Interoute Telecommun - 1st Quarter Results
October 16 1997 - 10:00AM
UK Regulatory
RNS No 2944b
INTEROUTE TELECOMMUNICATIONS PLC
16th October 1997
INTEROUTE TELECOMMUNICATIONS PLC
Results for the three months ended 31 August 1997
"Turnover for the three months to 31 August 1997 was #4.3
million. The losses before and after taxation was #2.1
million. Cash balances at the end of the period under review
were #1.2 million.
It is gratifying that turnover has increased for the third
successive quarter. However, pressure on margins has
continued and the loss on ordinary activities has remained of
a similar order."
Profit and Loss Account
For the three months ended 31 August 1997
Quarter Quarter Twelve
ended ended months
31/08/97 31/08/96 ended
31/05/97
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Turnover 4,293 1,024 8,066
Cost of sales (3,492) (799) (6,907)
---------- ---------- ----------
Gross Profit 801 225 1,159
Administrative expenses (2,895) (337) (5,874)
---------- ---------- ----------
Operating loss (2,094) (112) (4,715)
Share of loss of associated
undertakings (13) (57) (251)
Interest receivable (1) - 166
---------- ---------- -----------
Loss on ordinary activities
before taxation (2,108) (169) (4,800)
Taxation (6) - -
---------- ---------- -----------
Loss on ordinary activities
after
taxation (2,114) (169) (4,800)
Minority interest - equity 219 - 512
---------- ---------- -----------
Loss attributable to
ordinary
shareholders (1,895) (169) (4,288)
====== ====== ======
Loss per share (5.7p) (0.7p) (14.1p)
Balance Sheet
As at 31 August 1997
As at As at
31/08/97 31/05/97
(Unaudited) (Audited)
#000 #000
Fixed assets
Tangible fixed assets 4,755 4,421
Intangible fixed assets 1,483 1,321
---------- ----------
6,238 5,742
Current assets
Stock 55 40
Debtors 5,125 3,892
Cash at bank and in hand 1,194 2,797
---------- ----------
6,374 6,729
Creditors: amounts falling due within
one year (7,674) (7,077)
---------- ----------
Net current liabilities (1,300) (348)
---------- ----------
Creditors: amounts falling due after
one year (1,610) (69)
---------- ----------
Net assets 3,328 5,325
====== ======
Notes
1. Results
The three months results have been prepared on the
historical cost basis. They are unaudited and do not
constitute statutory accounts within the meaning of
Section 240 of Companies Act 1985. On 27 September 1996
Interoute Telecommunications PLC acquired the whole of
the issued share capital of Interoute Telecommunications
(UK) Limited and the above results for the three months
ended 31 August 1997 combine both companies financial
information on a merger accounting basis.
2. Accounts
The figures for the year ended 31 May 1997 have been
extracted from the statutory accounts of Interoute
Telecommunications PLC which have been reported on by the
Group's auditors and have been delivered to the Registrar
of Companies. The auditors' report was unqualified and
did not contain any statement under Sections 237 (2), (3)
or (4) of the Companies Act 1985.
3. Loss Per Share
The loss per share has been calculated on losses
attributable to shareholders and on 33,333,333 ordinary
shares which is the weighted average number of ordinary
shares in issue throughout the three months ended 31
August 1997 (three months ended 31 August 1996:
23,866,626; year ended 31 May 1997: 30,299,269).
4. Copies of the Interim Report
The Interim Report is being sent to shareholders. Copies
will also be available from the Company's Registered
Office at 61-62 Berners Street, London, W1P 3AE.
END
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