27/09/16

Interim Half Year Results - 2016

Toumaz Limited (AIM: TMZ), a pioneer in technologies for Digital Radio and Smart Audio devices, publishes its results for the six months ended 30 June 2016.

Key Points

  • Healthcare division sold in July 2016 for £1.3 million plus ten-year royalty agreement - eliminating associated cash losses
  • Continuing operations moving towards break-even; expected to be EBITDA and trading cash flow positive in H2 2016

Proposal to change name of Toumaz Limited to Frontier Smart Technologies Group Limited

  • Key financials for the continuing business:
    • Revenues steady at £13.7 million (H1 2015: £13.8 million)
    • R&D expenditure reduced to £2.8 million (H1 2015: £4.7 million) - no further silicon development planned in foreseeable future
    • EBITDA loss improved to £0.04million (H1 2015: loss of £2.2 million)
    • Cash attributable to continuing business at 30 June 2016 of £3.8 million (31 December 2015: £7.7 million)

Anthony Sethill, CEO of Toumaz, commented: 'Having sold Healthcare and eliminated the associated losses and cash burn, we have created a solid platform for profitable growth. The Group is now fully focused on Digital Audio, where our established leadership in Digital Radio provides a platform from which to develop our position in Smart Audio.'

Enquiries:

Toumaz Limited

+44 (0) 20 7391 0630

Anthony Sethill, Chief Executive Officer

Jonathan Apps, Chief Financial Officer

Peel Hunt LLP (Nominated Adviser and Broker)

+44 (0) 20 7418 8900

Richard Kauffer/ Euan Brown

Buchanan Communications Limited

+44 (0) 20 7466 5000

Sophie McNulty/ Henry Harrison-Topham/ Steph Watson

About Toumaz

The Toumaz Group is a pioneer in software and hardware technologies for Digital Audio devices.

Having sold its Healthcare division in July 2016, the Group now has one operating division, Frontier Silicon, which provides solutions for Digital Radio and Smart Audio devices.

Frontier was founded in 2002. Customers include many leading consumer audio brands: Bose, Bowers & Wilkins, Denon, Grundig, harman/kardon (JBL), Onkyo, Panasonic, Philips, Pioneer, Pure, Roberts, Sony, TechniSat, Yamaha, and many more.

The company is headquartered in London, with engineering, sales and operations teams in Cambridge, Timisoara (Romania), Hong Kong, and Shenzhen.

www.toumaz.com

Toumaz Limited published this content on 27 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2016 06:10:11 UTC.

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