Interim Results
March 31 2005 - 2:00AM
UK Regulatory
RNS Number:3613K
TMT Group PLC
31 March 2005
31st March 2005
TMT GROUP PLC
INTERIM RESULTS
TMT Group plc ("TMT" or "the Company") today announces its Results for the
period ended 31 December 2004. The Company was incorporated on 24 May 2004 so
no prior period results are included for comparative purposes.
Chairman's statement for the period ended 31 December 2004
These are the first set of results for TMT, showing the results for the period
24 May 2004 to 31 December 2004. The Company made an operating loss of #145,845
and had net assets of #971,221 at the period end. TMT came to AIM on 16th July
2004, raising gross funds of #1.1 million. It was a newly established company,
created to invest in businesses within the technology, media and
telecommunications ("TMT") sectors. Upon Admission, the Company had no trading
businesses.
The Director's original and continuing strategy is to use TMT as a vehicle to
identify and acquire businesses that are positioned to take advantage of
opportunities within the TMT sector. Since flotation, the Board and its advisers
have considered a significant number of opportunities within the sector. As yet,
none have met the strict criteria that have been set and therefore no
acquisition has yet been completed. As such, the Directors will continue to
research and investigate opportunities with a view to securing a suitable
acquisition.
Your Board is aware of recent legislative changes regarding AIM traded investing
companies, which states any such company listed prior to 1 April 2005, which
raised less than #3 million, must have completed a transaction constituting a
reverse takeover by 1st April 2006, otherwise its shares will be suspended. The
company then has a further six months under suspension after which if a deal has
still yet to be concluded, the shares cease to be traded on AIM and a
distribution will be made to shareholders. Your Board is confident that a
suitable deal or deals will have been identified before this time and I look
forward to reporting to you shortly on the progress that is being made.
Chris Akers
Non-executive Chairman
Unaudited Profit and Loss Account
For the period ended 31 December 2004
2004
#
Turnover -
Cost of sales -
Gross profit -
Administrative expenses (145,845)
Operating loss (145,845)
Interest receivable 19,530
Loss on ordinary activities before taxation (126,315)
Tax on profit on ordinary activities -
Loss for the period (126,315)
All transactions arise from continuing operations.
Unaudited Balance Sheet
As at 31 December 2004
2004
#
Fixed assets
-
Current assets
Debtors 19,538
Cash at bank and in hand 1,068,628
1,088,166
Creditors: amounts falling due within one year (116,945)
Net current assets 971,221
Total assets less current liabilities 971,221
Capital and reserves
Called up share capital 118,750
Share premium account 978,786
Profit and loss account (126,315)
Equity shareholders' funds 971,221
Unaudited Cashflow Statement
For the period ended 31 December 2004
2004
#
Net cash outflow from operating activities (25,969)
Returns on investments and servicing of finance
Bank interest receivable -
Financing
Issue of new shares 1,199,992
Costs of share issue (105,395)
Net cash inflow from financing 1,094,597
Increase in cash 1,068,628
This information is provided by RNS
The company news service from the London Stock Exchange
END
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