TIDMMDY
RNS Number : 4046J
MDY Healthcare PLC
30 June 2011
MDY Healthcare plc
Half year results
30 June 2011: MDY Healthcare plc ("MDY Healthcare" or the
"Company"), the strategic investor in healthcare companies, today
announces its half year results for the six months ended 31 March
2011.
Financial Highlights
-- Total investments valued at GBP6.42 million (30 September
2010: GBP7.31 million) with cash and cash equivalents of GBP0.46
million (30 September 2010: GBP0.28 million).
-- Consolidated net asset value per share as at 31 March 2011 of
32p (30 September 2010: 35p).
-- Valuation of strategic private investments, Medivance and
Stanmore, conservatively maintained at cost, with both
demonstrating revenue growth and encouraging commercial
progress.
-- GBP750,000 raised for the Company comprising GBP150,000 via a
subscription for ordinary shares and GBP600,000 via a partial
divestment of the holding in Stanmore.
-- Liquid resources strengthened after 31 March 2011 by a loan
facility of up to GBP150,000 from a major shareholder.
-- Monthly costs further reduced and agreement in principle to
assign five year office lease.
Portfolio Highlights
-- Sole focus on strategic investments in Medivance and Stanmore
and keeping operating costs to a minimum.
-- Medivance continues to make excellent progress, achieving 27
quarters of revenue growth in the past 29 quarters (unaudited) and
is well placed to deliver value for MDY shareholders.
-- Stanmore achieved revenues of approximately GBP6.1 million
(unaudited) for 12 months ended 31 December 2010and is targeting
revenues of GBP7.5 million for 12 months to December 2011.
-- Stanmore recently received FDA marketing approval of its
juvenile tumour system predicted by Stanmore to be a significant
sales channel with a growing level of interest in the USA.
-- Heads of terms agreed to sell the Trust William business for
a nominal consideration and end MDY Healthcare's obligation to fund
that business.
Grahame Cook, Chairman, said:
"The Company has completed its planned cost reduction programme
with agreement in principle to assign our onerous office lease. We
are now committed to realising the value in the Company's two
successful investments, Medivance and Stanmore. Costs have been cut
to a minimum and a working capital loan obtained to give us
sufficient time to realise these investments. Our objective is to
realise concrete value for our shareholders over the next 12
months."
For further information, please contact:
MDY Healthcare plc Grahame Cook, Chairman +44 (0) 207 647 1800
grahame.cook@MDYhealthcare.com Zeus Capital Limited (Nomad)
Ross Andrews, Andrew Jones + 44 (0) 0161 831 1512
MDY Healthcare intends to publish its half year results for the
six months ended 31 March 2011 on its website today. When
available, shareholders will be able to download the results at
www.mdyhealthcare.com.
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing
company quoted on AIM (ticker symbol: MDY). The Company seeks to
achieve superior returns for shareholders by investing globally in
companies across the healthcare sector. The directors have
significant operational and investment experience in the sector.
Further information can be found on the website
www.mdyhealthcare.com.
MDY Healthcare plc
Chairman's review
Overview
The directors of the Company are focused on supporting the
Company's two strategic assets, Medivance and Stanmore, and
ensuring that the Company's liquid resources are sufficient to
sustain the Company's operations until appropriate exits are
achieved from these investments delivering value to
shareholders.
Over the last six months, Stanmore and Medivance have continued
to make good commercial advances and promising developments in
their respective innovative devices, details of which we include
below. Medivance has in particular continued to achieve outstanding
revenue growth since our first investment in December 2006.
During and after the period end, the directors have executed the
Company's planned cost reduction program ensuring that the level of
fixed costs is appropriate in the context of the value of the
Company's investments and liquid resources. Total administration
expenses were GBP0.46 million compared to GBP0.64 million for the
corresponding period in 2010. The Company expects materially to
reduce its ongoing monthly head office costs by agreeing in
principle after the period end to a conditional assignment of the
lease of the Company's head office and relocation into smaller
serviced offices. Further details of the proposed lease assignment
are set out below. The benefit of the decrease in head office costs
is expected to be reflected in the Company's half year results for
the six months ending 31 March 2012.
During the period, the Company raised funds by issuing new
shares in a placing to one of the Company's existing major
shareholders and by divesting part of the Company's shareholding in
Stanmore, raising GBP150,000 and GBP600,000 respectively.
In November 2010, the Company sold 600,000 A Preferred shares in
SIW Holdings Limited ("Stanmore") to Alan MacKay, a former director
of the Company, for a total cash consideration of GBP600,000. The
Board considered it necessary to divest part of the Stanmore
investment to increase the Company's liquid resources and the
Company was able to divest these shares at the cost of the original
investment.
In December 2010, the Company raised GBP150,000 through a
subscription of 810,810 new ordinary shares by Bronsstadet AB, a
company wholly owned by Mr Peter Gyllenhammar, one of MDY
Healthcare's existing major shareholders. The shares issued in the
placing represented 4.75% of the Company's enlarged issued ordinary
share capital and were allotted to Bronsstadet for cash at a price
of 18.5 pence per share, being the mid price of an ordinary share
of the Company at the close of business on the date of the
placing.
After the period end, in June 2011, the Company strengthened its
liquid resources by securing a loan facility of up to GBP150,000
from a related party, Bronsstadet AB referred to above. Pursuant to
the terms of the facility agreement, Bronsstadet has agreed to make
available to the Company a revolving credit facility of up to
GBP150,000 for a 364 day term. Interest shall accrue on any advance
under the facility at the rate of 8% per annum. Amounts drawdown
under the facility may be repaid or re-borrowed during the term of
the facility at the option of the Company. Amounts may become
repayable earlier in the event of the divestment by the Company of
certain of its investments.
Investment strategy and policies
During the period, the Company did not make any new investments.
The Company continues to manage its key private strategic
investments with a view to delivering value to MDY Healthcare
shareholders as the investment portfolio matures and appropriate
exits from the investments are achieved.
Strategic portfolio review
The Company has two key strategic investments, Stanmore and
Medivance, both of which are private and are valued at the cost of
the relevant investment, representing the respective fair values.
Despite there being good evidence of commercial progress and
revenue growth, we are taking a cautious approach towards any
upwards revaluations of these two investments at this stage due to
general economic conditions.
Medivance, Inc ("Medivance")
Medivance, the Colorado-based leader in the emerging field of
therapeutic temperature management, continues to make excellent
progress.
Medivance's patented, FDA-approved Arctic Sun(R) device is now
used in approximately seventeen of the top twenty US hospital heart
programs and fourteen of the top twenty US neurology programs (as
defined by the US News and World 2010 American Best Hospital
Report). In addition, it is also being increasingly adopted by
smaller teaching and community hospitals. International adoption of
Arctic Sun(R) continues in Europe, Asia and Australia. Medivance
has now achieved twenty seven quarters of revenue growth in the
past twenty nine quarters and is targeting continued growth in
2011. Since we first invested in December 2006, Medivance's
worldwide annual revenues have increased approximately sevenfold.
Medivance had worldwide consolidated revenues of US $29 million
(unaudited) for the year ended 31 December 2010.
We have invested approximately $6 million in Medivance through a
series of investments. Our last investment (led by affiliates of
Black Rock, the US investment management company) was in June 2009
when we invested a further $1 million in an $8.9 million Series E
fundraising in newly issued equity in Medivance. We hold around
9.4% of the fully-diluted equity and have decided to maintain the
value in US dollar terms. Given the movement of the US dollar to
sterling exchange rate over the period, this values our holding at
GBP4.0 million as at 31 March 2011.
SIW Holdings Limited ("Stanmore")
Stanmore has performed well since our investment in March 2008.
The directors of Stanmore anticipate revenues of GBP7.5 million
(unaudited) for the 12 months to December 2011 and consider the
outlook for future sales growth through both existing and new
customers to be positive.
MDY Healthcare acquired 3,000,000 A Preferred shares
(approximately 18% of the issued share capital of Stanmore on a
fully diluted basis as at 30 September 2010) in March 2008. As at
30 September 2010, the investment was valued at cost representing
the fair value. Following the disposal of 600,000 A Preferred
Shares in Stanmore in November 2010, as described above, MDY
Healthcare holds approximately 14.5% of the issued share capital of
Stanmore.
Growth continues to be driven by an increased take up of the
METS (modular endoprosthetic tumour system) product range and a
growing increase in sales of the non-invasive Juvenile Tumour
Systems. Stanmore has seen an increase in demand from the UK along
with continued good growth in exports, particularly to France,
Greece, Hong Kong, India and Australia, with sales now in 15
countries. Stanmore has recently received FDA marketing approval of
the Juvenile Tumour system and this is predicted by Stanmore to be
a significant sales channel with a growing level of interest from
surgeons in the USA.
The acquisition of the assets of the Acrobot Company Ltd in 2010
continues to provide benefits to Stanmore in patient specific
solutions with computer aided navigation. The patient specific knee
and hip project continues to be on target for a 2011 launch,
starting with the knee in Q3.
Stanmore continues to expand its skilled workforce, re-branding
its marketing activities and developing a new global electronic
communication system to support the work of surgeons. This
innovative "online design" system allows UK based implant designers
and overseas surgeons to communicate both verbally and visually and
it continues to be a major source of competitive advantage that
will help to drive further export sales.
Stanmore continues to make encouraging progress with ITAP, its
innovative device for directly attaching prosthetic devices to the
skeleton of amputees. The ITAP implant is being developed for a
wide-range of applications including upper and lower limb, digits
and craniofacial prostheses. The Transfemoral ITAP trial continues
at the Royal National Orthopaedic Hospital in Stanmore. ITAP has
attracted significant interest from several institutions both in
the UK and overseas in relation to exploiting the commercial
possibilities for this technology.
Trust William Limited ("Trust William")
In the Company's results for the reporting period ended 30
September 2010, the Company announced that as regards Trust
William, the online retailer of natural healthcare products, a
provision had been made against the loan to Trust William.
Following the completion of a strategic review of Trust William,
the Company has entered into non-binding heads of terms with a view
to disposing of the Trust William business, for a nominal
consideration, and ending MDY Healthcare's obligation to fund that
business.
Financial review
At 31 March 2011 per the unaudited interim financial results for
the reporting period, MDY Healthcare's total investments (current
and non-current) were valued at GBP6.42 million (30 September 2010:
GBP7.31 million). Cash and cash equivalents increased to GBP0.46
million (30 September 2010: GBP0.28 million) following the issue of
GBP0.15 million in new share capital and the realisation of certain
investments from the Company's portfolio. As referred to above,
after the period end in June 2011, the Company strengthened its
liquid resources by securing a loan facility of up to GBP150,000.
Net asset value per share as at 31 March 2011 was GBP0.32 (30
September 2010: GBP0.35).
Revenue for the period was GBP66,000 (2010: GBP104,000), and the
net loss for the period reduced to GBP0.55 million (2010: GBP0.66
million) following the implementation of further cost saving
initiatives. Loss per share reduced to (3.26) pence per share from
(4.06) pence per share in the corresponding period in 2010.
During the period, the Company has sold further listed and
unlisted investments and raised additional equity, together
resulting in cash receipts to the Company of GBP0.98 million. The
Company will consider a number of options in the next twelve months
to ensure that the Company has sufficient liquid resources,
including continuing to reduce costs, where possible and seeking to
make partial divestments of assets, if necessary.
After the period end, the Company has agreed in principle to a
conditional assignment of the lease of its head office, which has a
five year unexpired term, subject to execution of final documents,
receipt of landlord's consent and payment by the Company of an exit
premium of GBP150,000. Upon completion of the assignment the
Company expects to receive repayment of its existing lease deposit
of GBP103,000, resulting in a net cash outflow on completion of
GBP47,000 plus associated advisory costs in connection with the
assignment.
As part of the consideration for the acquisition of healthcare
investments in 2009, MDY Healthcare issued to 3i Group plc ("3i") a
related party, GBP1,587,842 fixed rate unsecured loan notes (the
"Loan Notes"). The Loan Notes were originally redeemable as to 50%
on 31 December 2011 however, 3i have agreed to defer repayment of
this amount to 31 March 2012. The remaining 50% of the Loan Notes
is to be redeemed on 31 December 2012. The Loan Notes may become
repayable earlier in the event of the divestment by the Company of
certain of its investments. The Company may, at its election,
redeem the Loan Notes (in whole or in part) at any time on
notice.
Until the Loan Notes are redeemed or cancelled in accordance
with their terms and conditions, interest will accrue on the
principal amount of Loan Notes at the rate of 8% per annum. After
the period end, 3i has agreed that the quarterly payment of
interest due 30 June 2011 under the Loan Notes and all further
interest accruing up until (but excluding) 31 March 2012, shall not
be payable quarterly but be rolled up and become payable to 3i on
the earlier of 31 March 2012 or the date upon which the Loan Notes
become otherwise due and payable in accordance with their terms (as
amended).
Conclusion and outlook
The Company has completed its planned cost reduction programme
with agreement in principle to assign our onerous office lease. We
are now committed to realising the value in the Company's two
successful investments, Medivance and Stanmore. Costs have been cut
to a minimum and a working capital loan obtained to give us
sufficient time to realise these investments. Our objective is to
realise concrete value for our shareholders over the next 12
months.
Grahame Cook
Chairman
MDY Healthcare plc
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2011
Unaudited
Unaudited restated Audited year
six months six months ended 30
to 31 March to 31 March September
Notes 2011 2010 2010
GBP000 GBP000 GBP000
Group revenue 2 66 104 136
Cost of sales (30) (64) (100)
Gross Profit 36 40 36
Administrative expenses (455) (639) (2,196)
Other operating income 7 16 70
Other operating expense (72) (28) (1,439)
Results from operating
activities (484) (611) (3,529)
Finance expense (63) (91) (206)
Finance income 1 42 105
------------------------- ------ ------------- ------------- -------------
Net finance
(expense)/income (62) (49) (101)
------------------------- ------ ------------- ------------- -------------
Loss before tax (546) (660) (3,630)
Income tax expense - - -
Loss for the period (546) (660) (3,630)
------------------------- ------ ------------- ------------- -------------
Other comprehensive
income for the period,
net of income tax
Total comprehensive
income for the period (546) (660) (3,630)
Loss and total
comprehensive income
attributable to:
- Equity
shareholders
of parent (546) (660) (3,630)
Loss for the period (546) (660) (3,630)
Basic and diluted loss
per share 3 (3.26)p (4.06)p (22.31)p
------------------------- ------ ------------- ------------- -------------
MDY Healthcare plc
Consolidated Statement of Changes in Equity
For the six months ended 31 March 2011
Issued Share Profit Share
share premium and loss Other option
capital account account reserves reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
October 2008 6,999 101,419 (120,137) 22,993 - 11,274
Total comprehensive
income for the
period
Loss for the period - - (1,729) - - (1,729)
Other comprehensive
income
Net change in fair
value of
available-for-sale
financial assets - - (560) - - (560)
Transactions with
owners recorded
directly in equity
Issue of ordinary
shares 16 396 - - - 412
-------------------- -------- -------- ---------- --------- -------- --------
Balance at 30
September 2009 7,015 101,815 (122,426) 22,993 - 9,397
Total comprehensive
income for the
period
Loss for the period - - (3,630) - - (3,630)
-------------------- -------- -------- ---------- --------- -------- --------
Balance at 30
September 2010 7,015 101,815 (126,056) 22,993 - 5,767
Transactions with
owners recorded
directly in equity
Issue of ordinary
shares 8 142 - - - 150
Total comprehensive
income for the
period
Loss for the period - - (546) - - (546)
Movement in share
option reserve - - - - 45 45
-------------------- -------- -------- ---------- --------- -------- --------
Balance at 31 March
2011 7,023 101,957 (126,602) 22,993 45 5,416
-------------------- -------- -------- ---------- --------- -------- --------
MDY Healthcare plc
Consolidated Statement of Financial Position
As at 31 March 2011
Unaudited
Unaudited restated Audited
as at as at as at
31 March 31 March 30 September
Notes 2011 2010 2010
GBP000 GBP000 GBP000
Assets
Non-current assets
Intangible assets 34 82 58
Property, plant and equipment 45 61 50
Investments 4 6,406 7,993 7,078
Total non-current assets 6,485 8,136 7,186
------------------------------ ------ ---------- ---------- --------------
Current assets
Investments 4 11 1,340 231
Inventory - goods for resale 17 16 15
Trade and other receivables 142 549 190
Cash and cash equivalents 5 458 458 284
Total current assets 628 2,363 720
------------------------------ ------ ---------- ---------- --------------
Total assets 7,113 10,499 7,906
------------------------------ ------ ---------- ---------- --------------
Liabilities
Non-current liabilities
Loan note 794 1,588 1,588
Total non-current liabilities 794 1,588 1,588
------------------------------ ------ ---------- ---------- --------------
Current liabilities
Trade and other payables 109 174 551
Loan note 794 - -
Total current liabilities 903 174 551
------------------------------ ------ ---------- ---------- --------------
Total liabilities 1,697 1,762 2,139
------------------------------ ------ ---------- ---------- --------------
Net assets 5,416 8,737 5,767
------------------------------ ------ ---------- ---------- --------------
Equity
Issued capital 7,023 7,015 7,015
Share premium 101,957 101,815 101,815
Other reserves 22,993 22,993 22,993
Share option reserve 45 - -
Retained earnings (126,602) (123,086) (126,056)
------------------------------ ------ ---------- ---------- --------------
Total equity 5,416 8,737 5,767
------------------------------ ------ ---------- ---------- --------------
MDY Healthcare plc
Consolidated Statement of Cash Flows
For the six months ended 31 March 2011
Unaudited
Unaudited restated Audited
six months six months year ended
to 31 March to 31 March 30 September
2011 2010 2010
GBP000 GBP000 GBP000
Cash flows from operating
activities
Loss for the reporting period (546) (660) (3,630)
Adjustments for:
Depreciation and amortisation 35 32 68
Net change in fair value of
financial assets through the
statement of comprehensive
income 65 (135) 1,369
Movement in share option
reserve 45 - -
Interest receivable (1) (42) (105)
Operating loss before changes
in working capital and
provisions (402) (805) (2,298)
-------------------------------- ------------- ------------- --------------
Increase in inventory (2) (4) (3)
Decrease/(increase) in trade
and other receivables 48 (83) 276
(Decrease)/increase in trade
and other payables (442) (43) 334
Cash (used)/generated by
operations (396) (130) 607
-------------------------------- ------------- ------------- --------------
Net cash outflow from operating
activities (798) (935) (1,691)
-------------------------------- ------------- ------------- --------------
Cash flows from investing
activities
Interest received 1 42 105
Acquisition of intangible
assets (6) (15) (15)
Acquisitions property, plant
and equipment (1) (1) (1)
Proceeds from the sale of
investments 828 236 755
-------------------------------- ------------- ------------- --------------
Net cash inflow from investing
activities 822 262 844
-------------------------------- ------------- ------------- --------------
Cash flows from financing
activities
Proceeds from the issue of
share capital 150 - -
-------------------------------- ------------- ------------- --------------
Net cash inflow from financing
activities 150 - -
-------------------------------- ------------- ------------- --------------
Net increase/(decrease) in cash
and cash equivalents 174 (673) (847)
Cash and cash equivalents at 1
October 284 1,131 1,131
-------------------------------- ------------- ------------- --------------
Cash and cash equivalents at
the end of the period 458 458 284
-------------------------------- ------------- ------------- --------------
MDY Healthcare plc
Notes to the half year results (unaudited) for the reporting
period ended 31 March 2011
1. Accounting policies
Reporting Entity
MDY Healthcare plc (the 'Company') is a Public Limited Company
(traded on AIM) incorporated in and domiciled in the United
Kingdom. The address of the Company's registered office is 23
Bridge Street, Ellon, Aberdeenshire, Scotland. The unaudited
consolidated financial statements of the Company as at and for the
six months ended 31 March 2011 comprise the Company and its
subsidiaries (together referred to as the "Group and the Group's
interest in jointly controlled entities"). The Group is a
healthcare sector specialised investment business.
Basis of preparation
a) Statement of compliance
In the Consolidated Statements the 2010 comparative has been
restated to comply with the proportionate consolidation
requirements of IAS 31.
The interim announcement has been prepared using accounting
policies consistent with those set out in the MDY Healthcare plc
Annual Report for the reporting period ended 30 September 2010.
The financial statements have been prepared on a going concern
basis which the directors believe to be appropriate for the reasons
below:
-- After the end of the reporting period, in June 2011, the
Company strengthened its liquid resources by securing a loan
facility of up to GBP150,000.
-- The reporting period ended 31 March 2011 has benefited from
further cost saving measures that have been implemented by the
Company and the effect of these will continue in future
periods.
-- After the period end, 3i has agreed that the quarterly
payment of interest due 30 June 2011 under the Loan Notes and all
further interest accruing up until (but excluding) 31 March 2012,
shall not be payable quarterly but be rolled up and become payable
to 3i on the earlier of 31 March 2012 or the date upon which the
Loan Notes become otherwise due and payable in accordance with
their terms (as amended).
-- The directors have prepared a forecast for the period ending
30 June 2012 which reflects the above matters. The forecast assumes
that further sales of investments will be made during the coming
year or finance obtained secured thereon in order to provide
sufficient working capital to enable the Group and the Company to
meet their respective liabilities as they fall due.
-- In the event of unexpected cash requirements arising and as
regards the repayment of Loan Notes and all accrued but unpaid
interest in March 2012 the directors intend to divest further parts
of (or arrange finance secured on) one of the Company's strategic
investments.
-- Whilst there can be no certainty, the directors are confident
that the actions detailed above are achievable and that the
forecast can be met.
In preparing these financial statements, the Directors have
given consideration to the above matters and on this basis they
believe that it remains appropriate to prepare the financial
statements on a going concern basis. They believe that there are
nevertheless uncertainties over these matters that may cast doubt
over the ability of the Company to continue as a going concern and,
therefore to continue realising its assets and discharging its
liabilities in the normal course of business. The financial
statements do not include any adjustments that would result from
this going concern basis of preparation being inappropriate.
The financial statements were approved by the Board of Directors
on 29 June 2011.
b) Basis of measurement
The financial statements have been prepared on the historical
cost basis except for the following:
-- Financial investments at fair value through the statement of
comprehensive income are measured at fair value
-- Available for sale financial assets are measured at fair
value
c) Functional and presentation currency
The financial statements are presented in pounds sterling,
rounded to the nearest thousand, which is the Company's functional
currency. Functional currencies within the Group consist primarily
of pounds sterling.
d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRSs
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods
affected.
2. Segmental reporting
Segmental reporting is presented in respect of the Group's
business segments. The business segments are based on the Group's
management and internal reporting structure. Segment results,
assets and liabilities include items directly attributable to a
segment as well as those that can be allocated to a segment on a
reasonable basis.
The Group comprises the following main business segments:
Investing - representing the Group's activities in investing in
healthcare related companies
Retail - representing the Group's interests in Trust William
Limited, the multi channel retail jointly controlled entity, which
sells natural healthcare products directly to consumers via the
internet, mail order and telesales.
Unaudited
Unaudited restated Unaudited
Unaudited restated Audited Unaudited six Audited Unaudited restated Audited
six six year six months year six six year
months to months to ended 30 months to to 31 ended 30 months to months to ended 30
31 March 31 March September 31 March March September 31 March 31 March September
2011 2010 2010 2011 2010 2010 2011 2010 2010
Segment: Investing Investing Investing Retail Retail Retail Total Total Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Group
Revenue 22 34 20 44 70 116 66 104 136
Gross
Profit 22 34 20 14 6 16 36 40 36
Result from
operations (421) (461) (3,172) (63) (150) (357) (484) (611) (3,529)
Finance
(expense)
income,
net (62) (22) (23) - (27) (78) (62) (49) (101)
Loss before
and after
tax (483) (483) (3,195) (63) (177) (435) (546) (660) (3,630)
Segment
assets 7,045 10,374 7,773 68 125 133 7,113 10,499 7,906
Segment
liabilities (1,678) (1,715) (2,129) (19) (47) (10) (1,697) (1,762) (2,139)
Capital
expenditure 1 - - 6 15 16 7 16 16
Depreciation
and
amortisation 5 7 19 30 25 49 35 32 68
3. Loss per share
For the six months ended 31 March 2011
Unaudited
Unaudited restated Audited
six months six months year ended
to 31 March to 31 March 30 September
2011 2010 2010
GBP000 GBP000 GBP000
Basic and diluted
Net loss for the reporting
period (546) (660) (3,630)
Weighted average number of
ordinary shares
outstanding 16,721,631 16,271,676 16,271,676
----------------------------- ------------- ------------- -----------------
Basic and diluted loss per
ordinary share (3.26)p (4.06)p (22.31)p
----------------------------- ------------- ------------- -----------------
The basic net loss per ordinary share is calculated using a
numerator of the net loss for the reporting period and a
denominator of the weighted average number of ordinary shares in
issue in the reporting period. The diluted net loss per ordinary
share is calculated using a numerator of the net loss for the
reporting period and a denominator of the weighted average number
of ordinary shares and adjusting for the effect of all potentially
dilutive shares, including share options and warrants, assuming
they are converted. There is no difference in the six month period
ended 31 March 2011 and for the full year ended 30 September 2010
between the basic net loss per share and the diluted loss per share
as ordinary share equivalents from share options have been excluded
from the computation as their effects are anti-dilutive.
Weighted average number of ordinary shares
Issued ordinary shares at 1 October 2010 16,271,676
Effect of shares issued in the financial period 449,955
Weighted average number or ordinary shares at
31 March 2011 16,721,631
------------------------------------------------- -----------
4. Investments
i) Financial assets held for trading at fair value through the
statement of comprehensive income
Fair value GBP000
At 1 October 2010 7,078
Additions at cost -
Revaluation increase -
Revaluation decrease (72)
Disposals (600)
---------------------- -------
At 31 March 2011 6,406
---------------------- -------
ii) Financial assets designated at fair value through the
statement of comprehensive income
Fair value GBP000
At 1 October 2010 231
Additions at cost -
Revaluation increase -
Revaluation decrease (8)
Disposals (212)
---------------------- -------
At 31 March 2011 11
---------------------- -------
5. Analysis of changes in net funds
At 30 September At 31 March
2010 Cash Flow 2011
GBP000 GBP000 GBP000
Cash at bank 284 174 458
Total 284 174 458
-------------- ---------------- ---------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKCDNABKDBAB
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