Zyzygy plc ("the Company") is pleased to announce its audited preliminary
results for the year ended 30 June 2006.
Chairman's Statement
It gives me pleasure to announce a profit before for the financial year ending
30 June 2006 of #1,058,000 before tax. During the period we were able to pay our
first ever dividend, on the basis of the interim results for the six months
ended 31 December 2005.
During the year, in November 2005 we saw the AIM floatation of one of our
investee companies Angel Biotechnology Holdings plc. It was our intention to
bring both of our two current major investments, NiceTech Limited ("NiceTech"),
the Cambridge based software company and MarineTrack Limited ("Marine Track") to
the market in the calendar year ending December 2006. Although we have continued
to work towards this end, we now expect that both companies will come to market
in the first half of 2007. We have continued and are continuing to support the
development of their businesses, and during the year we were able to increase
our holding in both companies to reflect our ongoing support.
NiceTech has continued to develop its unique Alice Server AR software. In July
we announced that we had increased our shareholding from 32 per cent. to 41 per
cent.. Since the end of our financial year we are pleased to announce that Nice
Tech have now secured their first major contract with an internationally
renowned media corporation, as well as having produced their first on-line
computer game which will soon be available for sale to the public.
MarineTrack has seen the appointment of a new Chairman Doug Littlejohns and the
promotion to CEO of Stuart Nicholls, previously Sales Consultant. Since the
changes to their board and thanks to our continuing support, Marine Track has
made significant impact within it's chosen market place, with contracts
established with several major shipping companies. In February 2006 we were able
to increase our holding in the company from 57.5% to 69.94% .
It is the Company's strategy to hold minority stakes in businesses and to exit
successfully from those investments. Recent changes in the interpretation of
accounting rules which would have required a majority investment in a company to
be consolidated in our accounts have led to a decision to dispose of
approximately 20.1 % of MarineTrack earlier than anticipated. I am pleased
however that we have been able to sell that stake to a substantial Zyzygy
shareholder, Billam AG at the current valuation in the Zyzygy balance sheet and
on terms satisfactory to the board.
We remain confident in the foundations that have been laid in both NiceTech and
MarineTrack and remain confident that our investment strategy for the Company
has the capability to continue to deliver growth and success for its
shareholders.
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