TIDMCLC
RNS Number : 5977Y
Clinical Computing PLC
07 September 2009
7 September 2009
CLINICAL COMPUTING PLC
2009 INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2009
Clinical Computing Plc ("the Group"), the international developer of clinical
information systems for the healthcare market and developer of programme
management software, announces its Interim Results for the six months ended 30
June 2009. The Group trades through four operating subsidiaries: Clinical
Computing UK Ltd. in the United Kingdom and Europe, Clinical Computing Inc. in
the United States, Clinical Computing Pty Limited in Australia and Hydra
Management Limited ("Hydra") in the United Kingdom.
Financial Highlights
* Total revenue increased 9% to GBP1,528,439 (H1 2008: GBP1,406,370)
* Recurring maintenance revenues increased by 27% to GBP884,969 (H1
2008: GBP697,274)
* Operating costs decreased to GBP1,762,795 (H1 2008: GBP1,817,161)
* Loss from operations reduced to GBP234,356 (H1 2008: GBP410,791)
* R&D tax credit received for 2006, 2007 and 2008 of GBP394,183
* Profit after tax of GBP154,550 (H1 2008: loss of GBP419,683)
* Earnings per share of 0.1p (H1 2008: loss 0.4p)
Operational Highlights
* Clinicalvision V hosting service available for the US and Canadian markets
* Clinicalvision V hand-held device to be released in the fourth quarter 2009
* Six clinicalvision V implementations underway
* New reporting solution for Hydra product nearing completion
Outlook
Chairman Howard Kitchner, commenting on the Group outlook, said:
"Our results for the first half are a further indication that the Clinical
business has a solid platform for growth. This has been built on the back of the
completion of clinicalvision V, and the new sales generated with our Canadian
Partner. Our sales and marketing activities are aimed at exploiting the
opportunities now available to us as a result of the release of this product
offering.
Against this, we are confident that the upward trend in revenue growth will
continue and there are a number of near opportunities that we expect to move to
firm contracts thus consolidating this revenue growth into 2010. "
+-----------------------------------------------------+-----------------------------+
| Contacts: | |
+-----------------------------------------------------+-----------------------------+
| Joe Marlovits, Chief Executive | 020 3006 7537 |
| Clinical Computing | |
| www.ccl.com | |
| | |
+-----------------------------------------------------+-----------------------------+
| James Caithie / Antony Legge | 020 7492 4777 |
| Dowgate Capital Advisers Limited - Nominated | |
| Adviser | |
+-----------------------------------------------------+-----------------------------+
| These results are also available on the Group's web site: www.ccl.com |
+-----------------------------------------------------+-----------------------------+
CHAIRMAN'S STATEMENT
Introduction
We report our interim results for the six month period to 30 June 2009. This
period has been one of continued positive progress for the Group. With the
release of clinicalvision V now behind us we have seen an increase in revenues
for our clinical business and our geographic coverage has extended into the
Canadian market. The Hydra business continues to be cash generative and although
this business has been more impacted than the Clinical business by the overall
economic climate we see improving revenues from this business in the second half
of the year.
We are pleased to highlight Group revenue growth of 9% for the period and profit
after tax of GBP154,550.
Clinical business
During the period under review we managed six customer clinicalvision V
implementations and each of these projects will continue into the second half of
the year as the customers fully migrate to this new product. The clinicalvision
V product is a web-based application developed to support the effective
management of chronic disease. This release provides the clinical team with an
application and analytical tools to deliver and monitor care over large patient
populations.
Additionally, we have now established two hosting facilities in the North
American market and are now in a position to provide this service to large and
small customers in the United States and Canada. This is another step forward
in changing our business model to take full advantage of the clinicalvision V
technology. Likewise, we are expecting to release an iPhone application as an
additional module in the fourth quarter of 2009.
Our business concentration for the rest of 2009 and into 2010 will be to migrate
our current customers to clinicalvision V and to further develop our offering
for the Canadian market. To date we have won three clinicalvision V contracts in
the Canadian market.
Hydra business
The programme and resource management business is now fully integrated into the
Group. We are in the process of exploring partnerships in the United States
where we believe the Hydra technology can exploit a market requirement at a
competitive price point. The business is also experiencing an increase in demand
for its software from the UK market, as organisations continue to seek ways of
improving the return on their resources.
Following the roll-out of an updated version of the core Hydra technology in the
first half, we anticipate releasing a new reporting solution in the second half
of 2009.
Financial overview
Revenue increased 9% to GBP1,528,439 (H1 2008: GBP1,406,370).
Revenue from the clinical business was GBP1,237,569 or 81% of the Group
revenues. Revenue from the Clinical business when compared to the prior year has
increased 28% (H1 2008: GBP965,771). Revenue from the Hydra business for the
period was GBP290,870 (H1 2008: GBP440,599).
Recurring maintenance revenues accounted for 58% (H1 2008: 50%) of our total
revenues and increased 27% to GBP884,969 (H1 2008: GBP697,274).
The Group's cost base decreased to GBP1,762,795 (H1 2008: GBP1,817,161),
principally due to the overhead reductions undertaken in October 2008.
Operations generated a loss of GBP234,356 (H1 2008: GBP410,791). The majority of
the loss from operations was generated by the Clinical business.
During the period under review we undertook a project to review previous years
R&D tax credit claims. This has resulted in amending our 2006 and 2007 R&D
claims. During the period we are reporting a total tax credit of GBP394,183.
GBP201,213 of this amount was from R&D undertaken in 2008 and GBP192,970 related
to the amended claims for 2006 and 2007.
The Group is reporting an overall profit after tax of GBP154,550 for the period
(H1 2008: loss of GBP419,683). Earnings per share for the period were 0.1p (H1
2008: loss of 0.4p per share).
The Group maintains two debt facilities which in total provide funding for
working capital of GBP950,000, of which the GBP682,467 was drawn at 30 June
2009. In the twelve month period to 30 June 2009 the amount borrowed under the
above facilities increased GBP317,271 of which only GBP9,712 of this amount was
drawn in the six month period to 30 June 2009.
Outlook
Our results for the first half are a further indication that the Clinical
business has a solid platform for growth. This has been built on the back of the
completion of clinicalvision V, and the new sales generated with our Canadian
Partner. Our sales and marketing activities are aimed at exploiting the
opportunities now available to us as a result of the release of this product
offering.
Against this, we are confident that the upward trend in revenue growth will
continue and there are a number of near opportunities that we expect to move to
firm contracts thus consolidating this revenue growth into 2010.
Howard Kitchner
Chairman
7 September 2009
Unaudited condensed consolidated income statement
Six months ended 30 June 2009
+-------------------------------------------------+----------------+----------------+-------------------+
| | | | Audited |
+-------------------------------------------------+----------------+----------------+-------------------+
| | Six months | Six months | year |
+-------------------------------------------------+----------------+----------------+-------------------+
| | ended | ended | ended |
+-------------------------------------------------+----------------+----------------+-------------------+
| | 30 June | 30 June | 31 December 2008 |
| | 2009 | 2008 | |
+-------------------------------------------------+----------------+----------------+-------------------+
| | GBP | GBP | GBP |
+-------------------------------------------------+----------------+----------------+-------------------+
| Continuing operations | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| Revenue (Note 3) | 1,528,439 | 1,406,370 | 2,825,032 |
+-------------------------------------------------+----------------+----------------+-------------------+
| Cost of sales | (366,532) | (440,304) | (834,691) |
+-------------------------------------------------+----------------+----------------+-------------------+
| | -------------- | -------------- | ----------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Gross profit | 1,161,907 | 966,066 | 1,990,341 |
+-------------------------------------------------+----------------+----------------+-------------------+
| | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| Distribution costs | (141,004) | (185,614) | (328,705) |
+-------------------------------------------------+----------------+----------------+-------------------+
| Administrative expenses | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| Research | (758,012) | (668,410) | (1,444,404) |
| & | | | |
| development | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| Other | (497,247) | (522,833) | (1,029,576) |
+-------------------------------------------------+----------------+----------------+-------------------+
| Total administrative expenses | (1,255,259) | (1,191,243) | (2,473,980) |
+-------------------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------- | ----------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Loss from operations | (234,356) | (410,791) | (812,344) |
+-------------------------------------------------+----------------+----------------+-------------------+
| | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| Finance income | 1,327 | 4,214 | 66,489 |
+-------------------------------------------------+----------------+----------------+-------------------+
| Finance expense | (6,604) | (13,106) | (27,531) |
+-------------------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ----------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Loss before tax | (239,633) | (419,683) | (773,386) |
+-------------------------------------------------+----------------+----------------+-------------------+
| Income tax credit (Note 4) | 394,183 | - | 41,909 |
+-------------------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ----------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Profit/ (loss) for the period | 154,550 | (419,683) | (731,477) |
| attributable to equity holders of | | | |
| the company | | | |
+-------------------------------------------------+----------------+----------------+-------------------+
| | -------------- | ------------ | ---------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Basic earnings/(loss) per share | 0.1p | (0.4p) | (0.7p) |
| (Note 5) | -------------- | ------------ | ---------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
| Diluted earnings/(loss) per share | 0.1p | (0.4p) | (0.7p) |
| (Note 5) | -------------- | ------------ | ---------------- |
+-------------------------------------------------+----------------+----------------+-------------------+
The notes form part of this condensed financial information.
Unaudited condensed consolidated statement of comprehensive income
Six months ended 30 June 2009
+------------------------------------+---------------+---------------+------------------+
| | | | Audited |
+------------------------------------+---------------+---------------+------------------+
| | Six months | Six months | Year |
+------------------------------------+---------------+---------------+------------------+
| | ended | ended | Ended |
+------------------------------------+---------------+---------------+------------------+
| | 30 June | 30 June | 31 December 2008 |
| | 2009 | 2008 | |
+------------------------------------+---------------+---------------+------------------+
| | GBP | GBP | GBP |
+------------------------------------+---------------+---------------+------------------+
| Profit/(loss) for the period | 154,550 | (419,683) | (731,477) |
+------------------------------------+---------------+---------------+------------------+
| Exchange differences on | 19,621 | (79) | (130,699) |
| translation of foreign operations | | | |
+------------------------------------+---------------+---------------+------------------+
| | ------------- | ------------- | ---------------- |
+------------------------------------+---------------+---------------+------------------+
| Total comprehensive income for the | 174,171 | (419,762) | (862,176) |
| period | | | |
+------------------------------------+---------------+---------------+------------------+
| | ------------- | ------------- | ---------------- |
+------------------------------------+---------------+---------------+------------------+
The notes form part of this condensed financial information.
Unaudited condensed consolidated balance sheet
30 June 2009
+------------------------------------+-----------------+-----------------+-----------------+
| | 30 June | 30 June | Audited |
| | | | 31 |
| | | | December |
+------------------------------------+-----------------+-----------------+-----------------+
| | 2009 | 2008 | 2008 |
+------------------------------------+-----------------+-----------------+-----------------+
| | GBP | GBP | GBP |
+------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Non-current assets | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Intangible assets | 365,960 | 291,209 | 413,466 |
+------------------------------------+-----------------+-----------------+-----------------+
| Goodwill | 157,658 | 864,391 | 157,658 |
+------------------------------------+-----------------+-----------------+-----------------+
| Property, plant and equipment | 94,861 | 151,546 | 125,988 |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------ |
+------------------------------------+-----------------+-----------------+-----------------+
| | 618,479 | 1,307,146 | 697,112 |
+------------------------------------+-----------------+-----------------+-----------------+
| Current assets | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Trade and other receivables | 722,002 | 643,723 | 437,149 |
+------------------------------------+-----------------+-----------------+-----------------+
| Cash and cash equivalents | 260,794 | 242,723 | 299,188 |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------ |
+------------------------------------+-----------------+-----------------+-----------------+
| | 982,796 | 886,446 | 736,177 |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------ |
+------------------------------------+-----------------+-----------------+-----------------+
| Total assets | 1,601,275 | 2,193,592 | 1,433,449 |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------ |
+------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Current liabilities | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Trade and other payables | (1,239,456) | (1,371,520) | (1,268,619) |
+------------------------------------+-----------------+-----------------+-----------------+
| Bank loans | (682,467) | (365,196) | (672,755) |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------- |
+------------------------------------+-----------------+-----------------+-----------------+
| | (1,921,923) | (1,736,716) | (1,941,374) |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+-----------------+
| Long term liabilities - provisions | - | (624,531) | - |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+-----------------+
| Net liabilities | (320,648) | (167,655) | (507,925) |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | ------------- |
+------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Equity | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Share capital | 2,433,251 | 2,433,251 | 2,433,251 |
+------------------------------------+-----------------+-----------------+-----------------+
| Share premium account | 7,750,957 | 7,661,920 | 7,750,957 |
+------------------------------------+-----------------+-----------------+-----------------+
| Share option reserve | 110,694 | 84,481 | 97,588 |
+------------------------------------+-----------------+-----------------+-----------------+
| Translation reserve | 47,765 | 158,764 | 28,144 |
+------------------------------------+-----------------+-----------------+-----------------+
| Retained earnings | (10,663,315) | (10,506,071) | (10,817,865) |
+------------------------------------+-----------------+-----------------+-----------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| Shareholders' funds - deficit | (320,648) | (167,655) | (507,925) |
| (Note 6) | | | |
+------------------------------------+-----------------+-----------------+-----------------+
| | -------------- | -------------- | ------------ |
+------------------------------------+-----------------+-----------------+-----------------+
The notes form part of this condensed financial information
Unaudited condensed consolidated statement of cash flows
Six months ended 30 June 2009
+------------------------------------+-----------------+-----------------+------------------+
| | | | Audited |
+------------------------------------+-----------------+-----------------+------------------+
| | Six months | Six months | year |
+------------------------------------+-----------------+-----------------+------------------+
| | ended | ended | ended |
+------------------------------------+-----------------+-----------------+------------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+------------------------------------+-----------------+-----------------+------------------+
| | GBP | GBP | GBP |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash used in operating | (36,669) | (393,052) | (742,523) |
| activities (Note 7) | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Investing activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Interest received | 1,327 | 4,214 | 66,489 |
+------------------------------------+-----------------+-----------------+------------------+
| Acquisition of Hydra | - | (56,750) | (56,750) |
+------------------------------------+-----------------+-----------------+------------------+
| Expenditure on product development | - | (100,908) | (171,541) |
+------------------------------------+-----------------+-----------------+------------------+
| Proceeds from sale of fixed assets | - | 566 | 606 |
+------------------------------------+-----------------+-----------------+------------------+
| Purchases of property, plant and | (4,042) | (28,389) | (38,353) |
| equipment | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | -------------- |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash used in investing | (2,715) | (181,267) | (199,549) |
| activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | -------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Financing activities | | | |
+------------------------------------+-----------------+-----------------+------------------+
| VAT recovery from equity issues | - | - | 89,037 |
+------------------------------------+-----------------+-----------------+------------------+
| Proceeds from equity issue | - | 545,000 | 545,000 |
+------------------------------------+-----------------+-----------------+------------------+
| Costs of equity issue | - | (34,813) | (34,813) |
+------------------------------------+-----------------+-----------------+------------------+
| Increase in bank loan | 9,712 | 143,516 | 451,075 |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
| Net cash from financing activities | 9,712 | 653,703 | 1,050,299 |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Net (decrease)/increase in cash | (29,672) | 79,384 | 108,227 |
| and cash equivalents | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Cash and cash equivalents at | 299,188 | 164,365 | 164,365 |
| beginning of period | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Effect of foreign exchange rate | (8,722) | (1,026) | 26,596 |
| changes | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | ---------------- |
+------------------------------------+-----------------+-----------------+------------------+
| | | | |
+------------------------------------+-----------------+-----------------+------------------+
| Cash and cash equivalents at end | 260,794 | 242,723 | 299,188 |
| of period | | | |
+------------------------------------+-----------------+-----------------+------------------+
| | --------------- | --------------- | --------------- |
+------------------------------------+-----------------+-----------------+------------------+
The notes form part of this condensed financial information.
NOTES:
1. Basis of preparation
The accounting policies applied in the un-audited condensed interim financial
statements have been prepared in conformity with recognition and measurement
principles required by International Financial Reporting Standards ("IFRS") in
issue and as adopted by the European Union and are effective or are expected to
be adopted and effective at 31 December 2009. The un-audited financial
statements have been, prepared using accounting policies consistent in all
material respects with those applied in the Group's Annual Report for the year
ended 31 December 2008 and consistent with those that will be applied during the
year ended 31 December 2009. The financial information provided herein should be
read in connection with the Group's audited Consolidated Financial Statements
and the notes thereto for the year ended 31 December 2008.
The Group continues to be loss making and cash negative at the operational
level. The directors continue to monitor management's forecasts for revenues,
costs and working capital needs on a regular basis. Although these projections
show improving trading conditions, inherently there can be no certainty that
these forecasts will be achieved. Following a review of the above noted
forecasts and taking into account available borrowing facilities, the directors
have formed a judgement, at the time of approving this interim announcement,
that there is reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
This interim report does not constitute statutory accounts of the group within
the meaning of section 435 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2008, have been filed with the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not contain a
statement under section 498 of the Companies Act 2006.
2. Business and geographic segments
+---+----------------------------------+-----------------+------------------+------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months | six months | year |
+---+----------------------------------+-----------------+------------------+------------------+
| | | ended | ended | ended |
+---+----------------------------------+-----------------+------------------+------------------+
| | | 30 June | 30 June | 31 December |
+---+----------------------------------+-----------------+------------------+------------------+
| | | 2009 | 2008 | 2008 |
+---+----------------------------------+-----------------+------------------+------------------+
| | | GBP | GBP | GBP |
+---+----------------------------------+-----------------+------------------+------------------+
| | Revenue by segment | | | |
+---+----------------------------------+-----------------+------------------+------------------+
| | Clinical business UK | 342,668 | 333,254 | 568,508 |
+---+----------------------------------+-----------------+------------------+------------------+
| | Clinical business USA | 861,713 | 616,839 | 1,351,826 |
+---+----------------------------------+-----------------+------------------+------------------+
| | Clinical business Australia | 33,188 | 15,678 | 31,409 |
+---+----------------------------------+-----------------+------------------+------------------+
| | Hydra business | 290,870 | 440,599 | 873,289 |
+---+----------------------------------+-----------------+------------------+------------------+
| | | --------------- | --------------- | ---------------- |
+---+----------------------------------+-----------------+------------------+------------------+
| | | 1,528,439 | 1,406,370 | 2,825,032 |
+---+----------------------------------+-----------------+------------------+------------------+
| | | --------------- | ---------------- | ---------------- |
+---+----------------------------------+-----------------+------------------+------------------+
3. Revenue
+---+----------------------------------+---------------+---------------+----------------+
| | | Unaudited | Unaudited | Audited |
| | | six months | six months | year |
+---+----------------------------------+---------------+---------------+----------------+
| | | ended | ended | ended |
+---+----------------------------------+---------------+---------------+----------------+
| | | 30 June | 30 June | 31 December |
+---+----------------------------------+---------------+---------------+----------------+
| | | 2009 | 2008 | 2008 |
+---+----------------------------------+---------------+---------------+----------------+
| | | GBP | GBP | GBP |
+---+----------------------------------+---------------+---------------+----------------+
| | Revenue by type | | | |
+---+----------------------------------+---------------+---------------+----------------+
| | Software licences | 466,872 | 445,313 | 825,155 |
+---+----------------------------------+---------------+---------------+----------------+
| | Maintenance | 884,969 | 697,274 | 1,515,615 |
+---+----------------------------------+---------------+---------------+----------------+
| | Services and other revenue | 176,598 | 263,783 | 484,262 |
+---+----------------------------------+---------------+---------------+----------------+
| | | ------------- | ------------- | -------------- |
+---+----------------------------------+---------------+---------------+----------------+
| | Revenue | 1,528,439 | 1,406,370 | 2,825,032 |
+---+----------------------------------+---------------+---------------+----------------+
| | | ------------- | ------------- | -------------- |
+---+----------------------------------+---------------+---------------+----------------+
4.Tax
The tax credits of GBP394,183 for the half year ended 30 June 2009 includes
credits for R&D undertaken in 2006 and 2007 of GBP192,970 and tax credits for
R&D undertaken in 2008 of GBP201,213. The Group accounts for research and
development tax credits when there is sufficient certainty over receipt of the
amounts involved, which is generally, when the claim has been filed with the
applicable tax authority. The Group has one further claim for 2008 that it has
yet to file and is anticipating that this claim will be settled and accounted
for in the second half of 2009.
5.Earnings per share
The calculation of the basic and diluted loss per share is based on the
following data:
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months | six months | year |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | ended | ended | ended |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | 30 June | 30 June | 31 December |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | 2009 | 2008 | 2008 |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | GBP | GBP | GBP |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | Profit/(loss) for the purposes | 154,550 | (419,683) | (731,477) |
| | of basic and diluted loss | | | |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | --------------- | --------------- | ----------------- |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | | | |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | Number | Number | Number |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | Weighted average number of | 110,883,694 | 105,996,661 | 108,446,872 |
| | ordinary shares used in basic | | | |
| | earnings per share calculation | | | |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | Dilutive share options | 467,831 | - | - |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | --------------- | --------------- | ---------------- |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | Weighted average number of | 111,351,525 | 105,996,661 | 108,446,872 |
| | shares used in diluted earnings | | | |
| | per share calculation | | | |
+---+----------------------------------+-----------------+-----------------+-------------------+
| | | --------------- | --------------- | ---------------- |
+---+----------------------------------+-----------------+-----------------+-------------------+
6.Unaudited Statement of changes in equity
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | Share | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | Share | Share | option | Translation | Retained | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | capital | premium | reserve | reserve | losses | Total |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 December | 2,258,851 | 7,326,133 | 71,375 | 158,843 | (10,086,388) | (271,186) |
| 2007 | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Issue of equity | 174,400 | 370,600 | - | - | - | 545,000 |
| shares | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share options | - | - | 26,213 | - | - | 26,213 |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation of | - | - | - | (130,699) | - | (130,699) |
| foreign | | | | | | |
| operations | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Expenses from | - | (34,813) | - | - | - | (34,813) |
| issue of equity | | | | | | |
| shares | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Recovery of VAT | - | 89,037 | - | - | - | 89,037 |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Loss for the | - | - | - | - | (731,477) | (731,477) |
| year | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 December | 2,433,251 | 7,750,957 | 97,588 | 28,144 | (10,817,865) | (507,925) |
| 2008 | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ---------- | ----------- | -------------- | --------------- |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share options | - | - | 13,106 | - | - | 13,106 |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation of | - | - | - | 19,621 | - | 19,621 |
| foreign | | | | | | |
| operations | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Profit for the | - | - | - | - | 154,550 | 154,550 |
| period | | | | | | |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 30 June 2009 | 2,433,251 | 7,750,957 | 110,694 | 47,765 | (10,663,315) | (320,648) |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ---------- | ----------- | -------------- | --------------- |
+-----------------+---------------+--------------+-------------+-------------+----------------+-----------------+
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | Share | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | Share | Share | option | Translation | Retained | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | capital | premium | reserve | reserve | losses | Total |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | | | | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 31 December | 2,258,851 | 7,326,133 | 71,375 | 158,843 | (10,086,388) | (271,186) |
| 2007 | | | | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Issue of equity | 174,400 | 335,787 | - | - | - | 510,187 |
| shares | | | | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Share options | - | - | 13,106 | - | - | 13,106 |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Translation of | - | - | - | (79) | - | (79) |
| foreign | | | | | | |
| operations | | | | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| Loss for the | - | - | - | - | (419,683) | (419,683) |
| period | | | | | | |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ----------- | ----------- | -------------- | --------------- |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| At 30 June 2008 | 2,433,251 | 7,661,920 | 84,481 | 158,764 | (10,506,071) | (167,655) |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
| | ------------- | ------------ | ---------- | ----------- | -------------- | --------------- |
+------------------+---------------+--------------+-------------+-------------+----------------+-----------------+
+----+---------------------------------------------------------------------+
| 7. | Reconciliation of operating loss to operating cash flows |
+----+---------------------------------------------------------------------+
+-------------------------------------+---------------+---------------+---------------+
| | Unaudited six | Unaudited six | Audited |
| | months | months | year |
+-------------------------------------+---------------+---------------+---------------+
| | ended | Ended | ended |
+-------------------------------------+---------------+---------------+---------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+-------------------------------------+---------------+---------------+---------------+
| | GBP | GBP | GBP |
+-------------------------------------+---------------+---------------+---------------+
+-------------------------------------+-----------------+------------------+-------------------+
| Loss from operations | (234,356) | (410,791) | (812,344) |
| | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| Adjustments for: | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| Depreciation of property, plant and | 28,338 | 37,552 | 58,780 |
| equipment | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| Share option charge | 13,106 | 13,106 | 16,180 |
+-------------------------------------+-----------------+------------------+-------------------+
| Amortisation of capitalised R&D | 47,507 | 7,804 | 26,213 |
+-------------------------------------+-----------------+------------------+-------------------+
| | -------------- | ---------------- | ---------------- |
+-------------------------------------+-----------------+------------------+-------------------+
| Operating cash flows before | (145,405) | (352,329) | (711,171) |
| movements in working capital | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| Increase in receivables | (62,405) | (279,886) | (42,408) |
+-------------------------------------+-----------------+------------------+-------------------+
| (Decrease) / increase in payables | (15,225) | 252,269 | (3,322) |
+-------------------------------------+-----------------+------------------+-------------------+
| | -------------- | ---------------- | ----------------- |
+-------------------------------------+-----------------+------------------+-------------------+
| Cash used by operations | (223,035) | (379,946) | (756,901) |
+-------------------------------------+-----------------+------------------+-------------------+
| | | | |
+-------------------------------------+-----------------+------------------+-------------------+
| Taxes received | 192,970 | - | 41,909 |
+-------------------------------------+-----------------+------------------+-------------------+
| Interest paid | (6,604) | (13,106) | (27,531) |
+-------------------------------------+-----------------+------------------+-------------------+
| | --------------- | ---------------- | ----------------- |
+-------------------------------------+-----------------+------------------+-------------------+
| Net cash outflow from operating | (36,669) | (393,052) | (742,523) |
| activities | --------------- | ---------------- | ----------------- |
| | | | |
+-------------------------------------+-----------------+------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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