CLC Calculus Vct Plc

    SU:RNSTESTZI:RA:12-05-08 06:00:01RB:20080512060001RY:YRC:Y..RH:Final ResultsRD:Clinical ComputingRI:GB0002063369RJ:GBRP:CLC RG:   
RT:RSI: HR:1210572012-40a8a709-04871N1:N2:SN:RNS1260USQ:1076HS:ipxrns_2008-5-12_07:00:12_1_132~RNS Number : 1260U
  Clinical Computing PLC
  11 May 2008
   


                             CLINICAL COMPUTING PLC

                            2007 PRELIMINARY RESULTS





Clinical Computing Plc ("Clinical Computing", the "Company" or the "Group"), the

international developer of clinical information systems for the healthcare

market, announces its preliminary results for the year ended 31 December 2007.

During 2007 the Group traded through three operating subsidiaries: Clinical

Computing UK, Ltd. in the United Kingdom and Europe, Clinical Computing, Inc. in

the United States and Clinical Computing Pty Limited in Australia.





On 22 February 2008 Datanet Research Limited (a wholly owned dormant subsidiary

of Clinical Computing Plc) acquired the business and certain assets and

liabilities of Program Management Group Plc ("PMG").  The acquisition included

approximately 50 customer contracts and PMG's project management and resource

planning software.  On the 28th February 2008 Datanet Research Limited changed

its name to Hydra Management Limited.







Financial Overview



·   Revenue increased 5.2% to £1,875,083 (2006: £1,781,658)



·   Operating costs consistent with prior year £2,717,112 (2006:

    £2,725,385)



·   Loss from operations reduced by 10.8% to £842,029 (2006: £943,727)



·   Loss per share of 2.0p (2006: loss 2.6p)



Business Review





·   Transferred listing from Official List to AIM



·   Fundraising completed on AIM in November 2007 raising £1,810,000 to

    advance development of Clinical Vision Web



·   Secured reseller agreement with Gambro opening Canadian market



·   Clinical Vision Web being tested by customers with view to go-live

    later this year



Subsequent Events





·   Acquisition of resource management software company completed



·   Further fundraising in February 2008 of £545,000 to strengthen 
balance

    sheet





Commenting on Outlook, Howard Kitchner, Chairman of Clinical Computing, said:





"The Group is at the early stages of an exciting partnership with a global

medical technology company and together with our recent acquisition and expected

release of our web based Clinical Vision solution entering the market in 2009 we

hope to report decreasing operating losses in 2008 with a move to profitability

in 2009."





Contacts:

Clinical Computing plc                                    http://www.ccl.com

Joe Marlovits, Chief Executive                            020 8747 8744



Dowgate Capital Advisers Limited                          020 7492 4777

James Caithie / Simon Sacerdoti







Chairman's and Chief Executive's Report





Business overview



We are pleased to report that the Company has had a number of significant

accomplishments since the interim report was published in September 2007.

Since then the Company has:



 · Completed the process of moving its listing from the Official List to AIM



  · Equity placing - raising £1,810,000 (before costs)



  · Signed a reseller agreement with Gambro (a global medical technology

    company)



  · After the year end the Company completed the acquisition of the 
business

    and certain assets and liabilities of the Programme Management Group Plc 
("

    PMG") and raised a further £545,000 of equity (before costs) to 
strengthen

    the Group's balance sheet



Since listing on AIM in September 2007, the Company has completed two rounds of

financing raising £2,355,000 (before costs) and successfully completed an

acquisition of a UK based resource management software business based in Leeds.

The trade and certain assets and liabilities were of PMG were acquired, and the

business is now trading as Hydra Management Limited.



The PMG acquisition was undertaken by the Company to strengthen its UK revenue

opportunities. This acquisition adds a product portfolio which brings

approximately £400,000 of annual software maintenance revenues from

approximately 50 customers who are primarily UK based. The customer base using

the Hydra Management products are split between the governmental and corporate

sectors and there is opportunity to grow this customer base. £16,000 cash

consideration was paid upon completion of the acquisition with a further

deferred payment due based upon operating performance of the acquired entity.

The Company can settle the deferred obligation, which is based on a formula, at

its option over a period of seven years.  In conjunction with this acquisition

the Company placed a further 17,440,000 shares at 3.25p raising £545,000 (before

costs) to support current sales efforts and to improve the Group's balance sheet

strength.



A previous fundraising was completed in November 2007, whereby the Company

placed 60,333,333 shares at 3p, raising £1,810,000 (before costs) to provide

working capital for the business primarily to support investment in staff to

accelerate development of Clinical Vision Web.



The Group has signed an exclusive reseller agreement covering the Canadian

kidney disease market with Gambro a global medical technology company.  Under

the terms of this agreement, Gambro's Canadian sales team is now marketing

Clinical Vision to its customer base.  This agreement follows on from work that

has been ongoing with Gambro's Australian subsidiary.  The first Canadian

contract has been agreed and others are anticipated through 2008 and 2009.



Results



Trading performance is showing improving results with the Group reporting

increased revenues on a similar cost base when compared to the prior year.

Revenues for the year ending 2007 increased 5.2% to £1,875,083 (2006:

£1,781,658) and operating costs were practically unchanged at £2,717,112 (2006:

£2,725,385).  Loss from operations reduced by 10.8% to £842,029 (2006:

£943,727).  The loss for the year was 844,836 or a loss per share of 2.0p

(2006: loss £843,404 or 2.6p per share).



Strategy



The Group's strategy of developing software products for the management of

chronic disease is still its primary focus and we anticipate developing other

sales channels similar to the Gambro partnership to achieve growth in the

general chronic disease market.



In general the board believes that the healthcare and resource management

portfolios are both somewhat recession proof portfolios which should not be

significantly impacted by short term reductions in general corporate spending.



While both of our chosen markets present certain challenges, they are global in

nature and we are exploring partnership opportunities which will over time

position the Company's solutions beyond its current geographic boundaries.    We

believe that expansion into new geographic markets will come via strategic

partners.  We are now working with Gambro in Australia, Canada and New Zealand

and this relationship has the potential to sell the Clinical Vision product to

many other countries over time.  To date the majority of revenues of the Group

have been generated from direct sales channels.



With respect to the Company's technical strategy, the directors continue to

believe that healthcare applications delivered directly via the internet is a

global healthcare trend which will continue.  The Company continued its

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