Interregnum plc, the technology merchant bank, provides a trading update for the
six months ending 31 December 2005. Interregnum's revenues for the period are
over #6m, which represents a 90% increase over the same period last year. The
portfolio has increased in value and Interregnum has achieved operational
profitability.
Trading Update
Interregnum's consolidated revenues for the six months ending 31 December 2005
(H1 2005-6) will be over #6m (H1 2004-5: #3.3m). This reflects a significant
increase in the performance of all three of Interregnum's operating companies;
Interregnum plc, Audio Visual Machines Ltd (AVM) and Yospace Ltd.
Highlights from the key components of Interregnum's business are as follows:
Quality and quantity of advisory deals increasing steadily:
*Advised on the sale of a #40m portfolio to Coller Capital, which
generated #700k in net success fees to Interregnum.
*Client portfolio valuation exercise completed in a month which brought in
#125k in fees to Interregnum.
*Interregnum's US operations are growing steadily - DestiNY USA has
contributed #500k of revenue in the period and the first two significant
non-Destiny US client mandates have been signed.
*Eight new corporate finance mandates secured in the period.
Operational subsidiaries and investments performing well:
*AVM is growing rapidly: November 05 results showed #776k in revenue, with
#72k profit before tax. AVM is on track to achieve full year targets
following the successful acquisition of Video Meeting Company in September
05.
*As previewed in the Annual Results for 2004-5, Yospace revenues are
growing steadily and it has reached operating profitability month-on-month.
*The funding for Red-M Ltd was completed in December 05 with a successful
private placing raising #4.6m. The business is well-funded to achieve its
growth strategy. Interregnum now owns approximately 20% of the issued share
capital of Red-M, in addition to some secured debt.
*Respond Ltd is trading very profitably. It is generating cash and
continuing the repayment of debt to Interregnum ahead of schedule.
*In a new addition to the portfolio, Interregnum received shares in
Retento Ltd valued at #180k (based on the last rights issue pricing), earned
as part of its merchant banking relationship. Retento is the holding
company for Prevx, a next-generation security software provider
(www.prevx.com).
Interregnum Chairman and CEO, Ken Olisa, commented: "I am delighted with this
performance. The results of the first half prove that the technology merchant
banking model that Interregnum has pioneered is both profitable and
value-creating."
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