Intelliplus - a new games company

LONDON (AFX) - Telecoms group Intelliplus Group PLC posted a proforma pretax
loss of 1.09 mln stg for the six months to September after a profit of 558,000
stg a year earlier.
"This loss arose during a period when intensive market competition drove
down turnover and margins, while infrastructure costs remained fixed," said
chairman Michael Neville.
Turnover fell to a proforma 4.195 mln stg in the first half from 5.983 mln
last time.
Despite the swing into loss, the company was upbeat about its prospects,
particularly in light of its planned acquisition of Medius Networks Ltd, which
is shortly due to be completed.
"This is an important strategic acquisition and the synergy will enable the
group to save costs and will provide the necessary infrastructure to take the
business forward," said Neville.
The chairman also said the company's planned ordinary share placing - a key
element in the acquisition - has now won conditional commitments for about 1.5
mln stg compared to a minimum requirement of 1 mln stg.
"This will stabilise the group's financial position and facilitate growth
within the enlarged group including Medius Networks Ltd," said Neville.
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