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Final Results

21 Dec 2007 15:22

Tecteon PLC21 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 telecommunicationsmarkets, provide an update on the proposed new activity of base metal processingand trading announces its Results for the Year ended 30 June 2007. EXECUTIVE DIRECTOR'S REVIEW New activity - Joint VentureWe announced the agreement to enter into a joint venture with Zamcu to trade inbase metals, copper, zinc and lead. We are pleased to confirm that the terms ofthe joint venture have been agreed and a formal agreement will be signed afterthe new activity has been approved by the Company's shareholders. Voice quality market Our negotiations with Qstik and Clement Clark International group were ceased asit was apparent from the available information that the proposed arrangementswere not in the interests of the Company. We are pursuing amounts receivablefrom Clement Clark by legal means. The directors continue to monitor the outcome of the marketing and sales of thetechnology. 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 overheadsinclude provision against receivables of £573,447 (2006:£nil) and amortisationof intangible assets of £610,048 M A Alikhani 21 December 2007Executive Director For further information please contact:Tecteon PLC Tel: 020 7408 1181Masoud Alikhani, Executive Director TECTEON PLCPROFIT AND LOSS ACCOUNTfor the year ended 30 June2007 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 5,311similar 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 ORDINARYACTIVITIES (1,884,654) 290,821BEFORE TAXATIONTax on profit on ordinary - -activities(LOSS)/PROFIT ON ORDINARYACTIVITIES AFTER TAXATION -------- -------- (1,884,654) 290,821 -------- --------(LOSS)/PROFIT FOR THE (1,884,654) 290,821FINANCIAL YEAR -------- -------- -------- (Loss)/Profit per - (0.83)p 0.14pordinary share Basic - (0.70)p 0.12p Diluted -------- -------- -------- -------- All recognised gains and losses have been included in the profit and lossaccount. All of the activities are continuing. TECTEON PLCBALANCE SHEETas at 30 June 2007 2007 2006 £ £FIXED ASSETSIntangible assets 1,892,623 2,502,670Tangible 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 STATEMENTfor 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 FINANCEInterest received 1,939 5,733Interest 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) -------- -------- FINANCINGIssue of ordinary shares and share premium - 972,101Sale 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 theCompany's statutory accounts for the year ended 30 June 2007 or the Group'sstatutory accounts for the year ended 30 June 2006 but is derived from theseaccounts. Statutory accounts for 2006 have been delivered to the Registrar ofCompanies in England and Wales, and those for 2007 will be delivered followingthe Company's annual general meeting. The auditors have reported on the 2006accounts; their report was unqualified and did not contain statements undersection 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 calculatedon the basis of the loss of £1,884,654 (2006: profit £290,821) and on225,882,097 (2006: 209,282,041) ordinary shares, being the weighted averagenumber 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
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