Interim Results
17 Juli 2002 - 9:00AM
UK Regulatory
RNS Number:7245Y
TEP Exchange Group PLC
17 July 2002
EMBARGOED - NOT TO BE RELEASED UNTIL 7.00am ON
17th July, 2002
TEP EXCHANGE GROUP PLC
("the Company")
Interim Results for the six months ended 30th June 2002
Chairman's Statement
I am pleased to report the unaudited results for the six months ended 30th June
2002. The loss on ordinary activities after tax was £83,000 compared to a loss
of £819,000 in the first six months of last year. Turnover for the period
totalled £422,000 (2001: £50,000) resulting in a reduced operating loss of
£268,000 compared to a loss of £837,000 in the same period last year.
I am pleased to report that the company has made considerable progress in the
last six months, increasing its range of independent buyers and the number of
registered IFAs to over 9,000. Trading alliances have been established with
major IFA portals including Misys IFA Desktop Solutions Limited, Assuresoft
Limited, Marlborough Stirling and Bankhall's IFAengine Limited. This has
resulted in stronger trading in traded endowment policies ("TEP"), particularly
over the last three months.
On 1st September 2002, life insurance companies will be required to implement
FSA Policy Statement 106. Under this policy statement, the life insurance
companies are required to advise endowment policyholders who seek information on
surrender values to be made aware of the other options available including the
fact that they may be able to sell their policy on the traded market as an
alternative to surrendering it. Your Directors therefore anticipate that
significantly increased levels of activity may be experienced by the Company in
the last quarter of this financial year.
During the first six months of the year your Directors have continued with cost
cutting initiatives. Cash flow has been closely monitored and cash resources
have benefited from a substantial taxation refund in respect of past years'
research and development expenditure. The Company also has UK bank credit lines
on which it has so far not drawn.
Despite the continuing uncertainty in financial markets your Directors are
cautiously confident that progress will continue to be made by the TEP exchange
and with other TEP related revenue generating activities.
George Kynoch
Chairman
17th July 2002
Profit and Loss Account
for the six months ended 30th June 2002
Six months Six months Year
ended ended ended
30th June 30th June 31st December
2002 2001 2001
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Turnover 422 50 210
Cost of sales (261) - (171)
-------- -------- --------
161 50 39
Gross profit
Administrative expenses (480) (887) (1,646)
Other operating income 51 - 89
-------- -------- --------
Operating loss (268) (837) (1,520)
Interest receivable 2 18 26
Interest payable
-------- -------- --------
Loss on ordinary activities (266) (819) (1,494)
before taxation
Taxation 183 - -
-------- -------- --------
Loss on ordinary activities (83) (819) (1,494)
after taxation
======== ======== ========
Loss per share (0.07p) (1.14p) (1.83p)
======== ======== ========
Balance Sheet
as at 30th June 2002
As at As at As at
30th June 30th June 31st December
2002 2001 2001
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Fixed assets
Tangible assets 92 169 134
-------- -------- --------
Current assets
Stock 128 - 244
Debtors and prepayments 316 362 209
Cash at bank and in hand 196 175 476
-------- -------- --------
640 537 931
Creditors:
amounts falling due within one year (673) (1,046) (922)
-------- --------
Net current liabilities (33) (509) 9
-------- -------- --------
Total assets less current liabilities 59 (340) 143
Creditors:
amounts falling due after more than one year
Convertible loan notes - (1,985) -
-------- -------- --------
59 (2,325) 143
======== ======== ========
Capital and reserves
Called up share capital 1,156 720 1,156
Share capital and share premium 3,667 962 3,667
Profit and loss account (4,764) (4,007) (4,680)
-------- -------- --------
59 (2,325) 143
======== ======== ========
Notes to the Interim Results
1. Basis of preparation
The Interim accounts for the six months ended 30th June, 2002, 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, 2001.
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, 77
Muswell Hill, London, N10 3PJ. Full accounts for the year ended 31st December,
2001, 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. Administrative Expenses
Administrative expenses are shown net of a write-back of £140,000 arising from
the release of certain provisions held at 31st December, 2001, which are no
longer required.
3. Dividends
No dividend is proposed for the six months ended 30th June, 2002.
4. Taxation
Corporation tax is a refund in respect of a Research and Development claim.
5. Loss per Share
The earnings per share has been calculated by dividing the loss after taxation
for the period of £83,000 (2001: £819,000) by the weighted average number of
ordinary shares of 115,625,000 (2001: 72,000,000) in issue during the period.
Further Enquiries:
TEP Exchange Group PLC Tel: 020 8365 4666
Stephen Kay - Chief Executive
John East & Partners Limited Tel: 020 7628 2200
David Worlidge / Simon Clements
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