RNS Number:5503K
Tecteon PLC
21 December 2007
Tecteon Plc
("Tecteon" or "the Company")
(AIM:TEO)
Preliminary Results for the Year ended 30 June 2007
Tecteon, the software developer for the voice quality and telecommunications
markets, provide an update on the proposed new activity of base metal processing
and trading announces its Results for the Year ended 30 June 2007.
EXECUTIVE DIRECTOR'S REVIEW
New activity - Joint Venture
We announced the agreement to enter into a joint venture with Zamcu to trade in
base metals, copper, zinc and lead. We are pleased to confirm that the terms of
the joint venture have been agreed and a formal agreement will be signed after
the new activity has been approved by the Company's shareholders.
Voice quality market
Our negotiations with Qstik and Clement Clark International group were ceased as
it was apparent from the available information that the proposed arrangements
were not in the interests of the Company. We are pursuing amounts receivable
from Clement Clark by legal means.
The directors continue to monitor the outcome of the marketing and sales of the
technology.
Results for the year
For the year ended 30 June 2007, the company turnover was �28,506 compared with
�835,956 for the same period in prior year. The loss for the year amounted to
�1,884,653 compared with a profit of �290,821 for the prior year. The overheads
include provision against receivables of �573,447 (2006:�nil) and amortisation
of intangible assets of �610,048
M A Alikhani 21 December 2007
Executive Director
For further information please contact:
Tecteon PLC Tel: 020 7408 1181
Masoud Alikhani, Executive Director
TECTEON PLC
PROFIT AND LOSS ACCOUNT
for the year ended 30 June
2007
2007 2006
� �
TURNOVER -
continuing operations 28,506 835,956
28,506 835,956
Other cost of sales - (22,727)
GROSS PROFIT (LOSS) 28,506 813,229
Administrative expenses -
continuing operations (1,926,247) (1,393,837)
OPERATING LOSS (1,897,741) (580,608)
Interest receivable and 1,939 5,311
similar income
Interest payable and similar (3,351) (29,740)
charges
Other income 14,500 -
-------- --------
LOSS ON ORDINARY ACTIVITIES (1,884,653) (605,037)
Profit on sale of subsidiary - 895,858
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES (1,884,654) 290,821
BEFORE TAXATION
Tax on profit on ordinary - -
activities
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION -------- --------
(1,884,654) 290,821
-------- --------
(LOSS)/PROFIT FOR THE (1,884,654) 290,821
FINANCIAL YEAR -------- --------
--------
(Loss)/Profit per - (0.83)p 0.14p
ordinary share Basic
- (0.70)p 0.12p
Diluted -------- --------
-------- --------
All recognised gains and losses have been included in the profit and loss
account.
All of the activities are continuing.
TECTEON PLC
BALANCE SHEET
as at 30 June 2007
2007 2006
� �
FIXED ASSETS
Intangible assets 1,892,623 2,502,670
Tangible fixed assets 30,373 83,799
-------- --------
1,922,996 2,586,469
-------- --------
CURRENT ASSETS
Debtors 117,444 679,689
Cash at bank and in hand 83 320,056
-------- --------
117,527 999,745
CREDITORS: amounts falling within one year (874,455) (535,493)
-------- --------
NET CURRENT (LIABILITIES)/ASSETS (756,928) 464,252
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,166,068 3,050,721
======== ========
CAPITAL AND RESERVES
Called up share capital 9,709,771 9,709,771
Share premium account 2,705,939 2,705,939
Merger reserve 1,824,000 1,824,000
Exchange reserve - -
Profit and loss account (13,073,642) (11,188,989)
-------- --------
SHAREHOLDERS' FUNDS 1,166,068 3,050,721
======== ========
Non-equity shareholders' funds 195,799 195,799
Equity shareholders' funds 970,269 2,854,922
-------- --------
1,166,068 3,050,721
======== ========
TECTEON PLC
CASH FLOW STATEMENT
for the year ended 30 June 2007
2007 2006
� �
NET CASH (OUTFLOW) INFLOW FROM OPERATING ACTIVITIES (333,195) (1,828,758)
-------- --------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 1,939 5,733
Interest paid (3,351) (29,740)
Other income 14,500 -
-------- --------
NET CASH (OUTFLOW) FROM RETURNS 13,088 (24,007)
ON INVESTMENTS AND SERVICING OF FINANCE
-------- --------
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed assets - (509,972)
Purchase of tangible fixed assets (866) (64,208)
-------- --------
NET CASH OUTFLOW FOR EXPENDITURE (866) (574,180)
-------- --------
AND FINANCIAL INVESTMENTS
CASH OUTFLOW BEFORE FINANCING (319,973) (2,426,945)
-------- --------
FINANCING
Issue of ordinary shares and share premium - 972,101
Sale of investment in subsidiary - 1,661,539
-------- --------
NET CASH INFLOW FROM FINANCING - 2,633,640
-------- --------
(DECREASE)/INCREASE IN CASH (319,973) 206,695
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
� �
(DECREASE)/INCREASE IN CASH (319,973) 206,695
-------- --------
Movement in net debt during the year (319,973) 206,695
Funds at 1 July 2006 320,056 113,361
-------- --------
NET FUNDS AT 30 JUNE 2007 83 320,056
======== ========
Notes to the Preliminary Statement:
1. The financial information set out above does not constitute the
Company's statutory accounts for the year ended 30 June 2007 or the Group's
statutory accounts for the year ended 30 June 2006 but is derived from these
accounts. Statutory accounts for 2006 have been delivered to the Registrar of
Companies in England and Wales, and those for 2007 will be delivered following
the Company's annual general meeting. The auditors have reported on the 2006
accounts; their report was unqualified and did not contain statements under
section 237 (2) or (3) of the Companies Act 1985.
2. The figures included in this preliminary announcement have been prepared on
the basis of the accounting policies set out in the 30 June 2006 financial
statements.
3. (LOSS)/PROFIT PER ORDINARY SHARE
The (loss) per share of 0.83 pence (2006: profit 0.14 pence) has been calculated
on the basis of the loss of �1,884,654 (2006: profit �290,821) and on
225,882,097 (2006: 209,282,041) ordinary shares, being the weighted average
number of ordinary shares in issue during the year ended 30 June 2007.
4. Copies of the published accounts of the Company will shortly be sent to all
shareholders and will be available during normal business hours from the
offices of Seymour Pierce Limited at 20 Old Bailey, London EC4M 7EN. In
addition, the accounts will be available to be downloaded from the Company's
website at www.tecteon.com..
This information is provided by RNS
The company news service from the London Stock Exchange
END
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