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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Castellum AB | TG:TEX | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.315 | 2.91% | 11.14 | 11.085 | 11.19 | 0.00 | 22:50:13 |
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RNS Number:4899M
TEP Exchange Group PLC
19 June 2003
To be embargoed for release at 7.00am on
19 June, 2003
TEP EXCHANGE GROUP PLC
("TEP" or "the Company")
Preliminary Results for the year ended 31 December 2002
Chairman's Statement
I am pleased to report the results for the year ended 31 December 2002. Turnover
increased to #909,406 from #209,859 in 2001. The loss after tax was reduced to
#516,421 (loss - #1,494,008 in 2001). The loss per share was 0.45p compared to a
loss per share last year of 1.83p.
In 2002, the TEP Exchange operated successfully and proved itself as a trading
platform for the Independent Financial Adviser ("IFA") community. However,
whilst the first six months of the year reflected steady growth in turnover and
IFA registrations, trading suffered in the second half of the year due to
uncertainty in the traded endowment policy market arising from general economic
conditions, depressed equity markets, declarations by insurance companies of
reductions in annual and terminal bonuses, as well as the introduction by them
of market value adjusters.
The significantly changed trading position caused by the above factors prompted
your Directors to review your company's options with a view to maintaining its
viability and enhancing the possibility of being able to benefit from a return
to normal trading conditions in the future. This review resulted in raising
additional funds through a placing and forming a strategic alliance with
Surrenda-link Limited, which included outsourcing the operational management of
the Exchange to Surrenda-link Limited together with its participation in the
placing. The placing was approved at an Extraordinary General Meeting held on
the 13 January 2003.
The immediate effect of the new arrangements was to reduce significantly the
Company's cost structure and to stabilise its financial position. Looking
forward, we are now in a strong position to benefit from an upturn in the traded
endowment policy market, which will itself depend on a return of investor
confidence in the equity markets. Apart from currently being engaged in a
limited amount of trading of endowment policies, your Company has identified,
and will continue to seek, alternative revenue generating financial services
products, which can be marketed utilising the Exchange. The first of these new
products (a fund investing in property and TEPs) has already been launched on
the Exchange and more will be introduced over the coming months.
Your Board continues to focus on achieving financial viability in the short term
and in creating shareholder value. Costs will be closely controlled and product
development encouraged in order to be in a strong position to take advantage of
any market upturn whenever it occurs.
Your board is not proposing a dividend for the year under review.
I should like to take this opportunity to thank all my co-directors, staff and
advisers for their help and commitment during a difficult period of transition
for your company. I should also particularly like to thank Stephen Kay, the
former chief executive, for his unstinting support and drive in achieving the
changed working arrangements, despite it rendering his own position redundant.
George Kynoch
Chairman
19 June, 2003
Consolidated profit and loss account for the year ended 31 December 2002
Note Year ended Year ended
31 December 31 December
2002 2001
#
Turnover 909,406 209,859
Cost of sales (649,690) (171,504)
-------- --------
Gross profit 259,716 38,355
Administrative expenses (1,048,334) (1,646,136)
Other operating income 119,596 87,302
-------- --------
Operating loss (669,022) (1,520,479)
Interest receivable 3,553 26,502
Interest payable (33,747) (31)
-------- --------
Loss on ordinary activities before taxation (699,216) (1,494,008)
Tax on ordinary activities 182,795 -
-------- --------
Loss on ordinary activities after taxation (516,421) (1,494,008)
Retained loss brought forward (4,680,741) (3,186,733)
-------- --------
Retained loss carried forward (5,197,162) (4,680,741)
======== ========
Earnings per share
Basic and diluted loss per share 2 (0.45)p (1.83)p
-------- --------
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Consolidated balance sheet as at 31 December 2002
As at As at As at As at
31 December 31 December 31 December 31 December
Note
2002 2002 2001 2001
# # # #
Fixed assets
Tangible assets 59,996 133,897
Current assets
Stock 12,540 245,544
Debtors 164,023 209,347
Cash at bank and 19,050 476,344
in hand
-------- --------
195,613 931,235
Creditors:
amounts falling
due
within one year 4 629,149 922,251
-------- --------
Net current
(liabilities)/
assets (433,536) 8,984
-------- --------
Net (liabilities) (373,540) 142,881
/assets
======== ========
Capital and
reserves
Called up share 1,156,250 1,156,250
capital
Share premium 3,667,372 3,667,372
account
Profit and loss (5,197,162) (4,680,741)
account
-------- --------
Shareholders' (373,540) 142,881
funds - equity
======== ========
Cash flow statement for the year ended 31 December 2002
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2002 2002 2001 2001
# # # #
Net cash outflow
from operating
activities (691,620) (2,052,763)
Returns on
investments and
servicing
of finance
Interest received 3,553 26,502
Interest paid (13,826) (31)
-------- --------
New cash (outflow)/
inflow from
returns on
investment and
servicing of (10,273) 26,471
finance
Taxation
Corporation tax 182,795 -
received
Capital expenditure
and financial
investment
Purchase of tangible
fixed assets (5,143) (21,883)
Proceeds on sale of
tangible fixed
assets 6,331 -
-------- --------
Net cash inflow/
(outflow) from
capital expenditure
and financial
investment
1,188 (21,883)
Financing
Issue of loan stock - 80,000
and debentures
Issue of ordinary
share capital
(net of issue costs) - 1,156,622
-------- --------
Cash inflow from - 1,236,622
financing
-------- --------
Decrease in cash in (517,910) (811,553)
the year
======== ========
Notes to the Preliminary Results for the year ended 31 December, 2002
1 Accounting policies
The financial statements have been prepared under the historical cost convention
and are in accordance with applicable accounting standards. There has been no
change in the accounting policies during the current year and they are
consistent with those set out in the financial statements for the year ended 31
December, 2001. The following principal accounting policies have been applied:
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
TEP Exchange Group PLC and all of its subsidiary undertakings made up to 31
December 2002. Uniform accounting policies are adopted by all companies in the
group. The acquisition method of accounting is used to consolidate the results
of subsidiary undertakings in the group financial statements.
Going concern
During the year ended 31 December 2002 the group incurred a loss of #516,421
(2001 - #1,494,008) and at 31 December 2002 had net liabilities of #373,540
(2001 - net assets of #142,881). Since the year end additional equity funding of
#275,000 before expenses has been received together with the signing of an
outsourcing agreement with Surrenda-link Limited.
The Group meets its day-to-day working capital requirements through an overdraft
facility which is repayable on demand, and is currently due for renewal by the
bank in December 2003. The directors have prepared projected cash flow
information for the next year and on the basis of these consider that the group
will continue to operate within the facilities currently agreed and those likely
to be agreed in the future.
The group also relies on support from one of its major shareholders,
Surrenda-link Limited, in order to meet its obligations as they fall due. The
directors have received assurances from Surrenda-link Limited that it will
provide continuing financial support of up to #50,000 for not less than 12
months from the date of approval of these financial statements.
On the basis of the above, and all other available information, the directors
consider it appropriate to prepare the financial statements on the going concern
basis.
2. Loss per share
The calculation of the basic loss per share is based on the loss after tax of #
516,421 (2001 - loss after tax of #1,494,008) and on 115,625,000 (2001 -
81,681,164) ordinary shares, being the weighted average number of ordinary
shares in issue. The options in issue at the year-end are anti-dilutive.
3. Dividends
The Directors are not proposing the payment of a dividend in respect of the
year ended 31 December 2002.
4. Creditors: amounts falling due within one year
2002 2001
# #
Bank overdraft 72,565 11,949
Trade creditors 322,030 285,979
Other creditors 5,214 11,120
Creditors for taxation and social security 105,733 375,505
Accruals 123,607 237,698
----------- -----------
629,149 922,251
=========== ===========
The bank overdraft is secured by a fixed and floating charge over the assets of
the Company.
5. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The consolidated balance sheet as at 31 December 2002 and the consolidated
profit and loss account, consolidated cash flow statement and associated notes
for the year have been extracted from the Group's audited financial statements
on which the auditors provided an unqualified report which did not contain a
statement under S237(2) or (3) of the Companies Act 1985. Those financial
statements have not yet been delivered to the Registrar of Companies. The 2001
accounts have been delivered to the Registrar of Companies and the auditors
reported on them, their report was unqualified and did not contain a statement
under s237(2) or (3) of the Companies Act 1985.
6. Copies of accounts will be sent to shareholders shortly and will also be
available at the Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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