TIDMCLC
RNS Number : 4192K
Clinical Computing PLC
20 April 2010
CLINICAL COMPUTING PLC
2009 PRELIMINARY RESULTS
Clinical Computing Plc (the "Company" or the "Group"), the international
developer of clinical information systems and project and resource management
software, announces its preliminary results for the year ended 31 December 2009.
During 2009 the Group traded through four operating subsidiaries: Clinical
Computing UK Limited 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 and Europe.
Financial Overview
· Total revenue increased 12.5% to GBP3,179,365 (2008: GBP2,825,032)
· Recurring maintenance revenues increased to GBP1,716,862 (2008:
GBP1,515,615)
· Operating costs decreased 6.6% to GBP3,399,050 (2008: GBP3,637,376)
· Loss from operations reduced to GBP219,685 (2008: GBP812,344)
· EBITDA loss of GBP61,118 (2008: loss of GBP737,384)
· Profit after tax of GBP220,394 (2008: loss GBP731,477) principally as a
result of receiving GBP453,026 in research and development tax credits for
development project undertaken in 2006, 2007 and 2008
· Earnings per share of 0.2p (2008: loss 0.7p)
· Operations generated GBP219,502 of cash (2008: operations used
GBP742,523)
· Second half 2009 results showed a profit before tax of GBP14,771
Business Review
· Clinicalvision V web-based clinical information live in Canadian market
· Clinicalvision iPhone application in beta testing
· Six customers currently implementing Clinicalvision V one of which is a
French Canadian system
· Clinical business delivering a clinical analytics module
· Hydra secured seven new customers during 2009
· Hydra released new reporting solution in version 6.1
· Significant developments efforts have been completed in both businesses
Commenting on Outlook, Howard Kitchner, Chairman of Clinical Computing, said:
"The Group is in a position with both of its business units where it has
completed the majority of the significant development efforts for its primary
product lines. The Clinical business will be impacted by its ability to meet
the evolving government initiatives in its key geographic markets which its
customers will be required to comply with over the coming years.
The Hydra business is expected to continue to deliver stable results as
companies continue to require tools to manage projects effectively and show
accountability to management. The Group will continue to manage its cost
structure in line with opportunities across both business lines."
+------------------------------------+---------------------------------+
| Contacts: | |
+------------------------------------+---------------------------------+
| Clinical Computing plc | http://www.ccl.com |
+------------------------------------+---------------------------------+
| Joe Marlovits, Chief Executive | 020 3006 7536 |
+------------------------------------+---------------------------------+
| | |
+------------------------------------+---------------------------------+
| Cairn Financial Advisers Limited | |
+------------------------------------+---------------------------------+
| Simon Sacerdoti | 020 7148 7904 |
+------------------------------------+---------------------------------+
| James Caithie | 020 7148 7902 |
+------------------------------------+---------------------------------+
Chairman's Statement
Business overview
We are pleased to report that the positive trends announced with our first half
results continued through the second half of 2009.
The following are some of the key improvements for the year under review:
· Revenue for the full year 2009 of GBP3,179,365 has increased 12.5% over
2008 (GBP2,825,032)
· Operating results improved in the second half over what we reported in
the first half with revenues increasing 8% and operating costs decreasing 7%
when comparing the consecutive six month periods
· A first half loss of GBP234,356 and an operating profit of GBP14,771 in
the second half resulted in a full year operating loss of GBP219,685 (2008:
loss GBP812,344)
· Full Year EBITDA loss of GBP61,118 ( 2008: loss of GBP737,384)
· Full year after tax profit of GBP220,394 (2008: loss GBP731,477)
· Operations generated GBP219,502 of cash (2008: operations used
GBP742,523)
· Implementation and upgrade projects for clinicalvision V are underway in
our three primary geographic markets: United States, Canada and United Kingdom
· Hydra secured seven new customer projects during the year under review
Clinical business
2009 was the first twelve month period following the release of our web-enabled
clinicalvision electronic medical record system. With this release the Clinical
business realigned its resources to focus on project delivery and securing new
business for this product. From a marketing perspective the business continues
to focus its efforts in the United Kingdom, United States, Canada and Australia
with the sales efforts in the Canadian and Australia markets being delivered
through a partner organisation. 2009 was the first year in which the Clinical
business generated revenues from the Canadian market.
During the year under review the Clinical business generated revenues from 85
customers of which seven are currently using or implementing the latest version
of the clinicalvision product.
We are now beta testing our clinicalvision iPhone application and plan to
release a clinical analytics module during 2010. This will provide clinical
dashboard capabilities allowing customers to track and analyse key clinical
performance indictors by patient, by location or care provider. This new module
will permit our customers to easily isolate risks in the care process and
monitor the quality of care against local and national standards. We continue
to add data exchange protocols to support interaction with other clinical and
administrative systems to ensure that the clinicalvision system is the primary
clinical information system used by our customers.
There are a number of government initiatives in the United States, Canada and
the United Kingdom that are driving innovation in the electronic medical record
market. These initiatives require specific clinical data to be collected and
reported to governmental entities to determine quality of care and future
reimbursement and funding levels. This creates both risk and opportunity for
our business and we believe that our investment in clinicalvision will enable us
to respond accordingly.
Hydra business
As businesses continue to focus on driving efficiencies and optimising resource
utilisation, Hydra has secured a number of new opportunities from current and
new customers. During 2009 Hydra version 6.1 and Hydra Reporter, which provides
comprehensive management information regarding programmes, projects and
resources were released to all Hydra users and have been well received by
customers and assisted in securing new sales during the year.
During the year under review Hydra retained nearly all existing customers under
maintenance agreements and secured revenue from 53 customers.
Results
Group revenue increased by 12.5% to GBP3,179,365 (2008: GBP2,825,032) with the
revenue mix by business as follows:
- Clinical Business 76% of Group revenue at GBP2,428,354 ( 2008: 69.1% and
GBP1,951,743)
- Hydra Business 24% of Group revenue at GBP751,011 (2008: 31.9% and
GBP873,289)
Group Operating costs have decreased 6.6% from the prior year to GBP3,399,050
(2008: GBP3,637,376). The costs were attributed as follows:
- Clinical Business 76% of Group operating costs at GBP2,596,642 (2008: 73%
and GBP2,581,530)
- Hydra Business 18% of Group operating costs at GBP 616,619 (2008: 21%
and GBP770,868)
- Parent Company costs of 6% of Group operating costs at GBP185,789 (2008:
8% and GBP284,978)
Loss from operations reduced by GBP592,659 to GBP219,685 (2008: GBP812,344).
- Clinical business operating loss GBP168,288 (2008: loss GBP629,792)
- Hydra business operating profit GBP134,392 (2008: profit GBP102,421)
- Parent Company operating loss GBP185,789 (2008: loss GBP284,978)
The Group is reporting a profit after tax of GBP220,394 which has arisen
principally as a result of receiving GBP453,026 in research and development tax
credits covering development undertaken in 2006, 2007 and 2008. The after tax
profit of GBP220,394 equates to an earnings per share for the year of GBP0.2p
(2008: loss after tax of GBP731,477 or GBP0.7p per share).
Products and product development
During 2009 the Group focused its development efforts around three main areas
for its clinicalvision technology:
- localising clinicalvision V for the Canadian market including localised
English and French versions;
- developing new interfaces to load information electronically into
clinicalvision V or send information to other systems, thus aiding the workflow
process of our customers; and
- enhancing the clinicalvision V reporting and analytical capabilities to
extend the products ability to deliver relevant operating information to support
both clinical and business decisions.
Likewise, the Hydra product was updated to simplify its deployment and use and
in the second half of the year we released an upgraded reporting solution to
improve the management information and reporting capabilities available to
customers.
Our development efforts for both product lines were focused on improving
specific competitive advantages which we hope to exploit with new opportunities,
particularly in the areas of data analysis and ad hoc reporting.
The Group is not anticipating any increases to its development costs in 2010
with the majority of development activities focused on specific project
requirements and changing market requirements based on government regulations.
Registered Office
The Company moved its corporate headquarters to 17 - 19 Bedford Street, London
WC2E 9HP.
Going concern
The Group forecasts and projections, which take into account of reasonably
possible changes in trading performance, show that the Group should be able to
operate within the level of its current banking facilities which have both been
renewed for a further twelve month period. As a consequence, the directors have
a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, and thus continue to adopt the
going concern basis of accounting in preparing the annual financial statements.
Outlook
The Group is in a position with both of its business units where it has
completed the majority of the significant development efforts for its primary
product lines. The Clinical business will be impacted by its ability to meet
evolving government initiatives in its key geographic markets which its
customers will be required to comply with over the coming years. The directors
believe that the investment made in our new clinicalvision technology will
permit this business to win new business and migrate current customers forward
to this technology while meeting these regional requirements. The Hydra
business is expected to continue to deliver stable results as companies continue
to require tools to manage projects effectively and show accountability to
management. The Group will continue to manage its cost structure in line with
opportunities across both business lines.
H Kitchner
Chairman
20 April 2010
Finance Review
Results for the year
The Group derived its revenue from approximately 85 healthcare organisations
that license one of the following products: PROTON, di-PROTON, RENLStar and
clinicalvision and 53 organisations licensing the Hydra software.
Total revenues for 2009 increased 12.5% to GBP3,179,365 (2008: GBP2,825,032).
The revenues from the Clinical business generated 76% of the Group's revenues
and 24% are derived from the Hydra business. Across the Group maintenance
revenues for the year was GBP1,716,862 or 54% of revenue (2008: GBP1,515,615 or
53.6%). The increase in maintenance revenue for the year was generated from
owning the Hydra business for 12 months in 2009 compared to 10 months in 2008
and the effect of Sterling weakening against the US dollar.
Of the 12.5% increase in Group revenue for the year, 3.3% was from increased
sales and 9.2% was from the weakening of Sterling against the other currencies
in which the Group transacts business, primarily the US and Australian dollar.
72.0% of the Clinical business revenues were derived from the US market (2008:
69.3%) and across the Group 55.0% of revenues was derived from the US market
(2008: 47.9%).
The Group's total operating costs for the year were GBP3,399,050 (2008:
GBP3,637,376) or a reduction of 6.6%. The costs for the Clinical business
were 76% of the total operating costs with the Hydra business accounting for 18%
of the costs and the parent company accounting for 6% of the operating costs of
the Group. Costs across the Group, on a constant exchange rate with the prior
year, would have decreased by a further 5.6% when compared to the prior year.
The Group EBITDA improved from a loss of GBP737,384 in 2008 to a loss of
GBP61,118 primarily due to the increases in revenue and the reduction to costs
noted above.
Operations generated a loss of GBP219,685 (2008: loss GBP812,344). The loss
before tax and tax credits improved to a loss of GBP232,632 (2008: loss
GBP773,386). The Group is reporting a profit for the year after tax of
GBP220,394 or GBP0.2p per share (2008: loss of GBP731,477 or GBP0.7p per share).
Cash flow and debt
During the year cash generated by operations was GBP219,502 (2008: GBP742,523
used by operations).
The Group actively uses one of its two working capital facilities and is
reporting an increase in borrowings for the year of GBP53,909. Outstanding debt
at the end of the year is GBP726,755 (2007: GBP672,755).
At 31 December 2009 the Group had two debt facilities which in total provided
approximately GBP956,000 of working capital facilities with GBP726,755 borrowed.
The larger of the two facilities (GBP800,000) is provided by Brown Shipley on
normal commercial terms, and is backed by personal guarantees from the chairman
and two shareholders. A further GBP156,000 facility ($250,000) is provided by
Fifth Third Bank in the US and is secured by the assets of the Company.
The Fifth Third facility has been extended to 29 April 2011 and the Brown
Shipley facility extended to 31 October 2011.
Capital structure and finance
The Group's consolidated equity position at 31 December 2009 was a deficit of
GBP282,959 (2008: deficit GBP507,925). The change to the equity position was
impacted primarily by the Group's results for the year and the impact of foreign
currency translation of foreign owned subsidiaries.
The Company's current issued shares and voting capital consists of 110,883,694
1p ordinary shares.
Software development
During the year under review the development teams delivered a number of
projects to enhance our current technologies. None of the costs associated with
these projects were capitalised during the year as the projects were specific to
new markets or general enhancements to the products which would not be
separately licensed to customers or identified as separate assets.
The Company has previously capitalised development costs associated with its
clinicalvision V web based chronic disease product and the clinicalvision
transplant module. The amortisation expense for previously capitalised
development costs during the year was GBP93,871, (2008: GBP15,609) which is
included in the Group's research and development expense for the year of
GBP1,341,838 (2008: GBP1,444,404).
Group risk factors
As with all businesses, the Group is affected by certain risks, not wholly
within its control, which could have a material impact on its performance or
could cause actual results to differ materially from historic results. Some of
the risk factors affecting the Group are inherent risks based on the type of
businesses we operate as well as other external factors predominately beyond our
control. Likewise, risks also impact non-financial aspects such as reputation
and time to market. Below are the principal inherent risks that the Group faces
International factors
As an international organisation, the Group faces challenges from economic,
political and business factors unique to the differing healthcare systems in the
countries in which its potential customers are based. The Group has operations
in the United States and United Kingdom to mitigate the majority of this risk,
however, the variety of local regulatory requirements and changes to healthcare
policies are examples of specific risks associated with managing this business.
Any failure to maintain compliance with changes in local regulations or failure
to adapt to market local requirements could have a material, adverse impact on
our business. As we expand our geographical coverage, we continually review all
relevant requirements to ensure appropriate policies are developed for each
market.
Competitive environment
The market for healthcare applications and business management software
solutions are both highly competitive. Competition continues to increase,
particularly in the SME market where barriers to entry are relatively low, which
attracts more companies on a local level into the market. Companies with which
we compete may have greater local knowledge, more human resources, a stronger
financial position or more marketing resources than we do. The Group mitigates
this risk through a commitment to customer service and strategic partnering to
meet local market requirements.
Technology change
Technology in the software industry is constantly changing and in order to be
successful, companies and its employees must be able to adapt to changing
technologies. Changing technology also creates unexpected demands and new
market requirements. The Group's ability to develop new products and stay up to
date with new technologies is determined by the quality of its employees and
their ability to work with industry partners. We encourage our staff to
experiment with new technologies and seek to maintain an up to date knowledge of
our industries and technology in general to ensure, where possible, a proactive
response to the market.
Intellectual property
The Group relies on intellectual property laws, including laws on copyright,
trade secrets and trademarks, to protect its products. Measures are in place to
ensure that our product source code is secure and only available to a limited
number of staff throughout the Group.
Foreign currency risk
The Company's US trading subsidiary trades in its local currency, the US dollar,
and no hedging activity between sterling and the US dollar is undertaken. This
subsidiary generated 55.0% of the Group's total revenue or GBP1,747,973 against
25.3% of its operating costs or GBP859,575 in US dollars. During the year this
subsidiary was cash generative, and this surplus is subject to foreign currency
risk.
Additionally, the Company has a subsidiary in Australia. Receipts and payments
are in the local currency and no hedging activity is undertaken. During the
year this subsidiary was also cash generative, and this surplus is subject to
foreign currency risk.
Administrative expenses are offset by positive effects of foreign currency
transactions which for the year were GBP34,715 (2008: GBP83,072).
Going Concern Risk
The borrowing facilities are subject to annual renewals and there are risks
associated with generating sufficient cash from operations if these facilities
are not renewed.
Taxation
The Company and all subsidiaries have sufficient tax losses such that no income
tax expense has been recognised during the year. For the year under review, the
Group, through its two UK trading subsidiaries has filed research and
development ("R&D") tax credit claims with respect to activities undertaken in
2008 on various components of the clinicalvision and Hydra products. An
election was made, under the terms of the current United Kingdom R&D tax credit
regime, for a percentage of the R&D expenditure to be settled in cash. A tax
credit in the amount of GBP260,056 has been reported in 2009 based on 2008
activities. Also during the year under review the Group filed amended R&D
claims for tax years 2006 and 2007 which resulted in a further cash settlement
of GBP192,970. Total cash settlements for R&D tax credits in 2008 were
GBP453,026 (2008: GBP41,909).
Consistent with prior years, R&D tax credit/claims for activities undertaken in
2009 will be accounted for when received in 2010.
J Marlovits
Director
20 April 2010
Consolidated Income Statement
For the year ended 31 December 2009
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| | Notes | Unaudited | Audited |
+-----------------------------------+-------+-------------+-------------+
| | | 2009 | 2008 |
+-----------------------------------+-------+-------------+-------------+
| | | GBP | GBP |
+-----------------------------------+-------+-------------+-------------+
| Continuing Operations | | | |
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| Total revenue | 2 | 3,179,365 | 2,825,032 |
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| Cost of sales | | 805,487 | (834,691) |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
| Gross profit | | 2,373,878 | 1,990,341 |
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| Distribution costs | | (330,578) | (328,705) |
+-----------------------------------+-------+-------------+-------------+
| Administrative expenses | | | |
+-----------------------------------+-------+-------------+-------------+
| Research and development | | (1,341,838) | (1,444,404) |
+-----------------------------------+-------+-------------+-------------+
| Other | | (921,147) | (1,029,576) |
+-----------------------------------+-------+-------------+-------------+
| Total administrative expenses | | (2,262,985) | (2,473,980) |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
| Loss from operations | | (219,685) | (812,344) |
+-----------------------------------+-------+-------------+-------------+
| Finance income | | 1,506 | 66,489 |
+-----------------------------------+-------+-------------+-------------+
| Finance expense | | (14,453) | (27,531) |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
| Loss before tax | | (232,632) | (773,386) |
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| Income tax credit | | 453,026 | 41,909 |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
| Loss for the year attributable | | | |
| to equity holders of the company | | 220,394 | (731,477) |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
| | | | |
+-----------------------------------+-------+-------------+-------------+
| Basic earnings/(loss) per share | 3 | 0.2p | (0.7p) |
+-----------------------------------+-------+-------------+-------------+
| Diluted earnings/(loss) per share | 3 | 0.2p | (0.7p) |
+-----------------------------------+-------+-------------+-------------+
| | | __________ | __________ |
+-----------------------------------+-------+-------------+-------------+
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2009
+-----------------------------------+-----+------------+------------+
| | | Unaudited | Audited |
+-----------------------------------+-----+------------+------------+
| | | 2009 | 2008 |
+-----------------------------------+-----+------------+------------+
| | | GBP | GBP |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Profit/(loss) for the year | | 220,394 | (731,477) |
+-----------------------------------+-----+------------+------------+
| | | | |
+-----------------------------------+-----+------------+------------+
| Other comprehensive income: | | | |
+-----------------------------------+-----+------------+------------+
| Exchange difference on | | (22,522) | (130,699) |
| translating foreign operations | | | |
+-----------------------------------+-----+------------+------------+
| | | __________ | __________ |
+-----------------------------------+-----+------------+------------+
| | | (22,522) | (130,699) |
+-----------------------------------+-----+------------+------------+
| | | __________ | __________ |
+-----------------------------------+-----+------------+------------+
| Total comprehensive income for | | (197,872) | (862,176) |
| the year | | | |
+-----------------------------------+-----+------------+------------+
| | | __________ | __________ |
+-----------------------------------+-----+------------+------------+
Consolidated Balance Sheet
As at 31 December 2009
+-----------------------------------+-----+--------------+--------------+
| | | Unaudited | Audited |
+-----------------------------------+-----+--------------+--------------+
| | | 2009 | 2008 |
+-----------------------------------+-----+--------------+--------------+
| | | GBP | GBP |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Non-current assets | | | |
+-----------------------------------+-----+--------------+--------------+
| Intangible assets | | 309,426 | 413,466 |
+-----------------------------------+-----+--------------+--------------+
| Goodwill | | 157,658 | 157,658 |
+-----------------------------------+-----+--------------+--------------+
| Property, plant and equipment | | 78,269 | 125,988 |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | 545,353 | 697,112 |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Current assets | | | |
+-----------------------------------+-----+--------------+--------------+
| Trade and other receivables | | 450,574 | 437,149 |
+-----------------------------------+-----+--------------+--------------+
| Cash and cash equivalents | | 551,404 | 299,188 |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | 1,001,978 | 736,337 |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Total assets | | 1,547,331 | 1,433,449 |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Current liabilities | | | |
+-----------------------------------+-----+--------------+--------------+
| Trade and other payables | | (1,103,626) | (1,268,619) |
+-----------------------------------+-----+--------------+--------------+
| Borrowings | | (726,664) | (672,755) |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | (1,830,290) | (1,941,374) |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| Net liabilities | | (282,959) | (507,925) |
+-----------------------------------+-----+--------------+--------------+
| | | _________ | _________ |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Equity | | | |
+-----------------------------------+-----+--------------+--------------+
| Share capital | | (2,433,251) | 2,433,251 |
+-----------------------------------+-----+--------------+--------------+
| Share premium account | | 7,750,957 | 7,750,957 |
+-----------------------------------+-----+--------------+--------------+
| Share option reserve | | 124,661 | 97,588 |
+-----------------------------------+-----+--------------+--------------+
| Translation reserve | | 5,623 | 28,144 |
+-----------------------------------+-----+--------------+--------------+
| Retained earnings | | (10,597,471) | (10,817,865) |
+-----------------------------------+-----+--------------+--------------+
| | | __________ | __________ |
+-----------------------------------+-----+--------------+--------------+
| | | | |
+-----------------------------------+-----+--------------+--------------+
| Shareholders' funds - deficit | | (282,959) | (507,925) |
+-----------------------------------+-----+--------------+--------------+
| | | _________ | _________ |
+-----------------------------------+-----+--------------+--------------+
Consolidated Cash Flow Statement
For the year ended 31 December 2009
+----------------------------------+-------+------------+------------+
| | Notes | Unaudited | Audited |
+----------------------------------+-------+------------+------------+
| | | 2009 | 2008 |
+----------------------------------+-------+------------+------------+
| | | GBP | GBP |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| Net cash outflow from operating | 4 | 219,502 | (742,523) |
| activities | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| Investing activities | | | |
+----------------------------------+-------+------------+------------+
| Interest received | | 1,506 | 66,489 |
+----------------------------------+-------+------------+------------+
| Acquisition of business | | - | (56,750) |
| operations | | | |
+----------------------------------+-------+------------+------------+
| Expenditure on intangible assets | | - | (171,541) |
| | | | |
+----------------------------------+-------+------------+------------+
| Proceeds from sale of property, | | - | 606 |
| plant and equipment | | | |
+----------------------------------+-------+------------+------------+
| Purchases of property, plant and | | (12,203) | (38,353) |
| equipment | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| Net cash used in investing | | (10,697) | (199,549) |
| activities | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| Financing activities | | | |
+----------------------------------+-------+------------+------------+
| VAT recovery from equity issue | | - | 89,037 |
+----------------------------------+-------+------------+------------+
| Proceeds from equity issue | | - | 545,000 |
+----------------------------------+-------+------------+------------+
| Costs of equity issue | | - | (34,813)) |
+----------------------------------+-------+------------+------------+
| Increase in bank loan | | 53,909 | 451,075 |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| Net cash from financing | | 53,909 | 1,050,299 |
| activities | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| Net increase in cash and cash | | 262,714 | 108,227 |
| equivalents | | | |
+----------------------------------+-------+------------+------------+
| | | | |
+----------------------------------+-------+------------+------------+
| Cash and cash equivalents at | | | |
| beginning | | 299,188 | 164,365 |
| of year | | | |
+----------------------------------+-------+------------+------------+
| Effect of foreign exchange rate | | (10,498) | 26,596 |
| changes | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
| Cash and cash equivalents at end | | 551,404 | 299,188 |
| of year | | | |
+----------------------------------+-------+------------+------------+
| | | __________ | __________ |
+----------------------------------+-------+------------+------------+
Consolidated Statement of Changes in Equity
For the year ended 31 December 2009
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | Share | Share | Share | Translation | Retained | Shareholders' |
| | capital | premium | option | reserve | earnings | funds |
| | | account | reserve | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| At 1 January 2008 | 2,258,851 | 7,326,133 | 71,375 | 158,843 | (10,086,388) | (271,186) |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Share option charge | - | - | 26,213 | - | - | 26,213 |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Exchange difference | | | | (130,699) | | (130,699) |
| on translation of | - | - | - | | - | |
| foreign operations | | | | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Issue of equity | 174,400 | 370,600 | - | - | - | 545,000 |
| shares | | | | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Expenses from issue | | (34,813) | | | | (34,813) |
| of equity shares | - | | - | - | - | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Recovery of VAT | | 89,037 | | | | 89,037 |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Loss for the year | - | - | - | - | (731,477) | (731,477) |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | _________ | __________ | __________ | __________ | __________ | __________ |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| At 31 December 2008 | 2,433,251 | 7,750,957 | 97,588 | 28,144 | (10,817,865) | (507,925) |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | _______ | __________ | __________ | __________ | __________ | __________ |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | | | | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Share option charge | - | - | 27,093 | - | - | 27,093 |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| Exchange difference | - | - | | | | |
| on translation of | - | - | - | (22,521) | - | (22,521) |
| foreign operations | | | | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| 'Profit for the year | - | - | - | - | 220,394 | 220,394 |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | ________ | __________ | __________ | __________ | __________ | __________ |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| At 31 December 2009 - | 2,433,251 | 7,750,957 | 124,681 | 5,623 | (10,597,471) | (282,959) |
| Unaudited | | | | | | |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
| | _______ | __________ | __________ | __________ | __________ | __________ |
+-----------------------+------------+------------+------------+-------------+--------------+----------------+
+--+------------------------------------------------------------+
| Notes |
+---------------------------------------------------------------+
| | |
+--+------------------------------------------------------------+
| 1.| Basis of preparation |
| | |
| | The unaudited preliminary announcement has been prepared |
| | under the historical cost convention, on a going concern |
| | basis and consistent with applicable International |
| | Financial Reporting Standards and IFRIC interpretations |
| | ("IFRS") as adopted by the EU. |
| | |
| | The preliminary announcement has been prepared on the |
| | basis of the same accounting policies as published in the |
| | statutory accounts for the year ended 31 December 2008. |
| | |
| | The financial information set out in this preliminary |
| | announcement was approved by the board on 20 April 2010 |
| | and does not constitute statutory financial statements as |
| | defined by the Companies Act 2006. The statutory accounts |
| | for the year ended 31 December 2009 have not yet been |
| | delivered to the Registrar of Companies and no audit |
| | report has yet been given on the statutory financials |
| | statements. |
| | |
| | Statutory accounts for the year ended 31 December 2008 |
| | have been delivered to the Registrar of Companies. The |
| | audit report on these statutory accounts was unqualified |
| | and did not contain a statement either under section |
| | 237(2) or 237 (3) of the Companies Act. |
| | |
| | The Annual Report and Accounts for the year ended 31 |
| | December 2009 will be posted to shareholders in due course |
| | and will be available at the Company's registered office |
| | and on the Company's website simultaneously with posting. |
| | |
+--+------------------------------------------------------------+
2. Revenue
An analysis of the Group's revenue is as follows:
+--------------------------------------------+------------+------------+
| | Unaudited | Audited |
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
+--------------------------------------------+------------+------------+
| | | |
+--------------------------------------------+------------+------------+
| Software licenses | 1,016,954 | 825,155 |
+--------------------------------------------+------------+------------+
| Maintenance | 1,716,862 | 1,515,615 |
+--------------------------------------------+------------+------------+
| Services and other revenue | 445.549 | 484,262 |
+--------------------------------------------+------------+------------+
| | __________ | __________ |
+--------------------------------------------+------------+------------+
| Revenue | 3,179,365 | 2,825,032 |
+--------------------------------------------+------------+------------+
| | __________ | __________ |
+--------------------------------------------+------------+------------+
3. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
+-----------------+-------------+-------------+
| | Unaudited | Audited |
+-----------------+-------------+-------------+
| | 2009 | 2008 |
+-----------------+-------------+-------------+
| | GBP | GBP |
+-----------------+-------------+-------------+
| | | |
+-----------------+-------------+-------------+
| Earnings | | |
| | | |
+-----------------+-------------+-------------+
| | | |
+-----------------+-------------+-------------+
| Earnings/(loss) | 220,394 | (731,477) |
| for the | | |
| purposes of | | |
| basic and | | |
| diluted | | |
| earnings per | | |
| share | | |
+-----------------+-------------+-------------+
| | __________ | __________ |
+-----------------+-------------+-------------+
| | | |
+-----------------+-------------+-------------+
| Number | | |
| of | | |
| shares | | |
+-----------------+-------------+-------------+
| | Number | Number |
+-----------------+-------------+-------------+
| Weighted | | |
| average | 110,883,694 | 108,446,872 |
| number | | |
| of | | |
| ordinary | | |
| shares | | |
| for the | | |
| purposes | | |
| of basic | | |
| and | | |
| diluted | | |
| earnings/(loss) | | |
| per share | | |
+-----------------+-------------+-------------+
| | | |
| Dilutive | 1,149,833 | - |
| share | | |
| options | | |
| for the | | |
| purpose | | |
| of | | |
| diluted | | |
| earnings | | |
| per | | |
| share | | |
+-----------------+-------------+-------------+
| | __________ | __________ |
+-----------------+-------------+-------------+
| Earnings | | |
| per | | |
| share | | |
+-----------------+-------------+-------------+
| | | |
+-----------------+-------------+-------------+
| Basic | 0.2p | (0.7p) |
| earnings | | |
| per | | |
| share | | |
+-----------------+-------------+-------------+
| Diluted | 0.2p | (0.7p) |
| earnings | | |
| per | | |
| share | | |
+-----------------+-------------+-------------+
The calculations of basic and diluted losses per share for 2008 does not include
share options because the effect of including share options would be
anti-dilutive and are excluded from the calculation per IAS 33.
4. Notes to the cash flow statement
+-----------------------------------------------------+------------+-------------+
| | Unaudited | Audited |
+-----------------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+-----------------------------------------------------+------------+-------------+
| | GBP | GBP |
+-----------------------------------------------------+------------+-------------+
| Loss from operations | (219,685) | (812,344) |
+-----------------------------------------------------+------------+-------------+
| Adjustments for: | | |
+-----------------------------------------------------+------------+-------------+
| Depreciation of property, plant and equipment | 54,527 | 58,780 |
+-----------------------------------------------------+------------+-------------+
| Amortisation of intangible assets | 104,040 | 16,180 |
+-----------------------------------------------------+------------+-------------+
| Share option charges | 27,093 | 26,213 |
+-----------------------------------------------------+------------+-------------+
| | __________ | __________ |
+-----------------------------------------------------+------------+-------------+
| Operating cash flows before movements in working | (34,025) | (711,171) |
| capital | | |
+-----------------------------------------------------+------------+-------------+
| Increase in receivables | (23,828) | (42,408) |
+-----------------------------------------------------+------------+-------------+
| Decrease in payables | (161,218) | (3,322) |
+-----------------------------------------------------+------------+-------------+
| | __________ | __________ |
+-----------------------------------------------------+------------+-------------+
| Cash used by operations | (219,071) | (756,901) |
+-----------------------------------------------------+------------+-------------+
| Interest paid | (14,453) | (27,531) |
+-----------------------------------------------------+------------+-------------+
| Tax credit received | 453,026 | 41,909 |
+-----------------------------------------------------+------------+-------------+
| | __________ | __________ |
+-----------------------------------------------------+------------+-------------+
| Net cash from operating activities | 219,502 | (742,523) |
+-----------------------------------------------------+------------+-------------+
| | __________ | __________ |
+-----------------------------------------------------+------------+-------------+
5. Business and geographical segments
For management and legal purposes, the Group consists of four operating
companies and the parent company. These companies are the basis on which the
Group reports its primary segment information. The operating companies provide
software, maintenance and related services to around the clinical and programme
management software products. There is no significant difference between risk
and return on the software and services offered between the operating companies.
The geographic segmental information presented below excludes any intra-group
revenue or expense.
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | Clinical | Clinical | Clinical | Hydra | Parent | |
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | US | UK | Australia | UK | UK | Total |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| 2009 - Unaudited | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Revenue | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Total Revenue | 1,747,973 | 602,916 | 77,465 | 751,011 | - | 3,179,365 |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | __________ | __________ | _______ | _________ | __________ | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Segment result | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Operating | 888,398 | (1,114,943) | 58,257 | 134,392 | (185,789) | (219,685) |
| profit/(loss) | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Finance income | | | | | | 1,506 |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Finance expense | | | | | | (14,453) |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Loss before tax | | | | | | (232,632) |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Income tax | | | | | | 453,026 |
| credit | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Income for the | | | | | | |
| year | | | | | | 220,394 |
| attributable to | | | | | | |
| equity holders | | | | | | |
| of the company | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Balance Sheet | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Segment assets | 328,878 | 384,854 | 8,166 | 761,899 | 63,534 | 1,547,331 |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Segment | 280,957 | 298,385 | 6,664 | 446,545 | 71,075 | 1,103,626 |
| liabilities | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Current | - | 726,664 | - | - | - | 726,664 |
| borrowings | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Total | | | | | | 1,830,290 |
| liabilities | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Other | | | | | | __________ |
| Information | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Capital | 7,941 | 4,262 | - | - | - | 12,203 |
| Expenditure | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Depreciation | 22,405 | 31,506 | - | 616 | - | 54,527 |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| Amortisation | - | 93,871 | - | 10,169 | - | 104,040 |
+------------------+------------+-------------+-----------+-----------+------------+------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+------------+
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | Clinical | Clinical | Clinical | Hydra | Parent | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | US | UK | Australia | UK | UK | Total |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| 2008 | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Revenue | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Total Revenue | 1,351,826 | 568,508 | 31,409 | 873,289 | - | 2,825,032 |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | __________ | __________ | _______ | _________ | __________ | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Segment result | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Operating | 427,346 | (1,147,089) | 14,956 | 102,421 | (209,978) | (812,344) |
| profit/(loss) | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Finance income | | | | | | 66,489 |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Finance expense | | | | | | (27,531) |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Loss before tax | | | | | | (773,386) |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Income tax | | | | | | 41,909 |
| credit | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Loss for the | | | | | | (731,477) |
| year | | | | | | |
| attributable to | | | | | | |
| equity | | | | | | |
| holders of the | | | | | | |
| company | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Balance Sheet | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Segment assets | 280,496 | 1,033,182 | 4,211 | 479,039 | 115,560 | 1,433,449 |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Segment | (476,558) | (712,960) | (2,026) | (258,870) | (77,075) | (1,268,619) |
| liabilities | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Current | - | (672,755) | - | - | - | (672,755) |
| borrowings | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | __________ |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Total | | | | | | (1,941,374) |
| liabilities | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Other | | | | | | |
| Information | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Capital | 27,219 | 182,675 | - | - | - | 209,894 |
| Expenditure | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Depreciation | 23,554 | 35,226 | - | 438 | - | 58,780 |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| Amortisation | - | 15,609 | - | 571 | - | 16,180 |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
| | | | | | | |
+------------------+------------+-------------+-----------+-----------+------------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DMGMDDLZGGZM
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