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| Amortisation charges widen losses at Telephonetics |
| Written by Sam Fountain | |
| Thursday, 21 February 2008 | |
|
Possible takeover target, Telephonetics has released its results for the full year, citing higher goodwill amortisation charges as a cause for its tripled losses, posted despite a strong increase in revenues.
The Herts-based advanced speech recognition specialist, which recently confirmed that it is in talks with Eckoh over an offer for the company, said that pre-tax loss for the year to November 2007 had grown to £920k despite a healthy 48 per cent boost in revenues for the year. It said that revenues had risen to £9.67m from £6.51m last year, and that underlying profit was up 16 per cent to £677k, but that goodwill amortisation charges had more than doubled during the period to £1.1m from £458k last year. "It has been an immensely encouraging year, one in which we made excellent progress and stepped-up the business to the next level," said chairman, Mike Neville. "Having achieved a 48 per cent increase in revenues whilst maintaining a healthy level of underlying profit is no small achievement." On its outlook, the company said it will expand its marketing and development capabilities and introduce new products to market. It gave no mention of any impending deals with local rival, Eckoh, but hinted that the sector consolidation which has been seen in the US may become visible in Europe. "Along with winning contracts, we have also created a far more efficient business with improved gross margins," Neville continued. "We are now well placed to build on the foundations we set down over the past year, in what is a far more attractive market environment, and drive this business forward." Shares in the firm remain unchanged at 8p.
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