21st Sep 2005 14:06
Eckoh Technologies PLC21 September 2005 For immediate release 21 September 2005 Eckoh Technologies PLC AGM Statement Peter Reynolds, the Chairman of Eckoh Technologies PLC ("Eckoh"), commented atthe AGM today: "I am pleased to report a year of good progress in all areas of the Group'soperations. Turnover increased by 28% to £79.7m for the year, generating pre-taxprofits of £0.9m before goodwill charges. In particular, our Speech Solutionsbusiness performed well, with turnover increasing by 56% to £5.0m as we added anumber of new clients and services. Since year end we have renewed our exclusive partnership with BT to December2010. We believe this is an excellent endorsement of both the success of therelationship over the past 3 years, and our mutual confidence in the potentialof self service call centre solutions using advanced speech recognitiontechnologies. The Board continues to believe that Eckoh's current share price does not fullyreflect the value of the Group's constituent businesses, and we are thereforecommitted to pursuing our existing strategy of unlocking value for Eckohshareholders moving forward. As part of this strategy, on 29 July 2005 we concluded the sale of our InternetServices business, Freecom.net Limited, to eDirectory.co.uk plc forconsideration of up to £3.2m. Subsequently, on 31 August 2005 we announced ourintention to seek a separate AIM listing for our telecommunication servicesdivision, Symphony Telecom Holdings plc, and to raise £4.51m from the placing of11.0m new shares. Following Symphony's successful Admission to AIM on 15September 2005, Eckoh retains 64.64% shareholding in the company. Eckoh is currently trading broadly in line with management's expectations,although Speech Solution's revenues in the first half of the current financialyear are likely to be adversely impacted by lower call volumes to its cinematicketing services. Notwithstanding this trend, based on current trading, thefinancial performance of the Eckoh Group for the year ended 31 March 2005,recent commercial contract successes, including the renewal of the BT contract,the disposal of Freecom and ongoing discussions with a number of potential newclients, the Directors are confident of the Company's future prospects. Moving forward we intend to focus our capital, cash resources and management onthe development of our remaining businesses, and in particular our growingSpeech Solutions operation. The Board is continuing to evaluate a number ofstrategic options as part of our plan to further simplify and streamline Eckoh'sactivities around Speech Solutions, and we will be making further announcementsin due course. On 1 August 2005, we were pleased to announce the appointment of Adam Moloney tothe Board as Group Finance Director. Adam had previously filled the role ofActing Group Finance Director since 28 July 2004. Finally, I would like to thank our staff for their continuing loyalty,dedication and hard work over the past twelve months, as we all look forward toanother interesting year ahead." For further enquiries, please contact:Eckoh Technologies plc Tel: 08701 100 700Martin Turner, Chief Executive OfficerNik Philpot, Chief Operating OfficerAdam Moloney, Group Finance Director Buchanan Communications Tel: 020 7466 5000Mark Edwards/Jeremy Garcia Evolution Securities Tel: 020 7488 4040Mike Brennan/Bobbie Hilliam This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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