Interim Results
15 September 2004 - 9:02AM
UK Regulatory
To be embargoed until 7.00am on
15th September 2004
TEP EXCHANGE GROUP PLC
("the Company")
Interim Results for the six month period ended 30th June, 2004
Chairman's Statement
I am pleased to report the unaudited results for the six months ended 30th June
2004. Turnover for the period totalled �69,000 (2003: �23,000) resulting in an
operating loss of �204,000 compared to an operating loss of �331,000 in the
same period last year. The loss on ordinary activities before and after
taxation was �209,000 compared to a loss after tax of �334,000 in the first six
months of last year. As a result of our arrangements with Surrenda-link
Limited, the cash loss for the period under review was restricted to �57,000.
Whilst trading results continue to be disappointing there has been a noticeable
increase in activity in the traded endowment policy market in recent months,
which it is hoped will improve group performance as the year progresses. A
further increase in business for the Exchange is anticipated as a strong demand
for British TEPs emerges from Germany.
Following a planned review of the group's business model with a view to
broadening both product and client bases, several new products have been test
marketed with varying results.
A new website, allowing direct interaction with the public, has also been
launched successfully and this is already providing an increased supply of
policies for sale on the exchange.
The outsourcing of operational management to Surrenda-link Limited implemented
primarily to reduce the Company's cost structure and to stabilise its cash flow
position, continues to work to the Company's advantage.
Your Directors and management continue to focus their efforts on financial
viability and the creation of shareholder value.
Your directors are not proposing an interim dividend.
George Kynoch
Chairman
15th September 2004
Consolidated Profit and Loss Account
for the six months ended 30th June, 2004
Six months Six months Year
ended ended ended
30th June 30th June 31st December
2003
2004 2003
(Audited)
(Unaudited) (Unaudited)
�'000 �'000 �'000
Turnover 75 23 58
Cost of sales (20) - (15)
-------- -------- --------
Gross profit 55 23 43
Administrative expenses (399) (514) (964)
Other operating income 140 160 314
-------- -------- --------
Operating loss (204) (331) (607)
Interest receivable - - -
Interest payable (5) (3) 5
-------- -------- --------
Loss on ordinary activities (209) (334) (602)
before taxation
Taxation - - -
-------- -------- --------
Loss on ordinary activities (209) (334) (602)
after taxation
======== ======== ========
Loss per share (0.12p) (0.24p) (0.42p)
======== ======== ========
Consolidated Balance Sheet
as at 30th June 2004
Six months Six months Year
ended ended ended
30th June 30th June 31st December
2003
2004 2003
(Audited)
(Unaudited) (Unaudited)
�'000 �'000 �'000
Fixed assets
Tangible assets 17 27 22
-------- -------- --------
Current assets
Stock 3 3 3
Debtors and prepayments 130 140 208
Cash at bank and in hand 11 1 1
-------- -------- --------
144 144 212
Creditors:
amounts falling due within one year (585) (597) (928)
-------- -------- --------
Net current liabilities (441) (453) (716)
-------- -------- --------
Net Liabilities (424) (426) (694)
======== ======== ========
Capital and reserves
Called up share capital 1,917 1,438 1,437
Share premium 3,667 3,667 3,667
Profit and loss account (6,008) (5,531) (5,798)
-------- -------- --------
(424) (426) (694)
======== ======== ========
Notes to the Interim Results
1. Basis of preparation
The Interim accounts for the six months ended 30th June, 2004, 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, 2003.
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, 1/2
Grosvenor Court, Foregate Street, Chester CH1 1HG. Full accounts for the year
ended 31st December, 2003 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, 2004.
3. Loss per Share
The loss per share has been calculated by dividing the loss after taxation for
the period of �209,000 (2002: �334,000) by the weighted average number of
ordinary shares of 176,754,867 (2003:140,003,082) in issue during the period.
Further Enquiries:
TEP Exchange Group PLC Tel: 020 8365 4666
Paul Sands/Ami Weitz
John East & Partners Limited Tel: 020 7628 2200
John East/Simon Clements
END
Doriemus (LSE:DOR)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Doriemus (LSE:DOR)
Historical Stock Chart
Von Sep 2023 bis Sep 2024
Echtzeit-Nachrichten über Doriemus (Londoner Börse): 0 Nachrichtenartikel
Weitere Tep Exchange Group Plc News-Artikel