RNS Number:9922T
Tecteon PLC
29 March 2007
Tecteon plc
("Tecteon") or ("the Company")
Interim Results for the six months ended 31 December 2006
Tecteon, (stock code: TEO), a leading provider of voice quality, comfort
listening and hearing protection technologies and solutions, announces its
interim results for the six months ended 31 December 2006.
Highlights:
* Delivered the voice quality software stack for Bluetooth to Qstik (EVOQ)
* The EVOQ product from Qstik was released to the market in Q4 2006
* Tecteon enhanced its Acoustic Shock Product by adding the adaptive noise
canceller
* Tecteon jointly with Clement Clarke Communication exhibited at Acoustic
Shock Programme in Glasgow during Nov 2006
* Loss for the period #539,467
Post-period Events:
* Commence of development of Voice Quality Software Stack (VQSS) for the
new stereo headsets product for Qstik
* Qstik exclusivity for voice quality software for EVOQ ran out in Feb
2007
* Tecteon exhibited at CeBIT in Hannover Germany during 15-21 March 2007
For further information please contact:
Tecteon PLC
Masoud Ahmadi, Managing Director Tel: 020 8446 5005
Seymour Pierce Limited Tel. 202 7107 8000
Jonathan Wright
Editors' Note
About Tecteon PLC
Established in mid 2001, with its head office in London, UK, Tecteon PLC
develops and markets voice enhancement software technologies and algorithms
running on a range of DSP platforms. Tecteon technologies provide voice quality,
comfort listening and hearing protection in wired and wireless voice
communication systems, ranging from peripheral devices to telecom infrastructure
equipment, examples include: Headsets (call centre, personal, police, pilots,
military, fire-fighters), telephony (business, SMEs, residential), switches
(PSTN, soft-switches, gateways), digital mobile radios, mobile
phones, hands-free kits and AV conferencing units.
EXECUTIVE DIRECTOR'S REVIEW
Voice quality market
Qstik Plc has made presentations for the mobile Bluetooth headset to renowned
companies in the market. Tecteon has also entered development phase of the Voice
Quality Software Stack (VQSS) for Qstik's stereo headset product. The new VQSS
will include features for high quality stereo music and telecom profiles. Full
details of the VQSS for this product will be released in due course.
Tecteon's negotiations with Clement Clarke International group in lieu of debt
currently owed to Tecteon, and negotiations with Qstik are ongoing. We will
announce the outcome of this negotiation as soon as it is finalised.
Results for the year
For the six months ended 31 December 2006, the Directors report turnover of
#35,756 compared with #417,396 for the same period in 2005. The unaudited loss
amounted to #539,467 compared to a loss of #595,348 for the same period in 2005.
Amortisation costs in respect of the cost of developing the technology, included
within administrative expenses amounted to #319,001 (2005: #284,789).
Outlook
Since March 2007 (end of one year exclusivity to Qstik) Tecteon has started its
marketing campaign to offer its voice quality software stack that was provided
to Qstik to other potential customers in the wireless Bluetooth market. The
technology was demonstrated during the CeBIT 2007 at Tecteon stand during 15-21
of March 2007 in Hannover.
M A Alikhani 29 March 2007
Executive Director
PROFIT AND LOSS ACCOUNT
For the 6 months ended 31 December 2006 Company Group
6 months ended 6 months ended
31 December 31 December
2006 2005
# #
TURNOVER 35,756 417,396
Depreciation and amortisation (27,169) (38,422)
Other cost of sales 0 (136,253)
----------- -----------
GROSS PROFIT 8,587 242,721
Administrative expenses (549,435) (831,654)
----------- -----------
OPERATING LOSS (540,848) (588,933)
Interest receivable and similar income 1,640 1,259
Interest payable and similar charges (259) (7,674)
----------- -----------
LOSS ON ORDINARY ACTIVITIES
BEFORE AND AFTER TAXATION (539,467) (595,348)
=========== ===========
Loss per ordinary share (0.26)p (0.31)p
STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
For the period to 31 December 2006 6 months ended 6 months ended
31 December 31 December
2006 2005
# #
Loss for the financial period (539,467) (595,348)
Exchange differences on translation into
sterling
of net assets of subsidiary undertaking 0 (3,422)
Total gains and losses recognised
----------- -----------
in the financial period (539,467) (598,770)
=========== ===========
Note:
The 2005 results represent group numbers as announced to the Stock Exchange,
including the results of Dominion Energy Plc. The 2006 numbers represent
results of Tecteon company only.
BALANCE SHEET Company Group
At 31 December 2006 6 months ended 6 months ended
31 December 31 December
2006 2005
# #
FIXED ASSETS
Intangible assets 2,370,034 2,558,130
Tangible fixed assets 57,724 525,123
Investment - trade - 50,000
----------- -----------
2,427,758 3,133,253
----------- -----------
CURRENT ASSETS
Debtors 694,190 425,159
Cash at bank and in hand 915 464,509
----------- -----------
695,105 889,668
CREDITORS: amounts falling
due within one year (611,610) (1,852,537)
----------- -----------
NET CURRENT ASSETS/(LIABILITIES) 83,495 (962,869)
----------- -----------
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,511,253 2,170,384
=========== ===========
CAPITAL AND RESERVES
Called up share capital 9,709,770 9,709,770
Share premium account 2,705,939 2,705,939
Merger reserve 1,824,000 1,824,000
Exchange reserve 0 (139,107)
Profit and loss account (11,728,456) (11,930,218)
----------- -----------
SHAREHOLDERS' FUNDS 2,511,253 2,170,384
=========== ===========
Equity minority interest 0 86,816
Non-equity shareholders' funds 195,799 195,799
Equity shareholders' funds 2,315,454 1,887,769
----------- -----------
2,511,253 2,170,384
=========== ===========
Note:
The 2005 results represent group numbers as announced to the Stock Exchange,
including the results for Dominion Energy Plc. The 2006 numbers represent
results of Tecteon company only.
CASH FLOW STATEMENT
For the 6 months ended 31 December 2006 Company Group
6 months ended 6 months ended
31 December 31 December
2006 2005
# #
Net cash outflow
from operating activities (133,062) (311,432)
----------- -----------
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE 1,640 1,259
Interest received
Interest paid (260) (7,674)
----------- -----------
NET CASH OUTFLOW FROM RETURNS ON 1,380 (6,415)
INVESTMENTS AND SERVICING OF FINANCE
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed assets (186,365) (303,105)
Purchase of tangible fixed assets (1,094) 0
----------- -----------
(187,459) (303,105)
----------- -----------
CASH OUTFLOW BEFORE FINANCING (319,141) (620,952)
----------- -----------
FINANCING
Issue of ordinary shares 0 972,100
----------- -----------
NET CASH INFLOW FROM FINANCING 0 972,100
----------- -----------
(DECREASE)/INCREASE IN CASH (319,141) 351,148
=========== ===========
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET DEBT
(Decrease)/ increase in cash (319,141) 351,148
----------- -----------
Movement in net funds during the period (319,141) 351,148
Net funds at 1 July 2006 320,056 113,361
----------- -----------
Net funds at 31 December 2006 915 464,509
=========== ===========
Reconciliation of operating loss to net cash outflow
from operating activities
Operating loss (540,847) (595,348)
Depreciation 27,169 38,422
Amortisation 319,001 284,789
(Increase) in debtors (14,501) (169,197)
Increase in creditors 76,116 126,907
Foreign currency translation differences 0 2,995
----------- -----------
Net cash inflow/(outflow) from operating
activities (133,062) (311,432)
----------- -----------
Notes to the financial statements
1. Basis of preparation
The interim report, for the 6 months period, which was approved by the directors
on 29th March 2007, does not comprise full accounts within the meaning of the
Companies Act 1985. The interim financial information is not audited.
The 2005 results represent group numbers as announced to the Stock Exchange,
including the results of Dominion Energy Plc. The 2006 numbers represent results
of Tecteon company only.
In all other respects the interim financial information has been prepared on a
consistent basis using the same accounting policies set out in the audited
accounts for the year to 30 June 2006.
2. The directors do not recommend the payment of a dividend.
3. The loss per share of 0.26p (2005: 0.31p) has been calculated on the basis of
the loss of #539,467 (2005: #595,348) and on 209,282,041 (2005: 194,766,878)
ordinary shares, being the weighted average number of ordinary shares in
issue during the period ended 31 December 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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