Clinical Computing - Interim Results
September 22 1998 - 7:10AM
UK Regulatory
RNS No 3006q
CLINICAL COMPUTING PLC
22nd September 1998
INTERIM RESULTS
Chairman's Statement
The results for the first half of 1998 show a profit of #205,000. Of this
profit, #100,000 is attributable to a non-recurring royalty payment received
from Armstrong Healthcare Limited. Including this royalty payment turnover
increased by 21% and profit by 163% over the same period for 1997.
The group experienced positive cash flow during the half and generated
approximately #300,000 of cash.
Major Development projects
- Disease Management
We have successfully completed the development of the Disease Management
System in conjunction with Roche Products Limited and are now implementing the
pilot site at The Royal London Hospital. It is expected the pilot site will
be operational later this year.
- New Technology
During the first half of this year, we have continued the development of our
new technology platform, "Clinical Vision". This new technology is clearly
aligned with Microsoft's strategy for healthcare software, and utilises many
of the standards that they are marketing both in the US and throughout Europe.
Most of our competition in healthcare software are marketing Windows' based
solutions but these are less advanced than "Clinical Vision". We expect the
development times for building new "Clinical Vision" applications to be
substantially reduced.
As part of the development process we are soliciting prestigious customers for
each new application to serve as our development partners. This will assist
us in defining the required functions for the application, and provide
reference sites which will help accelerate the sales process.
We have developed demonstration products for several "Clinical Vision"
applications. These have been well received by the market and discussions are
at an advanced stage with a number of healthcare organisations with a view to
signing development partnership agreements.
The Future
We continue to be the world's largest provider of dialysis software and we are
well positioned with a growing base of annual support fees. As a result of
demonstrations of our new product line, we are experiencing a decline in
current product orders, with a consequent reduction in our expectations for
the remainder of this financial year. However, we are confident that the
introduction of the new "Clinical Vision" product line will lead to
significant growth of revenue in the future. The "Clinical Vision" suite of
products will enable us to expand our product lines and increase the number of
markets we service. Being able to provide solutions across the entire
clinical arena will open up to us a multi-billion pound clinical market
worldwide.
M Gordon
Chairman
Clinical Computing Plc
Unaudited Consolidated Profit and Loss Account
Six Months Ended 30 June 1998
6 Months 6 Months Year
ended ended ended
30.06.98 30.06.97 31.12.97
#'000 #'000 #'000
Turnover 1,664 1,376 3,025
______ ______ ______
Cost of sales
Research and development 369 303 667
Other 456 416 889
______ ______ ______
(825) (719) (1,556)
______ ______ ______
Gross Profit 839 657 1,469
Distribution costs 281 266 496
Administrative expenses 415 365 815
______ ______ ______
(696) (631) (1,311)
Operating profit 143 26 158
Net interest receivable 62 52 117
______ ______ ______
Profit on ordinary activities
before and after taxation 205 78 275
====== ====== =======
Earnings per share 0.8p 0.3p 1.1p
====== ====== =======
All results are derived from continuing operations
Unaudited Consolidated Statement of Total Recognised Gains and Losses
6 Months 6 Months Year
ended ended ended
30.06.98 30.06.97 31.12.97
#'000 #'000 #'000
Profit for the period 205 78 275
Gain/(loss) on foreign currency translation 39 - (36)
______ ______ ______
Total recognised gains and losses 244 78 239
======= ====== =======
Clinical Computing Plc
Unaudited Consolidated Balance Sheet
30 June 1998
30.06.98 30.06.97 31.12.97
#'000 #'000 #'000
Tangible fixed assets 316 256 274
______ ______ ______
Current assets
Debtors 1,095 863 1,534
Cash at bank and in hand
(including short term deposits) 2,098 2,058 1,796
______ ______ ______
3,193 2,921 3,330
______ ______ ______
Creditors: Amounts falling due within one year
Deferred income 735 555 855
Other 213 466 432
______ ______ ______
948 1,021 1,287
______ ______ ______
Net current assets 2,245 1,900 2,043
______ ______ ______
Net assets 2,561 2,156 2,317
======= ====== =======
Capital and reserves
Called-up share capital 1,254 1,254 1,254
Share premium account 4,248 4,248 4,248
Profit and loss account (2,941) (3,346) (3,185)
______ ______ ______
Shareholders' funds - all equity 2,561 2,156 2,317
======= ====== =======
Clinical Computing Plc
Unaudited Consolidated Cash Flow Statement
Six Months Ended 30 June 1998
6 months 6 months Year
ended ended ended
30.06.98 30.06.97 31.12.97
#'000 #'000 #'000
Operating profit 143 26 158
Depreciation and amortisation charges 67 51 111
(Profit)/loss on sale of fixed assets (3) - 1
(Increase)/decrease in debtors 439 (291) (962)
Increase/(decrease) in creditors (298) (54) 179
_______ ______ ______
Net cashflow from operating activities 348 (268) (513)
_______ ______ ______
Returns on investments 62 52 117
Capital expenditure (108) (36) (118)
_______ ______ ______
(46) 16 (1)
________ ______ ______
Net cash inflow/(outflow) before financing 302 (252) (514)
Financing - (9) (9)
_______ ______ ______
Increase/(decrease) in cash
(including short term deposits) 302 (261) (523)
======= ====== =======
Notes:
1. The interim results for the six months ended 30 June 1998, set out
here, have been compiled in accordance with applicable accounting standards
and on a basis consistent with the annual accounts. They have been reviewed
by our auditors, Arthur Andersen, and a copy of their report is attached. The
auditors discussed their review and findings with the Audit Committee.
2. The above financial information does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. Group statutory
accounts for the year ended 31 December 1997, which included an unqualified
audit report, have been filed with the Registrar of Companies.
3. The earnings per share has been calculated on the basis of the weighted
average number of shares in issue, being 25,080,310 for the six months ended
30 June 1998, six months ended 30 June 1997 and for the year ended 31 December
1997.
4. Copies of this interim report will be sent to shareholders and are
available from the Company's head office at 4 Thameside Centre, Kew Bridge
Road, Brentford, Middlesex TW8 0HF.
Auditors Report to the Shareholders of
Clinical Computing Plc
We have reviewed the interim financial information for the six months ended 30
June 1998 set out on pages 2 to 5 which is the responsibility of, and has been
approved by, the Directors. Our responsibility is to report on the results of
our review.
Our review was carried out having regard to the Bulletin, Review of Interim
Financial Information, issued by the Auditing Practices Board. This review
consisted principally of applying analytical procedures to the underlying
financial data, assessing whether accounting policies have been consistently
applied, and making enquiries of company management responsible for financial
and accounting matters. The review excluded audit procedures such as tests of
controls and verification of assets and liabilities, and was therefore
substantially less in scope than an audit performed in accordance with
Auditing Standards. Accordingly we do not express an audit opinion on the
interim financial information.
On the basis of the review:
- in our opinion the interim financial information has been prepared using
accounting policies consistent with those adopted by Clinical Computing Plc in
its accounts for the year ended 31 December 1997; and
- we are not aware of any material modifications that should be made to
the interim financial information as presented.
Arthur Andersen
Chartered Accountants
Registered Auditors
Cambridge
22 September, 1998
Enquiries:
Jack Richardson
Chief Executive
Clinical Computing plc
Tel: 0181 742 7400
END
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