TIDMTIME
RNS Number : 9533Y
Timestrip PLC
14 September 2009
Timestrip Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2009
Timestrip Plc is pleased to announce its unaudited interim results for the six
months to 30 June 2009.
The Group develops, and commercialises patent protected technologies with the
capability of radically transforming the markets in which they are targeted.
These technologies comprise Timestrip , iStrip(TM) and most recently
TimestripPlus(TM), all of which operate in the field of time and temperature
measurement and are positioned for adoption within six major mass markets: Food
and Beverage, Appliances, Catering/Foodservice, Medical Devices, Pharmaceuticals
and Cosmetics/Personal Care.
Key Points
· Revenues increased by 44% to GBP0.39m compared to H1 2008, gross profit margin
improved to 69%
· Loss from operations reduced by 35% compared to H1 2008
· Significant progress with TimestripMedical range:
o 20 new NHS trial sites for TimestripIV product
o Positive feedback on TimestripPlus from NHS pharmacy trials (separate
announcement made today)
o Distribution deals signed with Vygon UK for TimestripIV and TimestripPlus
· Cuno, a 3M company added to growing list of prestigious international
customers
Paul Freedman, Timestrip's joint CEO commented:
"I am pleased with the very encouraging developments in our TimestripMedical
range, where hospital trials on both the TimestripIV and TimestripPlus products
have been very favourable and potentially significant distribution deals in our
home market have been successfully concluded on both products. We are also
encouraged by the recent adoption of our products by a number of new customers
including Cuno, a 3M company. The marked improvement in gross profitability has
been maintained in this period and we remain focused on delivering sufficient
revenues to enable us to meet our goal of achieving profitability as quickly as
possible."
For further information:
Paul Freedman, Joint CEO, Timestrip 01462 440 700
Geoff Nash / Ed Frisby, Finncap 020 7600 1658
Chairman's statement
The Group is starting to see some success from its stated aim of focusing on
markets and products that combine the shortest sales cycles with the greatest
margin potential. Although the Group has yet to achieve its main goal of
reaching profitability, there are a number of encouraging trends to note.
Compared with the same period in 2008, revenues for this period are up by 44%
and gross profit is much improved at 69% (compared to 52%). When combined with a
reduction in overheads of 15%, the resultant pre-tax loss has been reduced by
35% to GBP435,000. Although cash outflow from operations was GBP67,000 higher
than the same period in 2008, this was due to an unusually high trade debtor
figure, which included a balance of GBP180,000 that was received two days after
the period end.
During this period we have further strengthened the cash resources of the Group
through two share placings as we look to build on sales of our existing products
and to roll out recently launched products into the Healthcare and Cold Chain
markets.
Financial Results
Turnover for the six months to 30 June 2009 was GBP386,000 (30 June 2008 -
GBP268,000). At the post-tax level the Company recorded a loss of GBP384,000
(2007 - (loss) GBP625,000). The resultant loss per share is 0.09p (2007 -
0.19p). The Company had cash resources of GBP0.9m as at the end of June. An
additional GBP1.0m was raised through placings of new shares in March 2009 and
May 2009.
Current Trading and Prospects
The Company has made excellent progress in its commercialisation of the
TimestripMedical range. An important deal has been signed with Vygon UK to
distribute the TimestripIV product to hospitals in the UK and Ireland. An
additional 20 hospital trials have recently been initiated by Vygon and we look
forward to reporting progress with sales now that the product has entered its
launch phase. Today's announcement regarding the use of TimestripPlus by NHS
hospital pharmacists also gives us great cause for optimism. It is now clear
that TimestripPlus can help deliver increased patient safety at the same time as
generating considerable cost savings for the NHS. Further detail is provided in
the Joint Chief Executives' commentary. The Company is actively pursuing
opportunities to sell the TimestripMedical range internationally and it is clear
that success in this field will play an important role in our goal of achieving
profitability.
The Timestrip Cold Chain range has also been very well received. We are
delighted with the initial feedback from several new customers in the Food
Service and Food & Beverage sector and look forward to reporting increased
levels of uptake in the near future. DefrostWatch now features in a leading Food
Service catalogue in the US and retail listings for a consumer version of the
product are likely to materialise in the US and UK.
The global slow-down in consumer spending has led to longer sales cycles in the
Consumables sector, where Timestrip products are used to indicate when a change
of filter or other consumable device is due. Nevertheless we are encouraged that
existing customers continue to re-order and we are pleased to have added Cuno, a
3M company, to our growing list of leading international customers that already
includes Whirlpool, United Pet Group and WD40.
Growing awareness of the Company's innovative and cost-effective solutions is
clear from the significant increase in enquiries received over recent months
from all sectors and markets, and we continue to build our presence
internationally through the appointment of local partners. We look forward to
reporting further progress in the coming months.
Stephen Oakes
Chairman
14th September 2009
Joint Chief Executives' Statement
Operating Review
The Group develops, and commercialises patent protected technologies with the
capability of radically transforming the markets in which they are targeted.
These technologies comprise Timestrip , iStrip(TM) and most recently
TimestripPlus(TM) , all of which operate in the field of time and temperature
measurement and are positioned for adoption within six major mass markets: Food
and Beverage, Appliances, Catering/Foodservice, Medical Devices, Pharmaceuticals
and Cosmetics/Personal Care.
Our focus remains on selling products with the highest margin potential and
shortest time to market in order to reach profitability as quickly as possible.
To that end we continue to allocate our resources into several key international
mass market sectors with our two main products - Timestrip and TimestripPlus.
These sectors are Consumables, Personal Health, Medical and Cold Chain.
We continue to invest in our R&D and Production facility in order to further
improve service levels, production efficiency, quality and innovation. Given
that increased revenues are central to our future success, investment in sales
and marketing activities has increased along with the appointment of more local
partners to give us a growing international presence.
We are very encouraged by the successful launch of two products in our Medical
range. The appointment in July of Vygon UK as distributor of the TimestripIV
product is a major step for the Company as it looks for widespread adoption of
the technology in connection with the replacement of Peripheral Intravenous
cannulae every 72 hours. Vygon is a leading company in this field with a large
sales force and successful track record introducing new products to the NHS.
TimestripIV has now been listed in the NHS Supply Chain Catalogue as a
stand-alone product and will also be available as a component in IV packs for
hospitals wishing to use the product as part of their IV protocol . We are
delighted with the level of commitment shown by Vygon, who have already secured
20 new hospital trials and continue to receive high levels of interest from IV
specialists throughout the UK. We are also pleased to report that interest in
the product has been shown in the US and Europe and we hope to appoint
international distributors over the coming months in order to capitalise on the
revenue potential of this exciting product.
Our second product in the Medical range is TimestripPlus, which is based on the
same technology platform as our patented Timestrip product, but which monitors
the cumulative amount of time that a product spends above its threshold storage
temperature. We have previously reported that a number of NHS hospital
pharmacies have been trialling the product for use with temperature sensitive
drugs that are dispensed to wards. Today's announcement reports that feedback
has been received which confirms that TimestripPlus has allowed one Trust to
make a net saving of GBP4,000 over a four week period, by using TimestripPlus on
just one of its temperature sensitive drugs. Extrapolating this cost saving to a
wider group of drugs and across all Trusts provides a compelling insight into
the potential for TimestripPlus to establish a significant business within the
Hospital Pharmacy sector in the NHS and in hospitals worldwide. The appointment
of Vygon UK to distribute this product in addition to TimestripIV allows the
Company to build on an already established relationship with a committed partner
who has excellent access to the target market. Vygon will launch TimestripPlus
later in the year, and sales will be generated in the second half of the year as
trial sites start to order in bulk, new trial sites become established, and
Vygon build inventory for the launch.
TimestripPlus has also been successfully launched into the Cold Chain sector
where it offers a cost effective way for companies involved in the
transportation of products such as refrigerated Food & Beverages to guarantee
the quality of the products throughout the cold chain. We are delighted with
progress to date in respect of trials conducted by a leading Food Service
operator with operations worldwide, who are evaluating TimestripPlus as a
potential addition to its Standard Operating Procedure in food preparation sites
throughout the US. We are also encouraged by the reaction to our consumer
variant of the TimestripPlus product - DefrostWatch - which identifies if food
held in a freezer is safe after a power failure. A number of leading retailers
in the UK and US have expressed interest in listing the product for sale to
consumers and we hope to be able to announce some of these listings over the
coming months.
The Company has now added Cuno, a 3M company and world leader in filtration
products, to its growing list of world famous brands that use the Timestrip
technology in connection with Consumable products such as filters. Sales cycles
into this sector have lengthened as result of the global recession, which has
affected sales of some of the consumer related products targeted by the Company.
Nevertheless, our customers remain very satisfied and continue to re-order.
We continue to make progress in the Personal Health sector, which includes
product groups such as cosmetics and dental care. Our previously stated goal of
supplying Timestrips for use in conjunction with toothbrushes remains on course
and we look forward to updating shareholders on progress in due course. There
remains great interest in the cosmetics sector for the integration of Timestrip
into product packaging.
Paul Freedman
Reuben Isbitsky
Joint Chief Executive Officer
Joint Chief Executive Officer
14th September 2009
14th September 2009
Consolidated Income statement
+----------------------------+--------------+----+--------------+----+-----------------+
| | 6 months to | | 6 months to | | 12 Months to |
| |30 June 2009 | |30 June 2008 | | 31 December |
| | | | | | 2008 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | Unaudited | | Unaudited | | Audited |
+----------------------------+--------------+----+--------------+----+-----------------+
| | GBP 000's | | GBP 000's | | GBP 000's |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Revenue | 386 | | 268 | | 673 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Cost of sales | (119) | | (128) | | (241) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Gross profit | 267 | | 140 | | 432 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Administrative expenses | (718) | | (843) | | (1,750) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Loss from operations | (451) | | (703) | | (1,318) |
+----------------------------+--------------+----+--------------+----+-----------------+
| Finance income | 1 | | 10 | | 22 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Finance costs | (3) | | (4) | | (9) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Loss before tax | (453) | | (697) | | (1,305) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Taxation | 69 | | 72 | | (717) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Loss for the period | (384) | | (625) | | (2,022) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Attributable to: | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Loss for the period | (384) | | (625) | | (2,022) |
| attributable to equity | | | | | |
| holders of the Company | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Basic and diluted loss per | ( 0.09) p | | ( 0.19) p | | ( 0.55) p |
| share | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
Summary Consolidated Balance Sheet
+----------------------------+--------------+----+--------------+----+-----------------+
| | June 30, | | June 30, | | December 31, |
| | 2009 | | 2008 | | 2008 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | Unaudited | | Unaudited | | Audited |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | GBP 000's | | GBP 000's | | GBP 000's |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Non current assets | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Goodwill | 5,407 | | 5,407 | | 5,407 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Other intangible assets | 2,618 | | 2,289 | | 2,402 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Property, plant & | 335 | | 427 | | 381 |
| equipment | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Deferred tax asset | 86 | | 952 | | 86 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | 8,446 | | 9,075 | | 8,276 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Current assets | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Inventory | 282 | | 263 | | 351 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Trade and other | 454 | | 210 | | 309 |
| receivables | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Current tax receivable | 218 | | 204 | | 149 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Cash and cash equivalents | 965 | | 942 | | 812 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | 1,919 | | 1,619 | | 1,621 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Total Assets | 10,365 | | 10,694 | | 9,897 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Current Liabilities | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Trade and other payables | (388) | | (500) | | (544) |
+----------------------------+--------------+----+--------------+----+-----------------+
| Bank overdrafts and loans | (14) | | (14) | | (14) |
+----------------------------+--------------+----+--------------+----+-----------------+
| Obligations under finance | (10) | | (9) | | (11) |
| leases | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | (412) | | (523) | | (569) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Non-current liabilities | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Bank Loans | (17) | | (31) | | (24) |
+----------------------------+--------------+----+--------------+----+-----------------+
| Obligations under finance | (2) | | (10) | | (8) |
| leases | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | (19) | | (41) | | (32) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Total Liabilities | (431) | | (564) | | (601) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Net Assets | 9,934 | | 10,130 | | 9,296 |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Equity | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Share capital | 3,643 | | 3,619 | | 3,624 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Share premium account | 30,277 | | 28,721 | | 29,279 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Share options reserve | 400 | | 395 | | 395 |
+----------------------------+--------------+----+--------------+----+-----------------+
| Retained losses | (24,386) | | (22,605) | | (24,002) |
+----------------------------+--------------+----+--------------+----+-----------------+
| | | | | | |
+----------------------------+--------------+----+--------------+----+-----------------+
| Total equity | 9,934 | | 10,130 | | 9,296 |
+----------------------------+--------------+----+--------------+----+-----------------+
Consolidated statement of changes in equity
+--------------------------+---------+----------+---------+----------+---------+
| | Share | Share | Share |Retained | Total |
| |capital | Premium |Options | losses | Equity |
| | | |reserve | | |
+--------------------------+---------+----------+---------+----------+---------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Balance at 1 January | 3,608 | 27,719 | 395 | (21,980) | 9,742 |
| 2008 | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Loss for the period | - | - | - | (625) | (625) |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Total recognised income | 3,608 | 27,719 | 395 | (22,605) | 9,117 |
| and expense for the | | | | | |
| period | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Shares issued during | 11 | 1,002 | - | - | 1,013 |
| period | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Balance at 30 June 2008 | 3,619 | 28,721 | 395 | (22,605) | 10,130 |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Balance at 1 January | 3,624 | 29,279 | 395 | (24,002) | 9,296 |
| 2009 | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Loss for the period | - | - | - | (384) | (384) |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Total recognised income | 3,624 | 29,279 | 395 | (24,386) | 8,912 |
| and expense for the | | | | | |
| period | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Shares issued during | 19 | 998 | - | - | 1,017 |
| period | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Share Option charge | - | - | 5 | - | 5 |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| | | | | | |
+--------------------------+---------+----------+---------+----------+---------+
| Balance at 30 June 2009 | 3,643 | 30,277 | 400 | (24,386) | 9,934 |
+--------------------------+---------+----------+---------+----------+---------+
Summary Cash Flow Statement
+------------------------------------+-------------+--+-------------+--+---------------+
| | 6 months | | 6 months | | 12 Months to |
| | to 30 June | | to 30 June | | 31 December |
| | 2009 | | 2008 | | 2008 |
+------------------------------------+-------------+--+-------------+--+---------------+
| | Unaudited | | Unaudited | | Audited |
+------------------------------------+-------------+--+-------------+--+---------------+
| | GBP 000's | | GBP 000's | | GBP 000's |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Net cash outflow from operating | (835) | | (768) | | (1,443) |
| activities | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Investing activities | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Investment in Intangible assets | (4) | | (16) | | (17) |
+------------------------------------+-------------+--+-------------+--+---------------+
| Purchase of Property plant & | (19) | | (126) | | (145) |
| equipment | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Interest receieved | 1 | | 10 | | 23 |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Net cash outflow from investing | (22) | | (132) | | (139) |
| activities | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Net cash outflow before management | (857) | | (900) | | (1,582) |
| of liquid resources and financing | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Financing activities | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Issue of ordinary share capital | 1,017 | | 1,013 | | 1,575 |
+------------------------------------+-------------+--+-------------+--+---------------+
| Repayment of long term bank loan | (7) | | (5) | | (15) |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Net cash inflow from financing | 1,010 | | 1,008 | | 1,560 |
| activities | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Increase (decrease) in cash in the | 153 | | 108 | | (22) |
| period | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Cash and cash equivalents at the | 812 | | 834 | | 834 |
| start of the period | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
| Cash and cash equivalents at the | 965 | | 942 | | 812 |
| end of the period | | | | | |
+------------------------------------+-------------+--+-------------+--+---------------+
Notes to the cash flow statement
+---------------------------------------------+------------+--+-----------+--+-------------+
| Reconciliation of operating profit to net | 6 months | | 6 months | | 12 Months |
| cash inflow from operating activities |to 30 June | | to 30 | | to 31 |
| | 2009 | |June 2008 | | December |
| | | | | | 2008 |
+---------------------------------------------+------------+--+-----------+--+-------------+
| | Unaudited | |Unaudited | | Audited |
| | | | | | |
+---------------------------------------------+------------+--+-----------+--+-------------+
| | GBP 000's | | GBP | | GBP 000's |
| | | | 000's | | |
+---------------------------------------------+------------+--+-----------+--+-------------+
| | | | | | |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Operating loss | (451) | | (703) | | (1,318) |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Depreciation, amortisation and impairment | 60 | | 60 | | 303 |
| charges of Intangible assets | | | | | |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Depreciation of property plant & equipment | 64 | | 56 | | 121 |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Decrease/(Increase) in inventories | 69 | | (29) | | (117) |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Increase in receivables | (145) | | (48) | | (147) |
+---------------------------------------------+------------+--+-----------+--+-------------+
| (Decrease)/Increase in payables | (162) | | 199 | | 245 |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Cost of share Options | 5 | | - | | - |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Research & Development Capitalised | (272) | | (299) | | (653) |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Interest paid | (3) | | (4) | | (9) |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Corporation tax received | - | | - | | 132 |
+---------------------------------------------+------------+--+-----------+--+-------------+
| | | | | | |
+---------------------------------------------+------------+--+-----------+--+-------------+
| Net cash outflow from operating activites | GBP (835) | | GBP | | GBP |
| | | | (768) | | (1,443) |
+---------------------------------------------+------------+--+-----------+--+-------------+
Notes To The Interim Results:-
1. Basis of preparation
The Group's interim results for the half year ended 30 June 2009 have been
prepared in accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union. They have not been audited and do not
constitute statutory financial statements of the Group within the meaning of
section 240 of the Companies Act 1985 and section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 December 2008 have been
filed with the Registrar of Companies for England and Wales and have been
reported on by the Group's auditors. The report of the auditors was not
qualified and did not contain a statement under section 273(2) or (3) of the
Companies Act 1985. The comparative figures for the year ended 31 December 2008
are an abridged version of these full financial statements.
2. Basis of consolidation
The consolidated income statement and balance sheet include the financial
statements of the Company and its subsidiary undertakings for the period ending
30 June 2009.
3. Share capital
During the period the following shares and warrants were issued:
On 12th March 2009, 53,030,303 ordinary Shares of 0.02p were issues at a price
of 0.825p raising GBP437,500.
On 8th May 2009, 40,703,334 ordinary Shares of 0.02p were issued at a price of
1.5p raising GBP610,550.
4. Dividends
No dividend is proposed for the period ended 30 June 2009.
5. Taxation
No taxation is expected to arise on the results for the period.
6. Loss per Share
The loss per share for the six months ended 30 June 2009 has been calculated on
the basis of the loss after taxation for the period of GBP383,853, June 2008
loss of GBP625,649, and December 2008: loss of GBP2,022,196 and the weighted
average number of shares in issue during the period of 447,225,756 (June 2008:
337,255,025 and December 2008: 368,499,123).
7. Segmental reporting
The Geographical segmental reporting by destination of sales was as follows:
+---------------------+--+------------+---+------------+--+--------------+
| | | 6 months | | 6 months | | 12 Months |
| | |to 30 June | |to 30 June | | to 31 |
| | | 2009 | | 2008 | | December |
| | | | | | | 2008 |
+---------------------+--+------------+---+------------+--+--------------+
| | | Unaudited | | Unaudited | | Audited |
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| | | GBP | | GBP | | GBP |
+---------------------+--+------------+---+------------+--+--------------+
| Revenue | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| UK | | 18 | | 10 | | 22 |
+---------------------+--+------------+---+------------+--+--------------+
| Europe | | 36 | | 46 | | 162 |
+---------------------+--+------------+---+------------+--+--------------+
| North America | | 276 | | 198 | | 470 |
+---------------------+--+------------+---+------------+--+--------------+
| Rest of World | | 56 | | 14 | | 19 |
+---------------------+--+------------+---+------------+--+--------------+
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| | | 386 | | 268 | | 673 |
+---------------------+--+------------+---+------------+--+--------------+
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| Loss for the period | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| UK | | 8 | | (23) | | (21) |
+---------------------+--+------------+---+------------+--+--------------+
| Europe | | -12 | | (107) | | (220) |
+---------------------+--+------------+---+------------+--+--------------+
| North America | | -350 | | (462) | | (1,731) |
+---------------------+--+------------+---+------------+--+--------------+
| Rest of World | | -30 | | (33) | | (50) |
+---------------------+--+------------+---+------------+--+--------------+
| | | | | | | |
+---------------------+--+------------+---+------------+--+--------------+
| | | (384) | | (625) | | (2,022) |
+---------------------+--+------------+---+------------+--+--------------+
8. Post balance sheet events
No post balance sheet events were recorded.
9. Distribution
The interim statement will be made available on the company's website at
www.timestrip.com. Copies may also be obtained from Company Secretary:
International Registrars Limited, Finsgate, 5-7 Cranwood Street, London, EC1V
9EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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