Final Results
June 30 2003 - 2:30AM
UK Regulatory
RNS Number:8992M
Tecc-IS PLC
30 June 2003
Chairman's Statement
I am reporting to you as the new Chairman of tecc-IS plc. I was invited to
succeed Joseph Riback in this position, following the recently announced
purchase of 25% of the equity in tecc-IS by Safeland plc, a listed company of
which I am Managing Director. I was pleased to accept this invitation and I am
keenly committed to undertake initiatives to enhance shareholder value over the
foreseeable future. In the meantime, I wish to express my thanks to Mr Riback,
who continues as a director of the company and to those of his former colleagues
who recently retired from the board.
I would like to advise you that for the year ended 31 December 2002, the company
made a loss after tax of #639,000 which is after making a provision of #410,000
in respect of certain of its investment holdings (2001: #713,000 loss) and the
resultant loss per share for the year was 1.5p (2001: 1.8p loss). The Board will
not be recommending the payment of a dividend.
As has been widely reported, the high technology arena worldwide is still in the
process of recuperating from the excessive valuations applied to many companies
during the latter stages of the stock-market "bubble." In our view this process
will take considerable time. It is clear that our investee companies are still
at a relatively early stage of their development. In several cases, we are
encouraged by the material progress being reported by them which should lead to
commercial and revenue success. We look forward to further developments during
the next two years.
In the statement that accompanied our interim results last September, my
predecessor referred to the development of a new strategy for the company having
concluded its present programme of investing in early stage high technology
companies emanating from Israel. At that juncture we effected material cost
savings as will be apparent from our results for the period. This policy will
continue in order to conserve shareholder capital whilst we evolve a new
strategy for the company. However it is our clear intention to utilise the
company's liquidity in an area which offers opportunities for developing a
quality revenue stream.
Our focus and efforts will now be to produce material gains in shareholder value
through involvement in an area of activity where your board is confident that
there are opportunities for the achievement of strong growth.
Larry Lipman
Chairman
30 June 2003
Consolidated Profit and Loss Account for the Year ended 31 December 2002
Note Year ended Period ended 31
31 December 2002 December 2001
#000 #000
Administrative expenses (383) (658)
Amount written off investments (410) (345)
Operating loss (793) (1,003)
Interest receivable 158 298
Loss on ordinary activities before tax (635) (705)
Tax on loss on ordinary activities (4) (8)
Loss for the financial year (639) (713)
Loss per share - basic and diluted 1 (1.5)p (1.8)p
There were no recognised gains or losses for the year other than those stated
above.
The loss for the financial year arises from continuing operations.
Consolidated Balance Sheet as at 31 December 2002
2002 2001
#000 #000
Fixed assets
Tangible assets - 8
Investments 1,600 1,376
1,600 1,384
Current assets
Debtors 79 44
Cash at bank 2,983 3,935
3,062 3,979
Creditors: amounts falling due within one year (101) (163)
Net current assets 2,961 3,816
Total assets less current liabilities 4,561 5,200
Capital and reserves
Called up share capital 2,169 2,169
Share premium account 3,744 3,744
Profit and loss account (1,352) (713)
Shareholders' funds 4,561 5,200
Consolidated Cash Flow Statement for the Year ended 31 December 2002
Year ended Period ended
31 December 2002 31 December 2001
#000 #000
Reconciliation of operating loss to net cash outflow from
operating activities:
Operating loss (793) (1,003)
Amounts written off investments 410 345
Depreciation of tangible fixed assets 3 4
Loss on disposal of tangible fixed assets 5 -
Decrease/(increase) in debtors 6 (29)
(Increase)/decrease in creditors (54) 155
Net cash outflow from operating activities (423) (528)
Returns on investment and servicing of finance
Interest received 117 283
Taxation
Overseas tax paid (12) -
Capital expenditure and financial investment
Purchase of tangible fixed assets - (12)
Purchase of fixed asset investments (634) (1,721)
(634) (1,733)
Management of liquid resources
Decrease/(increase) in short term deposits 313 (3,217)
Net cash outflow before financing (639) (5,195)
Financing
Issue of ordinary shares - 6,169
Share issue expenses - (256)
Net cash inflow from financing - 5,913
(Decrease)/Increase in cash (639) 718
Notes
1. Loss per Share
The calculation of loss per share is based on the loss for the financial year of
#639,000 (#713,000 for the period ended 31 December 2001) and a weighted average
number of ordinary shares in issue during the year of 43,373,000 (38,669,599 for
the period ended 31 December 2001).
Exercise of the Company's share options or warrants would not result in any
dilution in the loss per share.
2. Annual Report
The financial information set out in this report does not constitute the
Company's statutory accounts for the year ended 31 December 2002 or 31 December
2001 but is derived from those accounts. Statutory accounts for 31 December
2001 have been delivered to the registrar of companies and those for 31 December
2002 will be delivered shortly. The auditors have reported on the statutory
accounts for 31 December 2001 and 31 December 2002 and both audit reports were
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985.
3. Annual General Meeting
The Annual General Meeting is to be held on 25th July 2003 at the offices of
Berwin Leighton Paisner, Adelaide House, London Bridge, London EC4R 9HA.
Copies of the Annual Report and accounts are being posted to shareholders today.
This information is provided by RNS
The company news service from the London Stock Exchange
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