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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Embargoed for release at 7.00 am on 29 June 2006 Amteus plc ("Amteus", the "Company" or the "Group") Interim Results for the six months ended 31 March 2006 Chairman's Statement Amteus, the provider of secure business communications software, was admitted to trading on AIM on 18th January 2006, raising £3.3 million net of issue costs. The funds were raised to complete the commercial development of the Group's products, to enhance their technical capabilities and to establish the necessary sales, marketing and customer support operations needed to bring the products to market. It gives me pleasure to report the maiden interim results for the six months to 31st March 2006 and to give the Group's shareholders an update on the progress Amteus has made since its successful flotation. Results Revenue in the six months to 31st March 2006 amounted to £15,559 (2005: £6,045) and the loss before and after tax was £883,165 (2005: £1,661,842). At the period end, cash balances were £2,253,757. Sales Amteus began recruiting sales and tele-sales teams in April 2006. The new sales force, which has undertaken a rigorous programme of training and quality control, has already built up a strong sales pipeline, which is growing on a weekly basis. The reaction to the Amteus product has been most encouraging and the Group received its first orders in June, pleasingly ahead of schedule. We intend to expand the sales team from the current headcount of nine, as sales build up over the next few months. Product development Amteus is an all-in-one communications software application for easy multi-tasking. It provides: * Presence control; * Secure voice ("VoIP") (including conferencing); * Secure instant messaging; * Secure sharing and transfer of files; and * Secure email. The Board believe that Amteus is the only product of its kind and offers significant benefits to a wide variety of industries and professions. The software, which is easily installed into the client's own private network, provides real and measurable benefits - secure communication, improved efficiency, increased productivity and direct cost savings, resulting in a rapid return on investment. Business model The product is typically sold on a three year contract, as a bundled package of licence, customer support and hardware. The company offers its customers a monthly subscription payment model and, in most cases, the customer enters into a lease arrangement with banks and lease providers with whom we are partnering. Where customers opt for the monthly subscription payment model, Amteus receives the three years' cash in advance, on a non-recourse basis, and recognises the revenue evenly over the full period of the contract. People Prior to flotation on AIM, the Group employed 21 staff. Amteus now employs over 40 people, the majority of new appointments being made in technical development, sales and marketing and customer support. As previously announced, The Rt. Hon. Michael Howard joined the Board as a Non- Executive Director on 22nd June 2006. Outlook The Amteus product has been well received in the market place and the value of initial orders has, to date, been ahead of the Board's expectations. As orders are received, the majority are immediately converted to cash in order to accelerate the point when the business becomes cash generative. Michael Abrahams CBE DL Chairman 28 June 2006 For enquiries: Amteus plc Michael Abrahams (Chairman) Rawlings Financial John Rawlings 01756 770376 Pro Forma Consolidated Profit and Loss Account For the six months ended 31 March 2006 Notes Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 March 31 March 30 September 2006 2005 2005 £ £ £ Turnover 3 15,559 6,045 23,155 Cost of sales (1,426) (34,083) (75,854) Gross profit/(loss) 14,133 (28,038) (52,699) Operating expenses (896,780) (1,624,400) (3,004,577) Operating loss (882,647) (1,652,438) (3,057,276) Finance charges (518) (9,404) (34,246) Loss on ordinary activities before (883,165) (1,661,842) (3,091,522) taxation Tax on loss on ordinary activities 4 - - - Loss for the financial period (883,165) (1,661,842) (3,091,522) Loss per share - basic and diluted 5 (3.0p) (12.1p) (20.6p) All the results for the period relate to continuing activities. There are no recognised gains or losses in the period other than the loss for the period. Pro Forma Consolidated Balance Sheet As at 31 March 2006 Notes Unaudited Unaudited Audited 31 March 31 March 30 September 2006 2005 2005 £ £ £ Fixed assets Tangible assets 207,086 398,975 214,827 Investments - - 1 207,086 398,975 214,828 Current assets Stock 9,680 24,202 2,760 Debtors 187,026 42,030 16,848 Cash at bank and in hand 2,253,757 4,829 41 2,450,463 71,061 19,649 Creditors - amounts falling due (842,865) (614,965) (1,218,150) within one year Net current assets/(liabilities) 1,607,598 (543,904) (1,198,501) Total assets less current 1,814,684 (144,929) (983,673) liabilities Creditors - amounts falling due (792,229) (722,365) (508,106) after more than one year Net assets/(liabilities) 1,022,455 (867,294) (1,491,779) Capital and reserves Called up share capital 2 3,446,639 2,628,700 2,628,700 Share premium 2,579,460 - - Profit and loss account (5,003,644) (3,495,994) (4,120,479) Equity Shareholders' funds/(deficit) 1,022,455 (867,294) (1,491,779) Pro Forma Consolidated Cash Flow Statement For the six months ended 31 March 2006 Notes Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 March 31 March 30 September 2006 2005 2005 £ £ £ Net cash outflow from operating 6 (1,012,287) (1,591,054) (2,202,148) activities Return on investments and servicing (3,552) (9,404) (34,246) of finance Capital expenditure (net) (6,717) (44,649) 1,102 Management of liquid resources (2,200,000) - - Cash outflow before financing (3,222,556) (1,645,107) (2,235,292) Financing 3,341,854 1,782,971 2,169,635 Increase/(decrease) in cash in the 119,298 137,864 (65,657) period Pro Forma Reconciliation of net cashflow to movement in net funds/(debt) For the six months ended 31 March 2006 Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 March 31 March 30 September 2006 2005 2005 £ £ £ Increase/(decrease) in cash in the 119,298 137,864 (65,657) period Purchase of deposits 2,200,000 - - Cash inflow from debt and lease 69,834 42,868 199,286 financing Change in net funds resulting from 2,389,132 180,732 133,629 cash flows New finance leases in the period (26,136) (194,020) (309,400) Movement in net funds/(debt) in the 2,362,996 (13,288) (175,771) period Opening net (debt)/funds (175,655) (256,411) 116 Closing net funds/(debt) 2,187,341 (269,699) (175,655) Pro Forma Reconciliation of Equity Shareholders' funds/(deficit) For the six months ended 31 March 20006 Note Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 March 31 March 30 September 2006 2005 2005 £ £ £ New shares issued (net of issue 2 3,397,399 2,627,700 2,627,700 costs) Loss for the financial period (883,165) (1,661,842) (3,091,522) Opening equity shareholders' deficit (1,491,779) (1,833,152) (1,027,957) Closing equity shareholders' funds/ 1,022,455 (867,294) (1,491,779) (deficit) NOTES TO THE INTERIM REPORT For the six months ended 31 March 2006 1. BASIS OF PREPARATION The interim results for the six months ended 31 March 2006, which are unaudited, have been prepared in accordance with the accounting policies adopted by Amteus Secure Communications Limited for the period ended 30 September 2005. The financial information for the sixteen month period ended 30 September 2005 is an abridged version of Amteus Secure Communication Limited's published statutory financial statements which received an unqualified auditors' report, contained no statement under section 237(2) or (3) of the Companies Act 1985 and which have been filed with the Registrar of Companies. 2. CORPORATE RESTRUCTURING During the period, the group carried out a corporate restructuring involving the introduction of a new holding company, Amteus plc (formerly known as Amteus Limited) which was incorporated on 4 November 2005. Amteus plc acquired the entire share capital of Amteus Secure Communications Limited on 18 November 2005 in a share for share exchange. At 31 March 2005 and 30 September 2005 Amteus Secure Communications Limited had called up share capital of £2,628,700. On 18 November 2005 related party loans amounting to £90,667 were converted to share capital following the issue of a further 90,667 ordinary shares with a nominal value of £1. On 18 November 2005 Amteus plc acquired the entire issued share capital of Amteus Secure Communications Limited, a company under the common control of J C Morris, in consideration for the Amteus Secure Communications Limited shareholders receiving 2,719,367 ordinary shares in the company. On 18 January 2006 7,272,717 shares were issued, by Amteus plc for a nominal value of £727,272, as part of the flotation of the Company on the AIM market of the London Stock Exchange. The issue of these shares resulted in the share premium balance of £2,579,460, net of issue costs, being recorded. The acquisition of Amteus Secure Communications Limited by Amteus plc has been accounted for using merger accounting principles in accordance with UK GAAP. Accordingly, the profit and loss account, the balance sheet and the reconciliation of equity shareholders' funds are presented on a pro forma basis as if the new holding company has been in existence throughout the current six months period from 1 October 2005 to 31 March 2006 and the prior period from 1 October 2004 to 31 March 2005. 3. SEGMENT INFORMATION Analysis between activities is not presented as the group's operations comprise a single class of business, which is the development and supply of communication software to business. The group's operations are located in Great Britain. 4. TAX ON LOSS ON ORDINARY ACTIVITIES There is no tax charge for the period. 5. LOSS PER SHARE Loss per share is calculated by dividing the loss after taxation by the weighted average number of ordinary shares in issue of 29,871,627 (31 March 2005: 13,776,322 shares and 30 September 2005: 15,003,123 shares). 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. 6. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING aCTIVITIES Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 March 31 March 30 September 2006 2005 2005 £ £ £ Operating loss (882,647) (1,652,438) (3,057,276) Depreciation charge 38,986 52,625 120,896 Loss/(profit) on sale of tangible fixed 1,608 (483) 12,720 assets (Increase)/decrease in stocks (6,920) (1,534) 14,506 (Increase)/decrease in debtors (139,503) (4,609) 41,286 (Decrease)/increase in creditors (23,811) 15,385 665,720 Net cash outflow from operating (1,012,287) (1,591,054) (2,202,148) activities 7. DIVIDENDS No dividends are proposed for the six months ended 31 March 2006. 8. DISTRIBUTION OF INTERIM REPORT TO SHAREHOLDERS The interim report will be posted to all shareholders of the company, and will be available for inspection by the public at the registered office of the company during normal business hours on any weekday. Further copies are available on request. END
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