Interim Results
14 September 2005 - 9:00AM
UK Regulatory
To be embargoed until 7.00am on
14 09 05
TEP EXCHANGE GROUP PLC
("the Company")
Interim Results for the six-month period ended 30th June, 2005
Chairman's Statement
I am pleased to report the unaudited results for the six months ended 30th June
2005. Turnover for the period totalled �169,000 (2004: �75,000) resulting in a
significantly improved operating position. The operating loss for the period
was �36,000 compared to an operating loss of �204,000 in the same period last
year. The loss on ordinary activities before and after taxation was �44,000
compared to a loss after tax of �209,000 in the first six months of last year.
Whilst trading results continue to be disappointing, the improved turnover
reflects the noticeable increase in activity in the traded endowment policy
market in the first half of 2005, which is expected to improve group
performance as the year progresses. The strong demand for British TEPs,
especially in Europe, is expected to be maintained during the balance of 2005
and thereafter throughout 2006.
I am pleased to report that increased marketing is occurring on behalf of the
Company. Earlier this year, the company's outsourcing partners, Surrenda-link
Limited, appointed a new executive who was charged specifically with ensuring
that the company would benefit both from the significant improvement in the TEP
market and from marketing of new products on the TEP Exchange platform. Results
already achieved include additional TEP market makers joining the exchange and
the successful launch of new financial products via the platform. We believe we
will see positive results from this in the future.
Your directors are not proposing an interim dividend.
George Kynoch
Chairman
14 September 2005
Consolidated Profit and Loss Account
for the six months ended 30th June, 2005
Six months Six months Year
ended ended ended
30th June 30th June 31st December
2004
2005 2004 (Audited)
(Unaudited) (Unaudited)
�'000 �'000 �'000
Turnover 169 75 187
Cost of sales (52) (20) (43)
-------- -------- --------
Gross profit 117 55 144
Administrative expenses (243) (399) (906)
Other operating income 90 140 266
-------- -------- --------
Operating loss (36) (204) (496)
Interest receivable - - -
Interest payable (8) (5) (12)
-------- -------- --------
Loss on ordinary activities (44) (209) (508)
before taxation
Taxation - - -
-------- -------- --------
Loss on ordinary activities (44) (209) (508)
after taxation
======== ======== ========
Loss per share (see Note 3) (0.02p) (0.12p) (0.28p)
======== ======== ========
Consolidated Balance Sheet
as at 30th June 2005
Six months Six months Year
ended ended ended
30th June 30th June 31st December
2004
2005 2004 (Audited)
(Unaudited) (Unaudited)
�'000 �'000 �'000
Fixed assets
Tangible assets 6 17 11
-------- -------- --------
Current assets
Stock 3 3 3
Debtors and prepayments 69 130 128
Cash at bank and in hand 84 11 13
-------- -------- --------
156 144 144
Creditors:
amounts falling due within one year (498) (585) (879)
-------- -------- --------
Net current liabilities (342) (441) (735)
Creditors
Amounts falling due after one year (120) - -
-------- -------- --------
Net Liabilities (456) (424) (724)
======== ======== ========
Capital and reserves
Called up share capital 2,246 1,917 1,916
Share premium 3,667 3,667 3,667
Profit and loss account (6,369) (6,008) (6,307)
-------- -------- --------
(456) (424) (724)
======== ======== ========
Notes to the Interim Results
1. Basis of preparation
The Interim accounts for the six months ended 30th June, 2005, are unaudited
and do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985. The interim accounts have been prepared in accordance with
accounting policies consistent with the financial statements for the year ended
31st December, 2004.
Copies of the Interim Results will be sent to Shareholders shortly and will be
available to members of the public from the Company's registered office, 12,
Grosvenor Court, Foregate Street, Chester CH1 1HG. Full accounts for the year
ended 31st December, 2004 on which the auditors gave an unqualified report and
contained no statement under Section 237 (2) or (3) of the Companies Act 1985,
have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the six months ended 30th June, 2005.
3. Loss per Share
The loss per share has been calculated by dividing the loss after taxation for
the period of �44,000 (2004: �209,000) by the weighted average number of
ordinary shares of 224,543,426 (2004:176,754,867) in issue during the period.
Further Enquiries:
TEP Exchange Group PLC Tel: 01244 615 628
Paul Sands/Kieran O'Gorman
John East & Partners Limited Tel: 020 7628 2200
John East/Simon Clements
END
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