Preliminary Results
March 13 2006 - 2:02AM
UK Regulatory
RNS Number:6663Z
Chromogenex PLC
13 March 2006
13 March 2006
CHROMOGENEX PLC
Preliminary final results for the period ended 30 December 2005
Chromogenex Plc ("Chromogenex" or the "Company"), the advanced medical and
aesthetic laser device company targeting acne, wrinkles and vascular lesions,
announces preliminary final results for the period ended 30 December 2005.
The Group profit on ordinary activities before taxation was #180,000 after
crediting the release of negative goodwill of #310,000. This compares with a
profit of #171,000 after negative goodwill amortisation of #310,000 in 2004.
The #2million raised before fees upon floating on AIM in June 2005 has allowed
the company to accelerate new product development, appoint new distributors and
expand geographic distribution, and attain enhanced regulatory status.
Sales increased by 39% during the year ended 31 December 2005 and were in line
with our expectations, excluding sales to the USA. As previously reported, the
delay in achieving regulatory approval for our Chromolite(TM) product in the USA
reduced our revenues by #500,000 from our revised forecast presented in
September. We were pleased to announce in January 2006 that we have achieved
regulatory approval from the FDA for Chromolite(TM) and these sales have now been
booked in the current year resulting in an encouraging start to 2006.
Sales of our Chromolite(TM) Intense Pulsed Light (IPL) system were strong with
sales increasing to #1.89 million from #637,000 in 2004. With our entry to the
US market we expect growth to continue in the current year.
Overheads increased from #1.38 million to #1.73 million primarily due to an
increase in staff, in particular manufacturing. This has allowed us to increase
production output of Chromolite(TM) to meet demand in the marketplace. We have
also achieved a key objective of upgrading our Quality System to ISO 13485
(2003) in January 2006.
We intend to continue enhancements to our product range throughout 2006 and our
collaboration project with Biocellulase Inc. to develop the Smoothshapes(TM)
device for fat reduction and improving the appearance of cellulite is expected
to be launched later this year.
At a recent Aesthetic Business Development Forum held to coincide with the
American Association of Dermatology meeting in San Francisco, industry CEO's
expressed optimism for the next two years with continuing growth into
non-traditional customer markets, body contouring and dermal fillers.
Chromogenex is well positioned with product offerings in the non-traditional
customer and body contouring markets.
Peter McGuinness
Chairman
Year ended Period ended
31 December 31 December
2005 2004
#'000 #'000
TURNOVER 3,287 2,365
Cost of sales (1,685) (1,115)
-------- --------
Gross profit 1,602 1,250
Administrative expenses (1,727) (1,380)
Amortisation of negative goodwill 310 310
-------- --------
OPERATING PROFIT 185 180
Interest payable and similar charges (5) (9)
-------- --------
PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 180 171
Taxation 2 1 -
-------- --------
PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION AND RETAINED FOR THE YEAR 3 181 171
======== ========
EARNINGS PER ORDINARY SHARE (PENCE) 4
Basic 0.39p 0.46p
Diluted 0.35p 0.46p
======== ========
All results relate to continuing activities.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
There were no recognised gains or losses in either the year ended 31 December
2005 or the period ended 31 December 2004, other than as included in the profit
and loss account above.
Year ended Period ended
31 December 31 December
2005 2004
FIXED ASSETS #'000 #'000
Intangible assets negative goodwill (158) (468)
other 153 -
Tangible assets 77 119
-------- --------
72 (349)
-------- --------
CURRENT ASSETS
Stocks 1,219 750
Debtors 878 295
Cash at bank 277 10
-------- --------
2,374 1,055
CREDITORS: Amounts falling due within one year (739) (774)
-------- --------
NET CURRENT ASSETS 1,635 281
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,707 (68)
NET ASSETS / (LIABILITIES) 1,707 (68)
======== ========
CAPITAL AND RESERVES
Called up share capital 592 410
Share premium 1,500 128
Merger reserve (302) (302)
Profit and loss account (83) (304)
-------- --------
EQUITY SHAREHOLDERS' FUNDS 3 1,707 (68)
======== ========
NET CASH FLOW FROM OPERATING ACTIVITIES 5 (1,089) (114)
RETURNS ON INVESTMENTS AND SERVICING
OF FINANCE
Bank and other interest paid (5) (9)
TAXATION
UK corporation tax refunded 1 -
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Research and Development (153) -
Purchase of tangible fixed assets (41) (40)
-------- --------
NET CASH FLOW BEFORE FINANCING (1,287) (163)
Proceeds from the issue of shares 1,554 140
Proceeds from the issue of shares in
subsidiary prior to merger - 30
-------- --------
INCREASE IN CASH IN YEAR / PERIOD 267 7
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET FUNDS
Year ended Period ended
31 December 2005 31 December 2004
#'000 #'000
Movement in cash in year / period 267 7
-------- --------
267 7
Opening net funds 10 3
-------- --------
CLOSING NET FUNDS 277 10
======== ========
NOTES
1 The financial information in this announcement does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
Statutory accounts for the previous financial year ended 31 December 2004
have been delivered to the Registrar of Companies. The auditors' report
on those accounts was unqualified and did not contain any statement under
section 237(2) or (3) of the Companies Act 1985. The auditors have given
an unqualified report on the accounts for the year ended 31 December 2005,
and did not contain any statement under section 237(2) or (3) of the
Companies Act 1985, on these statutory accounts. Copies of the Company's
Report and Accounts will be sent to shareholders shortly and will be
available at the registered office of the company: Units 1 & 2,
Heol Rhosyn, Dafen Park, Llanelli, Carmarthenshire, SA14 8QG.
2 The Group has no liability to UK corporation tax due to the availability
of brought forward tax losses.
3 RECONCILIATION OF SHAREHOLDERS' FUNDS AND STATEMENT OF MOVEMENT ON
RESERVES
Group Share Merger Share Profit and
capital reserve premium loss account Total
#'000 #'000 #'000 #'000 #'000
At 1 March 2004 368 (332) - (475) (439)
Shares issued 42 - 128 - 170
Issue of shares in subsidiary - 30 - - 30
Profit for the period - - - 171 171
-------- -------- -------- -------- --------
As at 31 December 2004 410 (302) 128 (304) (68)
======== ======== ======== ======== ========
Share option costs - - - 40 40
Profit for the year - - - 181 181
Issue of shares 182 - 1,818 - 2,000
Share issue costs - - (446) - (446)
-------- -------- -------- -------- --------
As at 31 December 2005 592 (302) 1,500 (83) 1,707
======== ======== ======== ======== ========
4 EARNINGS PER ORDINARY SHARE
The earnings per ordinary share has been calculated using the profit for the
year and the weighted average number of ordinary shares in issue during the year
as follows(comparatives adjusted for share consolidation) :
31 December 2005 31 December 2004
#'000 #'000
Profit for the year / period after taxation 171 181
-------- --------
No. No.
Basic weighted average of ordinary
shares of 1p each 46,613,761 36,950,000
-------- --------
Basic earnings (pence per share) 0.39p 0.46p
Fully diluted earnings (pence per share) 0.35p 0.46p
-------- --------
The weighted average number of shares for the calculation of diluted earnings
per share at 31 December 2005 was 51,194,857 reflecting the unexercised share
options and warrants in place. There were no dilutive potential shares at 31
December 2004.
5 CASH FLOWS
Year ended Period ended
31 December 31 December
2005 2004
#'000 #'000
A Reconciliation of operating profit to net cash
flow from operating activities
Operating profit 185 180
Amortisation of negative goodwill (310) (310)
Depreciation 83 79
Movement in stock (469) 7
Movement in debtors (583) (70)
Movement in creditors (35) -
Share option costs 40 -
-------- --------
Net cash flow from operating activities (1,089) (114)
======== ========
Year ended Period ended
31 December 31 December
2005 2004
#'000 #'000
B Analysis of change of net funds
Cash at bank and in hand 10 40
Bank overdrafts and loans - (37)
Opening net funds 10 3
Movement in cash in year 267 (30)
Movement in bank overdraft loans - 37
-------- --------
267 7
Cash at bank and in hand 277 10
Bank overdrafts and loans - -
-------- --------
Closing net funds 277 10
======== ========
6 The directors do not recommend the payment of a final dividend (2004: #nil).
End
Chromogenex plc 0208 371 4272
Peter McGuinness 07775 834 777
Corporate Synergy 020 7448 4400
Olly Cairns
Threadneedle Communications 020 7531 2620
Graham Herring/Alex White 07793 839 024
This information is provided by RNS
The company news service from the London Stock Exchange
END
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