Interim Results
September 29 2003 - 2:00AM
UK Regulatory
RNS Number:2444Q
Tecc-IS PLC
29 September 2003
tecc-IS plc ("tecc-IS" or the "Company")
Interim Results for the six months to 30 June 2003
Chairman's Statement
The six months to 30 June 2003 have resulted in a loss of #0.1 million (2002
loss #0.1 million) and the resultant loss per share for the period is 0.2p (2002
0.2p). Approximately half this loss is attributable to professional fees
incurred in investigating investment opportunities.
As at 30 June 2003 the cash position was #2.845 million (6.5p per share) and the
net tangible assets at that date were #4.472 million (10.3p per share).
The Board will not be recommending the payment of a dividend.
It is some three months since I wrote to you in my first statement as Chairman
of tecc-IS. Whilst we continue to discuss the development of a new strategy for
the company, I am not yet able to give shareholders any information. I
anticipate writing to you again in the not too distant future in this regard.
In connection with the investments that the company is holding it has been
decided that there is no requirement at this stage for any further write-down in
the value thereof although this position is periodically reviewed.
Our continued focus and effort is, as I mentioned in my previous statement, to
produce a material increase in shareholder value.
Larry Lipman
Chairman
Consolidated Profit & Loss Account
For the six months to 30 June 2003
1 January 2003 to 1 January 2002 to Year ended 31
30 June 2003 30 June 2002 December 2002
Unaudited Unaudited Audited
#000 #000 #000
Administrative expenses (150) (182) (383)
Amount written off investment - - (410)
Operating Loss (150) (182) (793)
Interest receivable 51 75 158
Loss on ordinary activities before tax (99) (107) (635)
Tax on loss on ordinary activities - - (4)
Loss for the financial period (99) (107) (639)
Loss per share - basic and diluted (0.2p) (0.2p) (1.5p)
Loss per share:
Basic loss per share has been calculated using a loss for the financial period 1
January 2003 to 30 June 2003 of #0.1 million (#0.1 million for the financial
period 1 January 2002 to 30 June 2002 and #0.64 million for the financial year
ended 31 December 2002) and a weighted number of ordinary shares in issue during
the period 1 January 2003 to 30 June 2003 of 43,473,000 (43,373,000 for the
financial period 1 January 2002 to 30 June 2002 and 43,373,000 for the financial
year ended 31 December 2002).
There was no diluted effect on the loss per share from the warrants or options
outstanding during the period.
Consolidated Balance Sheet
As at 30 June 2003
30 June 2003 30 June 2002 31 Dec 2002
Unaudited Unaudited Audited
#000 #000 #000
Fixed Assets:
Tangible Assets - 6 -
Investments 1,684 1,609 1,600
Current Assets:
Debtors 13 40 79
Cash in Bank 2,845 3,517 2,983
Creditors:
amounts falling due within one year: (70) (73) (101)
Net current assets 2,788 3,484 2,961
Net Assets 4,472 5,093 4,561
Capital and reserves:
Called up share capital 2,179 2,169 2,169
Share premium account 3,744 3,744 3,744
Profit and loss account (1,451) (820) (1,352)
Shareholders' funds 4,472 5,093 4,561
Consolidated Cash Flow Statement
For the six months to 30 June 2003
1 January 2003 to 1 January 2002 to Year ended 31
30 June 2003 30 June 2002 December 2002
Unaudited Unaudited Audited
#000 #000 #000
Reconciliation of operating loss to net cash outflow from
operating activities:
Operating loss (150) (182) (793)
Amounts written off investments - - 410
Depreciation of tangible fixed assets - 2 3
Loss on disposal of tangible fixed assets - - 5
Decrease in debtors 66 4 6
(Decrease) in creditors (31) (90) (54)
Net cash outflow from operating activities (115) (226) (423)
Returns on investment and servicing of finance 51 75 117
Interest received
Taxation
Overseas Tax Paid - - (12)
Capital expenditure and financial investment
Purchase of fixed assets investments (84) (227) (634)
Management of liquid resources
Decrease/(increase) in short term deposits 72 (54) 313
Net cash outflow before financing (76) (472) (639)
Financing
Issue of ordinary shares 10 - -
(Decrease)/increase in cash (66) (472) (639)
Analysis of funds
As at 1 January Cash Flows As at 30 June
2003 #000's 2003
#000's #000's
Cash at bank 79 (66) 13
Short term deposit 2,904 (72) 2,832
2,983 (138) 2,845
Notes to the Interim Report:
1. Basis of preparation and accounting policies.
This interim financial information was approved by the Board on 26 September
2003.
The interim financial information for the six months ended 30 June 2003 and the
six months ended 30 June 2002 are neither audited nor reviewed by the auditors.
The unaudited interim financial information has been prepared in accordance with
accounting policies set out in the audited statutory accounts for the year ended
31 December 2002. The financial information in this report for the six months
ended 30 June 2003 does not constitute statutory accounts as defined in section
240 of the Companies Act 1985 and should be read in conjunction with the 31
December 2002 audited financial statements. The figures for the year ended 31
December 2002 are an abridged statement from the group's statutory accounts at
that date, which have been delivered to the Registrar or Companies. The
auditor's report on those accounts was unqualified and did not contain a
statement under section 237(2) or 237(3) of the Companies Act 1985.
2. These accounts consolidate the accounts of tecc-IS Plc and all of its wholly
owned subsidiaries.
3. Investments held on the group balance sheet are stated at cost less any
permanent impairment in value.
4. Copies of this interim report are available, free of charge,
from the Company's registered office at 94-96 Great North Road, London N2 0NL.
Further enquiries:
Paul Davis 020 8815 1600
Company Secretary
David Rae 020 7459 3600
Durlacher Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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