Mobile Tornado Regulatory News (MBT)

31 Mar 2005 07:00

TMT Group PLC31 March 2005 31st March 2005 TMT GROUP PLC INTERIM RESULTS TMT Group plc ("TMT" or "the Company") today announces its Results for theperiod ended 31 December 2004. The Company was incorporated on 24 May 2004 sono prior period results are included for comparative purposes. Chairman's statement for the period ended 31 December 2004 These are the first set of results for TMT, showing the results for the period24 May 2004 to 31 December 2004. The Company made an operating loss of £145,845and had net assets of £971,221 at the period end. TMT came to AIM on 16th July2004, raising gross funds of £1.1 million. It was a newly established company,created to invest in businesses within the technology, media andtelecommunications ("TMT") sectors. Upon Admission, the Company had no tradingbusinesses. The Director's original and continuing strategy is to use TMT as a vehicle toidentify and acquire businesses that are positioned to take advantage ofopportunities within the TMT sector. Since flotation, the Board and its advisershave considered a significant number of opportunities within the sector. As yet,none have met the strict criteria that have been set and therefore noacquisition has yet been completed. As such, the Directors will continue toresearch and investigate opportunities with a view to securing a suitableacquisition. Your Board is aware of recent legislative changes regarding AIM traded investingcompanies, which states any such company listed prior to 1 April 2005, whichraised less than £3 million, must have completed a transaction constituting areverse takeover by 1st April 2006, otherwise its shares will be suspended. Thecompany then has a further six months under suspension after which if a deal hasstill yet to be concluded, the shares cease to be traded on AIM and adistribution will be made to shareholders. Your Board is confident that asuitable deal or deals will have been identified before this time and I lookforward to reporting to you shortly on the progress that is being made. Chris AkersNon-executive Chairman Unaudited Profit and Loss AccountFor the period ended 31 December 2004 2004 £ Turnover - Cost of sales - Gross profit - Administrative expenses (145,845) Operating loss (145,845) Interest receivable 19,530 Loss on ordinary activities before taxation (126,315) Tax on profit on ordinary activities - Loss for the period (126,315) All transactions arise from continuing operations. Unaudited Balance SheetAs at 31 December 2004 2004 £Fixed assets -Current assetsDebtors 19,538Cash at bank and in hand 1,068,628 1,088,166 Creditors: amounts falling due within one year (116,945) Net current assets 971,221 Total assets less current liabilities 971,221 Capital and reservesCalled up share capital 118,750Share premium account 978,786Profit and loss account (126,315) Equity shareholders' funds 971,221 Unaudited Cashflow StatementFor the period ended 31 December 2004 2004 £ Net cash outflow from operating activities (25,969) Returns on investments and servicing of financeBank interest receivable - FinancingIssue of new shares 1,199,992Costs of share issue (105,395) Net cash inflow from financing 1,094,597 Increase in cash 1,068,628 This information is provided by RNS The company news service from the London Stock Exchange