Berkeley Mineral Resources Regulatory News (BMR)

29 Mar 2007 13:14

Tecteon PLC29 March 2007 Tecteon plc ("Tecteon") or ("the Company") Interim Results for the six months ended 31 December 2006 Tecteon, (stock code: TEO), a leading provider of voice quality, comfortlistening and hearing protection technologies and solutions, announces itsinterim results for the six months ended 31 December 2006. Highlights: • Delivered the voice quality software stack for Bluetooth to Qstik (EVOQ) • The EVOQ product from Qstik was released to the market in Q4 2006 • Tecteon enhanced its Acoustic Shock Product by adding the adaptive noise canceller • Tecteon jointly with Clement Clarke Communication exhibited at Acoustic Shock Programme in Glasgow during Nov 2006 • Loss for the period £539,467 Post-period Events: • Commence of development of Voice Quality Software Stack (VQSS) for the new stereo headsets product for Qstik • Qstik exclusivity for voice quality software for EVOQ ran out in Feb 2007 • Tecteon exhibited at CeBIT in Hannover Germany during 15-21 March 2007 For further information please contact: Tecteon PLC Masoud Ahmadi, Managing Director Tel: 020 8446 5005 Seymour Pierce Limited Tel. 202 7107 8000 Jonathan Wright Editors' Note About Tecteon PLC Established in mid 2001, with its head office in London, UK, Tecteon PLCdevelops and markets voice enhancement software technologies and algorithmsrunning on a range of DSP platforms. Tecteon technologies provide voice quality,comfort listening and hearing protection in wired and wireless voicecommunication systems, ranging from peripheral devices to telecom infrastructureequipment, examples include: Headsets (call centre, personal, police, pilots,military, fire-fighters), telephony (business, SMEs, residential), switches(PSTN, soft-switches, gateways), digital mobile radios, mobilephones, hands-free kits and AV conferencing units. EXECUTIVE DIRECTOR'S REVIEW Voice quality market Qstik Plc has made presentations for the mobile Bluetooth headset to renownedcompanies in the market. Tecteon has also entered development phase of the VoiceQuality Software Stack (VQSS) for Qstik's stereo headset product. The new VQSSwill include features for high quality stereo music and telecom profiles. Fulldetails of the VQSS for this product will be released in due course. Tecteon's negotiations with Clement Clarke International group in lieu of debtcurrently owed to Tecteon, and negotiations with Qstik are ongoing. We willannounce the outcome of this negotiation as soon as it is finalised. Results for the year For the six months ended 31 December 2006, the Directors report turnover of£35,756 compared with £417,396 for the same period in 2005. The unaudited lossamounted to £539,467 compared to a loss of £595,348 for the same period in 2005.Amortisation costs in respect of the cost of developing the technology, includedwithin administrative expenses amounted to £319,001 (2005: £284,789). Outlook Since March 2007 (end of one year exclusivity to Qstik) Tecteon has started itsmarketing campaign to offer its voice quality software stack that was providedto Qstik to other potential customers in the wireless Bluetooth market. Thetechnology was demonstrated during the CeBIT 2007 at Tecteon stand during 15-21of March 2007 in Hannover. M A Alikhani 29 March 2007Executive Director PROFIT AND LOSS ACCOUNTFor the 6 months ended 31 December 2006 Company Group 6 months ended 6 months ended 31 December 31 December 2006 2005 £ £TURNOVER 35,756 417,396 Depreciation and amortisation (27,169) (38,422)Other cost of sales 0 (136,253) ----------- -----------GROSS PROFIT 8,587 242,721Administrative expenses (549,435) (831,654) ----------- ----------- OPERATING LOSS (540,848) (588,933) Interest receivable and similar income 1,640 1,259Interest payable and similar charges (259) (7,674) ----------- ----------- LOSS ON ORDINARY ACTIVITIESBEFORE AND AFTER TAXATION (539,467) (595,348) =========== =========== Loss per ordinary share (0.26)p (0.31)p STATEMENT OF TOTAL RECOGNISEDGAINS AND LOSSES For the period to 31 December 2006 6 months ended 6 months ended 31 December 31 December 2006 2005 £ £ Loss for the financial period (539,467) (595,348) Exchange differences on translation intosterlingof net assets of subsidiary undertaking 0 (3,422) Total gains and losses recognised ----------- -----------in the financial period (539,467) (598,770) =========== =========== Note: The 2005 results represent group numbers as announced to the Stock Exchange,including the results of Dominion Energy Plc. The 2006 numbers representresults of Tecteon company only. BALANCE SHEET Company GroupAt 31 December 2006 6 months ended 6 months ended 31 December 31 December 2006 2005 £ £FIXED ASSETSIntangible assets 2,370,034 2,558,130Tangible fixed assets 57,724 525,123Investment - trade - 50,000 ----------- ----------- 2,427,758 3,133,253 ----------- -----------CURRENT ASSETSDebtors 694,190 425,159Cash at bank and in hand 915 464,509 ----------- ----------- 695,105 889,668CREDITORS: amounts fallingdue within one year (611,610) (1,852,537) ----------- ----------- NET CURRENT ASSETS/(LIABILITIES) 83,495 (962,869) ----------- ----------- TOTAL ASSETS LESSCURRENT LIABILITIES 2,511,253 2,170,384 =========== =========== CAPITAL AND RESERVESCalled up share capital 9,709,770 9,709,770Share premium account 2,705,939 2,705,939Merger reserve 1,824,000 1,824,000Exchange reserve 0 (139,107)Profit and loss account (11,728,456) (11,930,218) ----------- ----------- SHAREHOLDERS' FUNDS 2,511,253 2,170,384 =========== =========== Equity minority interest 0 86,816Non-equity shareholders' funds 195,799 195,799Equity shareholders' funds 2,315,454 1,887,769 ----------- ----------- 2,511,253 2,170,384 =========== =========== Note: The 2005 results represent group numbers as announced to the Stock Exchange,including the results for Dominion Energy Plc. The 2006 numbers representresults of Tecteon company only. CASH FLOW STATEMENT For the 6 months ended 31 December 2006 Company Group 6 months ended 6 months ended 31 December 31 December 2006 2005 £ £Net cash outflowfrom operating activities (133,062) (311,432) ----------- ----------- RETURNS ON INVESTMENTS AND SERVICING OFFINANCE 1,640 1,259Interest receivedInterest paid (260) (7,674) ----------- -----------NET CASH OUTFLOW FROM RETURNS ON 1,380 (6,415)INVESTMENTS AND SERVICING OF FINANCE CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTPurchase of intangible fixed assets (186,365) (303,105)Purchase of tangible fixed assets (1,094) 0 ----------- ----------- (187,459) (303,105) ----------- ----------- CASH OUTFLOW BEFORE FINANCING (319,141) (620,952) ----------- ----------- FINANCINGIssue of ordinary shares 0 972,100 ----------- ----------- NET CASH INFLOW FROM FINANCING 0 972,100 ----------- ----------- (DECREASE)/INCREASE IN CASH (319,141) 351,148 =========== =========== RECONCILIATION OF NET CASH FLOWTO MOVEMENT IN NET DEBT(Decrease)/ increase in cash (319,141) 351,148 ----------- ----------- Movement in net funds during the period (319,141) 351,148Net funds at 1 July 2006 320,056 113,361 ----------- -----------Net funds at 31 December 2006 915 464,509 =========== =========== Reconciliation of operating loss to net cash outflowfrom operating activitiesOperating loss (540,847) (595,348)Depreciation 27,169 38,422Amortisation 319,001 284,789(Increase) in debtors (14,501) (169,197)Increase in creditors 76,116 126,907Foreign currency translation differences 0 2,995 ----------- -----------Net cash inflow/(outflow) from operatingactivities (133,062) (311,432) ----------- ----------- Notes to the financial statements 1. Basis of preparation The interim report, for the 6 months period, which was approved by the directorson 29th March 2007, does not comprise full accounts within the meaning of theCompanies Act 1985. The interim financial information is not audited. The 2005 results represent group numbers as announced to the Stock Exchange,including the results of Dominion Energy Plc. The 2006 numbers represent resultsof Tecteon company only. In all other respects the interim financial information has been prepared on aconsistent basis using the same accounting policies set out in the auditedaccounts for the year to 30 June 2006. 2. The directors do not recommend the payment of a dividend. 3. The loss per share of 0.26p (2005: 0.31p) has been calculated on the basis of the loss of £539,467 (2005: £595,348) and on 209,282,041 (2005: 194,766,878) ordinary shares, being the weighted average number of ordinary shares in issue during the period ended 31 December 2006. This information is provided by RNS The company news service from the London Stock Exchange