14th Sep 2005 06:00
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 StatementI am pleased to report the unaudited results for the six months ended 30th June2005. Turnover for the period totalled ‚£169,000 (2004: ‚£75,000) resulting in asignificantly improved operating position. The operating loss for the periodwas ‚£36,000 compared to an operating loss of ‚£204,000 in the same period lastyear. The loss on ordinary activities before and after taxation was ‚£44,000compared 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 turnoverreflects the noticeable increase in activity in the traded endowment policymarket in the first half of 2005, which is expected to improve groupperformance as the year progresses. The strong demand for British TEPs,especially in Europe, is expected to be maintained during the balance of 2005and thereafter throughout 2006.I am pleased to report that increased marketing is occurring on behalf of theCompany. Earlier this year, the company's outsourcing partners, Surrenda-linkLimited, appointed a new executive who was charged specifically with ensuringthat the company would benefit both from the significant improvement in the TEPmarket and from marketing of new products on the TEP Exchange platform. Resultsalready achieved include additional TEP market makers joining the exchange andthe successful launch of new financial products via the platform. We believe wewill see positive results from this in the future.Your directors are not proposing an interim dividend.George KynochChairman14 September 2005Consolidated Profit and Loss Accountfor 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 Sheetas 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 Results1. Basis of preparationThe Interim accounts for the six months ended 30th June, 2005, are unauditedand do not constitute statutory accounts in accordance with section 240 of theCompanies Act 1985. The interim accounts have been prepared in accordance withaccounting policies consistent with the financial statements for the year ended31st December, 2004.Copies of the Interim Results will be sent to Shareholders shortly and will beavailable to members of the public from the Company's registered office, 12,Grosvenor Court, Foregate Street, Chester CH1 1HG. Full accounts for the yearended 31st December, 2004 on which the auditors gave an unqualified report andcontained no statement under Section 237 (2) or (3) of the Companies Act 1985,have been delivered to the Registrar of Companies.2. DividendsNo dividend is proposed for the six months ended 30th June, 2005.3. Loss per ShareThe loss per share has been calculated by dividing the loss after taxation forthe period of ‚£44,000 (2004: ‚£209,000) by the weighted average number ofordinary 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 ENDTEP EXCHANGE GROUP PLCRelated Shares:
Doriemus