TIDMINS
RNS Number : 4681A
Instem plc
29 September 2015
29 September 2015
Instem plc
("Instem" or the "Group")
Half Yearly Report
Instem plc (AIM: INS.L), a leading provider of IT solutions to
the global early development healthcare market, announces its
unaudited interim results for the six months ended 30 June
2015.
Financial Highlights
-- Revenues increased 31% to GBP7.5m (H1 2014: GBP5.7m)
o Recurring revenues increased 19% to GBP5.0m representing 67%
of total revenues (H1 2014: GBP4.2m representing 74% of total
revenues)
-- EBITDA increased to GBP0.9m (H1 2014: GBP0.1m)
-- Adjusted* earnings per share of 5.14p (H1 2014: 1.20p loss)
-- Basic earnings per share of 1.63p (H1 2014: 4.74p loss)
-- Seasonal net operating cash outflow of GBP1.0m (H1 2014: GBP1.6m)
-- Net cash balance as at 30 June 2015 of GBP0.1m (H1 2014: (GBP0.2m))
*After adjusting for the effect of foreign currency exchange on
the revaluation of inter-Group balances included in finance
income/(costs), non-recurring items and amortisation of intangibles
on acquisitions.
Operational Highlights
-- Demand intensified in both the pre-clinical and clinical sectors
-- Strong ALPHADAS order intake and market share gains
-- SEND products and services poised for significant growth post
definitive guidance from the FDA
-- Significant strengthening of the market facing team and
project delivery capabilities both on and off-shore
Phil Reason, CEO of Instem plc, commented:
"Performance in the first half of 2015, from both a revenue and
profit perspective, has continued the strengthening trends seen in
the second half of 2014.
"Research and development pipelines in the pharma industry
continue to grow, particularly in the earlier phases of development
in which Instem specialises.
"With a solid backlog of existing orders, high levels of
customer retention and a growing prospect pipeline, trading is
expected to be in line with management expectations for the full
year 2015 and we have confidence in the opportunities for
2016."
For further information, please contact:
Instem plc +44 (0) 1785 825 600
Phil Reason, CEO www.instem.com
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Richard Lindley
Nick Owen
Walbrook Financial PR +44 (0) 20 7933 8000
Paul Cornelius instem@walbrookpr.com
Sam Allen
Helen Cresswell
About Instem
Instem is a leading supplier of IT applications to the early
development healthcare market, delivering compelling solutions for
data collection, management and analysis across the R&D
continuum. Instem applications are in use by customers worldwide,
meeting the rapidly expanding needs of life science and healthcare
organisations for data-driven decision making leading to safer,
more effective products.
Instem's portfolio of software solutions increases client
productivity by automating study-related processes while offering
the unique ability to generate new knowledge through the extraction
and harmonisation of actionable scientific information.
Instem supports over 400 clients through full service offices in
the United States, the United Kingdom, India and China, with
additional presence in France and Japan.
To learn more about Instem solutions and its mission, please
visit www.instem.com
Chairman's Statement
I am pleased to report on the excellent financial performance
achieved by the Group for the six month period to 30(th) June
2015.
We opened the year with a record order book, as a result of
substantial pre-clinical business being secured towards the end of
2014. This strong financial performance resulted partly through
successful execution of these contracts from this increased order
book. In addition, the growth experienced in the pre-clinical
market appears to be flowing through into early phase clinical
trials with a consequential positive effect on sales of ALPHADAS,
which added four new clients and eleven new clinical sites across
Europe, Canada and the USA during the period.
Within the pre-clinical business, all Software-as-a-Service
("SaaS") Provantis(R) clients hosted from our US data centre have
now upgraded to the latest version, enabling rationalisation and
enhancement of the infrastructure. Increasing levels of new
licensees within the small-to-mid sized contract research
organisations ("CROs") industry sector demonstrates that the
improving market sentiment is positively impacting all tiers of the
industry. Perceptive Instruments, acquired in November 2013, also
increased traction as part of the enlarged group, particularly with
our clients in China and North America.
The Group has continued to invest for growth with the
appointment of new senior hires within the SEND business, expansion
of our Pune, India facility and recent establishment of an office
in Tokyo, Japan to support our distributors and customers across
the region.
The growth within the pharmaceutical industry, in terms of the
number of enterprises working in the sector, the number of active
substances undergoing research and the number of successful new
product launches, provides one of the most positive market
backdrops experienced by the Group in recent times. Consequently,
the Group anticipates further growth in both its core pre-clinical
and clinical markets across the second half of the year.
Finally, I would like to take this opportunity to thank all our
staff, customers and partners for their ongoing support.
David Gare
Non-Executive Chairman
29 September 2015
Operational Review
Following our strong performance in the pre-clinical area at the
end of 2014, we entered 2015 with a record order book and this has
contributed to the financial progress of the Group in the period.
The period has also seen a broadening of demand with the growth in
pre-clinical being complemented by growth in the clinical business
during the first half of 2015.
We have continued to invest to expand the scale and services
provided from our Pune operation, which will be moving into larger
premises during October 2015. Post the period end, Instem Japan was
established and two experienced Japanese business development
professionals have joined the Instem team. This will support a
well-established Japanese client base and the increasing
requirements for our regional distributors to convert a promising
pipeline of opportunities.
Pre-clinical - Provantis(R) and Perceptive Instruments
Provantis client implementation projects progressed well during
the period with all US-based SaaS clients now upgraded to the
latest version of Provantis, enabling us to further optimise our
data centre infrastructure.
The industry has continued to increase pre-clinical study
volumes, which has generated additional Provantis licence sales at
several of Instem's mid-sized CRO clients. There has also been a
steady stream of customer upgrades and additional module
purchases.
Perceptive Instruments has benefitted from being part of the
enlarged Instem group with increasing cross selling during the
period of its higher value AMES Study Manager and Cyto Study
Manager products into existing Instem clients in China and North
America.
Early Stage Clinical - ALPHADAS(TM)
2015 has been a very successful period for ALPHADAS in early
phase clinical, with three significant new orders announced on 14
May 2015, involving implementation at nine additional clinics in
Europe, Canada and the USA. Subsequently, we have received orders
from three additional clients who will implement ALPHADAS at four
further clinical sites.
Instem Scientific
As highlighted in the 2014 Annual Report, we are currently
piloting a new service-based solution, 'KnowledgeScan', designed to
leverage our powerful big data technology suite to answer important
questions that arise during a typical drug development programme.
Building on the expertise, scientific content, ontologies and
vocabularies delivered on multiple prior projects, we believe this
service fits well with the ongoing restructuring across the
pharmaceutical industry, which has led to a significant increase in
R&D outsourcing. We expect to see benefits from this
industry-led change in the coming years, as demand for consulting
expertise is usually a lead indicator of increasing demand for
other products and services across this market segment.
Electronic Regulatory Submissions (SEND) - submit(TM)
The new business pipeline for both our software solutions and
SEND data set conversion services continues to grow strongly month
on month. While some of this will convert to orders and revenue in
2015, the more significant acceleration of revenue continues to be
expected during 2016 and 2017, when submissions under the standard
become mandatory. Management estimates that by 2019 the industry
will be spending between $200m and $270m per year on software and
services to generate SEND data, with much of the service work
likely to be undertaken by CROs. Meanwhile, the Instem team has
been extremely busy implementing the projects secured in 2014 and
supporting the significant ramp up in interest generated by the
publication of definitive guidance for SEND in December 2014.
We believe that submit(TM) offers the most advanced product to
meet the requirements of SEND and Instem continues to secure the
overwhelming majority of business placed in this area. As a
consequence we have further strengthened the submit(TM)
development, sales and implementation teams. In particular, we have
hired two additional, highly experienced market facing consultants
who have been key members on the SEND committee for over 10
years.
Market Overview
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 02:01 ET (06:01 GMT)
As highlighted in our 2014 Annual Report, Citeline(R), which
provides the world's most comprehensive source of real-time R&D
intelligence for the pharmaceutical industry, reported that the
size of the global drug pipeline had increased by 8.8% in 2014,
alongside a 27% increase in market launches of new active
substances. Supported by high capital inflows, the biggest growth
segment was seen in the drug development activities of small to
mid-tier pharma, with a year-on-year increase of more than 10% in
the number of companies with an active drug development
portfolio.
The growth in 2014 represented the largest annual rise in the
drug pipeline on record, in absolute terms and followed on from the
strong advance seen in 2013. There is further evidence that the
global pharmaceutical market is now moving resources from late
stage clinical development into early compound development work in
order to refill the pipeline of preclinical candidates.
These drug development activities require specialist services
and technologies, in particular, IT solutions, which enable
organisations to improve cost efficiencies and ensure that they are
able to meet the ever increasing regulatory demands of the
industry. The regulatory bodies' preference for the electronic
capture, storage and transfer of data for new drug submissions
continues to grow. Pharmaceutical organisations are seeking tools
that can help them to identify suitable drug candidates from vast
volumes of historic data, in addition to managing their compliance
risk with the authorities.
Pre-clinical market
In August 2015, Charles River Laboratories (CRL), a $1.3bn
revenue company, which is also the world's largest preclinical CRO,
reported that "Demand for outsourced early-stage service continues
to intensify" with revenue for their drug safety assessment
business enjoying a 3(rd) successive quarter of low double digit
revenue growth. This trend is in evidence amongst many of Instem's
other CRO clients and supports the continued robustness of Instem's
sales pipeline.
CRL is also the world's largest supplier of laboratory research
models and it is witnessing increasing customer demand,
particularly in China and North America, with demand stable in
Europe. This trend reflects what Instem is experiencing with regard
to market expenditure on IT solutions across these territories.
Early Stage Clinical market
The recent market study from Citeline(R) reported a 4.9%
increase in the early stage clinical pipeline, and this supports
anecdotal evidence that the early stage clinical market is growing
more slowly than pre-clinical, with some CROs reporting marked
increases in study volume and others still with capacity to
spare.
The early stage clinical market is immediately downstream of
pre-clinical and there may therefore be a delay before the
increased pre-clinical investment delivers an improved flow of drug
candidates to the clinic. The restructuring of the early phase
clinical CRO market, as experienced in recent years, is expected to
continue with CRO performance quite variable.
Nevertheless, strong opportunities exist within the early stage
clinical market for the deployment of Instem's software solutions.
These opportunities are resulting from an increasing recognition of
the need to control data quality and integrity and because levels
of automation within the early stage environment remain low in
comparison with other areas of pharma R&D.
Government and Academic Research
Funding for Government and academic institutions undertaking
later stages of life sciences research in North America, China and
Europe continues to grow to cover gaps that are not sufficiently
attractive to commercial enterprises. This enables them to invest
in both study automation solutions and in innovative approaches to
the process of R&D using novel, scientific informatics and big
data approaches.
Instem revenue in this sector of the market has grown, over the
last 5 years, from a negligible proportion to approaching 10% of
total revenue. It remains one of the target areas for further
growth.
Financial Review
Instem's revenue model consists of a blend of fees for perpetual
licences and annual support, SaaS subscriptions and professional
services. In the period, approximately 67% (H1 2014: 74%) of
revenues were recurring in nature, being derived from annual
support fees, SaaS subscriptions, funded software development and
upgrade services.
Earnings from operations before depreciation, amortisation,
non-recurring costs, interest and tax ('EBITDA') for the period,
was GBP0.9m (H1 2014: GBP0.1m). Operating expenses increased by
GBP0.9m in the half year over the equivalent period in 2014,
largely due to the ongoing investment in staff. Amortisation
remained at GBP0.5m compared with the equivalent period in
2014.
Development expenditure in the period was GBP0.9m (H1 2014:
GBP0.5m), of which GBP0.2m was capitalised (H1 2014: GBP0.1m).
The funding deficit of Instem's defined benefit pension scheme
remained at GBP4.0m during the period, calculated in accordance
with the provisions of IAS19.
Instem's cash flow displays some seasonality, with cash inflow
being weighted towards the second half of the year, resulting from
the level of annual fee renewals occurring at the year end. As a
result of the normal working capital cycle, net cash at the end of
June 2015 was GBP0.1m (H1 2014: GBP(0.2)m) compared with GBP1.7m at
December 2014. Cash payments of GBP0.6m were also made in the
period for contingent consideration relating to the acquisition of
Perceptive Instruments and the settlement of a loan note, which was
issued as part payment of contingent consideration relating to the
acquisition of Logos (Instem Clinical).
In line with previous periods, and our current policy of
retaining cash within the business to capitalise on the available
growth opportunities, the Board has not recommended the payment of
a dividend.
Principal risks and uncertainties
The principal risks and uncertainties remain unchanged from
those described in our 2014 Annual Report.
Outlook
Performance in the first half of 2015, from both a revenue and
profit perspective, has continued from the strengthening trends
seen in the second half of 2014.
Research and Development pipelines in the pharma industry
continue to grow, particularly in the earlier phases of development
in which Instem specialises.
With a solid backlog of existing orders, high levels of customer
retention and a growing prospect pipeline, trading is expected to
be in line with management expectations for the full year 2015 and
we have confidence in the opportunities for 2016.
Phil Reason
Chief Executive
29 September 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended 31
30 June 30 June December 2014
2015 2014 GBP000
Note GBP000 GBP000
REVENUE 7,479 5,701 13,429
Operating expenses (6,500) (5,563) (11,513)
Share based payment (85) (41) (108)
EARNINGS BEFORE DEPRECIATION, AMORTISATION, NON
RECURRING ITEMS, INTEREST AND TAX ("EBITDA") 894 97 1,808
Depreciation (98) (90) (186)
Amortisation of internally generated intangibles (194) (144) (297)
Amortisation of acquired intangibles (320) (320) (640)
----------------- --------------- ---------------
Total amortisation (514) (464) (937)
----------------- --------------- ---------------
PROFIT/(LOSS) BEFORE NON RECURRING ITEMS 282 (457) 685
Non-recurring costs 4 - (38) (123)
----------------- --------------- ---------------
PROFIT/(LOSS) FROM OPERATIONS 282 (495) 562
Finance income 108 1 9
Finance costs (116) (178) (359)
----------------- --------------- ---------------
PROFIT/(LOSS) BEFORE TAXATION 274 (672) 212
Income tax 5 (75) 105 (62)
----------------- --------------- ---------------
PROFIT/(LOSS) FOR THE PERIOD/YEAR 199 (567) 150
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----------------- --------------- ---------------
OTHER COMPREHENSIVE EXPENSE
Actuarial loss on retirement benefit obligations (339) (240) (621)
Deferred tax on actuarial loss 68 48 124
Exchange differences on translating foreign operations (28) 1 34
----------------- --------------- ---------------
OTHER COMPREHENSIVE EXPENSE FOR THE PERIOD/YEAR (299) (191) (463)
----------------- --------------- ---------------
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD/YEAR (100) (758) (313)
================= =============== ===============
PROFIT/(LOSS) ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT GROUP 199 (567) 150
================= =============== ===============
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT GROUP (100) (758) (313)
================= =============== ===============
Earnings per Share from continuing operations
- Basic 3 1.63p (4.74)p 1.24p
-
Diluted 3 1.61p (4.74)p 1.23p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2015
Unaudited Unaudited Audited
30 30 31 December
June June 2014
2015 2014
GBP000 GBP000 GBP000
ASSETS
NON-CURRENT ASSETS
Intangible assets 11,953 12,734 12,439
Property, plant and equipment 392 292 263
Deferred tax assets 543 395 574
---------- ---------- ------------
TOTAL NON-CURRENT ASSETS 12,888 13,421 13,276
CURRENT ASSETS
Inventories 798 397 506
Trade and other receivables 5,595 2,508 4,432
Current tax assets - 385 -
Cash and cash equivalents 1,600 1,127 1,676
---------- ---------- ------------
TOTAL CURRENT ASSETS 7,993 4,417 6,614
TOTAL ASSETS 20,881 17,838 19,890
========== ========== ============
LIABILITIES
CURRENT LIABILITIES
Bank overdraft 1,540 1,318 -
Trade and other payables 7,826 5,846 8,175
Current tax liabilities 406 - 231
Short term borrowing 18 - -
Financial liabilities 1,300 1,100 1,903
---------- ---------- ------------
TOTAL CURRENT LIABILITIES 11,090 8,264 10,309
NON-CURRENT LIABILITIES
Long term borrowing 136 - -
Financial liabilities 299 1,557 281
Retirement benefit obligations 3,952 3,510 3,881
---------- ---------- ------------
TOTAL NON-CURRENT LIABILITIES 4,387 5,067 4,162
TOTAL LIABILITIES 15,477 13,331 14,471
---------- ---------- ------------
EQUITY
Share capital 1,221 1,200 1,221
Share premium 7,892 7,892 7,892
Merger reserve (326) (706) (326)
Shares to be issued 463 311 378
Translation reserve 200 195 228
Retained earnings (4,046) (4,385) (3,974)
---------- ---------- ------------
TOTAL EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT 5,404 4,507 5,419
TOTAL EQUITY AND LIABILITIES 20,881 17,838 19,890
========== ========== ============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months ended Six months ended Year
30 June 30 June ended 31 December 2014
2015 2014 GBP000
GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before taxation 274 (672) 212
Adjustments for:
Depreciation 98 90 127
Amortisation of intangibles 514 464 937
Share based payments and shares to be issued 85 41 108
Retirement benefit obligations (337) (310) (398)
Net foreign exchange loss - (65) -
Finance income (108) (1) (9)
Finance costs 116 178 359
CASH FLOWS FROM OPERATIONS BEFORE MOVEMENTS IN
WORKING CAPITAL 642 (275) 1,336
Changes in working capital:
Increase in inventories (297) (99) (196)
(Increase)/decrease in trade and other receivables (1,238) 215 (1,436)
(Decrease)/increase in trade and other payables (267) (1,132) 743
------------------ ----------------- ------------------------
CASH (USED IN)/GENERATED FROM OPERATIONS (1,160) (1,291) 447
Finance costs (34) (17) (65)
Income tax received/(paid) 199 (246) 100
------------------ ----------------- ------------------------
NET CASH (USED IN)/GENERATED FROM OPERATING
ACTIVITIES (995) (1,554) 482
------------------ ----------------- ------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance income received - 1 9
Purchase of intangible assets (28) (311) (369)
Purchase of property, plant and equipment (72) (119) (124)
Acquisition - Cash consideration (598) (200) (302)
NET CASH USED IN INVESTING ACTIVITIES (698) (629) (786)
------------------ ----------------- ------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings - - -
NET CASH GENERATED FROM FINANCING ACTIVITIES - - -
------------------ ----------------- ------------------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,693) (2,183) (304)
Cash and cash equivalents at start of year 1,676 2,053 2,053
Effect of exchange rate changes on the balance of
cash held in foreign currencies 77 (61) (73)
------------------ ----------------- ------------------------
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CASH AND CASH EQUIVALENTS AT END OF PERIOD/YEAR 60 (191) 1,676
================== ================= ========================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2015
Called up Share Premium Merger Shares to be Translation Retained Total
share capital Reserve issued Reserve earnings Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance as at 1
January 2014 1,176 7,892 (932) 270 194 (3,627) 4,973
Loss for the
period - - - - - (567) (567)
Other
comprehensive
income/(expense) - - - - 1 (191) (190)
-------------- -------------- --------- -------------- ------------ --------------- --------
Total
comprehensive
income - - - - 1 (758) (757)
Shares issued 24 - 226 - - - 250
Share based
payment - - - 41 - - 41
-------------- -------------- --------- -------------- ------------ --------------- --------
Balance as at
30 June 2014 1,200 7,892 (706) 311 195 (4,385) 4,507
Profit for the
period - - - - - 717 717
Other
comprehensive
income/(expense) - - - - 33 (306) (273)
-------------- -------------- --------- -------------- ------------ --------------- --------
Total
comprehensive
income - - - - 33 411 444
Shares issued 21 - 380 - - - 401
Share based
payment - - - 67 - - 67
-------------- -------------- --------- -------------- ------------ --------------- --------
Balance as at
31 December
2014 1,221 7,892 (326) 378 228 (3,974) 5,419
Profit for the
period - - - - - 199 199
Other
comprehensive
expense - - - - (28) (271) (299)
-------------- -------------- --------- -------------- ------------ --------------- --------
Total
comprehensive
income - - - - (28) (72) (100)
Share based
payment - - - 85 - - 85
-------------- -------------- --------- -------------- ------------ --------------- --------
Balance as at
30 June 2015 1,221 7,892 (326) 463 200 (4,046) 5,404
============== ============== ========= ============== ============ =============== ========
NOTES TO THE FINANCIAL INFORMATION
For the six months ended 30 June 2015
GENERAL INFORMATION
The principal activity of Instem plc and its subsidiaries is the
provision of world class IT systems and services for the global
life sciences community.
Notes to the accounts
1. Basis of preparation and accounting policies
Basis of preparation
The Group's half-yearly financial information, which is
unaudited, consolidates the results of Instem plc and its
subsidiary undertakings made up to 30 June 2015. The Group's
accounting reference date is 31 December.
The Group is a public limited liability Group incorporated and
domiciled in England & Wales. The consolidated financial
information is presented in Pounds Sterling (GBP) which is also the
functional currency of the parent.
The financial information contained in this half-yearly
financial report does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. It does not therefore
include all of the information and disclosures required in the
annual financial statements.
The financial information for the six months ended 30 June 2014
is unaudited.
Instem plc's consolidated statutory accounts for the year ended
31 December 2014, prepared under IFRS, have been delivered to the
Registrar of Companies. The report of the auditors on these
accounts was unqualified and did not contain a statement under
Section 498 (2) or (3) of the Companies Act 2006.
The Consolidated Statement of Comprehensive Income has been
amended from prior periods to show a sub-totalled amount for
Earnings before Depreciation, Amortisation, Non-recurring items,
Interest and Tax ('EBITDA'). Prior period comparable figures have
been restated accordingly. The Directors have made this adjustment
to better reflect the underlying trading performance of the
business and show a commonly used measure for comparability with
other businesses and sectors.
Significant accounting policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2015 are in accordance
with the recognition and measurement criteria of International
Financial Reporting Standards ('IFRS') as adopted by the European
Union and are consistent with those which will be adopted in the
annual statutory financial statements for the year ending 31
December 2015.
While the financial information included has been prepared in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS), as adopted by
the European Union (EU), these financial statements do not contain
sufficient information to comply with IFRS's.
Instem plc and its subsidiaries have not applied IAS 34, Interim
Financial Reporting, which is not mandatory for UK AIM listed
Groups, in the preparation of this half-yearly financial
report.
Cash and cash equivalents
Cash and cash equivalents for the purposes of the Statement of
Cash Flows comprise the net of cash and overdraft balances that are
shown on the Statement of Financial Position in Cash and Cash
Equivalents and Current Financial Liabilities.
2. Segmental Information
The Directors consider that the Group operates in one business
segment, being IT solutions to the global early development
healthcare market, and that therefore there are no additional
segmental disclosures to be made in these financial statements.
3. Earnings per Share
(a) Basic
Six months
ended Six months Year ended
30 June ended 31 December
2015 30 June 2014
Unaudited 2014 Unaudited Audited
Profit/(Loss) after tax (GBP000) 199 (567) 150
----------- ---------------- -------------
Weighted average number of
shares (000's) 12,212 11,954 12,063
----------- ---------------- -------------
Basic earnings/(loss) per share
(p per share) 1.63 (4.74) 1.24
=========== ================ =============
(b) Diluted
Six months
ended Six months Year ended
30 June ended 31 December
2015 30 June 2014
Unaudited 2014 Unaudited Audited
Profit/(Loss) after tax (GBP000) 199 (567) 150
----------- ---------------- -------------
Weighted average number of
shares (000's) 12,212 11,954 12,063
Adjustments for share options
(000's) 177 - 155
Adjusted weighted average
number of shares (000's) 12,389 11,954 12,218
----------- ---------------- -------------
Diluted earnings/(loss) per
share (p per share) 1.61 (4.74) 1.23
=========== ================ =============
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