TIDMTRX
RNS Number : 7179L
Tissue Regenix Group PLC
10 September 2019
Tissue Regenix Group plc
Unaudited Interim Results for the six months ended 30 June
2019
Leeds, 10 September 2019 - Tissue Regenix Group (AIM:TRX)
("Tissue Regenix" or the "Group") the regenerative medical devices
company announces its unaudited interim results for the six months
ended 30 June 2019.
Highlights
Financial
-- Group sales increased to GBP6.1m (H1 2018: GBP5.6m)
- DermaPure increased sales by 33% to GBP2.0m (H1 2018: GBP1.5m)
- GBM-v revenue growth of 19% to GBP1.1m (H1 2018: GBP0.9m)
- Orthopaedics & Dental sales were affected by a realigning
of manufacturing to address capacity in H2 but still delivered
sales of GBP3.0m (H1 2018: GBP3.2m)
-- Group EBITDA* loss of GBP3.6m (H1 2018: GBP3.5m)
-- Cash balance of GBP10.1m (H1 2018: GBP12.2m), post-$7.5m
drawdown under a credit facility secured for up to $20m to invest
in meeting growing demand for products
*EBITDA is a non-IFRS measure that the Group uses to assess its
performance. It is defined as earnings before interest, taxation,
depreciation and amortisation
Commercial
-- Accelerating US market penetration
o Expanded Group Purchasing Organisation coverage for
DermaPure(R)
o Commissioned SurgiPure(R) XD post marketing clinical data
collection trial
-- Continue to exploit global market potential
o Entered Latin America for the first time through a
distribution agreement for BioRinse(R) products in Chile
-- Working towards strengthened portfolio
o Submitted positive two-year clinical data for OrthoPure(TM) XT
to the notified body
Operational
-- Commenced second shift for BioRinse(R) products
-- Appointed US President of Operations
-- Supply chain improvement to deliver efficiencies
Post period
-- John Samuel resumed position of Executive Chairman, Gareth
Jones appointed Interim Chief Executive Officer and Mike Barker
appointed Chief Financial Officer following the resignation of
Steve Couldwell as Chief Executive Officer due to a recurrence of
his illness.
Executive Chairman, John Samuel, commented: "We have strong
global demand for our products, which allowed us to deliver
continued revenue growth, demonstrated by DermaPure, which
increased sales by 33% in the first half. We remain focused on
short and medium term initiatives to increase capacity and
alleviate supply constraints."
"During the first half of the year, we streamlined our supply
chain activities and enhanced our operational procedures. These
initiatives have enabled us to increase production capabilities
within the San Antonio facility, the benefits of which will come to
fruition in the second half of the year. Longer term, having
secured a credit facility of up to $20m with MidCap Financial LLP,
this will support our ambitious growth plans, by adding further
processing capacity to the San Antonio facility and expanding our
commercial footprint."
"We anticipated that the year would be significantly weighted
towards the second half, as announced on the 4 June 2019, at the
time of the Company's results for the year ended 31 December
2018.
We continue to expect that this will be the case, and, against a
background where we see the ever growing demand for our products as
the business looks to increase its manufacturing capabilities, the
ability to bring this on stream during the second half of the year
will be key in determining the year end outcome."
For more Information:
Tissue Regenix Group plc Tel: 0330 430 3073 /
Caitlin Pearson Head of Communications 07920272 441
--------------------------------------------- ---------------------
Stifel Nicolaus Europe Limited (Nominated Tel: 0207 710 7600
Adviser and Broker)
Jonathan Senior / Alex Price / Ben Maddison
--------------------------------------------- ---------------------
FTI Consulting Tel: 0203 727 1000
Brett Pollard / Victoria Foster Mitchell
/ Mary Whittow
============================================= =====================
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. Tissue Regenix was formed in 2006 when it
was spun-out from the University of Leeds, UK. The company's
patented decellularisation ('dCELL(R) ') technology removes DNA and
other cellular material from animal and human soft tissue leaving
an acellular tissue scaffold which is not rejected by the patient's
body and can then be used to repair diseased or worn out body
parts. Current applications address many critical clinical needs
such as sports medicine, heart valve replacement and wound
care.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States - 'Tissue Regenix Wound Care Inc.',
January 2016 saw the establishment of joint venture GBM-V, a multi-
tissue bank based in Rostock, Germany.
In August 2017 Tissue Regenix acquired CellRight Technologies(R)
, a biotech company that specializes in regenerative medicine and
is dedicated to the development of innovative osteoinductive and
wound care scaffolds that enhance healing opportunities of defects
created by trauma and disease. CellRight's human osteobiologics may
be used in spine, trauma, general orthopedic, foot & ankle,
dental, and sports medicine surgical procedures.
Business Review
BioSurgery
The BioSurgery division (DermaPure(R),) grew revenue 33%
year-on-year to GBP2.0m, as the repositioning in the hospital space
continues to gain traction.
We received a further Group Purchasing Organisation (GPO)
approval in April, and now have access to circa 95% of all
hospitals covered under GPOs in the US. With the increasing use of
the product in uro-gyneacology procedures, where we have a
specialist distribution partner, ARMS Medical, and the commencement
of use in maxilliofacial and dental applications, we expect
continued strong demand for the BioSurgery products in the second
half of the year. To satisfy growing demand we have reinstated the
processing agreement with Community Tissue Services for the
production of DermaPure(R) in order to increase capacity and have
received the first products under this agreement.
The business continues to make good inroads into premium medical
institutions within the US market and this, coupled with additional
product line extensions, is anticipated to create opportunities in
the near future.
Orthopaedics and Dental
As we realigned manufacturing capacity for further growth in the
second half of the year there was a slight dip in revenue
performance during the first half of the year for the Orthopaedics
and Dental division, primarily comprising of the BioRinse(R)
portfolio.
We introduced a second shift during the first quarter, which has
increased processing capacity, and, in conjunction with supply
chain improvements, we expect to see these changes drive revenue
performance in the second half of the year. The relationship with
our BioRinse(R) strategic distribution partner, Arthrex, Inc.
continues to develop as we look to explore additional market
opportunities.
Positive two-year clinical data for OrthoPure(TM) XT (porcine
tendon) has been submitted to the notified body and we remain
optimistic that we will be awarded the CE mark during 2019
GBM-V
Our controlled joint venture GBM-V is now largely
self-sustainable and during the period increased revenue by 19%
though the sale of corneal implants, whilst it also manages the
regulatory process for the CardioPure products in Germany, which
remains on track for a launch during 2020.
Operations and Management
Daniel Lee, appointed as President of US Operations in January
2019, has initially focused on developing the manufacturing
capabilities and re-alignment of our supply chain processes at the
San Antonio facility, with the introduction of a second shift, and
in March 2019 the hiring of a Head of Donor Services.
On the orthopaedic / dental side of the business (BioRinse(R)),
the lead-time for final products to become available is 3 months.
This means that manufacturing in Q3 will be increased, following
these initiatives, and this will be key in determining our final
revenues for 2019.
Post balance sheet events
As announced on 15 August 2019, we have entered into an
agreement for a 10-year lease, with an option to purchase, on a
21,000sq ft manufacturing facility, adjacent to our current
building in San Antonio which allows for the first phase of the
expansion project to begin. Initially, the office space and
warehousing will be transferred into the new facility allowing for
further clean rooms to be installed in the original building. Over
time, this will allow for further clean rooms to be brought on
stream as required.
Steve Couldwell, Chief Executive Officer (CEO), informed the
Board of a recurrence of his illness, and resigned his position
with immediate effect in order to concentrate on his recovery. John
Samuel resumed the position of Executive Chairman, Gareth Jones,
Chief Operating Officer, has taken up the position of interim-CEO.
Mike Barker, who has supported the Group since January was
appointed as Chief Finance Officer and Director on the Board.
Financial Overview
During the first half of 2019, we have achieved a number of
milestones in order to help secure our future success. Pivotal to
this was the credit agreement with MidCap Financial LLP, which has
allowed us access of up to $20m of debt financing, meaning we can
begin to implement our ambitious growth plans.
Revenue
Revenue has increased to GBP6.1m (H1 2018: GBP5.6m). BioSurgery
has increased by 33% and our joint venture, GBM-V, has increased by
19% on a reported basis. As a result of manufacturing capacity
constraints in the first half, Orthopaedics and Dental revenues
decreased by 5%.
Margin
Margin decreased in H1 from 56% to 47% reflecting short term
higher cost absorption as the second shift was brought up to full
efficiency and an adverse sales mix as lower BioRinse(R) product
volumes (generally our higher margin products) contributed less to
the overall total.
Loss for the year
Operating loss in the six months ended 30 June 2019 improved to
GBP4,220K (H1 2018: GBP4,736K).
R&D tax credits of GBP352K (H1 2018: GBP353K) represent the
estimated tax credit receivable, together with a premium of 40%, on
development costs.
Exceptional costs of GBP40k represent the costs of the MidCap
Financial Trust (MidCap) loan facility.
Cash position
Cash position for the Group at 30 June 2019 is GBP10.1m (H1
2018: GBP12.2m). The Group received the first tranche of the MidCap
loan at $7.5m in June 2019, and has available the initial revolving
credit facility of up to $3.0m.
Current trading and Outlook
During the first half of the year, we made significant
operational progress, both in terms of our production and supply
chain capabilities, investment in key appointments, and secured
further funding to underpin the development of the business and to
allow for our continued expansion. With this now in place, the
long-term outlook for our product portfolio remains positive and
our focus will be on executing against our strategic focus areas to
drive forward commercial momentum.
We continue to look at ways to develop relationships with our
strategic partners and have entered investigational discussions for
geographic expansion through licensing or distribution agreements
with a number of additional potential partners.
Demand for our products is strong, evidenced by our healthy
order book from key customers, which we expect to fulfil as the
operational improvements come to fruition. As capacity is
increased, it will allow us greater flexibility to pursue the
varied commercial opportunities we see for the products in the
market.
We anticipated that the year would be significantly weighted
towards the second half, as announced on the 4 June 2019, at the
time of the Company's results for the year ended 31 December
2018.
We continue to expect that this will be the case, and, against a
background where we see the ever growing demand for our products as
the business looks to increase its manufacturing capabilities, the
ability to bring this on stream during the second half of the year
will be key in determining the year end outcome.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
FOR THE SIX MONTHS TO 30 JUNE 2019
6 months 6 months Year
30 Jun 2019 30 Jun 2018 31 Dec
2018
Notes (Unaudited) (Unaudited) Audited
GBP'000 GBP'000 GBP'000
---------------------------------------- ------- ------------- ------------- ----------
Revenue 6,069 5,574 11,619
Cost of sales (3,225) (2,451) (5,702)
---------------------------------------- ------- ------------- ------------- ----------
Gross Profit 2,844 3,123 5,917
Administrative expenses before
exceptional items (7,024) (7,359) (14,183)
Exceptional items (40) (500) (423)
Total administrative expenses (7,064) (7,859) (14,606)
Operating loss (4,220) (4,736) (8,689)
Finance income 11 42 72
Finance charges (183) (146) (262)
---------------------------------------- ------- ------------- ------------- ----------
Loss before tax (4,392) (4,840) (8,879)
Taxation 4 311 305 620
---------------------------------------- ------- ------------- ------------- ----------
Loss after tax (4,081) (4,535) (8,259)
---------------------------------------- ------- ------------- ------------- ----------
Attributable to:
Equity holders of the parent (4,055) (4,446) (8,186)
Non-controlling (26) (89) (73)
---------------------------------------- ------- ------------- ------------- ----------
(4,081) (4,535) (8,259)
---------------------------------------- ------- ------------- ------------- ----------
Other comprehensive income/(expense):
Foreign currency translation
differences - foreign operations 122 531 1,360
---------------------------------------- ------- ------------- ------------- ----------
TOTAL COMPREHENSIVE EXPENSE
FOR THE YEAR (3,959) (4,004) (6,899)
---------------------------------------- ------- ------------- ------------- ----------
Attributable to:
Equity holders of the parent (3,933) (3,915) (6,826)
Non-controlling interests (26) (89) (73)
(3,959) (4,004) (6,899)
Loss per share
Basic and diluted on loss attributable
to equity holders of the parent 5 (0.35p) (0.38)p (0.70)p
---------------------------------------- ------- ------------- ------------- ----------
The loss for the period arises from the Group's continuing
operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
FOR THE SIX MONTHS TO 30 JUNE 2019
Attributable to equity holders
of parent
---------------------------------------------------------
Reserve Share
Reverse For Own Based Retained Non-controlling Total
Share Share Merger Acquisition Shares Payment Earnings Interests Equity
Capital Premium Reserve Reserve GBP000 Reserve Deficit Total GBP000 GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
At 31 December
2017 5,855 86,398 10,884 (7,148) (831) 1,186 (56,413) 39,931 (409) 39,522
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss for
the period - - - - - - (4,446) (4,446) (89) (4,535)
Other
comprehensive
expense - - - - - - 531 531 - 531
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss and
total
comprehensive
expense for
the period - - - - - - (3,915) (3,915) (89) (4,004)
Exercise
of share
options 4 - - - - - - 4 - 4
Share based
payment
expense - - - - - 212 - 212 - 212
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
At 30 June
2018 5,859 86,398 10,884 (7,148) (831) 1,398 (60,328) 36,232 (498) 35,734
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss for
the period - - - - - - (3,740) (3,740) 16 (3,724)
Other
comprehensive
expense - - - - - - 829 829 - 829
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss and
total
comprehensive
expense for
the period - - - - - - (2,911) (2,911) 16 (2,895)
Share based
payment
expense - - - - - (269) - (269) - (269)
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
At 31 December
2018 5,859 86,398 10,884 (7,148) (831) 1,129 (63,239) 33,052 (482) 32,570
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss for
the period - - - - - - (4,055) (4,055) (26) (4,081)
Other
comprehensive
expense - - - - - - 122 122 - 122
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
Loss and
total
comprehensive
expense for
the period - - - - - - (3,933) (3,933) (26) (3,959)
Share based
payment
expense - - - - - 18 - 18 - 18
At 30 June
2019 5,859 86,398 10,884 (7,148) (831) 1,147 (67,172) 29,137 (508) 28,629
--------------- --------- --------- --------- ------------- --------- -------- ---------- -------- ----------------- --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
AS AT 30 JUNE 2019
30 June 30 June 31 Dec
Notes 2019 2018 2018
GBP'000 GBP'000 GBP'000
------------------------------- -------- --------- --------- ---------
Non-current assets
Property, plant and equipment 2,917 2,879 2,828
Intangible assets 19,614 19,486 19,938
------------------------------- -------- --------- --------- ---------
Total non-current assets 22,531 22,365 22,766
------------------------------- -------- --------- --------- ---------
Current assets
Inventory 2,738 2,540 2,330
Trade and other receivables 3,041 3,554 3,551
Corporation tax receivable 900 925 1,200
Cash and cash equivalent 10,076 12,215 7,816
------------------------------- -------- --------- --------- ---------
Total current assets 16,755 19,234 14,897
------------------------------- -------- --------- --------- ---------
Total assets 39,286 41,599 37,663
------------------------------- -------- --------- --------- ---------
Non-current liabilities
Long term debt (5,790) (3,713) -
Deferred tax (755) (797) (791)
------------------------------- -------- --------- --------- ---------
Total non-current liabilities (6,545) (4,510) (791)
------------------------------- -------- --------- --------- ---------
Current liabilities
Trade and other payables (4,112) (1,355) (4,302)
------------------------------- -------- --------- --------- ---------
Total current liabilities (4,112) (1,355) (4,302)
------------------------------- -------- --------- --------- ---------
Total liabilities (10,657) (5,865) (5,093)
------------------------------- -------- --------- --------- ---------
Net assets 28,629 35,734 32,570
------------------------------- -------- --------- --------- ---------
Equity
Share capital 6 5,859 5,859 5,859
Share premium 6 86,398 86,398 86,398
Merger Reserve 6 10,884 10,884 10,884
Reverse acquisition reserve 6 (7,148) (7,148) (7,148)
Reserve for own shares (831) (831) (831)
Share based payment reserve 1,147 1,398 1,129
Retained earnings deficit 7 (67,172) (60,328) (63,239)
------------------------------- -------- --------- --------- ---------
Equity attributable to equity
holders of parent 29,137 36,232 33,052
Non-controlling interests (508) (498) (482)
------------------------------- -------- --------- --------- ---------
Total equity 28,629 35,734 32,570
------------------------------- -------- --------- --------- ---------
Approved by the Board and authorised for issue on 10 September
2019
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2019
6 months 6 months 12 months
to to to
Notes 30 June 30 June 31 Dec
2019 2018 2018
GBP'000 GBP'000 GBP'000
------------------------------------- --------- ---------- ---------- ----------
Operating Activities
Operating loss (4,220) (4,736) (8,689)
Adjustment for non-cash items:
Depreciation of property,
plant & equipment 273 283 598
Amortisation of intangible
assets 282 267 575
Share based payment 18 212 (57)
Research tax credit received 653 1,047 1,225
Finance Charges (183) (28) -
------------------------------------------------ ---------- ---------- ----------
Operating cash outflow (3,177) (2,955) (6,348)
------------------------------------------------ ---------- ---------- ----------
Increase/ decrease in inventory (408) 399 542
Increase/ decrease in trade
& other receivables 468 (603) (1,188)
Increase/ decrease in trade
& other payables (482) (1,007) 156
------------------------------------------------ ---------- ---------- ----------
Net cash outflow from operations (3,599) (4,166) (6,838)
------------------------------------------------ ---------- ---------- ----------
Investing activities
Interest received 11 42 72
Purchase of property, plant
& equipment (366) (113) (290)
Capitalised development expenditure - (24) (116)
Acquisition of subsidiary - - (1,564)
------------------------------------------------ ---------- ---------- ----------
Net cash outflow from investing
activities (355) (95) (1,898)
------------------------------------------------ ---------- ---------- ----------
Financing activities
Proceeds from issue of share - - -
capital
Proceeds from exercised share
options - 4 4
Proceeds from loan 6,114 - -
Net cash inflow from financing
activities 6,114 4 4
------------------------------------------------ ---------- ---------- ----------
Increase/ (decrease) in cash
and cash equivalents 2,160 (4,257) (8,732)
Foreign exchange translation
movement 100 49 125
Cash and cash equivalents
at start of period 7,816 16,423 16,423
------------------------------------------------ ---------- ---------- ----------
Cash and cash equivalents
at end of period 10,076 12,215 7,816
------------------------------------------------ ---------- ---------- ----------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2019
1. Basis of preparation
The condensed financial statements are not statutory accounts,
have not been audited and, as permitted under the AIM Rules, do not
comply with IAS 34 "Interim Financial Reporting".
The accounting policies adopted are in accordance with
International Financial Reporting Standards and are consistent with
those expected to be applied in the preparation of the audited
financial statements for the year ending 31 December 2019,
including the adoption of the following new standard with effect
from 1(st) January 2019:
-- IFRS 16 Leases
The comparative figures for the year ended 31 December 2018 are
from the statutory accounts. Those accounts have been reported on
by the Company's Auditor and delivered to the Registrar of
Companies. The report of the Auditor was unqualified, did not
include reference to any matters by way of emphasis and did not
contain a statement under section 498 of the Companies Act
2006.
This is the first set of results since the adoption of IFRS 16
which has caused no material impact to the Group's financial
statements as the Group has been able to benefit from the exemption
for leases with less than 12 months left to run.
2. Segmental reporting
The following table provides disclosure of the Group's revenue
by geographical market based on location of the customer:
6 months 6 months 12 months
to to to
Notes 30 June 30 June 31 Dec
2019 2018 2018
GBP'000 GBP'000 GBP'000
--------------- --------- --------- --------- ----------
USA 4,961 4,559 9,434
Rest of world 1,108 1,015 2,185
-------------------------- --------- --------- ----------
6,069 5,574 11,619
------------------------- --------- --------- ----------
6 months to BioSurgery Orthopaedics Cardiac Other Central Total
30 June 2019 & Dental
-----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ----------- ------------- -------- -------- -------- --------
Revenue 1,963 3,049 - 1,057 - 6,069
Cost of sales (1,095) (1,430) - (700) - (3,225)
----------------- ----------- ------------- -------- -------- -------- --------
Gross Profit 868 1,619 - 357 - 2,844
Administrative
costs (2,018) (2,319) (193) (289) (2,205) (7,024)
Exceptional
costs - - - (40) (40)
----------------- ----------- ------------- -------- -------- -------- --------
Operating
loss (1,150) (700) (193) 68 (2,245) (4,219)
Finance income - - - - 11 11
Finance charges - - - - (183) (183)
----------------- ----------- ------------- -------- -------- -------- --------
Loss before
taxation (1,150) (700) (193) 68 (2,417) (4,392)
Taxation - - - - 311 311
----------------- ----------- ------------- -------- -------- -------- --------
Loss for the
year (1,150) (700) (193) 68 (2,106) (4,081)
----------------- ----------- ------------- -------- -------- -------- --------
6 months to BioSurgery Orthopaedics Cardiac Other Central Total
30 June 2018 & Dental
-----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ----------- ------------- -------- -------- -------- --------
Revenue 1,478 3,205 - 891 - 5,574
Cost of sales (732) (1,115) - (604) - (2,451)
----------------- ----------- ------------- -------- -------- -------- --------
Gross Profit 746 2,090 - 287 - 3,123
Administrative
costs (2,042) (2,835) (224) (272) (1,986) (7,359)
Exceptional
costs - - - - (500) (500)
----------------- ----------- ------------- -------- -------- -------- --------
Operating
loss (1,296) (745) (224) 15 (2,486) (4,736)
Finance income - - - - 42 42
Finance charges - - - - (146) (146)
----------------- ----------- ------------- -------- -------- -------- --------
Loss before
taxation (1,296) (745) (224) 15 (2,590) (4,840)
Taxation (6) 259 52 - - 305
----------------- ----------- ------------- -------- -------- -------- --------
Loss for the
year (1,302) (486) (172) 15 (2,590) (4,535)
----------------- ----------- ------------- -------- -------- -------- --------
12 months BioSurgery Orthopaedics Cardiac Other Central Total
to 31 December & Dental
2018
-----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ----------- ------------- -------- -------- -------- ---------
Revenue 3,381 6,396 - 1,842 - 11,619
Cost of sales (1,769) (2,676) - (1,257) - (5,702)
----------------- ----------- ------------- -------- -------- -------- ---------
Gross Profit 1,612 3,720 - 585 - 5,917
Administrative
costs (4,169) (4,992) (428) (551) (4,043) (14,183)
Exceptional
costs - - - - (423) (423)
----------------- ----------- ------------- -------- -------- -------- ---------
Operating
loss (2,557) (1,272) (428) 34 (4,466) (8,689)
Finance income - - - - (190) (190)
Finance charges - - - - - -
----------------- ----------- ------------- -------- -------- -------- ---------
Loss before
taxation (2,557) (1,272) (428) 34 (4,656) (8,879)
Taxation 73 543 102 - (98) 620
----------------- ----------- ------------- -------- -------- -------- ---------
Loss for the
year (2,484) (729) (326) 34 (4,754) (8,259)
----------------- ----------- ------------- -------- -------- -------- ---------
3. Taxation
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec 2018
2019 2018 GBP'000
GBP'000 GBP'000
---------------------------------- --------- --------- -------------
Current Tax:
UK corporation tax credit
on research and development
costs in the period (353) (352) (790)
US corporation tax 42 47 72
(311) (305) (718)
Deferred tax:
Origination and reversal
of temporary timing differences - - 98
----------------------------------- --------- --------- -------------
Tax credit on loss on ordinary
activities (311) (305) (620)
----------------------------------- --------- --------- -------------
The Group has accumulated losses available to carry forward
against future trading profits.
4. Loss per share (basic and diluted)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the period
excluding own shares held jointly by the Tissue Regenix Employee
Share Trust and certain employees. Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue during the period to assume conversion of all
dilutive potential ordinary shares.
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2019 2018 2018
GBP'000 GBP'000 GBP'000
---------------------------------- ---------------- ---------------- ----------------
Total loss attributable to
the equity holders of the
parent (4,055) (4,446) (8,186)
----------------------------------- ---------------- ---------------- ----------------
No. No. No.
---------------------------------- ---------------- ---------------- ----------------
Weighted average number of
ordinary shares in issue during
the period 1,171,534,448 1,171,534,448 1,171,633,442
----------------------------------- ---------------- ---------------- ----------------
Loss per share
Basic and diluted on loss
for the period (0.35)p (0.38)p (0.70)p
----------------------------------- ---------------- ---------------- ----------------
The Company has issued employees options over 23,786,780
ordinary shares and there are 16,940,386 jointly owned shares which
are potentially dilutive. There is, however, no dilutive effect of
these issued options as there is a loss for each of the periods
concerned.
5. Interim financial report
A copy of this interim report is available on the Company's
website at www.tissueregenix.com in accordance with AIM Rule
20.
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
IR BUGDCSSGBGCC
(END) Dow Jones Newswires
September 10, 2019 02:00 ET (06:00 GMT)
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