Mobile Tornado Regulatory News (MBT)

24 Mar 2006 07:01

TMT Group PLC24 March 2006 TMT GROUP PLC INTERIM RESULTS 24 March 2006 Chairman's statement for the period ended 31 December 2005 These interim accounts for TMT Group plc ('TMT') show the results for the 6months ended 31 December 2005. The Company made an operating loss of £56,951 andhad net assets of £868,441 at the period end. On 19 August 2005, TMT announced it had made a commitment of €375,000 to MobileTornado International Limited ('Tornado') as part of a fundraising by Tornadothrough the issue of redeemable loan stock. It was also announced that TMT hadentered into non-binding heads of agreement setting out the proposed terms forthe acquisition of Tornado. The acquisition of Tornado, set out in a document sent to shareholders on 9February 2006, successfully completed at an EGM held on 6 March 2006. As aresult, there are now 89,567,596 TMT shares in issue and Tornado is a whollyowned subsidiary of TMT. The acquisition moves the Company into a new phase of development, and I lookforward to updating you as Tornado develops its exciting business. John SwingewoodExecutive Chairman Unaudited Profit and Loss AccountFor the period ended 31 December 2005 2005 2004 £ £ Turnover - - Cost of sales - - Gross profit - - Administrative expenses (56,951) (145,845) Operating loss (56,951) (145,845) Interest receivable 12,026 19,530 Loss on ordinary activities before taxation (44,925) (126,315) Tax on profit on ordinary activities - - Loss for the period (44,925) (126,315) All transactions arise from continuing operations. Unaudited Balance SheetFor the period ended 31 December 2005 2005 2004 £ £Fixed assets 257,202 - Current assetsDebtors 29,797 19,538Cash at bank and in hand 616,747 1,068,628 903,746 1,088,166 Creditors: amounts falling due within one year (35,305) (116,945) Net current assets 868,441 971,221 Total assets less current liabilities 868,441 971,221 Capital and reservesCalled up share capital 118,750 118,750Share premium account 978,786 978,786Profit and loss account (229,095) (126,315) Equity shareholders' funds 868,441 971,221 Unaudited Cashflow StatementFor the period ended 31 December 2005 2005 2004 £ £ Net cash inflow/(outflow) from operating activities (72,911) (25,969) Returns on investments and servicing of financeBank interest receivable 8,471 - Investments (257,202) - FinancingIssue of new shares - 1,199,992Costs of share issue - (105,395)Net cash inflow from financing - 1,094,597 (Decrease) / Increase in cash (321,642) 1,068,628 The unaudited interim statement was approved by the board of Directors on 24March 2006. Copies of this statement will be available for a period of one monthfrom the offices of Corporate Synergy Plc, 30 Old Broad Street, London EC2N 1HT. For further information please contact: John Swingewood, Proposed Chairman, Mobile Tornado: 0208 104 1961 John Prior, Romil Patel, Corporate Synergy Plc: 0207 448 4400 This information is provided by RNS The company news service from the London Stock Exchange