Parkmead Regulatory News (PMG)

21 Dec 2005 07:01

Interregnum PLC21 December 2005 RNS Announcement 21 December 2005 INTERREGNUM PLC Trading Update Interregnum plc, the technology merchant bank, provides a trading update for thesix months ending 31 December 2005. Interregnum's revenues for the period areover £6m, which represents a 90% increase over the same period last year. Theportfolio has increased in value and Interregnum has achieved operationalprofitability. Trading Update Interregnum's consolidated revenues for the six months ending 31 December 2005(H1 2005-6) will be over £6m (H1 2004-5: £3.3m). This reflects a significantincrease in the performance of all three of Interregnum's operating companies;Interregnum plc, Audio Visual Machines Ltd (AVM) and Yospace Ltd. Highlights from the key components of Interregnum's business are as follows: Quality and quantity of advisory deals increasing steadily: •Advised on the sale of a £40m portfolio to Coller Capital, which generated £700k in net success fees to Interregnum. •Client portfolio valuation exercise completed in a month which brought in £125k in fees to Interregnum. •Interregnum's US operations are growing steadily - DestiNY USA has contributed £500k of revenue in the period and the first two significant non-Destiny US client mandates have been signed. •Eight new corporate finance mandates secured in the period. Operational subsidiaries and investments performing well: •AVM is growing rapidly: November 05 results showed £776k in revenue, with £72k profit before tax. AVM is on track to achieve full year targets following the successful acquisition of Video Meeting Company in September 05. •As previewed in the Annual Results for 2004-5, Yospace revenues are growing steadily and it has reached operating profitability month-on-month. •The funding for Red-M Ltd was completed in December 05 with a successful private placing raising £4.6m. The business is well-funded to achieve its growth strategy. Interregnum now owns approximately 20% of the issued share capital of Red-M, in addition to some secured debt. •Respond Ltd is trading very profitably. It is generating cash and continuing the repayment of debt to Interregnum ahead of schedule. •In a new addition to the portfolio, Interregnum received shares in Retento Ltd valued at £180k (based on the last rights issue pricing), earned as part of its merchant banking relationship. Retento is the holding company for Prevx, a next-generation security software provider (www.prevx.com). Interregnum Chairman and CEO, Ken Olisa, commented: "I am delighted with thisperformance. The results of the first half prove that the technology merchantbanking model that Interregnum has pioneered is both profitable andvalue-creating." - Ends - Contacts: Interregnum 020 7494 3080Ken Olisa, Chairman and CEO Merlin (PR advisers to Interregnum) 020 7653 6620Rebecca Penney Notes to Editor Interregnum plc (www.interregnum.com) is a technology merchant bank listed onLondon's Alternative Investment Market (symbol: ITR). Established in 1992,Interregnum buys, sells, advises, invests in and operates technology companies.Its advisory services include corporate finance, IP exploitation and commercialdue diligence. The company's clients are principally corporates, government,technology entrepreneurs, advisors and investors. This information is provided by RNS The company news service from the London Stock Exchange