RNS Number:7162E
Atelis PLC
28 September 2007
ATELIS PLC
("ATELIS" OR THE "COMPANY")
INTERIM RESULTS
Atelis plc, a provider of IP-PBX telephony solutions, today announces Interim
Results for the half year ended 30th June 2007.
Highlights:
- Revenues increased to #248,196 (2006: #188,340).
- Loss on ordinary activities after taxation increased to #118,308 (2006:
#9,052).
- Continued geographic expansion of reseller network into Jordan, Turkey and
Cyprus. Three new resellers added in the UK in Q3.
- Trial phase of products by reseller network successfully completed.
- Appointment in September 07 of Andy Mitchell to the Board with responsibility
for the European Sales operation.
Rony Cohen, Chief Executive of Atelis commented: "The restructuring process,
involving a reorientation of products towards corporate solutions, begun in the
latter half of last year continued into the first half of this year, having a
negative effect on the financial results for the period. However, we believe
that process is now largely complete and have been encouraged by the positive
reaction of our reseller network to our products. We believe the market
continues to move in our favour, with voice over IP telephony solutions now
being adopted by the mainstream. We would like to thank our investors for their
continued support and look forward to increased momentum through 2007 and
beyond."
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 7492 4777
James Caithie
Lewis Charles Securities Tel: +44 (0)20 7456 9100
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upgrade outdated legacy technologies.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
I am pleased to report that following the completion of the restructuring of the
Company begun last year, and the reorientation of our products toward corporate
solutions, we are now starting to gain traction amongst our reseller network.
This has taken longer than originally anticipated, we did not therefore see the
growth in sales in the first half which we had previously expected, however we
did see continued progress in other areas. Following the period end we
strengthened our Board through the appointment of Andy Mitchell as an Executive
Director with responsibility for the European sales operation. We have already
seen progress in the UK and continue to believe that our IP telephony products
are well positioned to address the growing enterprise market.
Reseller and partner network
Our key focus has been on extending our network of IT Value Added Resellers and
ISP's able to sell our products around the world as part of their voice offering
to businesses. We have experienced encouraging success in this, and of
particular note has been the signing of an agreement with the largest IBM
distributor in Turkey who will now also carry our products. In addition, we have
signed up resellers in new geographies such as Jordan and Cyprus and have added
a further three distributors in the UK during the third quarter of the year.
Our strategy is also to partner with telecoms carriers to resell our SME
products to their customers in bundled telephony solutions. Not only would this
deliver additional revenues through sales of our products but also additional
recurring revenue through revenue share agreements on voice traffic.
Results
Revenues for the period increased to #248,196 (2006: #188,340). 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. Traction in this market did not
progress as anticipated and therefore sales were lower than expected. However
many of the resellers have now successfully completed the trials of our products
and we are now gaining momentum in the third quarter.
Loss on ordinary activities after tax increased to #118,308 (2006: #9,052) due
to restructuring carried out during the period and an increase in marketing
activities.
Net cash carried forward was #2,832 (2006: #386,272).
In May 2007, following the year end the Company completed the placing of
4,876,000 shares representing 19.48 percent 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.
Product development
Whilst we have largely moved out of the R&D phase of product development into a
greater focus on sales and marketing we are soon to launch a host of new
software features in line with the release of Digium's Asterisk Appliance which
intend to market to our resellers and via our online sales channel from the end
of October 2007.
During the period, Nir Simionovich resigned as Chief Technical Officer because,
as noted above, the Company has largely moved out of the R&D phase of product
development.
Market developments
Our key market continues to be the UK and Western Europe, from which we continue
to derive the majority of our revenues although we expect to see an increase in
revenues coming through from developing regions as we move through the year,
such as Central and South America, East Central Africa and some of Eastern
Europe, where investment is now being made in an IP infrastructure. We have
also seen an increase in interest from non-IT orientated enterprises, indicating
that VOIP solutions are now moving into the corporate mainstream and are
becoming more accepted by the market.
Outlook
We continue to believe our IP telephony products are now well positioned to
service the enterprise market. With a strengthened reseller network in place and
successful trials of our products completed with them, we expect to achieve
steady levels of growth over the remainder of the year.
Atelis PLC
Group Profit and Loss account
For the six month period ended 30 June 2007
Consolidated income statement for the six months ended 30 June 2007
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2007 2006 2006
# # #
Turnover 248,196 188,340 305,281
Cost of sales (130,647) (15,418) (106,704)
_________ _________ _________
Gross profit 117,549 172,922 198,577
Administrative expenses (253,220) (173,366) (730,411)
_________ _________ _________
Operating Loss (135,671) (444) (531,834)
Other interest payable and similar expense (961) - (5,997)
_________ _________ _________
Loss on ordinary activities before (136,632) (444) (537,831)
taxation
Taxation 18,324 (8,608) -
_________ _________ _________
Loss on ordinary activities after taxation being (118,308) (9,052) (537,831)
retained profit for the period
_________ _________ _________
Pence Pence Pence
Loss per share - basic and diluted
(0.005p) (0.0004p) (0.023p)
_________ _________ _________
The operating loss arises from the group's continuing operations.
No separate statement of total recognised gains and losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.
Consolidated balance sheet at 30 June 2007
Unaudited Unaudited Audited
30 June 30 June 31 December
2007 2006 2006
# # #
Fixed assets
Tangible assets 203,702 149,197 131,590
Current assets
Stock 12,500 2,209 -
Debtors 230,686 292,680 315,498
Cash at bank and in hand 2,832 386,272 10,349
_________ _________ _________
246,018 681,161 325,847
Creditors: amounts falling due within one year (361,185) (228,372) (250,594)
_________ _________ _________
Net current assets (115,167) 452,789 75,253
Total assets less current liabilities 88,535 601,986 206,843
Capital and reserves
Share capital 62,562 62,562 62,562
Share premium 712,968 579,332 712,968
Profit and loss account (686,995) (39,908) (568,687)
_________ _________ _________
Shareholders' funds 88,535 601,986 206,843
The interim statements were approved by the Board of Directors and authorised
for issue on 28th September 2007.
They were signed on its behalf by:
R. Cohen
Director
Consolidated cash flow statement for the six months ended 30 June 2007
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2007 2006 2006
# # #
Net cash outflow from operating activities (119,112) (29,995) (565,021)
Returns on investments and servicing of finance:
Interest paid - - (997)
Capital expenditure:
Purchase of tangible assets (76,744) (175,800) (161,086)
_________ _________ _________
Net cash outflow before financing (195,856) (205,795) (727,104)
Financing:
Proceeds from share issue 188,339 591,894 737,280
_________ _________ _________
Net cash inflow from financing 188,339 591,894 737,280
_________ _________ _________
Increase (Decrease) in cash (7,517) 386,099 10,176
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Net funds brought forward 10,349 173 173
Net Funds carried forward 2,832 386,272 10,349
Atelis PLC
Notes to the Unaudited Interim Accounts
For the Six Months ended 30 June 2007
1. Compliance with accounting standard
The financial statements have been prepared in accordance with
applicable International Financial Reporting 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. Consolidated accounts
The Group financial statements consolidate the accounts of the
Company and its interest in subsidiary undertakings. Overseas subsidiaries are
consolidated using the closing rate method. Foreign exchange differences
arising on consolidation are taken to reserves.
5. Basic and diluted loss per ordinary share
The calculation of basic loss per share is based on loss after
taxation of #118,308 (2006: #9,052) and on 25,025,000 ordinary shares (2006:
20,839,917) being the weighted average number of ordinary shares in issue during
the year. The calculation of diluted loss per share is based on loss after
taxation of #118,308 (2006: #9,052) and on 25,025,000 ordinary shares (2006:
20,839,917) being the weighted average number of ordinary shares in issue.
There were no dilutive share options or warrants outstanding in the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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