Business
Preliminary Results
Preliminary Results.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n Upstream Marketing and Comms Inc.\n01 June 2007\n\n\n Upstream Marketing and Communications Inc.\n ('Upstream' or 'the Company')\n \n Preliminary Results\n \nUpstream, the AIM-listed Asia Pacific-focused corporate and marketing \ncommunications services network, announces its audited preliminary results for \nthe year ended 31 December 2006.\n \nHighlights of 2006\n \n• Completion of the reverse acquisition of UAL by Raven Capital Limited ('Raven') \nin October 2006 and change of the Company's name to Upstream Marketing and \nCommunications Inc. ('Upstream')\n \n• Landmark year of progress for Upstream Asia Limited ('UAL'), with strong growth \nin operating income and investment for future expansion that is already starting \nto yield returns.\n \n• The acquisition has enabled Upstream to enter the fast growing Asia Pacific \ncorporate and marketing communications services sector. UAL's key activity is \nthe provision of marketing and communication services to clients in the technology, \ncorporate & financial, and consumer & travel industries.\n \n• Appointment of Shahed Mahmood (Non-Executive Chairman), David Ketchum (CEO) \nand Jane McGuire Ketchum (Non-Executive Director) to the Board following completion \nof the acquisition and Ajay Kejriwal as Finance Director on 17 January 2007. \nGraham Butt and Joanna Barrett continue to act as Non-Executive Directors. \n \nResults 2006\n• In accordance with International Financial Reporting Standards, the acquisition \nof UAL by Upstream has been accounted for as a reverse acquisition. The results \nfor the year ended 31 December 2006 comprise:\n • the results for UAL for the year ended 31 December 2006; and \n • the results of Upstream for the period from 16 October 2006, the date on which \nthe reverse acquisition completed, to 31 December 2006. \n\n• Comparative figures for the year ended 31 December 2005 comprise only those of UAL.\n\n• The Group demonstrated strong revenue growth in 2006 :\n \n • UAL revenue amounted to US$2.693 million (2005: US$1.996 million)\n • Offices in China and Taiwan experienced particularly strong growth in\n the period\n • Shanghai revenue up 190%; Beijing: 46%; Taiwan: 74%\n \n• The loss from operations for the year before the write off of goodwill\narising on the reverse acquisition was US$89,000 (2005: profit of ...