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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eurotelecom 'a' | LSE:ETMA | London | Ordinary Share | 'A' COM STK $0.01 (REG S) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3963S
EuroTelecom Communications Inc
12 October 2000
12 October 2000
EuroTelecom Communications, Inc.
Preliminary Results for the Year Ending 30 June 2000
EuroTelecom Communications Inc. ('EuroTelecom' U.S. Trading
Symbol-EUTC; Trading on AIM as ETMa) whose whose 'application
linking' technology is used to create the communications
backbone for intelligent buildings, announces preliminary results
for the year ending 30 June 2000.
Key Financial Points (Preliminary Results):
Year Ended
30 June 30 June
2000 1999
#'000 #'000
Group Turnover 6,478 704
Continuing 5,577 704
Acquisition 901 -
Gross Profit 1,379 128
Operating loss (3,693) (729)
Highlights:
- Successfully delivered the 'Q.ton Forum' project, which
is currently operating.
- 'The Printworks' installation in Manchester is proceeding
on schedule and take up of our service is exceeding
expectations.
- A projects group office has been established in Stratford
to coordinate design, implementation and performance of
major projects.
- Expansion of management control centre in South
Yorkshire.
- EuroTelecom Connect and easy/IP are now based in
Nottingham.
- The Company is continuing its policy of recruiting quality
personnel from market leading organisations.
Phil Derry, EuroTelecom's Chief Executive commented:
'We have made a solid start to the current financial year and
will continue to implement a number of measures which position
EuroTelecom as a growth business. Interest in the Company
continues to be high and we currently show a healthy new order
book moving forward.'
This press release contains forward-looking statements. Such
statements are based on the current expectations and beliefs
of the management of EuroTelecom Communications, Inc. and are
subject to a number of factors and uncertainties that could
cause actual results to differ materially from those discribed
in the forward-looking statements.
For further information, please contact:
EuroTelecom 01709-874600
Phil Derry, Chief Executive
David Linell, Finance Director
Buchanan Communications 020-7466-5000
Jeremy Garcia / Siobhan Young
CHAIRMAN'S STATEMENT
Introduction
EuroTelecom Communications Inc. is pleased to announce the
first results since the Company was admitted to AIM on 5 April
2000. The Company has submitted a revised Form 10-SB (the
registration statement for the Company's stock in the U.S.) in
answer to SEC comments and awaits their full acceptance of the
Company's registration statement which is required prior to
reinstatement of the Company's stock on the U.S. OTC Bulletin
Board (a quoted system operated by the National Association of
Securities Dealers, Inc. in the U.S.).
As stated in our AIM prospectus we have successfully delivered
the 'Q.ton Forum' project which is now operating. In addition,
'The Printworks', our Manchester based installation is proceeding
on schedule and the take up of our services is exceeding
expectations.
Development
Our growth is underpinned by the recruitment of key high
quality staff from market leading organisations. We have also
made a number of key strategic acquisitions to support our
core business of Intelligent Buildings and Application Linking
solutions.
Our investment in resource and assets has been accelerated to
ensure we are placed to capture the maximum opportunity from
our current enquiries/order book. The level of these enquires
remains at a high level.
We have focused on developing the infrastructure necessary to
support the success of our approach to strategic alliances
with key partners.
A Projects Group Office has been established in Stratford to
co-ordinate the design, implementation and performance of
major projects. Similarly, a research and development
facility now operates from offices in Stourbridge and provides
a fully operational demonstration facility for our Intelligent
Building services. A new purpose built management control
centre for remote monitoring and crisis response services is
currently being commissioned at our Corporate office in
Manvers, South Yorkshire. EuroTelecom Connect and easy/IP
have now taken joint occupation of premises at Newark,
Nottinghamshire.
Future Outlook
Our facilities management group has secured the contract to
deliver services to Jarvis at the Army Foundation College,
Harrogate and we expect to extend this to embrace the
Communications and Technology for the new college. Alongside
this we have established a joint venture, Defining Moments to
bring further core services to the Education Sector Market.
We are achieving delivery of our projected contracts whilst
controlling accelerated growth necessary to position the
Company to look forward with confidence in 2001 and beyond.
EuroTelecom's key strengths allow us to deliver profitability
to our customers using our technology.
The strategy is now clearly defined and the business is backed
by excellent technical and commercial skills. I have every
confidence that our management team will deliver a marked
improvement in sales and profitability in the current
financial year.
Chris Akers 12 October 2000
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year Six months
ended ended
30 June 30 June
2000 1999
(Unaudited) (Audited)
#'000 #'000
Turnover
Continuing 5,577 704
Acquisition 901 -
______ ______
Group turnover 6,478 704
Cost of sales (5,099) (576)
______ ______
Gross profit 1,379 128
Administrative expenses (5,175) (850)
Operating loss
Continuing (3,671) (722)
Acquisition (125) -
______ ______
(3,796) (722)
Loss on termination of
operation - (76)
Interest received 139 91
Interest paid (36) (22)
______ ______
(3,693) (729)
Loss on ordinary activities
before taxation
- -
Taxation ______ ______
Loss on ordinary activities
after taxation (3,693) (729)
Dividends - equity - -
______ ______
Loss for the period (3,693) (729)
______ ______
Loss per ordinary share -
basic and diluted (19.3p) (9.41p)
All recognised gains and losses are included above.
CONSOLIDATED BALANCE SHEET
At 30 June 2000 At 30 June1999
(Unaudited) (Audited)
#'000 #'000 #'000 #'000
Fixed Assets
Intangible assets 1,154 241
Tangible assets 1,561 58
Investments 1,736 -
______ ______
4,451 299
Current Assets
Stock 591 147
Debtors 4,750 619
Cash at bank and in hand 7,977 -
_____ _____
13,318 766
Creditors: amounts
falling due within one
year (3,463) (1,616)
_____ ______
Net current
assets/(liabilities) 9,855 (850)
______ ______
Total assets less 14,306 (551)
current liabilities
Creditors: amounts
falling due after more
than one year (62) (17)
______ ______
Net assets 14,244 (568)
______ ______
Capital and Reserves
Called up share capital 198 56
Share premium account 32,086 13,723
Profit and loss account (18,040) (14,347)
______ ______
Equity shareholders'
funds 14,244 (568)
______ ______
CONSOLIDATED CASH FLOW STATEMENT
Year ended Six months
30 June 2000 ended 30 June
(Unaudited) 1999
(Audited)
#'000 #'000 #'000 #'000
Net cash (outflow) from (5,266) (810)
operating activities
Returns on investments and
servicing of finance
Interest received 119 -
Interest paid (20) (22)
Finance lease interest (16) -
______ _____
83 (22)
Taxation
UK Corporation tax - -
Capital expenditure and
financial investment
Purchase of tangible fixed
assets (1,530) (33)
Purchase of intangible
fixed assets (991) -
Investments (net of cash
received) - (17)
______ _____
Net cash (outflow) from
capital expenditure and
financial investment (2,521) (50)
Acquisitions and disposals
Purchase of trade
investment (775) -
Equity dividends paid - -
_____ ______
Cash (outflow) before
management of liquid
resources and financing (8,479) (882)
Financing
Issue of ordinary share 18,950 573
capital
Share issue costs (2,331) -
Proceeds from issue of debt
(net of repayment) - 112
Repayment of finance leases (36) -
______ _____
Net cash inflow/(outflow)
from financing 16,583 685
_____ ______
Increase/(decrease) in cash
in the period 8,104 (197)
_____ ______
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1. Group turnover arises substantially in the United Kingdom.
Turnover, results and net assets derive from the Group's
ongoing principal activity. The acquisition in the period
ended 30 June 2000 related to the purchase of the assets,
trade and name of Timtec International Limited, the principal
business of which is interior fit out contracting. The total
cost of sales and administrative expenses relating to this
acquisition amounted to #844,661 and #182,014 respectively.
2. Results are consolidated from the date of acquisition of
subsidiary undertakings. In accordance with FRS 10, goodwill
arising on the difference between the fair value of the
consideration paid and the fair value of the identifiable net
assets acquired is capitalised and amortised over 5 years
being the estimated useful economic life.
3. In accordance with FRS 9 investments are stated at cost
less any impairment for permanent diminution in value.
4. The calculation of loss per share is based on the weighted
average number of issued ordinary shares during the period of
19,097,390 (1999: 7,748,059) and the loss after taxation
#3,693,000 (1999: loss #729,000).
No diluted loss per share has been presented in the
current year or preceding period as all the share options
were non-dilutive.
5. During the period the company placed 11.2m shares for
admission to AIM. This is reflected in the increased share
capital during the period.
6. The comparative figures represent results and position for
the period to 30 June 1999. The group changed its year-end
from 31 December to 30 June and as a result the last audit
financial statements are as at 30 June 1999.
7. The results for the period to 30 June 2000 have been
extracted from the unaudited accounts prepared for the Group.
These results have been prepared utilising the accounting
policies adopted by the subsidiary Company EuroTelecom
Corporation Limited for the year ended 30 June 1999. The
results for the period ended 30 June 1999 have been extracted
from the prospectus prepared for the admission of the Group to
AIM and the placing of the 'A' Common stock. EuroTelecom
Corporation Limited, a wholly owned subsidiary of EuroTelecom
Communications, Inc, filed consolidated accounts for the
period ended 30 June 1999 which have been delivered to the
Registrar of Companies. The accounts were unqualified and did
not contain a statement under section 237 (2) or 237 (3) of
the Companies Act 1985. However the audit report contained a
paragraph with reference to fundamental uncertainty with
regard to going concern.
8. Reconciliation of operating profit to net cash inflow from
operating activities
Year Six months
ended ended
30 June 30 June
2000 1999
(Unaudited) (Audited)
#'000 #'000
Operating profit (3,796) (722)
Depreciation and 210 23
amortisation charge
Common stock issued in
lieu of services 250 61
Write down of
investments - 28
Amortisation of
deferred expense 53
Increase in stock (444) (56)
Increase in debtors (4,019) (274)
Increase / (decrease)
in creditors 2,480 130
_____ ______
Net cash inflow from
operating activities (5,266) (810)
______ ______
9. Reconciliation of net cash inflow to movement in net funds
Year ended
30 June 2000
(Unaudited)
#'000
Increase in cash in the period 8,104
Cash outflow from decrease in
debt and lease financing 36
_____
Increase in net funds 8,140
resulting from cash flows
Conversion of loan stock 500
New finance leases (105)
Loan note repaid 60
_____
Movement in net funds in the
period 8,595
Opening net debt (827)
_____
Closing net funds 7,768
______
10. Analysis of net funds/(debt)
As at Cash Non-cash As at
30 June Flow movement 30 June
1999 2000
#'000 #'000 #'000 #'000
Cash at bank
and in hand - 7,977 - 7,977
Cash deposits - - - -
______ ______ ______ ______
- 7,977 - 7,977
Overdrafts (238) 127 - (111)
______ ______ ______ ______
(238) 8,104 - 7,866
Debt due after - - - -
1 year
Debt due (560) 60 500 -
within 1 year
Finance leases (29) 36 (105) (98)
_____ _____ ______ ______
Total (827) 8,200 395 7,768
_____ ______ ______ ______
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