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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 |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION IS UNLAWFUL. 31 March 2008 Amteus PLC ("Amteus" or the "Company"or the "Group") Final Results for the year ended 30 September 2007 Chairman's Statement I am pleased to announce the results for Amteus PLC for the year ended 30 September 2007. Amteus' product suite allows users to create a secure community to protect its users from the dangers associated with the Internet such as cyber-bullying, data theft, fraud and other abuses. The Directors believe that the Amteus private community concept represents an outstanding offering in terms of technology and value, since the Group's products address all these universal problems. In particular, through the use of Amteus Secure Instant Messaging, users are able to have a secure and private system of Instant Messaging ("IM") under their own control within their own private network, combined with presence control and a suite of secure and compliant functionality. Results Turnover in the year ended 30 September 2007 amounted to £131,668 (2006: £ 37,417). The loss before and after taxation was £3,118,794 (2006: £2,624,783). Under the Group's revenue recognition policy there was £186,449 (2006: £64,449) of deferred revenue held in the balance sheet as at 30 September 2007. The Product and Technology The Amteus product is a secure, stand-alone communication software system made accessible for schools and small businesses. 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 and can be used to increase productivity and improve efficiency. Competition The competition 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 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, value-for-money proposition. The Directors believe that there is no direct competitor supplying IM and the associated products in either the education or business sectors. Strategy In the early part of the year the Company focused on developing sales through resellers who demonstrated considerable enthusiasm for the Amteus product. However, it became apparent that the product was too early in its sales cycle for this method of distribution and it was necessary to achieve a footprint in the market place through direct sales. During the year, therefore, the Company has redefined its strategy to sell direct to schools and businesses. It launched the most recent version of the product in January 2008 at the BETT fair and since then has been receiving a very encouraging level of sales orders, having now sold the product to over 100 schools, including Manchester Grammar, Rugby School, Cheetham Community and Wycliffe College. Whilst the focus of the sales effort in the past three months has been on schools, the Company recognises that the business sector offers a significant opportunity and it is now well advanced in recruiting a sales force to sell to this sector. People In Autumn 2007, the Group recognised that it needed to reduce its cost base and after a thorough review decided, having already developed its current product range, to reduce its product development team and to focus employment into the sales area. The Company therefore reduced its staff from 54 people a year ago to 35 in March 2008. It is now recruiting in the sales area and by the end of March will have taken on an additional 23 people. Simon Duffy joined the Board as a Non-Executive Director in February 2007 but due to taking on a full time position with a company operating in emerging markets has resigned as a director of Amteus plc with immediate effect together with all his other UK directorships. We thank him for his contribution and wish him well in his new position. In October and December 2007 Chris Holt and David Lynde were appointed to the Board as Chief Executive and Finance Director, respectively. In order to maximise the sales opportunities for the Company's products and to build on the significant interest generated in the education sector in recent months Chris Holt has been appointed Director of Education with immediate effect. He will report directly to Jeffrey Morris, Executive Deputy Chairman. On behalf of the Board I would 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 today raised £1.5 million net of expenses through a placing of 12,000,200 new shares at 15 pence per share, subject to shareholder approval at a general meeting to be held on 23 April 2008. The placing shares are expected to be admitted to trading on AIM on or around 24 April 2008. The Company's founder and major shareholder, Jeffrey Morris, has been providing financial support to the Company and will continue to do so as required. Outlook Since 1 January 2008 the Company has identified a strong demand for its product in both the education and the business area. The proceeds of the placing will enable the Company to gain sales more quickly as we seek to achieve cash breakeven in 2008. The Directors believe that the Company will continue to build on the progress made in the first quarter of 2008. Michael D Abrahams CBE DL Chairman 31 March 2008 Consolidated Profit and Loss Account for the year ended 30 September 2007 Note 2007 2006 Restated £ £ Turnover 131,668 37,417 Cost of sales (56,275) (9,575) Gross profit 75,393 27,842 Operating expenses (3,209,526) (2,659,884) OPERATING LOSS (3,134,133) (2,632,042) Interest receivable and 48,708 57,197 similar income Interest payable and similar (33,369) (49,938) charges LOSS ON ORDINARY ACTIVITIES (3,118,794) (2,624,783) BEFORE TAXATION Tax on loss on ordinary - - activities LOSS FOR THE FINANCIAL PERIOD (3,118,794) (2,624,783) Loss per share - basic and diluted (pence) 3 (8.3) (8.2) Statement of Total Recognised Gains and Losses for the year ended 30 September 2007 2007 2006 As restated £ £ Loss for the financial year (3,118,794) (2,624,783) Prior year adjustment (165,496) Total recognised loss relating to the year (3,284,290) Consolidated Balance Sheet as at 30 September 2007 Note 2007 2006 Restated £ £ FIXED ASSETS Tangible assets 202,204 178,715 CURRENT ASSETS Stocks 480,096 85,125 Debtors 267,720 59,774 Cash at bank and in hand 626,360 919,958 1,374,176 1,064,857 CREDITORS: amounts falling due 5 (1,104,256) (1,194,897) within one year NET CURRENT ASSETS/ 269,920 (130,040) (LIABILITIES) TOTAL ASSETS LESS CURRENT 472,124 48,675 LIABILITIES CREDITORS: amounts falling due after 6 (44,736) (593,086) more than one year NET ASSETS/(LIABILITIES) 427,388 (544,411) CAPITAL AND RESERVES Called up share capital 4,045,328 3,447,458 Share premium 5,937,455 2,579,460 Share options reserve 300,224 165,496 Profit and loss account (9,855,619) (6,736,825) EQUITY SHAREHOLDERS' FUNDS/ 427,388 (544,411) (DEFICIT) Consolidated Cash Flow Statement for the year ended 30 September 2007 2007 2006 £ £ Net cash outflow from (3,301,754) (2,258,607) operating activities Returns on investments and (9,145) 31,743 servicing of finance Capital expenditure (net) (32,231) (26,226) Management of liquid 346,040 (750,000) resources Cash outflow before (2,997,090) (3,003,090) financing Financing 3,049,532 3,238,589 Increase in cash in the 52,442 235,499 period (a) Reconciliation of operating loss to net cash outflow from operating activities 2007 2006 Restated £ £ Operating loss (3,134,133) (2,632,042) Depreciation charge 88,367 83,613 Loss on sale of tangible 6,649 4,861 fixed assets Employee share based payment 134,728 173,933 Increase in stocks (394,971) (82,365) Increase in debtors (199,447) (39,655) Increase in creditors 197,053 233,048 Net cash outflow from operating (3,301,754) (2,258,607) activities (b) Analysis of cash flows 2007 2006 £ £ Returns on investment and servicing of finance Interest paid (57,853) (25,454) Interest received 48,708 57,197 Net cash (outflow)/inflow (9,145) 31,743 Capital expenditure Purchase of tangible fixed (87,133) (101,059) assets Sale of tangible fixed assets 54,902 74,833 Net cash outflow (32,231) (26,226) Financing Issue of ordinary shares (net of issue 3,163,865 3,398,219 costs) Capital element of finance (45,700) (94,959) leases Related party loans (68,633) (64,671) Net cash inflow 3,049,532 3,238,589 (c) Analysis and reconciliation of net funds At Cashflow Non-cashflow At 1 30 October September 2006 2007 £ £ £ £ Cash on deposit 750,000 (346,040) - 403,960 Cash at bank and in hand 169,958 52,442 - 222,400 919,958 (293,598) - 626,360 Other loans (872,600) 68,633 792,000 (11,967) Finance leases (41,291) 45,700 (86,274) (81,865) Net funds 6,067 (179,265) 705,726 532,528 30 30 September September 2007 2006 £ £ Increase in cash in the 52,442 235,499 period (Receipt)/purchase of (346,040) 750,000 deposits Cash inflow from lease 45,700 159,630 financing Change in net debt resulting (247,898) 1,145,129 from cash flows Cash inflow from debt 860,633 - financing New finance leases in the (86,274) (26,136) period Movement in net funds in the 526,461 1,118,993 year Net funds/(debt) at 1 6,067 (1,112,926) October 2006 Net funds at 30 September 532,528 6,067 2007 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 2007 or 2006, but is derived from those accounts. Statutory accounts for 2006 have been delivered to the Registrar of Companies and those for 2007 will be delivered after the annual general meeting. 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 auditors have included an emphasis of matter paragraph in their audit report to draw attention to the material uncertainties associated with the Company's reliance on the adequate financial support of its majority shareholder and the shareholder approval of the placing that has been announced today. The existence of these material uncertainties may cast significant doubt about the Company's ability to continue as a going concern. The financial information contained within this Announcement was approved by the Board on 31 March 2008. 2. Accounting Policies Accounting policies applied to the financial information in this Announcement are consistent with those used for the 2006 accounts, with the exception of FRS 20 `Share based payments' as set out below. During the year ended 30 September 2007, the group adopted the provision of FRS 20 `Share-based Payments'. This resulted in a charge to the profit and loss account of £134,728 in the year. The provision of FRS 20 has also been applied retrospectively to the comparative period and has resulted in a charge to the profit and loss account of £165,496 for the year ended 30 September 2006. 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 2007 and 30 September 2006 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 2007 2006 £ £ Loss for the year (3,118,794) (2,624,783) Number Number Weighted average number of shares 37,631,140 32,177,254 Pence Pence Basic and diluted loss per ordinary share (8.3) (8.2) 4. Dividends No dividends are proposed for the year ended 30 September 2007 (2006: Nil) 5. Creditors: Amounts falling due within one year 30 September 30 September 2007 2006 £ £ Obligations under finance leases and 37,129 25,547 hire purchase contracts Trade creditors 563,645 269,781 Amounts due to related 25,442 298,529 parties Accruals and deferred 382,714 245,667 income Other taxes and social 69,258 314,899 security Other creditors 26,068 40,474 1,104,256 1,194,897 6. Creditors: Amounts falling due after more than one year 30 September 30 September 2007 2006 £ £ Obligations under finance leases and hire 44,736 15,744 purchase contracts Amounts due to related - 577,342 parties 44,736 593,086 7. Reconciliation of movements in equity shareholders' funds/(deficit) 30 September 30 September 2007 2006 As restated £ £ New shares issued (net of issue 3,955,865 3,398,218 costs) Employee share based payment 134,728 173,933 Loss for the financial period (3,118,794) (2,624,783) Opening equity shareholders' deficit (544,411) (1,491,779) Closing equity shareholders' funds/ 427,388 (544,411) (deficit) 8. Copies of the Report and Accounts will be sent to shareholders shortly and will be available from the registered office of the Company, 57 Cardigan Lane, Leeds, LS4 2LE and on the Company's website www.amteus.com. Enquiries: Amteus plc 01756 770376 Michael Abrahams (Chairman) John East & Partners Limited 020 7628 2200 John East/Simon Clements/Johnny Townsend Rawlings Financial PR Limited 07715 769078 Catriona Valentine John East & Partners Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for the Company and no one else in connection with the matters set out herein and will not be responsible to anyone other than the Company for providing the protections afforded to customers of John East & Partners Limited or for providing advice in relation to the matters set out herein or any transaction. END
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