Audioboom Grp. Regulatory News (BOOM)

29 August 2013

One Delta plc

 (the "Company")

Condensed unaudited interim financial statements for the six months ended 31 May 2013

Chairman's Statement

I am pleased to present the unaudited results for the six months ended 31 May 2013.

Restructuring

I can report that the proposals made in the Annual Report for the fourteen months ended 30 November 2012 (the "Report") were passed at the Extraordinary General Meeting of the Company held on 23 April 2013. The Buyback Contract (as defined in the Report) has therefore been executed and the Company's holding in the UK trading subsidiary, One Delta Limited (the "subsidiary" or "ODL"), is now approximately 51.5%. As a consequence the Company has taken 15,000,005 Ordinary no par value shares into treasury.

The Company maintains a keen interest in the operation of ODL, and an agreement between the Company, ODL, Phil Dale, Richard Ludford and Sean Reel governs how the subsidiary is now run.

Financial Performance

The Company continues to be operated on a tight budget and the Board has maintained costs at a minimal level. No director or consultant has received any remuneration (other than the shares referred to in the reverse documentation published in December 2011) since the acquisition of ODL.

The results for the six months to 31 May 2013 show sales revenues of £14,383 and losses for the period of £109,578, resulting in a remaining cash balance of £56,317.

The level of revenue generated by the subsidiary continues to be disappointing. Whilst enquiries are being received for the supply of product and ODL's pricing structure appears to be competitive, the conversion of quotations into sales remains slow.

The subsidiary's fencing and construction products have been well received by the relevant industries and feedback in respect of the limited amount of product sold is positive but ODL continues to miss its own sales targets.

The acoustic qualities of the Dale Fence are above industry standard and have attracted interest from utility and transport companies. However, the decision-making process in relation to new product within these industries appears to be lengthy.

That said, the subsidiary's sales team remains active and is hopeful of generating improved sales revenues in the near future. Indeed, pursuing its strategy of joining with existing fencing companies ODL's products have recently been included in the brochure of a nationwide fencing company and are being marketed by other more localised entities.

Outlook

The restructuring of the Company, referred to above, has provided it with the capacity to consider other opportunities into which it might wish to diversify.

The Board has looked at a number of potential transactions and business opportunities that would allow the Company to expand its activities but to date these have not proved satisfactory.

The Board is also mindful of the financial position of the Company and, given the monthly burn rate of approximately £10,400, is working on a strategy to raise further capital to maintain the Company's liquidity as a going concern and the working capital at an acceptable level.

Roger Maddock

Chairman

Enquiries:

Consolidated statement of comprehensive income

Notes

The Company has no recognised gains or losses other than those disclosed in the Consolidated statement of comprehensive income.

Statement of Financial Position

Statement of Cash Flows

Statement of changes in equity

Notes to the financial statements

1. Accounting Policies

(a) Basis of preparation

The consolidated interim financial statements have been prepared under the historical cost convention, as modified to include the revaluation of quoted investments and investment properties and in accordance with applicable Accounting Standards as adopted by the European Union. Applicable Accounting Standards for these purposes are International Financial Reporting Standards ("IFRS"), as adopted by the European Union.

The interim financial information has been prepared in accordance with IAS 34 "Interim financial reporting" as adopted by the European Union.

The accounting policies and methods of computation used in the condensed consolidated financial information for the six months ended 31 May 2013 are the same as those followed in the preparation of the Group's annual financial statements for the fourteen months ended 30 November 2012 and are those the Group expect to apply into financial statements for the year ending 30 November 2013.

The seasonality or cyclicality of operations does not impact on the interim financial information.

(b) Basis of consolidation

The accompanying financial statements and related notes present the consolidated financial position as of 31 May 2013 and the consolidated results of the operations, cash flows and changes in equity, for the period ended 31 May 2013. All significant intercompany transactions have been eliminated.

2. (Loss) per share

Basic earnings per share amounts are calculated by dividing the net loss for the period attributable to ordinary equity holders of the Company by the weighted average number of participating ordinary shares outstanding during the year.

Diluted earnings per share are not applicable to the Company, since there is only one participating class of share issued by the Company.

The following reflects the income and share data used in the basic earnings per share computation:

3. Operating segment

The Company is currently in the early stages of developing its technology and hence only has one operating segment.

4. Income

5. Stated capital

The Company is a no par value ('NPV') company

All costs associated with the issue of shares have been taken to the issue costs reserve.

6. Copies of the interim results

Copies of the half-yearly results will be available from the Company's registered office PO Box 264, JP Morgan House, Grenville Street, St. Helier, Jersey JE4 8QT, and will be available from the Company's website www.onedeltaplc.com.