Interregnum releases six monthly results for H2 2004

11 March 2005

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Interregnum's 2004 turnover was up 385% at Â£3.35m (2003: Â£700,000) reflecting increased revenues from Interregnum's advisory business and the consolidation of revenues from its subsidiaries Cellular Design Services Ltd (CDS) and Yospace Technologies Ltd. Like for like group revenues (excluding CDS acquisition) were up 43% at Â£1m (2003: Â£700,000). Interregnum advisory revenues grew by 56% to Â£453,000 in 2004, from Â£290,000 in 2003. Group operating loss was reduced further by 10% to Â£719,000, against Â£799,000 in 2003, despite an increase in overheads resulting from the addition of seven new corporate finance hires. There was no significant realisations from the portfolio, which contributed to a retained loss for the period of Â£468,000 or 51p per share (2003: Â£191,000, 29p per share). Cash balance at bank on 31 December 2004 was Â£1.92m compared to Â£1.1m in 2003. Cash receipts from investee companies post -period end include Â£400,000 dividend and Â£400,000 interest payments. Yospace, which is 47% owned by Interregnum, grew revenues by 60% to Â£659,000 in 2004, and secured a global contract with a leading mobile operator. CDS, which is 100% owned by Interregnum, achieved 2004 profits of Â£87,000 against a loss of Â£23,000 in 2003. Audio Visual Machines Ltd, an audio visual solutions provider, was acquired post-period end, supporting Interregnum's strategy of taking principal investment positions; AVM is expected to be earnings enhancing in second half of 2004-5.