Interim Results
September 26 2000 - 12:02PM
UK Regulatory
RNS Number:5619R
Clinical Computing PLC
26 September 2000
Clinical Computing plc
INTERIM RESULTS
Chairman's and Chief Executive's Statement
For the first half of 2000 the Group produced an operating profit of #84,000,
which together with net interest income of #73,000 generated a profit on
ordinary activities of #157,000. The Group continued to have a strong cash
position with total cash and short-term deposits balances of approximately #3
million at the end of the first half of 2000.
Turnover for the first half of the year was #1.3 million, which is a decrease
of 15% on the same period of the prior year. Total cost of sales for the
first half of the year decreased by 6% when compared to the same period of the
prior year. Research and development costs, however, increased by 22%,
whereas other cost of sales decreased by 33%. Distribution costs remain at a
similar level to the same period of the prior year, but administrative
expenses have decreased by 24%.
With the introduction of the Clinical Vision product line, we expect to see a
reduction in the cash balances during the remainder of 2000 as we strengthen
our sales team in the US market and their activity increases. We are pleased
to announce that we have now recruited a new head of Sales and Marketing for
the US who has an extensive background in the sale of clinical systems. Our
maintenance and support business remains strong in all markets.
Despite some delays, Clinical Vision has been successfully implemented at our
two beta sites in the UK. Both customers have upgraded to the latest
functionality of Version 3.0. Version 3.1, which will be available in the
third quarter of this year, contains US billing interface and insurance
capture capabilities plus the protocols to allow for translation into other
languages.
During the second half of the year the Group will focus on closing orders for
beta sites in the UK, Eire, New Zealand and the US, as well as the expansion
of the Clinical Vision product line into other specialties. The Group
continues to explore technologies which will ensure that we stay current with
ever-changing market trends and that we have the software capability for the
complete electronic clinical record which health services need and will
demand.
M Gordon J Richardson
Chairman Chief Executive
Unaudited Consolidated Profit and Loss Account
Six months ended 30 June 2000
6 Months 6 Months Year
ended ended ended
30.06.00 30.06.99 31.12.99
#000 #000 #000
Turnover 1,331 1,561 3,113
Cost of sales
Research and development 507 414 886
Other 279 419 780
(786) (833) (1,666)
Gross Profit 545 728 1,447
Distribution costs 220 216 413
Administrative expenses 241 317 769
(461) (533) (1,182)
Operating profit 84 195 265
Net interest receivable 73 58 117
Profit on ordinary activities before 157 253 382
and after taxation
Basic and diluted earnings per share 0.6p 1.0p 1.5p
All results are derived from continuing operations.
Unaudited Consolidated Statement of Total Recognised Gains and Losses
Six Months Ended 30 June 2000
6 Months 6 Months Year
ended ended ended
30.06.00 30.06.99 31.12.99
#000 #000 #000
Profit for the period 157 253 382
(Loss)/gain on foreign currency
translation (33) (38) (25)
Total recognised gains and losses 124 215 357
Unaudited Consolidated Balance Sheet
30 June 2000
30.06.00 30.06.99 31.12.99
#000 #000 #000
Tangible fixed assets 313 341 345
Current assets
Stocks 41 41 41
Debtors 727 1,137 748
Cash at bank and in hand
(including short term deposits) 2,957 2,495 2,794
3,725 3,673 3,583
Creditors: Amounts falling due
within one year
Deferred income 727 909 649
Other 216 268 308
943 1,177 957
Net current assets 2,782 2,496 2,626
Total assets less current liabilities 3,095 2,837 2,971
Creditors: Amounts falling due
After more than one
year 0 13 0
Net assets 3,095 2,824 2,971
Capital and reserves
Called-up share capital 1,254 1,254 1,254
Share premium account 4,248 4,248 4,248
Profit and loss account (2,407) (2,678) (2,531)
Shareholders' funds - all equity 3,095 2,824 2,971
Unaudited Consolidated Cash Flow Statement
Six Months Ended 30 June 2000
6 Months 6 Months Year
ended ended ended
30.06.00 30.06.99 31.12.99
#000 #000 #000
Operating profit 84 195 265
Depreciation and amortisation charges 75 71 144
(Increase)/decrease in debtors 21 (70) 319
Increase/(decrease) in creditors (14) 7 (178)
Unrealised foreign exchange loss (33) 0 (27)
Net cashflow from operating activities 133 203 523
Returns on investments 73 58 117
Capital expenditure (31) (85) (158)
42 (27) (41)
Net cashflow before financing 175 176 482
Financing 0 (3) (20)
Increase in cash 175 173 462
Notes
1. The interim results for the six months ended 30 June
2000, set out here, have been compiled in accordance with
applicable accounting standards and on a basis consistent
with the annual accounts. They have been reviewed by our auditors, Arthur
Andersen, and a copy of their report is attached. The auditors discussed
their review and findings with the Audit Committee.
2. The above financial information does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985. Group statutory accounts for the year ended 31 December 1999,which
included an unqualified audit report, have been filed with the Registrar of
Companies.
3. Basic earnings per share has been calculated on the basis
of the weighted average number of shares in issue, being 25,080,310 for the
six months ended 30 June 2000, six months ended 30 June 1999, and for the year
ended 31 December 1999.
Diluted earnings per share has been calculated on the basis of the weighted
average number of shares in issue, being 25,426,926 for the six months ended
30 June 2000, six months ended 30 June 1999, and for the year ended 31
December 1999.
4. Copies of this interim report will be sent to
shareholders and are available from the Company's head office at 4 Thameside
Centre, Kew Bridge Road, Brentford, Middlesex, TW8 0HF.
INDEPENDENT REVIEW REPORT TO CLINICAL COMPUTING PLC
Introduction
We have been instructed by the company to review the financial information set
out on pages 2 to 5 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The
directors are responsible for preparing the interim report in accordance with
the Listing Rules of the Financial Services Authority and applicable United
Kingdom accounting standards. The Listing Rules require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued in the United Kingdom by the Auditing Practices Board and with
our profession's ethical guidance. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing
whether the accounting policies and presentation have been consistently
applied unless otherwise disclosed. A review excludes audit procedures such as
tests of controls and verification of assets, liabilities and transactions. It
is substantially less in scope than an audit performed in accordance with
Auditing Standards and therefore provides a lower level of assurance than an
audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2000.
Arthur Andersen
Chartered Accountants
Betjeman House
104 Hills Road
Cambridge CB2 1LH
Enquiries:
Jack Richardson, Chief Executive
Clinical Computing plc
0208 380 4400
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