RNS Number:7832O
Tecteon PLC
29 December 2006
TECTEON PLC
Tecteon Plc ("Tecteon" or "the Company") (AIM:TEO),
Preliminary Results for the Year ended 30 June 2006
Tecteon, the software developer for the voice quality and telecommunications
markets, announces its Results for the Year ended 30 June 2006.
Key highlights:
* Bluetooth headsets, utilising Tecteon software under licence to Qstik
plc, are manufactured and sales have already started.
* Tecteon participated in a national campaign for Acoustic Shock and
hearing protection awareness during 2006 via publications and conference
attendances.
* Profit for the period: #149,420; (2005:Loss #1,353,026). Profit included
net gain of #895,858 on disposal of oil and gas subsidiary Dominion Energy
Plc.
Masoud Alikhani, Chairman, Tecteon PLC, commented:
"Qstik have marketed the Bluetooth headsets and the sales outlook for 2007 is
optimistic. Tecteon has continued its negotiations with Qstik plc and Clement
Clarke Communication following our initial discussions back in early 2006. A
further announcement on this will be made during the first quarter of 2007."
29th December 2006
For further information please contact:
Tecteon PLC Tel: 020 7408 1181
Masoud Ahmadi, Managing Director
Conduit PR Tel: 020 7429 6666
Laurence Read/Christian Taylor Wilkinson Mob: 07979 955 923
EXECUTIVE DIRECTOR'S REVIEW
Voice quality market
I am pleased to report that following delivery of final voice quality software
stack during the latter part of 2006, Qstik plc has manufactured the mobile
Bluetooth headset which is now on sale.
Tecteon is in negotiation with Clement Clarke International Group, in lieu of a
debt currently owed to Tecteon.
Tecteon has continued negotiations with Qstik following our earlier announcement
in 2006. The final conclusion of the negotiations will be announced in first
quarter of 2007.
QSTIK'S first product is the QSTIK EVOQ - a revolutionary Bluetooth mobile
headset, which has undergone an extensive independent evaluation test, and has
been voted one of the top three products (out of 150 entrants) in the 2006 3GSM
mobile innovation Awards. The product has been available for sale for the past
two months. Qstik expects to launch a number of new products during 2007.
Tecteon has further enhanced its acoustic shock and hearing protection by adding
its customised adaptive noise canceller. This was presented in Acoustic Safety
Programme, initiated by Tecteon, which was a strong campaign for the call centre
European Noise Directive and acoustic safety awareness during 2006. This is an
on going process, and Tecteon has continued to raise awareness via a number of
publications as well as being a silver sponsor of the Acoustic Safety Programme
in Glasgow during November 2006. This programme was also supported by the
Department of Trade and Industry (DTI), the Institute for Occupational Safety
and Health (IOSH), the Communication Workers Union (CWU), and the Call Centre
Management Association (CCMA).
Results for the year
For the year ended 30 June 2006, the group turnover was #966,186 compared with
#227,218 for the same period in prior year. The profit for the year amounted to
#149,420 compared with a loss of #1,353,026 for the prior year.
The turnover includes #130,230 (2005: #156,761) in respect of the oil and gas
subsidiary which was disposed of by February 2006. The results include a profit
of #895,858 on the disposal of the Company's interest in the subsidiary.
M A Alikhani 29 December 2006
Executive Director
TECTEON PLC
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2006
2006 2005
# #
TURNOVER
- continuing operations 835,956 227,218
- disposals 130,230 -
-------- --------
966,186 227,218
Depreciation and amortisation - ordinary (13,189) (99,021)
Other cost of sales (168,106) (154,968)
GROSS PROFIT (LOSS) 784,891 (26,771)
Administrative expenses -
Continuing operations (1,352,952) -
Administrative expenses -
Discontinued operations (148,651) (1,267,866)
OPERATING LOSS (716,712) (1,294,637)
----------------------------- -------- --------
Continuing operations (539,723) (1,294,637)
Disposals (176,989) -
----------------------------- -------- --------
Interest receivable and similar
income 5,733 243
Interest payable and similar charges (29,740) (81,611)
-------- --------
LOSS ON ORDINARY ACTIVITIES (740,719) (1,376,005)
Profit on sale of subsidiary 895,858 -
PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 155,139 (1,376,005)
Tax on profit on ordinary activities - -
PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION -------- --------
155,139 (1,376,005)
Equity minority interest 6,454 22,979
Share of loss of Associate (12,173) -
-------- --------
PROFIT FOR THE FINANCIAL YEAR 149,420 (1,353,026)
-------- --------
Profit (Loss) per - Basic 0.07p (0.75)p
ordinary share
- Diluted 0.05p (0.75)p
-------- --------
Oil and gas activities were disposed of
during the year. Voice quality software
development and marketing activity is
continuing.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2006 2005
for the year ended 30 June 2006 # #
Profit for the financial year before minority
interest 155,139 (1,376,005)
Exchange differences on translation into sterling
of
net assets of subsidiary undertaking - 895
-------- --------
Total gains and losses recognised in the
financial year 155,139 (1,375,110)
-------- --------
TECTEON PLC
GROUP BALANCE SHEET
as at 30 June 2006
2006 2005
# #
FIXED ASSETS
Intangible assets 2,502,670 2,602,746
Tangible fixed assets 83,799 500,612
Investment - Trade - 50,000
-------- --------
2,586,469 3,153,358
-------- --------
CURRENT ASSETS
Debtors 679,689 255,962
Cash at bank and in hand 320,056 113,361
-------- --------
999,745 369,323
CREDITORS: amounts falling within one year (535,493) (1,725,627)
-------- --------
NET CURRENT ASSETS/(LIABILITIES) 464,252 (1,356,304)
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 3,050,721 1,797,054
======== ========
CAPITAL AND RESERVES
Called up share capital 9,709,771 9,385,737
Share premium account 2,705,939 2,057,872
Merger reserve 1,824,000 1,824,000
Exchange reserve - (135,685)
Profit and loss account (11,188,989) (11,334,870)
-------- --------
SHAREHOLDERS' FUNDS 3,050,721 1,797,054
======== ========
Equity minority interest - 22,605
Non-equity shareholders' funds 195,799 195,799
Equity shareholders' funds 2,854,922 1,578,650
-------- --------
3,050,721 1,797,054
======== ========
TECTEON PLC
GROUP CASH FLOW STATEMENT
for the year ended 30 June 2006
2006 2005
# #
NET CASH (OUTFLOW) INFLOW FROM OPERATING
ACTIVITIES (1,828,758) 82,606
-------- --------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 5,733 243
Interest paid (29,740) (81,611)
-------- --------
NET CASH (OUTFLOW) FROM RETURNS (24,007) (81,368)
ON INVESTMENTS AND SERVICING OF FINANCE
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed assets (509,972) (752,249)
Purchase of tangible fixed assets (64,208) (27,007)
Purchase of trade investment - (50,000)
-------- --------
NET CASH OUTFLOW FOR EXPENDITURE (574,180) (829,256)
-------- --------
AND FINANCIAL INVESTMENTS
CASH OUTFLOW BEFORE FINANCING (2,426,945) (828,018)
-------- --------
FINANCING
Issue of ordinary shares and share premium 972,101 911,436
Sale of investment in subsidiary 1,661,539 -
-------- --------
NET CASH INFLOW FROM FINANCING 2,633,640 911,436
-------- --------
INCREASE IN CASH 206,695 83,418
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
# #
INCREASE IN CASH 206,695 83,418
-------- --------
Movement in net debt during the year 206,695 83,418
Funds at 1 July 2005 113,361 29,943
-------- --------
NET FUNDS AT 30 JUNE 2006 320,056 113,361
======== ========
Notes to the Preliminary Statement:
1. The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 June 2006 or 30 June 2005 but is
derived from these accounts. Statutory accounts for 2005 have been delivered to
the Registrar of Companies in England and Wales, and those for 2006 will be
delivered following the Company's annual general meeting. The auditors have
reported on the 2005 accounts; their report was unqualified and did not contain
statements under section 237 (2) or (3) of the Companies Act 1985.
2. The figures included in this preliminary announcement have been prepared on
the basis of the accounting policies set out in the 30 June 2005 financial
statements.
3. PROFIT PER ORDINARY SHARE
The profit per share of 0.07 pence (2005: loss 0.75 pence) has been calculated
on the basis of the profit of #149,420 (2005: loss #1,353,026) and on
209,282,041 (2005: 180,209,207) ordinary shares, being the weighted average
number of ordinary shares in issue during the year ended 30 June 2006.
4. Copies of the published accounts of the Company will be sent to all
shareholders and are available during normal business hours from the offices
of Seymour Pierce Limited at Bucklersbury House, 3 Queen Victoria Street,
London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
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