AGM Statement
July 18 2001 - 8:11AM
UK Regulatory
RNS Number:1166H
Vocalis Group PLC
18 July 2001
Vocalis Group plc
AGM Statement
Vocalis Group plc ("Vocalis" or "the Group"), the speech
technology company, held its Annual General Meeting in
Cambridge today. At the AGM, Ken Hill, Chairman, made the
following statement:
"I am pleased to report on progress since we announced our
preliminary results on 13 June.
New Contracts
During recent weeks we have been awarded two important new
contracts, through Ericsson with Telenor Mobil and Telefonos
de Mexico (Telemex). The contracts have a combined value of
#655,000 and will be delivered in our current financial
year.
As a supplier to Telenor Mobil, Norway's leading
telecommunications and IT supplier, Ericsson has ordered
the most advanced version of our SPEECHtel telephony
platform. Telenor Mobil uses the technology as the basis of
its automated service for managing pre-paid mobile telephone
accounts. The contract, to a value of #395,000, follows a
similar contract, to a value of #200,000, awarded by
Ericsson last year.
Telmex is to upgrade to its current SPEECHtel telephony
platform at a number of its sites in Mexico. The contract is
worth #260,000. Including the provision of consultancy
implementation.
I am also pleased to confirm that we have commenced delivery
of the first stage of the contract with Eircom, the leading
Irish telephone company, announced with our preliminary
results in June. This contract is worth #220,000.
Cost Management
We continue to focus on reducing our cost base without
damaging our ability to take advantage of the opportunities
our marketplace affords us. To this end I am pleased to
confirm that we have over the last four months reduced our
annualised cost base by approximately #2 million.
Board
In addition to the Board changes announced during recent
months I am delighted to confirm that my predecessor as
Chairman, Roy Cotterill, who was to resign from the Board
today, has agreed to extend his term as Non-Executive
Director.
I believe that we now have an extremely talented Board
offering all the skills and knowledge required to take the
Group forward in its chosen areas of operation.
Annual Report
The following reclassifications need to be made on pages 18
and 33 to the financial statements for the year ended March
2001. These reclassifications, which relate to the
Consolidated Cash Flow Statement, are consistent with market
expectations for the Group's cash flow for that year and do
not have any impact on the year end cash position, the
Consolidated Profit and Loss Account or the Consolidated
Balance Sheet:
Consolidated Cash Flow Statement
Restated Previously stated
#'000 #'000
Net cash outflow from
operating activities (5,917) (3,417)
Net cash inflow from returns on investments
and servicing of finance 229 229
Net cash outflow from capital expenditure and
financial investment (505) (505)
Cash outflow before management of liquid
resources and financing (6,193) (3,693)
Decrease/ (Increase) in short
term deposit 1,250 (1,250)
Net cash inflow from financing 4,889 4,889
Decrease in cash in the year (54) (54)
Note 20 Reconciliation of Operating Loss to Operating Cash Flows
(Decrease)/Increase in creditors (1,272) 1,228
Net cash outflow from operating
activities (5,917) (3,417)
Summary
While it would be unwise to interpret the new contracts as a
change in the market conditions which affect the Group, they
lend weight to our confidence that we are operating in a
market which, while young and in the early stages of
development, has considerable commercial potential. We are
confident that our recently revised structure, focus and
control of costs will allow us to take advantage of
opportunities that are available to us.
For further information contact:
Vocalis Group plc 01223 846177
Ken Hill, Chairman enquiries@vocalis.com
Paul Wright, COO
Square Mile BSMG Worldwide 020 7601 1000
Nick Oborne / Stephanie Smart info@sq-mile.com
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