FLLYR: TTK: Full Year to 30/06/2004 $2.622M ($3.091M) -15.2% DIV 9CPS

TRADING RESULT

Operating performance for the year exceeded expectations with a Net Surplus
for the year of $2.62 million, which is 26% ahead of the prospectus forecast.
This reflects stronger than anticipated demand for services in the second
half of the year, including TeamTalk's recently launched finance product,
together with continued tight control of costs. Over the year there was
continued modest growth in both subscriber numbers and revenue per
subscriber.

As signalled to the market with its profit upgrade announcement in May the
company has exceeded its IPO forecasts. The key comparatives for the Group
2004 results are:

IPO Forecast $000; Actual $000

Operating Revenue: 19,560;19,892
EBITDA: 7,974;8,606
Net surplus before tax: 3,534;4,372
Net surplus after tax: 2,086;2,622
Earnings per share (pre goodwill amortisation): 14.6;17.3
Dividends(cps): 15.0;16.5

Great result. Market must have been expecting more. What a fantastic divvie.