financial year before minority
interest (1,460,453) (431,128)
Exchange differences on translation into sterling
of
net assets of subsidiary undertaking (20,382) 29,186
-------- --------
Total gains and losses recognised in the
financial year (1,480,835) (401,942)
---------- ---------
TECTEON PLC
GROUP BALANCE SHEET
as at 30 June 2003
2003 2002
# #
FIXED ASSETS
Intangible assets 2,212,139 1,268,610
Tangible fixed assets 720,535 772,802
Investment - Trade 87,500 -
--------- ---------
3,020,174 2,041,412
--------- ---------
CURRENT ASSETS
Debtors 39,672 53,755
Cash at bank and in hand 60,950 58,052
------- -------
100,622 111,807
CREDITORS: amounts falling within one year (1,941,209) (1,269,098)
---------- ---------
NET CURRENT LIABILITIES (1,840,587) (1,157,291)
---------- ----------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,179,587 884,121
========= ========
CAPITAL AND RESERVES
Called up share capital 6,863,105 5,089,613
Share premium account 1,820,872 1,818,063
Merger reserve 1,824,000 1,824,000
Exchange reserve (83,212) (62,830)
Profit and loss account (9,245,178) (7,784,725)
--------- ---------
SHAREHOLDERS' FUNDS 1,179,587 884,121
========= =========
Equity minority interest 45,578 54,506
Non-equity shareholders' funds 195,799 195,799
Equity shareholders' funds 938,210 633,816
--------- -------
1,179,587 884,121
========= =======
TECTEON PLC
GROUP CASH FLOW STATEMENT
for the year ended 30 June 2003
2003 2002
# #
NET CASH INFLOW FROM OPERATING ACTIVITIES 250,368 307,978
------- -------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 60 -
Interest paid (5,488) (11,583)
-------- --------
NET CASH (OUTFLOW) FROM RETURNS (5,428) (11,583)
ON INVESTMENTS AND SERVICING OF FINANCE
-------- --------
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed assets (943,529) (1,268,610)
Purchase of tangible fixed assets (74,813) (83,620)
Purchase of trade investment (1,250,000) -
---------- ----------
NET CASH OUTFLOW FOR EXPENDITURE (2,268,342) (1,352,230)
---------- ----------
AND FINANCIAL INVESTMENTS
CASH OUTFLOW BEFORE FINANCING (2,023,402) (1,055,835)
---------- ----------
FINANCING
Issue of ordinary shares 1,776,300 1,076,143
Sale of investment 250,000 -
--------- ---------
NET CASH INFLOW FROM FINANCING 2,026,300 1,076,143
--------- ---------
(DECREASE)/INCREASE IN CASH 2,898 20,308
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
# #
INCREASE IN CASH 2,898 20,308
Cash outflow from decrease in debt financing 177,058 -
-------- --------
Movement in net debt during the year 179,956 20,308
Net debt at 1 July 2002 (119,006) (139,314)
-------- --------
NET FUNDS/(DEBT) AT 30 JUNE 2003 60,950 (119,006)
======== ========
Notes to the Preliminary Statement:
1. The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 June 2003 or 30 June 2002 but is
derived from these accounts. Statutory accounts for 2002 have been delivered to
the Registrar of Companies in England and Wales, and those for 2003 will be
delivered following the Company's annual general meeting. The auditors have
reported on the 2002 accounts; their report was unqualified and did not contain
statements under section 237 (2) or (3) of the Companies Act 1985.
2. The figures included in this preliminary announcement have been prepared on
the basis of the accounting policies set out in the 30 June 2002 financial
statements.
3. LOSS PER ORDINARY SHARE
The loss per share of 1.20 pence (2002: loss 0.5 pence) has been calculated on
the basis of the loss of #1,453,191 (2002: loss #420,776) and on 120,584,620
(2002: 82,539,673) ordinary shares, being the weighted average number of
ordinary shares in issue during the year ended 30 June 2003. There is no
dilutive effect from the issue of share warrants.
4. Copies of the published accounts of the Company will be sent to all
shareholders and are available during normal business hours from the offices
of Seymour Pierce Limited at Bucklersbury House, 3 Queen Victoria Street,
London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TTBPTMMATBTJ
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