ChoiceXS Plc
LSE : CXSP

May 27, 2011 12:09 ET

Unaudited final results to 31 December 2010

                                                                                       27 May 2011
                                                                                      GB00B401BF21


                                   ChoiceXS Plc (the "Company")
                                                 
                    UNAUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010

A.  General Review

The  Company is active in the field of Service Providing and Software Development.  In particular,
the Company is active in the fields of:

  *  Software editions

     *  Development, production, supply and documentation of software for  specialized and general
        use.

  *  Consulting on matters of software and supplying software

     *  Analysis of needs and user problems, consulting for the best possible solution.

     *  Development,  production, supply and documentation of made to order software according  to
        the requirements of specific users

     *  Program Development according to user's specifications
        
The Company  is  using  its  proprietary  software platform called "ChoiceXS" to provide broadband
services, like IPTV and interactive TV to such clients as hotels, hospitals, houses etc.
    
The  Company provides its services to public and private sector companies in a number of countries
in Europe, the America's and Asia.

The Company has its registered office at 2, Stone Buildings, Lincoln's Inn - London WC2A  3TH - UK. 
The  Company  is  the  sole  shareholder  of a Greek company, ICTV Hellas SA  with  its registered 
offices at 21, Antoni Tritsi Street, Pylaia, Thessaloniki.

The business plans provisions for the next three years from 2011 to 2013 are centered on three
basic axes.

    a) Establishment of brand name "choicexs" abroad and in its country of operation.

    b) Expansion of its market share in its main market, which is the Middle East and Europe, as
    well as exploring possibilities of co-operations in the Caribbean Region.

    c) Increasing the number and scope of the Company's agents' networks with a particular target
    in India, SEA, and China.

    d) Introducing new products to the market such as E-Lerning and IPTV for University Campuses
    and Digital Signage for retail shops, Shopping Malls and many other applications.
    

B. Financial Data
Financial  results  for the financial year from the 1st of January to the 31st  of  December  2010
according to the International Financial Reporting Standards are presented in the following table:

                                     2010            2009
Turnover                            £306,270         £481,241
Net profit before taxation          £(359,773)       £172,419


C.  Dividend Policy

In relation to the distribution of dividend, the management of the Company, based on the fact that
the  financial  year  ended  with  losses,  decided not  to  offer  dividends  and  suggests  zero
distribution  of  dividend.  This particular proposal is pending to be  approved  by  the  General
Assembly of the Shareholders.

D. Financial position


The following indexes indicatively express the financial position of the fully owned subsidiary,
ICTV Hellas SA

FINANCIAL INDEXES                                                                2010
Growth (%)                                                                     
Growth of turnover                                                               -36%
Growth of profit before Taxes                                                   -309%
Growth of profit after Taxes                                                    -407%
Liquidity                                                                            
General liquidity                                                                0.04

The  bleak  picture of the 2010 finances, especially in view of the impressive growth the  Company
has  had  in  2009  are the result of a) the breakdown of the Dubai Market in 2009  and  the  deep
economic crisis of the Greek market.


More  specifically,  the  Dubai near-bankruptcy resulted in many of the projects  to  "freeze"  in
waiting  for developments in the economy. While contracts were not cancelled, progress was stopped
and  payments  were  not made. In addition, no new bids were being published.  This  has  weighted
heavily in the 2010 results. Since then, the Dubai and regional economy has regained momentum  and
projects are now continuing while new ones are being planned.

On  the other hand, the Greek crisis has deepened. While the Company has very limited exposure  to
the  Greek  market, it has not remained untouched by the general upheaval. There are no  signs  of
recovery  of  the Greek economy. The Company will continue its international focus,  relying  even
less in the Greek market.



                                      THE BOARD OF DIRECTORS
                                                 





CONSOLIDATED INCOME STATEMENT
      
                                                                                                  
                                                        Year ended 31                Year ended 31
                                                        December 2010                December 2009
                                                          (unaudited)                    (audited)
                                                                    £                            £
Revenue                                                       306,270                      481,241
Cost of sales                                                (262,355)                    (243,265)
Gross profit                                                   43,915                      237,976




Other income                                                    1,671                        3,308
                                                               45,586                      241,284
Selling and marketing costs                                   (76,236)                     (22,294)
Administration expenses                                      (274,327)                     (55,778)
Other expenses                                                (35,004)                       8,375
Finance cost (net)                                            (20,141)                     (10,618)
Results from associated companies                                 349                       11,450
Profit before income tax                                     (359,773)                     172,419
Income tax                                                    (41,413)                     (41,938)
Net profit from continuing operations                        (401,186)                     130,481
Net profit from discontinued operations                             -                            -
Net profit for the year                                      (401,186)                     130,481
                                                                                                  
                                                                                                  
(Loss)/earnings per share:                                                                        
(Loss)/earnings per share                                      (8.0)p                         2.6p
Fully diluted (loss)/earnings per share                        (8.0)p                         2.6p
      


CONSOLIDATED BALANCE SHEET
                                                                  As at                      As at
                                                            31 December                31 December
                                                                   2010                       2009
                                                             (unaudited)                  (audited)
                                                                      £                          £
ASSETS                                                                                            
Non-current assets                                                                                
Property, plant and equipment                                       5,876                   18,297
Intangible assets                                               1,470,554                1,470,554
Investments in associated companies                               264,681                  277,880
Deferred income tax assets                                        218,531                  265,117
Trade & other receivables                                             998                    1,049
Total non-current assets                                        1,960,640                2,032,897
Current assets                                                                                    
Inventories                                                        25,220                   26,513
Account receivables                                               155,869                  385,332
Other receivables                                                  39,545                   69,036
Cash and cash equivalents                                          55,116                  262,357
                                                                              
Total current assets                                              275,750                  743,238
                                                                                                  

Total assets                                                    2,236,390                2,776,135

                                                                                                  

                                                                                                  
EQUITY AND LIABILITIES
                                                                                                  
Capital and reserves
Called up share capital                                            50,000                   50,000
Share premium account                                           1,550,000                1,550,000
Other reserve                                                     (2,612)                  (2,612)
Retained earnings                                               (253,689)                  130,481
                                                                                                  
Total equity                                                    1,343,699                1,727,869
                                                                                                  
Long term liabilities
                                                                                                  
Borrowings                                                        168,960                        -
                                                                                                  
Retirement benefit forecasted obligations                          13,936                   15,063
                                                                        -                   31,939
Grants to assets
                                                                  182,896                   47,002
Total long term liabilities
                                                                                                  
Current liabilities
                                                                                                  
Account payables                                                  121,052                  358,326
                                                                                                  
Other payables                                                     23,789                   27,574
                                                                                                  
Short term loans                                                  564,954                  615,364
                                                                                                  
Total current liabilities                                         709,795                1,001,264
                                                                                                  

                                                                                                  
Total liabilities                                                 892,691                1,048,266
                                                                                                  

                                                                                                  
Total equity and liabilities                                    2,236,390                2,776,135


The  financial information included in this announcement for the year ended 31 December  2010  has
not  been  audited but has been agreed with the auditor. The audit of the full statutory financial
statements  for the year ended 31 December 2010 is currently in progress and the directors  expect
to  publish  audited financial statements on or before 30 June 2011. If it becomes  known  to  the
Directors   of   the  Company  that  the  audit  report  is  to  be  qualified  or   modified   in
relation  to going concern or otherwise, the terms of such qualification or modification  will  be
announced immediately.

The directors of the issuer accept responsibility for the contents of this announcement.

Enquiries:

ChoiceXS plc
Aikaterina Kalligkatsi                           +30 2310 804980

St Helens Capital Partners LLP
Guy Miller / Mark anwyl                          +44 (0)20 7368 6959

Contact Information

  • ChoiceXS Plc