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Mosaique PLC Announces Interim Results
LONDON, Mosaique PLC (MQE) announces today its results for the interim six month period 1 April to 30 September 2003. The profit on ordinary activities before tax for the six months was 204,000 (six months to 30 November 2002 loss 42,000). Earnings per share 2.2 pence, fully diluted 1.99 per share (2002 loss per share 0.6 pence, fully diluted loss per share 0.6 pence).
LONDON, Mosaique PLC (MQE) announces today its results for the interim six month period 1 April to 30 September 2003. The profit on ordinary activities before tax for the six months was 204,000 (six months to 30 November 2002 loss 42,000). Earnings per share 2.2 pence, fully diluted 1.99 per share (2002 loss per share 0.6 pence, fully diluted loss per share 0.6 pence).
Nicholas Richardson, Chairman, commenting on the results said, This is a very good result in a relatively short time and all aspects of the new business are making a positive contribution to cash flow. We are delighted that current trading continues to exceed expectations and momentum on the financial services side is building up with increasing volumes of product sales and an expanding client base. This is coupled with a steady flow of assignments on the advisory side of the business and we are being invited to look at an increasing number of transactions. We are also in the position to look seriously at a number of potential acquisitions."
Mosaique PLC also announces today the appointment to the board of Stephen Pearce, who will serve as Finance Director and oversee the companys compliance function. Stephen joins Mosaique PLC from Shore Capital Group PLC were he served as Operations Manager for the previous seven years. Prior to that Stephen gained over 20 years experience in investment and private banking and held management positions with Union Bancare Privee, Boston Safe Deposit & Trust Co. and Citicorp Investment Bank.
Commenting on Stephen Pearces appointment, Amer Deen, Chief Executive, said, I am delighted that Stephen has joined the board and I know he strengthen the management team and contribute to the continuing success of the business. Stephen shares our commitment to the Groups future and will be a valuable member of the team moving forward."
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Notes to Editors:
1. The board of directors comprises Nicholas Richardson (Chairman), Amer Deen (Chief Executive), Leon Blumenthal (Operations Director) and Stephen Pearce (Finance Director).
2. At an EGM held on 30 June 2003 shareholders approved the change of business activities through the establishment of a new wholly-owned subsidiary, Mosaique Financial Limited.
3. Mosaique Financial Limited concentrates on the sale of off-shore financial products to high net worth individuals, mortgage and finance broking, participation in equity placings and assisting in raising finance and providing management consultancy services.
4. Mosaique Financials activities are currently being confined to non-regulated business as it is presently seeking Financial Services Authority authorisation.
5. Mosaique PLCs Annual General Meeting will be held on 27 October 2003 at 11.00am at the offices of Field Fisher Waterhouse (35 Vine Street, London EC3N 2AA).
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