TIDMPSL
RNS Number : 3143C
Photonstar LED Group PLC
28 September 2018
28 September 2018
PhotonStar LED Group Plc
Half year results
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar", the "Company"
or "the Group"), the British designer and manufacturer of smart LED
lighting solutions and cloud based building management services,
announces its half year results for the six months ending 30 June
2018.
Operational and strategic overview
Announced sale of Camtronics Vale Ltd ("Camtronics") in January
2018 for a total cash consideration of GBP150,000, representing a
further step along the path of the Group's transformation into a
software and services business.
Announced the release of the Group's next generation v2 halcyon
cloudBMS(TM) software ("Halycon V2") in May 2018 which is
characterised by a low cost, retrofit-able wireless monitoring and
control platform, halcyonPRO2(TM) and an upgraded cloud service
platform, cloudBMS(TM).
Financial overview
Raised gross proceeds of GBP0.89m from two placings via the
issue of new shares, primarily to fund the development of Halycon
V2 and to provide the Group with additional working capital.
The disposal of Camtronics means only one month of associated
revenue and costs were recorded in H1 2018, as a result the
comparable figures for H1 2017 are not like for like.
-- Revenues for H1 2018 GBP1.33m* (H1 2017: GBP2.26m)
-- Gross profit margin for H1 2018 was 34.6%* (H1 2017: 32.0%)
-- Administrative expenses reduced to GBP1.29m* (H1 2017: GBP1.34m)
-- Adjusted EBITDA loss for H1 2018 of GBP0.63m* (H1 2017: loss GBP0.23m)
-- Pre-tax loss for the period of GBP0.49m* (H1 2017: loss GBP0.60m)
-- Exceptional profit of GBP0.33m on the sale of subsidiary
Camtronics Vale ltd (H1 2017: GBP Nil)
-- Group net debt was GBP0.31m (H1 2017: GBP0.81m)
-- Loss per share of 0.1p (H1 2017: loss per share 0.2p)
H1 2018 Segmental revenue analysis
- Lighting Fixtures revenues GBP1.15m (H1 2017:GBP1.36m)
- Contract manufacturing revenues GBP0.13m (H1 2017: GBP0.79m)*.
- Halcyon / Light engines revenues GBP0.05m (H1 2017: GBP0.11m)
Following the period end the Group has filed for over GBP0.2m of
research and development tax credits, the majority of which has now
been received.
* Note only 1 month of revenue and costs prior to disposal of
Camtronics Vale Ltd on 29 January 2018
James McKenzie, Chief Executive of PhotonStar, said:
"At the beginning of 2018 we announced the sale of Camtronics to
certain members of the Camtronics management team. This represented
a further step along the path of the Group's transformation into a
software and services business. We then released Halycon V2 in May
2018, which we believe will allow the Group to progress beyond the
various single site trials that we currently have in place and
roll-out halcyon across multiple sites, as a solution to customers'
operational and cost problems. The cloud-based compliance
reporting, IoT data analytics and fault notifications will mean
that, once the system is installed, site visits should be reduced
to essential maintenance work. This should offer compelling cost
savings for building owners, primarily by reducing the number of
site visits by up to 90% in commercial buildings. This software
release was a major milestone for the Group and I would like to
thank our customers and shareholders for their patience and
continued support.
The success of the paid for trials for both Halycon V2 and the
control platform, halcyonPRO2(TM) represent significant
developments for PhotonStar and is the focus for the Group's future
growth prospects. As we have not yet signed a material roll out
contract for these products there have been only small revenues
derived from these products to date, including from the letter of
intent received and announced in the first half of 2017. This
letter of intent will have to be renewed at a future date if the
customer wishes to proceed as was intended at the time, primarily
due to the time that has passed since this was issued.
Progress has been encouraging as we have now installed a number
of commercial trials. The product appears to have been well
received but it is taking customers much longer to move from trial
to deployment than was anticipated. Although nothing can be
guaranteed, we are expecting to receive orders for full scale
deployment by the end of 2018 and will update the market as these
occur."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information:
PhotonStar LED Group Plc (www.photonstarled.com)
James McKenzie - Group Chief Executive +44 (0)2381 230381
Northland Capital Partners Limited
David Hignell/Tom Price/Jamie Spotswood (Corporate
Finance)
Rob Rees (Corporate Broking) +44 (0)20 3861 6625
Peterhouse Capital Limited
Duncan Vasey/ Fungai Ndoro +44 (0)20 7469 0930
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and
manufacturer of intelligent lighting & building control
solutions. The Group's proprietary technology Halcyon(TM) is a
scalable, secure wireless IoT platform for retrofit into commercial
buildings, for energy reduction, asset monitoring & control,
and real time environmental, behavioural and energy insights.
PhotonStar is based in Romsey, Hampshire.
Overview
In terms of financial results, the revenues generated by the
Group in H1 2018 were disappointing. Trading continues to be
difficult in the traditional LED business with competitive price
pressure showing no sign of abating. As a result of increased
demand for our circadian lighting products in the health care
sector, the revenues for 2018 are expected to grow for this
business.
The disposal of Camtronics in January 2018 and the completion of
Halcyon V2 represent important steps along the path of the Group's
transformation into a software and services business with halcyon
at the core of the Group's strategy.
In H1 2018 the group raised GBP0.89m (gross proceeds) from two
placings via the issue of new shares, primarily to fund the
development of Halcyon V2 and to provide the Group with additional
working capital.
Business review
PhotonStar Technology Ltd -Halcyon IoT and LED light engines
("PST")
Focused on retrofitting existing buildings with lighting,
environmental monitoring and cloud based building management
services
Halcyon V2 is characterised by its low cost, retrofit-able
wireless monitoring and control platform, halcyonPRO2(TM). The
Group also released a new halcyonPRO2 server software version v925,
which includes monitoring of emergency lighting systems, energy
clamps, leak detectors, water monitors and critical asset
-monitoring devices, augmenting the regulation of heating and
cooling, shading and lighting control of previous versions of the
server software.
The Group Directors believe Halcyon V2 and the latest software
release for halcyonPRO2(TM) will combine to deliver a highly
effective, scalable and secure Building Management System as a
service, via a low cost monthly subscription model that enables
building estate owners and managers to reduce energy and operating
costs and experience greater transparency across their operations
via data.
One of the key features of Halcyon V2 is its powerful data
analytics rules engine that allows notifications of asset
performance changes or faults to be shared with customers via email
and SMS messages. Halcyon V2 provides solutions for remote
compliance reporting (e.g. emergency lighting testing and
legionella risk reduction via temperature monitoring). Energy
monitoring and reporting is also a key feature of the software.
In addition, Halcyon V2 aims to prevent loss of trade in the
restaurant and hospitality industry by monitoring critical assets
such as walk-in freezers, air extraction systems, cooling and hot
water systems to allow predictive maintenance, thus reducing loss
of trade situations that arise from the sudden failure of these
systems. Halcyon V2 also provides a full cloud based environment
for the monitoring of buildings including leaks, room occupancy,
temperature, CO2, humidity and noise. Finally, Halcyon V2 allows
advanced rules and notifications of potential problems via email
and SMS allowing customers to move to a predictive maintenance
model rather than a reactive planned maintenance model with all the
cost savings that entails.
PhotonStar LED Ltd - LED fixtures business
LED lighting focused on the new build market
During the period under review LED Lighting Fixtures revenues
were GBP1.15m (H1 2017:GBP1.36m) with profits of GBP0.26m (H1 2017:
loss GBP0.05m) after intercompany balance adjustments relating to
Camtronics.
A revised range of more efficient and competitive products were
introduced in Q2 2017 with the best-selling EcoStar600 increasing
in efficiency to over 100 lm/W this has helped maintain sales with
the product becoming LIA verified in H1 2018.
The lighting market continues to transition towards LED
lighting, with colour-tuneable and circadian LED lighting predicted
to become a significant subsector. The Company introduced
additional products and control solutions to address this
opportunity during 2017. The circadian lighting solution based on
traditional lighting control protocol DMX and the groups
proprietary ChromaWhite 2.0 biologically optimised LED light source
technology attracted strong interest in the health care sector
during 2017. This product is currently being trialed by 3 care home
groups at present with over 40 care homes in their estates. Initial
results from the trials look promising and the benefits are proving
to be significant in terms of resident and staff well-being and
sentiment.
Camtronics Vale Ltd
External customer contract electronics manufacturing
business
On 30 January 2018, the Group announced it had agreed to sell
Camtronics, which specialises in the manufacture of electronic
components, to Camtronics Vale Holdings Limited, a private company
controlled by certain members of the Camtronics management team,
for a total cash consideration of GBP150,000 with GBP40,000 being
paid at completion, a further GBP10,000 payable by 31 March 2018
and GBP100,000 to be received in subsequent monthly instalments.
This resulted in a GBP0.46m reduction in the Group debt, which
represented approximately 55% of the Group's debt prior to the
transaction.
A profit of GBP0.33m arose on the sale of Camtronics including
the net forgiveness of intercompany balances.
Financial review
The Group is making progress in transitioning from its
traditional LED product markets into becoming a retrofit connected
lighting and building management business.
The disposal of Camtronics meant the Group only had 1 month of
associated revenue and costs in H1 2018. As a result, the
comparison to H1 2017 is not like for like.
The Group's half year revenues decreased to GBP1.33m (H1 2017:
GBP2.26m) with a gross profit margin of 34.6% (H1 2017: 32%).
Administrative expenses were reduced at GBP1.29m (H1 2017:
GBP1.34m), due to continuing tight control on costs.
Adjusted EBITDA (adjusted for share based payments) loss was
GBP0.63m (H1 2017: loss GBP0.23m).
Exceptional profit of GBP0.33m on the sale of subsidiary
Camtronics Vale ltd (H1 2017: GBP Nil).
The Group reported a pre-tax loss of GBP0.49m (H1 2017: loss
GBP0.60m) and loss per share for the half year was 0.1p (H1 2017:
loss per share 0.2p).
Group net debt at 30 June 2018 was GBP0.31m (H1 2017:
GBP0.81m).
Following the period end the Group has filed for over GBP0.2m of
research and development tax credits, the majority of which has now
been received.
Group capital expenditure was GBP0.05m (H1 2017: GBP0.27m)
relating to the investment in the completion of Halcyon V2
(cloudBMS v2 and halcyonPRO2 upgrades) and the patent
portfolio.
Placing, subdivision of shares and general meeting results
On 27 February 2018 the Group conditionally raised gross
proceeds of GBP430,000 via the placing of 286,666,667 new ordinary
shares with new and existing investors and Directors of the Company
contributing at a price of 0.15 pence per share. The placing price
was less than the 1 pence nominal value of the existing ordinary
shares. The UK Companies Act 2006 (as amended) prohibits the
Company from issuing ordinary shares at a price below the nominal
value and so it was necessary for the Company to carry out a
subdivision of the existing ordinary shares whereby each existing
ordinary share was subdivided into one new ordinary share of 0.01
pence ("New Ordinary Shares") and one deferred share of 0.99 pence
to enable the placing to complete. The new ordinary shares continue
to carry the same rights as attached to the existing ordinary
shares, save for the reduction in nominal value. The placing was
confirmed at a General Meeting of shareholders on 16 March 2018.
The net proceeds of the placing were used to complete the
development of the Company's halcyon Internet of Things solution
for buildings, halcyon cloudBMS v2, ahead of its proposed
deployment and also provided the Group with additional working
capital.
Issue of equity
On 16 April 2018 the Group announced the issue of a total of
71,729,580 New Ordinary Shares to professional advisers in lieu of
fees, two directors of the Company in lieu of salaries and to
certain subscribers for cash at a price of 0.15p.
v2 CloudBMS, accelerated book build and subsequent placing
On 2 May 2018 the Group announced the successful release of
Halcyon V2 software together with a placing of GBP450,000 (before
expenses) via the issue of 150,000,000 New Ordinary Shares at a
placing price of 0.3 pence per share. This placing was executed via
an accelerated bookbuild and the proceeds have provided the Group
with additional working capital.
Current Trading and Outlook
Trading continues to be difficult in the traditional LED
business with competitive price pressure showing no sign of
abating. As a result of increased demand for our circadian lighting
products in the health care sector, the revenues for 2018 are
expected to grow for this product line.
The disposal of Camtronics and the completion of Halcyon V2
represent important steps along the path of the Group's
transformation into a software and services business with halcyon
at the core of the Group's strategy.
The move by customers from trials to full scale deployment of
our building control solutions is taking longer to achieve than was
anticipated. However, management believes that the Group entered
the second half of 2018 as a much leaner business, with a reduced
cost base and with a completed cloudBMS platform - Halcyon V2 for
which we are expecting to receive orders for full scale deployment
by the end of 2018.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2018
6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Revenue 2 1,330 2,259 4,547
Cost of Sales (870) (1,528) (3,095)
Gross Profit 460 731 1,452
Administrative Expenses (1,289) (1,340) (2,767)
Exceptional Item (administrative
expenses) 327 - (836)
------------------- ---------------------- ------------
Total administrative expenses (962) (1,340) (3,603)
Other Income 27 31 125
------------------- ---------------------- ------------
Operating Loss before exceptional
item (802) (578) (1,190)
Operating Loss after exceptional
item (475) (578) (2,026)
Financial Expense (17) (26) (53)
------------------- ---------------------- ------------
Loss Before Income Tax (492) (604) (2,079)
Taxation Credit 3 60 119 169
------------------- ---------------------- ------------
Loss and total comprehensive income
for the period attributable to the
Equity Shareholders of the Parent (432) (485) (1,910)
------------------- ---------------------- ------------
Loss per share
Basic and diluted 4 (0.1)p (0.2)p (0.9)p
------------------- ---------------------- ------------
Consolidated Statement of Financial Position
as at 30 June 2018
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, Plant & Equipment 52 389 335
Intangible Assets 1,006 1,843 917
Total Non-Current Assets 1,058 2,232 1,252
---------- ---------- ------------
Current Assets
Inventories 545 685 761
Trade & Other Receivables 559 1,131 948
Current Tax Assets 140 312 80
Cash & Cash Equivalents 47 95 44
---------- ---------- ------------
Total Current Assets 1,291 2,223 1,833
---------- ---------- ------------
Total Assets 2,349 4,455 3,085
---------- ---------- ------------
Equity
Ordinary Share Capital 2,304 2,252 2,252
Share premium 8,665 7,828 7,828
Share capital reduction reserve 10,081 10,081 10,081
Share option reserve 699 665 680
Reverse acquisition reserve (8,843) (8,843) (8,843)
Profit and Loss (11,748) (9,832) (11,257)
Equity 1,158 2,151 741
---------- ---------- ------------
Liabilities
Current Liabilities
Trade & Other Payables 828 1,340 1,486
Borrowings 355 908 833
Provisions 8 41 10
Total Current Liabilities 1,191 2,289 2,329
---------- ---------- ------------
Non-Current Liabilities
Deferred Tax Liabilities - 15 15
Total Liabilities 1,191 2,304 2,344
---------- ---------- ------------
Total Equity and Liabilities 2,349 4,455 3,085
---------- ---------- ------------
Consolidated Statement of Cash Flows
For the six months ended 30 June 2018
6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash Flows from Operating Activities
Operating Loss (492) (578) (2,079)
Exceptional Item - Impairment - - 836
Depreciation 18 39 86
Amortisation 140 285 582
Share Option Charge 19 25 39
Movement in Provisions (2) 3 (34)
Grant Income (27) (31) (60)
Profit on sale of subsidiary
undertaking (327) - -
Profit on Sale of Plant, Property &
Equipment - (15) (49)
Profit on Sale of Patents - (50) -
Change in Inventories 216 89 13
Change in Trade & Other Receivables 349 (92) 91
Change in Trade & Other Payables (323) (74) 137
------------------------- ------------------------- ------------
Cash Generated from/(Used in) Operations (429) (399) (438)
Interest Paid - (26) -
Tax Received - - 248
Net Cash Generated from/(Used in) Operating
Activities (429) (425) (190)
------------------------- ------------------------- ------------
Cash Flows From Investing Activities
Proceeds on disposal of subsidiary
undertaking 71 - -
Proceeds on disposal of Plant, Property
& Equipment - 10 49
Proceeds on disposal of Patents - 50 -
Purchase of Property, Plant and Equipment (3) (9) (27)
Purchase of Intangible Assets (47) (258) (440)
Net Cash Used in Investing Activities 21 (207) (418)
------------------------- ------------------------- ------------
Cash Flows from Financing Activities
Proceeds from the issue of ordinary shares 891 425 425
Increase/(Decrease) in borrowings (478) 77 2
Net Cash Generated from Financing Activities 413 502 427
------------------------- ------------------------- ------------
Net (Decrease)/Increase in Cash and Cash
Equivalents 5 (130) (181)
Cash and Cash Equivalents at the Start
of the Period 44 225 225
Cash and Cash Equivalents at the End
of the Period 49 95 44
------------------------- ------------------------- ------------
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2018 (unaudited)
Share
Ordinary Capital Share Reverse
Share Share Reduction Option Acquisition Retained
Capital Premium Reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2018 2,252 7,828 10,081 680 (8,843) (11,273) 725
Issue of New Shares 52 837 - - - - 889
Share Option Charge - - - 19 - - 19
Sale of Camtronics Vale - - - - - (43) (43)
Comprehensive Loss for
the Period - - - - - (432) (432)
At 30 June 2018 2,304 8,665 10,081 699 (8,843) (11,748) 1,158
-------- ---------- ------------ -------- ---------------- --------- ----------
For the six months ended 30 June 2017 (unaudited)
Share
Ordinary Capital Share Reverse
Share Share Reduction Option Acquisition Retained
Capital Premium Reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2017 1,879 7,776 10,081 641 (8,843) (9,347) 2,187
Issue of New Shares 373 52 - - - - 425
Share Option Charge - - - 24 - - 24
Comprehensive Loss for
the Period - - - - - (485) (485)
At 30 June 2017 2,252 7,828 10,081 665 (8,843) (9,832) 2,151
--------- --------------- -------------- ----- ------------------- ----------------- ------
For the year ended 31 December 2017 (audited)
Share
Ordinary Capital Share Reverse
Share Share Reduction Option Acquisition Retained
Capital Premium Reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January
2017 1,879 7,776 10,081 641 (8,843) (9,347) 2,187
Issue of new
shares 373 52 - - - - 425
Share Option
Charge - - - 39 - - 39
Comprehensive
Loss for
the Period - - - - - (1,910) (1,910)
At 31 December
2017 2,252 7,828 10,081 680 (8,843) (11,257) 741
--------- --------- -------------- --------- ------------ ------------- -----------
Notes to the financial statements
For the six months ended 30 June 2018 (unaudited)
1. Basis of preparation
These interim financial statements have been prepared in
accordance with IAS 34 - Interim Financial Reporting using the
recognition and measurement principles of International Accounting
Standards, International Financial Reporting Standards and
Interpretations adopted for use in the European Union (collectively
"Adopted IFRS").
The principal accounting policies used in preparing these
interim financial statements are those expected to apply to the
Group's Consolidated Financial Statements for the year ending 31
December 2018 and are unchanged from those disclosed in the Group's
Annual Report for the year ended 31 December 2017.
The financial information for the six months ended 30 June 2018
and 30 June 2017 is unaudited and does not constitute statutory
financial statements for those periods.
The comparative financial information for the year ended 31
December 2017 is not statutory accounts within the meaning of s434
of the Companies Act 2006 but has been derived from the audited
statutory financial statements for that year. The statutory
accounts for the year ended 31 December 2017 have been reported on
by the Company's auditor, delivered to the Registrar of Companies
and have been sent to the shareholders.
The auditor's opinion on the Group's financial statements for
the year ended 31 December 2017 included drawing attention to a
material uncertainty related to going concern without qualifying
their report. As stated in the notes to those accounts the
directors have a reasonable expectation that the Group and the
Company have access to adequate resources to continue in
operational existence for the foreseeable future.
2. Segmental Information
Halcyon
Six Months Ended 30 June 2018 (unaudited) LED Lighting & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue;
UK 1,121 49 127 1,297
Rest of World 33 - - 33
------------------------------------------- ------------- --------- ------------------ ---------
Total Revenue 1,154 49 127 1,330
------------------------------------------- ------------- --------- ------------------ ---------
Adjusted EBITDA for reportable segments (117) (292) (11) (420)
Depreciation and Amortisation (46) (109) (3) (158)
Interest Expense (15) - (2) (17)
Taxation Credit - 60 - 60
Total Assets 1,091 867 - 1,958
Total Liabilities 523 225 - 748
Halcyon
Six Months Ended 30 June 2017 (unaudited) LED Lighting & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue;
UK 1,204 109 777 2,090
Rest of World 157 - 12 169
------------------------------------------- ------------- --------- -------------- ----------
Total Revenue 1,361 109 789 2,259
------------------------------------------- ------------- --------- -------------- ----------
Adjusted EBITDA for reportable segments (52) (130) - (182)
Depreciation and Amortisation (71) (231) (22) (324)
Interest Expense (12) (1) (13) (26)
Taxation Credit 10 109 - 119
Total Assets 1,195 1,961 938 4,094
Total Liabilities 544 295 424 1,263
Halcyon
Year Ended 31 December 2017 (audited) LED Light & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue;
UK 2,450 293 1,679 4,422
Rest of World 125 - - 125
--------------------------------------- ---------- --------- -------------- --------
Total Revenue 2,575 293 1,679 4,547
--------------------------------------- ---------- --------- -------------- --------
Adjusted EBITDA for reportable
segments (191) (327) 70 (448)
Depreciation and Amortisation (131) (503) (42) (676)
Impairment - (748) (88) (836)
Interest Expense (27) - (26) (53)
Taxation Credit 65 104 - 169
Total Assets 1,138 888 897 2,923
Total Liabilities 840 206 450 1,496
Additions to Non-Current Assets
in the Year 47 380 - 467
Adjusted EBITDA for reportable segments is defined as EBITDA
before Share Option Charge and Corporate Expense allocation.
Reconciliation of Adjusted EBITDA
to Loss Before Tax 6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Adjusted EBITDA for Reportable Segments (420) (182) (448)
Corporate Expense (209) (47) (35)
---------- ---------- ----------------------
Adjusted EBITDA (629) (229) (483)
Share Option Charge (15) (25) (39)
Depreciation and Amortisation (158) (324) (668)
Impairment - - (836)
Exceptional Items 327 - -
Interest Expense (17) (26) (53)
Loss before Tax (492) (604) (2,079)
---------- ---------- ----------------------
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Segment Assets for Reportable Segments 2,810 4,094 2,923
Unallocated:
Cash at Bank 47 95 44
Other (508) 266 118
Total Assets per the Statement of
Financial Position 2,349 4,455 3,085
---------- ---------- ----------------------
Reconciliation of Reportable Segment Liabilities to Total
Liabilities
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Segment Liabilities for Reportable
Segments 748 1,263 1,496
Unallocated:
Borrowings 355 908 833
Other 88 133 15
Total Liabilities per the Statement
of Financial Position 1,191 2,304 2,344
---------- ---------- ----------------------
3. Income Tax Credit
The income tax credit of GBP60,000 for the six months ended 30
June 2018, (6 months ended 30 June 2017: GBP119,000; year ended 31
December 2017: GBP169,000) represents estimated research and
development tax credit receivable for that period. Excluding these
matters, the effective tax rate for the Group for the year ended 31
December 2018 is expected to be zero, reflecting the availability
of estimated brought forward tax losses at 31 December 2017 of
about GBP9.9m.
4. Earnings per share
6 months 6 months Year
ended ended ended
30 June 2018 30 June 2017 31 December 2017
Loss attributable to ordinary shareholders GBP(432,000) GBP(485,000) GBP(1,910,000)
Weighted average number of ordinary
shares 501,390,898 198,645,512 212,724,247
(0.1p) (0.4p) (0.9p)
Diluted earnings per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding after adjusting these amounts
for the effects of dilutive potential ordinary shares.
As the results for the six months ended 30 June 2018 and 30 June
2017 and for the year ended 31 December 2017 are losses, any
exercise of share options would have an anti-dilutive effect on
earnings per share. Consequently earnings per share and diluted
earnings per share are the same as potentially dilutive share
options have been excluded from the calculation.
5. Copies of Interim Report
Copies of this interim report are available upon request to
members of the public from the Company's registered office, Unit 8
Westlink, Belbins Business Park, Cupernham Lane, Romsey, Hampshire
SO51 7JF. This interim report can also be viewed on the Group's
website: www.photonstarled.com.
This information is provided by RNS, 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.
END
IR PGURPBUPRURR
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September 28, 2018 04:56 ET (08:56 GMT)
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