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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amteus | LSE:AUS | London | Ordinary Share | GB00B0NBKL01 | 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% | 7.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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EMBARGOED - NOT TO BE RELEASED UNTIL 7.00 AM ON
6 March, 2007
Amteus PLC ("Amteus" or "the Company")
Preliminary Results for
the year ended 30 September 2006
Chairman's Statement
I am pleased to announce the results for Amteus plc in its first year as a
public limited company. 2006 has been a year of intense activity for the Group
both in the development and defining of its products and in establishing the
sales proposition and the route to market.
The Directors believe that the Amteus secure suite of communications products
represents an outstanding offering in terms of technology and value. The
Group's products address the universal problem which companies have of
controlling Peer to Peer communications within their organisations. In
particular, through the use of Amteus Secure Instant Messaging, companies are
able to have a secure and private system of Instant Messaging ("IM") under
their own control within their own private network. Customers have the ability
to record and store all communications which enables the customer to comply
with regulatory, legal and internal control requirements.
Results
Turnover in the year ended 30 September 2006 amounted to £37,417 (2005: 16
month period - £23,155). The loss before and after taxation was £2,459,287
(2005: 16 month period - loss of £3,091,522). Under the Group's revenue
recognition policy there was £66,449 of deferred revenue held in the balance
sheet.
The Product and Technology
The Amteus product is a complete, secure, stand-alone communication software
system using Internet Protocol ("IP"). It offers IM, file transfer, file
sharing, presence (the ability to see whether people are online, busy etc.) and
Voice over IP ("VoiP"), all of which provide communications over the internet.
It is offered in a simple to implement, private package consisting of a server
and user software based, currently, on a Microsoft platform.
Additional functionality that has been developed since flotation includes
compliance (secure recording of all communications), web browser access, an
auto-update facility, as well as a number of other improvements that make
future developments easier and also improve the users' experience of the
product.
Competition
The competitive landscape consists of products in three general categories:
do-it-yourself open-source systems which are technically difficult to implement
with very little direct support available; publicly hosted systems with all the
inevitable security concerns and, again, lack of direct support; and finally,
complex, integrated implementations, supplied by major software suppliers,
which are relatively expensive when compared to the Amteus product and can
require major changes to an organisation's IT strategy and infrastructure in
order to encompass all the requirements. The Directors believe that the Amteus
products address these issues and provide the customer with an effective, high
value-for-money proposition.
Strategy
During the year the Group has refined its sales strategy from majoring on the
VoIP product seeking to sell it direct to customers, to leading with the IM
product and selling it through resellers. The product is attractive to
resellers who inform us that they do not have access to a comparable IM
product. It is also attractively priced, so that resellers can sell the product
profitably to their customer bases. Since the new strategy was adopted by the
Group at the end of November 2006, sales have increased and the take-up from
the reseller sector has been both positive and encouraging.
People
The Group now employs 51 people, the majority of whom are in sales, customer
support and product development.
The Rt. Hon. Michael Howard QC MP joined the Board in June 2006 and after the
end of the period under review, Simon Duffy, previously Executive Vice-Chairman
of NTL joined the Board in February 2007.
On 31 December 2006, having reached the age of 77, Sir Martin Jacomb retired
from the Board. We thank him for his contribution to the growth and development
of the Group.
On behalf of the Board I would also like to thank all of our staff for their
hard work and their contribution to the Group's progress.
Post Balance Sheet Events
The Company has undertaken a placing of 4,862,500 new ordinary shares at 72p
per share. The placing is expected to raise £3.14 million, net of expenses. The
shares are expected to be admitted to trading on AIM on 12 March 2007. This
will provide the Group with the necessary funds to take advantage of the sales
opportunity, to support our resellers and to market the product aggressively.
Outlook
The revised product, along with the new route to market through the re-sellers,
has resulted in an immediate increase in sales. Over 25 resellers have
committed to the product since the start of December 2006. The Directors expect
the product to be taken up by some of the largest resellers in the UK. This
should result in significant sales in the coming year, thereby enabling the
Group to establish a valuable position in the rapidly growing market for secure
communications.
Michael D Abrahams CBE DL
Chairman
6 March 2007
Consolidated Profit and Loss Account
for the year ended 30 September 2006
Note 30 September 30 September
2006 2005
(12 months) (16 months)
Audited Audited
£ £
Turnover 37,417 23,155
Cost of sales (9,575) (75,854)
Gross profit/(loss) 27,842 (52,699)
Operating expenses (2,494,388) (3,004,577)
OPERATING LOSS (2,466,546) (3,057,276)
Interest receivable and 57,197 -
similar income
Interest payable and similar (49,938) (34,246)
charges
LOSS ON ORDINARY ACTIVITIES (2,459,287) (3,091,522)
BEFORE TAXATION
Tax on loss on ordinary - -
activities
LOSS FOR THE FINANCIAL PERIOD (2,459,287) (3,091,522)
Loss per share
- basic and diluted 3 (7.6p) (20.6p)
Consolidated Balance Sheet
as at 30 September 2006
Note 30 September 30 September
2006 2005
Audited Audited
£ £
FIXED ASSETS
Tangible assets 178,715 214,827
Investments - 1
CURRENT ASSETS 178,715 214,828
Stocks 85,125 2,760
Debtors 59,774 16,848
Cash at bank and in hand 919,958 41
1,064,857 19,649
CREDITORS: amounts falling due 5 (1,194,897) (1,218,150)
within one year
NET CURRENT LIABILITIES (130,040) (1,198,501)
TOTAL ASSETS LESS CURRENT 48,675 (983,673)
LIABILITIES
CREDITORS: amounts falling due after 6 (593,086) (508,106)
more than one year
NET LIABILITIES (544,411) (1,491,779)
CAPITAL AND RESERVES
Called up share capital 3,447,458 2,628,700
Share premium 2,579,460 -
Profit and loss account (6,571,329) (4,120,479)
EQUITY SHAREHOLDERS' DEFICIT (544,411) (1,491,779)
Consolidated Cash Flow Statement
for the year ended 30 September 2006
Note 30 September 30 September
2006 2005
(12 months) (16 months)
Audited
Audited
£
£
Net cash outflow from (a) (2,258,607) (2,202,148)
operating activities
Returns on investments and (b) 31,743 (34,246)
servicing of finance
Capital expenditure (net) (b) (26,226) (123,960)
Management of liquid (750,000) -
resources
Cash outflow before (3,003,090) (2,360,354)
financing
Financing (b) 3,238,589 2,294,697
Increase/(decrease) in cash (c) 235,499 (65,657)
in the period
(a) Reconciliation of operating loss to net cash outflow from operating
activities
30 September 30 September
2006 2005
(12 months) (16 months)
£ £
Operating loss (2,466,546) (3,057,276)
Depreciation charge 83,613 120,896
Loss on sale of tangible 4,861 12,720
fixed assets
Employee share based payment 8,437 -
(Increase)/decrease in (82,365) 14,506
stocks
(Increase)/decrease in (39,655) 41,286
debtors
Increase in creditors 233,048 665,720
Net cash outflow from operating (2,258,607) (2,202,148)
activities
(b) Analysis of cash flows
30 30
September September
2006 2005
(12 (16
months) months)
£ £
Returns on investment and servicing of
finance
Interest paid (25,454) (34,246)
Interest received 57,197 -
Net cash inflow/(outflow) 31,743 (34,246)
Capital expenditure
Purchase of tangible fixed (101,059) (151,168)
assets
Sale of tangible fixed 74,833 27,608
assets
Net cash outflow (26,226) (123,960)
Financing
Issue of ordinary shares (net of issue 3,398,219 2,627,700
costs)
Capital element of finance (94,959) (74,224)
leases
Related party loans (64,671) (258,779)
Net cash inflow 3,238,589 2,294,697
(c) Analysis and reconciliation of net (debt)/funds
At Cashflow Non-cashflow At
£ £
1 October 30
2005 September
£ 2006
£
Cash on deposit - 750,000 - 750,000
Cash at bank and in hand 41 169,917 - 169,958
Bank loans and overdrafts (65,582) 65,582 - -
(65,541) 985,499 - 919,958
Other loans (937,271) 64,671 - (872,600)
Finance leases (110,114) 94,959 (26,136) (41,291)
Net (debt)/funds (1,112,926) 1,145,129 (26,136) 6,067
30 30
September September
2006 2005
(12 months) (16 months)
£ £
Increase/(decrease) in cash 235,499 (65,657)
in the period
Purchase of deposits 750,000 -
Cash inflow from debt and 159,630 42,350
lease financing
Change in net funds/(debt) 1,145,129 (23,307)
resulting from cash flows
New finance leases in the (26,136) (309,400)
period
Movement in net funds/(debt) 1,118,993 (332,707)
in the period
Net debt at 1 October 2005 (1,112,926) (780,219)
Net funds/(debt) at 30 6,067 (1,112,926)
September 2006
Notes to the financial statements
1. Publication of non-statutory accounts
The financial information set out above does not constitute the company's
statutory accounts for the years ended 30 September 2006 or 2005, but is
derived from those accounts. Statutory accounts for 2005 have been delivered to
the Registrar of Companies and those for 2006 will be delivered by 31 March
2007. The auditors have reported on those accounts; their reports were
unqualified and did not contain statements under s. 237(2) or (3) Companies Act
1985.
The financial information contained within this Preliminary Announcement was
approved by the Board on 5 March 2007.
2. Accounting Policies
Accounting policies applied to the preliminary financial information are
consistent with those used for the 2005 accounts.
3. Loss per share
The calculations of loss per ordinary share are based on the loss for the
financial year and the weighted average number of ordinary shares in issue
during the year. Dilutive earnings per share is based on the weighted average
number of ordinary shares in issue, adjusted to reflect conversion of all
dilutive potential ordinary shares. Dilutive potential shares comprise share
options granted to employees. For the periods ended 30 September 2006 and 30
September 2005 the impact of share options is anti-dilutive and these have been
excluded from the calculation of diluted weighted average share capital.
30 September 30 September
2006 2005
(12 months) (16 months)
£ £
Loss for the year (2,459,287) (3,091,522)
Number Number
Weighted average number of shares 32,177,254 15,003,123
Pence Pence
Basic and diluted loss per ordinary share (7.6) (20.6)
The weighted average number of ordinary shares reflect the share split on 21
November 2005, whereby each of the issued and unissued ordinary shares of £1
each were divided into 10 ordinary shares of 10 pence each.
4. Dividends
No dividends are proposed for the year ended 30 September 2006 (2005: Nil)
5. Creditors: Amounts falling due within one year
30 September 30 September
2006 2005
£ £
Bank loans and overdrafts - 65,582
Obligations under finance leases and 25,547 48,612
hire purchase contracts
Trade creditors 269,781 165,262
Amounts due to related 298,529 490,667
parties
Accruals and deferred 245,667 277,544
income
Other taxes and social 314,899 170,483
security
Other creditors 40,474 -
1,194,897 1,218,150
6. Creditors: Amounts falling due after more than one year
30 September 30 September
2006 2005
£ £
Obligations under finance leases and hire 15,744 61,502
purchase contracts
Amounts due to related 577,342 446,604
parties
593,086 508,106
7. Reconciliation of Movements in Equity Shareholders' Deficit
30 30
September September
2006 2005
£ £
New shares issued (net of issue 3,398,218 2,627,700
costs)
Employee share based payment 8,437 -
Loss for the financial period (2,459,287) (3,091,522)
Opening equity shareholders' (1,491,779) (1,027,957)
deficit
Closing equity shareholders' (544,411) (1,491,779)
deficit
8. Copies of the Report and Accounts will be sent to shareholders in due course
and will be available from the registered office of the Company, 57 Cardigan
Lane, Leeds, LS4 2LE.
Enquiries:
Amteus plc 01756 770376
Michael Abrahams (Chairman) 020 7628 2200
John East & Partners Limited 01756 770376
John East/Simon Clements/Johnny Townsend
Rawlings Financial
John Rawlings
END
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