Interim Results
29 September 2006 - 9:00AM
UK Regulatory
To be embargoed until 7.00 a.m. on 29 September 2006
TEP Exchange Group Plc
("TEP" or "the Company")
Interim Results for the six months ended 30 June 2006
Chairman's Statement
I am pleased to report the unaudited results for the six months ended 30 June
2006. Turnover for the period totalled �136,000 (2005: �169,000). The operating
loss for the period was �24,000 compared to an operating loss of �36,000 in the
same period last year. The loss on ordinary activities before and after
taxation was �41,000 compared to a loss after tax of �44,000 in the first six
months of last year.
Whilst trading results continue to be disappointing, the current figure for
deals in progress is at an all time high and reflects the increased activity in
the traded endowment policy market. As a result of the increased demand for
Traded Endowment Policies the TEP Exchange has been able to increase its
transaction charge by 50 per cent., the result of which should be evident in
the latter months of this year and early in 2007. The strong continental
European demand for British TEPs is expected to strengthen further in the
second half of 2006 and this is expected to continue throughout 2007.
Your Board continues to focus its efforts on financial viability and the
creation of shareholder value. During 2006, opportunities to add non U.K. based
trading activity and additional non-TEP related products were identified and
are expected to be launched later this year and early in 2007.
Your directors are not proposing an interim dividend.
George Kynoch
Chairman
29 September 2006
Consolidated Profit and Loss Account
For the six months ended 30 June 2006
Six months Six months Year ended
ended ended 31 December
2005
30 June 2006 30 June 2005 (audited)
(unaudited) (unaudited)
�'000 �'000 �'000
Turnover 136 169 404
Cost of sales (35) (52) (121)
Gross profit 101 117 283
Administrative expenses (214) (243) (525)
Other operating income 89 90 173
Operating loss (24) (36) (69)
Interest receivable - - 1
Interest payable (17) (8) (28)
Loss on ordinary activities before (41) (44) (96)
taxation
Taxation - - -
Loss on ordinary activities after (41) (44) (96)
taxation
Loss per ordinary share (Note 3) (0.02)p (0.02)p (0.04)p
Consolidated Balance Sheet
As at 30 June 2006
At 30 June At 30 June At 31
2006 2005 December
(unaudited) (unaudited) 2005
(audited)
�'000 �'000 �'000
Fixed assets
Tangible assets - 6 -
Current assets
Stock 3 3 3
Debtors and prepayments 121 69 208
Cash at bank and in hand 6 84 13
130 156 224
Creditors: amounts falling due (616) (498) (681)
within one year
Net current liabilities (486) (342) (457)
Creditors: amounts falling due after (44) (120) (33)
one year
Net liabilities (530) (456) (490)
Capital and reserves
Called up share capital 2,246 2,246 2,246
Share premium 3,667 3,667 3,667
Profit and loss account (6,443) (6,369) (6,403)
Shareholders' deficit (530) (456) (490)
Consolidated Cash Flow Statement
For the six months ended 30 June 2006
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Net cash inflow/(outflow) from 25 (248) (278)
operating activities
Returns on investments and servicing
of finance
Interest received and similar income - - 1
Interest paid (6) (1) (28)
Net cash outflow from returns on (6) (1) (27)
investments and servicing of finance
Financing
New bank loan - 190 190
Repayment of bank loan (27) (10) (30)
Issue of ordinary shares - 330 330
Net cash (outflow)/inflow from (27) 510 490
financing
Movement in cash (8) 261 185
1. Basis of Preparation
The Interim accounts for the six months ended 30 June 2006, 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
31 December 2005.
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 31 December 2005 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. Contingent Liability
In calculating the taxation debtor at 30 June 2006, the Directors have assumed
that there is a successful outcome to the discussions that are taking place
with the tax authorities. As these discussions are at an early stage, it is
difficult to quantify the financial impact on the Company in the event that
there is an unsuccessful outcome to the discussions.
3. Loss per ordinary share
The loss per share has been calculated by dividing the loss after taxation for
the period of �41,000 (2005: �44,000) by the weighted average number of
ordinary shares of 224,543,426 (2005:224,543,426) in issue during the period.
4. Dividends
No dividend is proposed for the six months ended 30 June 2006.
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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