RNS Number:3176Q
Forbidden Technologies PLC
30 September 2003
FORBIDDEN TECHNOLOGIES PLC
Interim Results for the six months ended 30th June 2003
Forbidden Technologies plc, which has developed and is marketing a range of
products for video distribution over the Internet and mobile devices including
phones, announces Interim Results for the six months ended 30 June 2003
* Turnover #15,333 (2002: #5,350) Pre-tax loss of #233,919 (2002:#147,906).
* Healthy cash balance #2.4 million
* Launch of Live video streaming product FORlive - attracted high interest at
recent European media trade show
Vic Steel, Chairman, commented:
"We believe that the increasing acceptance of our innovative products augurs
well for significant growth over the years ahead.
"Our business development team is achieving increasing success in unlocking the
doors that can lead to participation in a huge and varied market-place of
Internet based video for business and pleasure applications."
30 September 2003
Enquiries:
Forbidden Technologies plc Tel: 020 8879 7245
Stephen Streater, Chief Executive
College Hill Tel: 020 7457 2020
Nicholas Nelson
CHAIRMAN'S STATEMENT
Results
In the six months to 30th June 2003 the company had sales of #15,333 (2002:
#5,350) and incurred a loss of #233,919 (2002: #147,906). The increased loss was
mainly due to planned increases in development and marketing resources and the
establishment of our compression bureau. Cash balances remain strong at #2.4
million
The Marketplace
During the first six months of the year the technology marketplace showed signs
of renewed interest in innovative developments at both consumer and business
levels. Whilst the vast majority of Internet users continue to depend upon
modems, broadband is now increasing its penetration and popularity. Our data
rate-sensing product, which automatically detects each receiver's connection
speed, allows us to service all Internet viewers appropriately. Mobile devices
continue to grow in volume and variety, particularly Symbian mobile phones.
Progress
Our product development has continued to make excellent progress producing a
range of attractive shippable products. We have run successful beta tests on our
compression software and can now deliver compressors to volume customers.
Development of a superior suite of tools for use by video production companies
is now in progress. Used with our compression technology, this will offer
customers a valuable tool which speeds up and eases the video post production
process.
Our progress in the business services sector is accelerating with customers such
as Cantos, Misys and others using our technology increasingly.
We are increasingly successful at attracting partners. Recent partners, Siteseer
in Japan and Siteseer UK, are reporting good progress.
Live video streaming
The highlight of our recent product innovations is the announcement and
demonstration of our live product, FORlive. This can provide live transmission
of video over the Internet via a standard web server. It appears in a web page,
viewed with a standard web browser and needs no plug-ins. This product provides
a major enhancement to our existing product range.
The recent launch of FORlive at the international media exhibition, IBC in
Amsterdam, created huge interest from a wide range of potential customers. In
the days following this exhibition the company had a sustained surge in the
number of visits to our website (www.forbidden.co.uk) and a high demand for our
shares. The opportunities offered by FORlive for smaller broadcasters was
recognised as was its use for previewing archive material. Both have produced
multiple expressions of serious interest.
Outlook
We believe that the increasing acceptance of our innovative products augurs well
for significant growth over the years ahead.
Our business development team is achieving increasing success in unlocking the
doors that can lead to participation in a huge and varied market-place of
Internet based video for business and pleasure application.
Victor Steel
29 September 2003 Chairman
Copies of this statement will be available for a period of 14 days from the
Company's registered office: 2-4 St. George's Road, Wimbledon, London SW19 4DP
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2003
Unaudited Unaudited Audited
half year to half year to year to
30 June 2003 30 June 2002 31 December 2002
# # #
Turnover 15,333 5,350 9,040
Administrative expenses (295,210) (220,873) (568,302)
Operating loss (279,877) (215,523) (559,262)
Interest receivable 45,958 67,617 128.281
Loss on ordinary activities
before taxation (233,919) (147,906) (430,981)
Tax on loss on ordinary activities ---- - -
Loss for the period (233,919) (147,906) (430,981)
Basic and diluted loss per ordinary 0.8 pence share (0.31p) (0.20p) (0.58p)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE SIX MONTHS ENDED 30 JUNE 2003
Unaudited Unaudited Audited
half year to half year to Year to
30 June 2003 30 June 2002 31 December 2002
# # #
Loss for the period (233,919) (147,906) (430,981)
Net reduction in shareholders' funds (233,919) (147,906) (430,981)
Opening shareholders' funds 2,744,072 3,175,053 3,175,053
Closing shareholders' funds 2,510,153 3,027,147 2,774,072
A statement of recognised gains and losses has not been included as part of this
interim report as the Company made no gains or losses in the year other than as
disclosed in the Profit and Loss Account.
The results stated above are all derived from continuing operations.
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2003
Unaudited Unaudited Audited
half year to half year to year to
30 June 2003 30 June 2002 31 December 2002
# # #
Reconciliation of operating
loss to net cash outflow
from operating activities
Operating loss (279,877) (215,523) (559,262)
Depreciation charges 10,479 5,221 29,254
Decrease/(increase) in debtors (18,802) 23,104 27,011
Decrease in creditors (46,250) (22,394) 27,734
Net cash outflow from
operating activities (334,450) (209,592) (475,263)
Cash flow statement
Cash flow from operating activities (334,450) (209,592) (475,263)
Returns on investment and servicing
of finance 131,352 141,776 146,502
Taxation ----- - -
Capital expenditure (14,852) (3,550) (32,077)
Management of liquid resources 225,475 39,495 331,377
Financing ----- - -
Increase/(Decrease) in cash in the period 7,525 (31,871) (29,461)
Reconciliation of net cash flow
to movement in net funds
Increase/(Decrease) in cash in the period 7,525 (31,871) (29,461)
Cash inflow from liquid resources (225,475) (39,495) (331,377)
Movement in net funds in the period (217,950) (71,366) (360,838)
Net funds at the start of the period 2,660,912 3,021,750 3,021,750
Net funds at the end of the period 2,442,962 2,950,384 2,660,912
BALANCE SHEET
AS AT 30 JUNE 2003
Unaudited Unaudited Audited
half year to half year to Year to
30 June 2003 30 June 2002 31 December 2002
# # #
Fixed assets
Tangible assets 18,637 9,770 14,264
Current assets
Debtors 76,133 90,694 142,725
Cash at bank and in hand 2,448,028 2,950,384 2,673,503
2,524,161 3,041,078 2,816,228
Creditors
Amounts falling due within one year (32,645) (23,701) (86,420)
Net current assets 2,491,516 3,017,377 2,729,808
Net assets 2,510,153 3,027,147 2,744,072
Capital and reserves
Called up share capital 594,800 594,800 594,800
Share premium account 2,896,500 2,896,500 2,896,500
Capital contribution reserve 125,000 125,000 125,000
Profit and loss account (1,106,147) (589,153) (872,228)
Equity shareholders' funds 2,510,153 3,027,147 2,744,072
This interim report was approved by the board of directors on 29 September 2003
and were signed on their behalf by:
Douglas Blaikie
Financial Director
Basis of preparation
The interim report for the six months ended 30 June 2003 and 2002 is unaudited
and does not constitute statutory accounts within the meaning of Section 240 of
The Companies Act 1985. They have been prepared under the historical cost
convention and on a basis consistent with the accounting policies for the year
ended 31 December 2002. The results for the year ended 31 December 2002 and the
balance sheet of that date are an extract from the statutory financial
statements for that year, which have been filed with the Registrar of Companies
and on which the Company's auditors gave an unqualified report and did not
contain a statement under Section 237 (2) or (3) of that Act.
This information is provided by RNS
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