RNS Number:3193Z
Atelis PLC
29 June 2007
29 June 2007
ATELIS PLC
("ATELIS" OR THE "COMPANY")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
Atelis plc, a provider of IP-PBX telephony solutions, today announces audited
Final Results for the year ended 31st December 2006.
Highlights:
- Successful IPO in May 2006, raising #1m for the Company to fund the
global sales of its IP telephony solutions.
- Strategic decision taken in October 2006 to adapt the Company's
strong carrier technology platform to an enterprise platform, whilst moving
towards an indirect sales model.
- Reseller network has now grown to cover 15 countries in South and
Central America, Africa and Europe.
- Revenues increased to #305,281 compared to #73,294 for the year ended
31st December 2005.
- Loss before tax increased to #537,831 compared to a loss of #12,532
for the year ended 31st December 2005, due to value added investment in an
advanced enterprise product and further investment in sales distribution
channel.
- Strong growth in Q1 sales reflects a strong pipeline of opportunities
in the enterprise market which is growing dramatically due to telecom
infrastructure changes worldwide.
Rony Cohen, Chief Executive of Atelis commented: "We are satisfied with the
manner in which we have adapted our products and sales strategy to match the
demand in the market over the previous year. We believe our IP telephony
products are now well positioned to service the enterprise market, and, with a
strong distribution and reseller network in place, we expect to achieve steady
levels of growth over the coming year."
For further information, please contact:
Atelis plc Tel: +44 (0)870 478 8248
Rony Cohen, CEO
ICIS Limited Tel: +44 (0)20 7651 8688
Tom Moriarty / Caroline Evans-Jones
City Financial Associates Limited Tel: +44 (0)20 7090 7814
James Caithie
Lewis Charles Securities Tel: +44 (0)20 7456 9109
Kealan Doyle
About Atelis plc
Atelis (AIM:ATEL) delivers turnkey, integrated hardware-software telephony
solutions for carriers, service providers, and enterprises of all sizes. Atelis
customers easily and rapidly deploy new networks, add capacity to existing
infrastructure, and acquire new value-added services. Atelis enterprise-grade
SIP PBX solutions for small, medium and very large businesses provide robust,
flexible, affordable, low-maintenance, and easy-to-deploy systems to replace or
upgrade outdated legacy technologies.
Atelis currently operates in the UK and in Israel, where its development team is
based. The Company's products are distributed through a network of telecoms and
IT systems resellers.
For further information on the Company, visit: http://www.atelis.net
Chairman's Statement
Introduction
Our first full year as a listed company has seen us move out of the product
investment phase, into a focused sales push, which is now resulting in a steady
month-on-month increase in sales. It has taken us some time to reach this
position, having first to build up a global network of IT and telecoms resellers
able to sell our products to their customers around the world. This represents a
distinct improvement over the previous sales and marketing effort. Since the
product restructuring in October 2006 we now have a network of 15 quality
resellers covering several continents and it is anticipated that this robust
growth will continue during the current year. As we announced at the time of the
last interim results, we are also part of IBM's Global Technology Unit and are
seeing a solid pipeline of leads generated through this network.
Our decision taken in October 2006 to move away from the carrier market, where
we were experiencing overly long sales cycles has allowed us to focus on
developing the corporate market. We continue to support our existing carrier
customers, such as Bezeq International and Midas Telecom, and we have had
success in expanding our deployment within those customers but now believe the
current demand to be greater amongst the enterprise market.
We have recently added to our product line another advanced enterprise product,
incorporating an IP based telephone system, mail server and backup system which
has received excellent reviews from our resellers. This is an evolution of our
product launched in October 2006, and it is anticipated that the solution will
be formally launched in the next few weeks. We look forward to updating
shareholders on sales of the product in due course. Our enterprise customers
include NeuStar, Bezeq, Israel's largest telecommunication provider; Followap, a
developer of software for global mobile carriers; Luz II, a leading Solar Energy
solutions company based in Israel and San Francisco; and one of Israel's largest
manufacturers and integrators of advanced defence systems.
Results
Revenues for the year increased to #305,281 (FY2005: #73,294). Revenues for the
year fell considerably short of those anticipated at the time of the IPO in May
2006, due to considerable time and resource being expended in seeking to close
several large opportunities, predominantly within residential developments in
Spain. The Board took the decision in October 2006 to withdraw from our previous
marketing model and focus on the enterprise market where demand is consistent
and shorter sales cycle for the Company's products prevail.
Loss on ordinary activities before tax increased to #537,831 (FY2005: #12,532)
due to investment in the advanced enterprise product, and the growth of the
reseller network.
Net cash carried forward was #10,349 (FY2005: #173). As a result, the auditors
have, in their audit report, drawn attention to the going concern basis used by
the Directors in the accounts.
In May 2007, following the year end the Company completed the placing of
4,876,000 shares representing 19.48 per cent. of the Company's issued share
capital, at a price of 4.5 pence equating to #219,420 before expenses. These
shares were held by Andrew Caird, the Company's former chairman, and were sold
for the Company's benefit as part of the arrangements surrounding his departure
from the Company.
Operations
As stated above, we have been able this year to move out of an R&D phase into a
greater focus on sales and marketing. As the product development cycle is
largely complete at present, we have been able to reduce our R&D capacity by
roughly 50% whilst increasing our sales and support teams. We are also investing
in a new online sales channel strategy, enabling the sale of our products direct
to the general public, and also acting as a reference site for our reseller
network.
Market developments
Our key market continues to be the UK and Western Europe, from which we derived
a large proportion of our revenues in 2006 and expect to do so again in 2007.
However we are seeing large growth potential from developing countries, such as
those in Central and South America, East Central Africa and some of Eastern
Europe, where investment is now being made in an IP infrastructure. The
increased availability of bandwidth, and the reduced cost of infrastructure,
means communications are now accessible to parts of the world where the
infrastructure was previously too expensive.
Outlook
We are satisfied with the manner in which we have adapted our products and sales
strategy to match the demand in the market over the previous year. We believe
our IP telephony products are now well positioned to service the enterprise
market, and, with a strong distribution and reseller network in place, we expect
to achieve steady levels of growth over the coming year.
Atelis PLC
Consolidated Profit and Loss account
For the year ended 31 December 2006
Notes 2006 2005
# #
Turnover 305,281 73,294
Cost of sales (106,704) (21,921)
--------------------------------------------------------------------------------
Gross profit 198,577 51,373
Administrative expenses (730,411) (63,905)
--------------------------------------------------------------------------------
Operating loss (531,834) (12,532)
Other interest payable and similar expense (5,997) -
--------------------------------------------------------------------------------
Loss on ordinary activities before taxation (537,831) (12,532)
Taxation - (18,324)
--------------------------------------------------------------------------------
Loss on ordinary activities after taxation
being retained profit for the year (537,831) (30,856)
--------------------------------------------------------------------------------
Loss per share - basic and diluted 7 (0.023)p (0.002)p
--------------------------------------------------------------------------------
Atelis PLC
Consolidated Balance Sheet
As at 31 December 2006
2006
#
Fixed assets
Tangible assets 131,590
Current assets
Debtors 315,498
Cash at bank and in hand 10,349
--------------------------------------------------------------------------------
325,847
Creditors: amounts falling due within one year (250,594)
--------------------------------------------------------------------------------
Net current assets 75,253
--------------------------------------------------------------------------------
Total assets less current liabilities 206,843
--------------------------------------------------------------------------------
Capital and reserves
Share capital 62,562
Share premium 712,968
Profit and loss account (568,687)
--------------------------------------------------------------------------------
Shareholders' funds 206,843
--------------------------------------------------------------------------------
Atelis PLC
Consolidated Cashflow Statement
For the year ended 31 December 2006
2006 2005
# #
Net cash outflow from operating activities (565,021) (48,825)
Returns on investments and servicing of finance:
Interest paid (997) -
Capital expenditure:
Purchase of tangible assets (161,086) (1,001)
--------------------------------------------------------------------------------
Net cash outflow before financing (727,104) (49,826)
Financing:
Proceeds from share issue 1,006,250 49,999
Costs paid re share issue (268,970) -
--------------------------------------------------------------------------------
Net cash inflow from financing 737,280 49,999
--------------------------------------------------------------------------------
Increase in cash in the year 10,176 173
--------------------------------------------------------------------------------
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Net funds at 1 January 2006 173 -
--------------------------------------------------------------------------------
Net Funds at 31 December 2006 10,349 173
--------------------------------------------------------------------------------
Atelis PLC
Notes to the Audited Final Accounts
For the year ended 31 December 2006
1. Compliance with accounting standard
The financial statements have been prepared in accordance with applicable UK
accounting standards and under the historical cost convention. The principal
accounting polices of the Group are set out in the Group's annual report and
financial statements.
2. Statutory accounts
The financial information set out above does not constitute statutory accounts
as defined in Section 240 of the Companies Act 1985.
3. Dividends
The directors do not recommend the payment of a dividend.
4. Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial
statements of the company and its subsidiary undertaking, Atelis Israel Limited,
made up to 31 December 2006. Atelis Israel Limited was incorporated during the
year. Intra-group sales and profits are eliminated fully on consolidation.
5. Comparative figures
The results for the year ended 31 December 2005 relate to the Company only, as
the subsidiary was acquired during the year.
6. Loss for the financial year
As permitted by Section 230 of the Companies Act 1985 the holding company's
profit and loss account has not been included in the financial statements. The
retained loss of the company for the year was #521,388 (2005: #30,856).
7. Basic and diluted loss per ordinary share
The calculation of basic and diluted loss per share is based on loss after
taxation of #537,831 (2005: #30,856) and on 23,305,822 ordinary shares (2005:
12,493,301) being the weighted average number of ordinary shares in issue during
the year. There were no dilutive share options or warrants outstanding in the
year.
8. Availability of accounts
Copies of the full Report and Accounts for the period ended 31 December 2006 are
being sent to shareholders. Further copies will be available from the Company's
registered office, which is c/o Aston House Nominees, Aston House, Cornwall
Avenue, London, N3 1LF.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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