Clinical Computing - Interim Results
September 16 1999 - 5:29AM
UK Regulatory
RNS No 5676v
CLINICAL COMPUTING PLC
16 September 1999
Clinical Computing Plc
Interim Report 1999
Chairman's and Chief Executive's Statement
For the first half of 1999 the Group has produced an operating profit
of #195,000, which together with net interest income has resulted in a
profit on ordinary activities of #253,000. This is an increase of 23
per cent. on the same period of the previous year. The Group continues
to have a strong cash position and had cash and short term deposit
balances totalling approximately #2.5 million at the end of the first
half of 1999.
Turnover has remained at a similar level to the first half of last year
after removal of the non-recurring royalty payment of #100,000 received
from Armstrong Healthcare last year. Total cost of sales also remains
at a similar level to the same period of last year though with an
increase in research and development expenditure offset by a
corresponding decrease in other expenditure. Distribution costs and
administration expenses have decreased by 23 per cent. and 24 per
cent., respectively.
Major Development Projects
In the first half of 1999 the Group progressed its state of the art
solution, Clinical Vision. We have delivered Phase I of the renal
version of this product line to our initial reference site for beta
testing. We expect to complete Phase II, with extended core functions
to be used in many different clinical applications, by the end of the
year and Phase III, the final renal phase, containing additional
dialysis and transplant specific functions shortly thereafter.
Demonstrations of Clinical Vision were well received at the main UK
annual healthcare conference at Harrogate earlier this year. Both the
renal and the transplant versions of Clinical Vision will be introduced
to the US and wider marketplaces in the final quarter of this year.
This will occur at the annual meeting of the American Society of
Nephrologists where over fifteen thousand practising nephologists
gather not just from the US but from all around the world.
In preparation for the sales and marketing campaign for the new product
line we are retraining our sales teams. We are also in the process of
re-engineering our customer implementation and support activities, to
ensure that the new products are installed in a timely manner. This
involves updating our training and education courses, and the
accompanying materials and documentation.
Year 2000 Compliance
As reported in our final report for 1998, all of our standard products
have been tested for Year 2000 compliance. Many of our customers have
already upgraded their own systems to current hardware platforms and
user software so as to maintain their Year 2000 compliance. We
continue to work with other customers in assisting their migration to
new hardware platforms and upgraded user software.
All of our own internal systems in both the UK and US offices have been
tested for Year 2000 compliance and upgraded as necessary. Any changes
that are still required will be completed by the end of the third
quarter of this year. The Group now has established its own virtual
private network (VPN) between the UK and US offices. Besides using the
latest Year 2000 versions of operating software, the VPN incorporates
the latest anti-virus and security features.
The Future
There is strong interest in the worldwide market for our Clinical
Vision product line. We have made our Phase I delivery to our initial
reference site in the UK, and are on schedule for completion of the
expanded product by the first quarter of 2000. We expect a high level
of activity to be generated in 2000 and beyond. The product has been
designed to facilitate translation into other languages, without making
any code changes. It is expected that this feature will open up large
European and Latin American markets that would otherwise prove cost
prohibitive to enter. Your Directors believe that the Group is well
positioned to take advantage of the many commercial opportunities that
will follow the successful transition to Year 2000 and beyond.
M. Gordon J. Richardson
Chairman Chief Executive
Clinical Computing Plc
Unaudited Consolidated Profit and Loss Account
Six Months Ended 30 June 1999
6 Months 6 Months Year
ended ended ended
30.06.99 30.06.98 31.12.98
#'000 #'000 #'000
Turnover 1,561 1,664 3,039
------ ------ ------
Cost of sales
Research and 414 369 790
development
Other 419 456 833
------ ------ ------
(833) (825) (1,623)
------ ------ ------
Gross profit 728 839 1,416
Distribution costs 216 281 460
Administrative expenses 317 415 804
------ ------ ------
(533) (696) (1,264)
Operating profit 195 143 152
Net interest receivable 58 62 125
------ ------ ------
Profit on ordinary
activities before
and after taxation 253 205 277
==== ==== ====
Basic and diluted 1.0p 0.8p 1.1p
earnings per share
==== ==== ====
All results are derived from continuing operations.
Clinical Computing Plc
Unaudited Consolidated Statement of Total Recognised Gains and Losses
Six Months Ended 30 June 1999
6 Months 6 Months Year
ended ended ended
30.06.99 30.06.98 31.12.98
#'000 #'000 #'000
Profit for the period 253 205 277
(Loss)/gain on foreign
currency
translation (38) 39 9
------- ------- -------
Total recognised gains 215 244 286
and losses
==== ==== ====
Clinical Computing Plc
Unaudited Consolidated Balance Sheet
30 June 1999
30.06.99 30.06.98 31.12.98
#'000 #'000 #'000
Tangible fixed assets 341 316 327
------ ------ ------
Current assets
Stocks 41 0 41
Debtors 1,137 1,095 1,067
Cash at bank and in
hand
(including short term 2,495 2,098 2,332
deposits)
----- ----- -----
3,673 3,193 3,440
===== ===== =====
Creditors: Amounts
falling due within
one year
Deferred income 909 735 814
Other 268 213 328
--------- -------- ---------
1,177 948 1,142
===== ==== =====
Net current assets 2,496 2,245 2,298
Total assets less 2,837 2,561 2,625
current liabilities
Creditors: Amounts
falling due after
more than one year 13 0 16
----- ----- -----
Net assets 2,824 2,561 2,609
===== ===== =====
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 (2,678) (2,941) (2,893)
------ ----- -----
Shareholders' funds - 2,824 2,561 2,609
all equity
===== ===== =====
Clinical Computing Plc
Unaudited Consolidated Cash Flow Statement
Six Months Ended 30 June 1999
6 Months 6 Months Year
ended ended ended
30.06.99 30.06.98 31.12.98
#'000 #'000 #'000
Operating profit 195 143 152
Depreciation and 71 67 128
amortisation charges
(Profit) on sale of 0 (3) (1)
fixed assets
(Increase) in stocks 0 0 (41)
(Increase)/decrease in (70) 439 467
debtors
Increase/(decrease) in 7 (298) (139)
creditors
--- --- ---
Net cashflow from 203 348 566
operating activities
--- --- ---
Returns on investments 58 62 125
Capital expenditure (85) (108) (158)
--- --- ---
(27) (46) (33)
--- --- ---
Net cashflow before 176 302 533
financing
Financing (3) 0 (2)
--- --- ---
Increase in cash 173 302 531
=== === ===
Clinical Computing Plc
Interim Report
Six Months Ended 30 June 1999
Notes
1. The interim results for the six months ended 30 June 1999, 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 1998, which
included an unqualified audit report, have been filed with the
Registrar of Companies.
3. Basic earnings per share has been calculated on the basis of the
weighted average number of shares in issue, being 25,080,310 for the
six months ended 30 June 1999, six months ended 30 June 1998 and for
the year ended 31 December 1998.
Diluted earnings per share has been calculated on the basis of the
weighted average number of shares in issue, being 25,426,926 for the
six months ended 30 June 1999, 25,080,310 for the six months ended 30
June 1998, and 25,426,926 for the year ended 31 December 1998.
4. All costs associated with Year 2000 compliance are charged to the
profit and loss account as incurred and are not considered to be
material.
5. 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 1999 set out on pages 3 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 our 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 1998; and
* we are not aware of any material modifications that should be made
to the interim financial information as presented.
Arthur Andersen
Chartered Accountants Cambridge
Registered Auditors 16 September 1999
END
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