TIDMULT
RNS Number : 8356F
Ultrasis PLC
30 April 2014
Ultrasis plc
("Ultrasis" or the "Company")
Interim Results for the six months ended 31 January 2014
Ultrasis, the provider of interactive health care services,
announces its unaudited financial results for the six months ended
31 January 2014 (the "Interim Results"):
-- Revenue of GBP475,000 (2013: GBP486,000)
-- Loss before tax of GBP559,000 (2013: GBP632,000) including
costs of approximately GBP100,000 regarding three completed
acquisitions
-- Substantial reduction in ongoing overheads
-- Cash balances of GBP190,000 (2013: (restated) GBP372,000)
-- The Group has unused loan facilities of GBP1,625,000
-- Highlights of the period include:
o Completion of three acquisitions: Screenetics, Step Success
and Waterloo Health Clinic
o Contract wins which, the Directors believe, have the potential
to add over GBP10 million of income over the next three years which
will begin to generate income later this year
o Creating a new joint venture company with the NHS: Ki Group,
with a primary objective of creating public sector sales
opportunities for Beating the Blues
o Launch of Beating the Blues 2.0 in the US following
significant content and technology platform development
-- Expecting further growth in the second half of this year as
the Group moves towards profitability
John Smith, CEO commented "We are pleased with the substantial
progress we have made in the first half and are delighted with our
recent acquisitions which are now all integrated into the Group. We
look forward to further progress in the second half and
beyond."
Media enquiries:
For all enquiries relating to Ultrasis please contact:
Ultrasis plc Tel: +44 (0) 20 7535
2050
John Smith, Chief Executive
finnCap Limited Tel: +44 (0) 20 7220
0500
Geoff Nash/Simon Hicks
JBP Public Relations Tel: +44 (0) 11 7907
3400
Chris Lawrance
Notes to Editors:
Ultrasis is a healthcare company with core expertise in health,
psychology, software development and programme management. We
deliver a range of healthcare products to the consumer, the NHS,
the corporate sector and other healthcare providers in the UK and
Internationally. Ultrasis was the first company to offer
computerised products based on Cognitive Behavioural Therapy (CBT)
and interactive multimedia, and is still the world leader in this
field.
Chief Executive's and Chairman's Statement
Overview
This has been a very active period for the Group which has seen
progress in implementing the Board's strategy - to develop into a
significant health and social care provider in the public and
corporate sectors, return the Group to profitability through well
targeted acquisitions and broaden our sales pipeline. Whilst we
would have liked to see actual income grow much sooner we have
established a solid platform of contracts which we believe will
contribute regular revenue to the Group.
In the period we completed three acquisitions: Screenetics, Step
Success and Waterloo Health Clinic and have quickly integrated the
companies and their employees into the Group. This has seen the
number of employees grow from 20 to 47. This growth in staff will
continue as we win more contracts and expand our offering to new
locations throughout the UK. We are currently targeting other
acquisition opportunities with a view to complementing our range of
on-line products.
Screenetics has recently won several major contracts with an
estimated income value of more than GBP10 million 'phased in' over
the next three years and we have begun the process of implementing
the necessary infrastructure changes and securing the necessary
resources to deliver the contracts. This has required initial
"set-up" expenditure to ensure we have sufficient capacity in place
to deliver our contractual obligations and ensure we maximise the
contracts' income potential. We have a number of exciting
opportunities for the Screenetics business and are confident of
securing further sizable contracts in the near future.
The Waterloo Health Clinic acquisition came with existing
forward contracts of GBP700,000 per annum and the team have focused
their efforts to date on ensuring that these contracts are
delivered to the highest quality standards and existing customers
remain satisfied with the services being offered. We will now look
to develop a strategy to expand the services the clinic provides,
so increasing its contribution to Group revenue.
The public sector, and the NHS in particular, remains an
important customer for our Beating the Blues programme and we have
developed a new joint venture with Cheshire and Wirral Partnership
NHS Foundation Trust called Ki Group. The primary focus of Ki Group
is to target our sales efforts on the tender process that is now
part of the NHS modus operandi of contracting and to ensure that
Beating the Blues is included in as many tender responses as
possible. These tenders are mainly for IAPT and Primary Care Mental
Health services, where we have strong evidence to support the cost
and clinical benefit of using Beating the Blues. We will move away
from a license only model of sales and focus our efforts on selling
Beating the Blues with telephone support as an integral part of a
wider package of services. This model has successfully been
implemented within Cheshire and Wirral Partnership NHS Trust and
has been shown to deliver consistently high levels of engagement
and positive clinical outcomes. This repositioning of Beating the
Blues will take time to come to fruition but we are of the opinion
that it is the right strategy to adopt for long term success of the
programme.
We have completed the redevelopment of the content and the
technology platform for Beating the Blues and recently launched the
Beating the Blues 2.0 programme in the US and also released a white
paper which set out the return on investment argument for the use
of Beating the Blues in the US. This white paper which was written
by Open Minds, a leading consultancy company in the US behavioural
health market, included a 'cost savings calculator' to enable
Health Insurers to estimate the potential savings of introducing
Beating the Blues to their membership. Its release was supported by
executive web briefings and as a direct consequence we have seen an
increase in the number of sales enquiries and are actively involved
in several sales opportunities. The US market has been much slower
to adopt Beating the Blues than we anticipated, but there is
growing evidence that the new version of the programme and the more
focused sales initiative will increase the pace of sales.
Financials
The results for the 6 month period 1(st) August 2013 to 31(st)
January 2014 show a pre-tax loss of GBP559,000 (2013: GBP632,000)
and are in-line with the Boards forecasts. Cash is at GBP190,000
(2013: GBP372,000) and the Group continues to utilise the loan
facility made available to it by Mr Paul Bell.
Outlook
The Board will continue to deliver its agreed strategy to become
a provider of a wide range of health and social care services and
will remain focused on growing the Group and returning it to
profitability within the next 12 months. We will continue to
identify and acquire companies that add value to this strategy and
increase both the revenue and profitability of the Group. We are
developing a strong sales pipeline and remain focused on winning
higher value and strategically important contracts that offer the
opportunity to deliver a wide range of high quality and
evidence-based services. We will need to invest further resources
in both our technology and our delivery infrastructure, so that we
can remain competitive and be in a strong position to win new
contracts.
Our employees are our greatest asset and we will continue to
attract and recruit high quality people who want to be part of the
Group and share our ambition - to become a key player in the wider
health and social care market. We strongly believe that the Group
has achieved a great deal in this period and are confident that
this progress can be maintained.
John Smith - Chief Executive
Gerald Malone - Chairman
CONSOLIDATED statement of PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
for the six months ended 31 January 2014
Six months Six months Year ended
ended 31 ended 31 31 Jul
Jan Jan
Notes 2014 2013 2013
(unaudited) (unaudited (audited
restated) restated)
GBP'000 GBP'000 GBP'000
Revenue 475 486 941
Cost of sales (147) (4) (20)
Gross profit 328 482 921
Share of loss
of joint venture (24) (79) (103)
Administrative
expenses (862) (1,033) (2,056)
Exceptional costs - - (2,221)
Operating loss (558) (630) (3,459)
Finance costs (1) (2) (1)
Finance income - - 9
------------ ----------------------- -----------
Loss before taxation (559) (632) (3,451)
Taxation - - -
Loss for the
period (559) (632) (3,451)
Other comprehensive
income (items that
may be reclassified
subsequently to profit
or loss):
Exchange difference
on translation of
foreign subsidiaries - 1 (4)
------------ ----------------------- -----------
Total comprehensive
income for the year
attributable to equity
holders of the parent (559) (631) (3,455)
Loss per share
Basic and diluted
loss per share
(p) 2 (0.03) (0.04) (0.21)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months
ended 31 January 2014
Share Share Share Capital Merger Translation Retained Convertible Total
capital premium option reduction reserve reserve losses loan
reserve reserve stock
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 August 2012 1,511 21,313 1,664 6,650 2,324 (11) (30,105) - 3,346
Total
comprehensive
income for
the period - - - - - 1 (632) - (631)
Share based
payments - - 7 - - - - - 7
New shares
issued under
Share
Incentive
Plan 12 33 - - - - - - 45
Balance at
31 January
2013 1,523 21,346 1,671 6,650 2,324 (10) (30,737) - 2,767
-------- -------- --------- ---------- --------- ------------ --------- ------------ --------
Balance at
1 August 2012 1,511 21,313 1,664 6,650 2,324 (11) (30,105) - 3,346
Foreign
exchange
translation
differences
on foreign
currency - - - - - (5) - - (5)
Retained loss
for the year - - - - - (3,451) - (3,451)
Total
comprehensive
income for
the year - - - - - (5) (3,451) - 3,451
New
convertible
loan stock
issued during
the year - - - - - - - 24 24
New shares
issued 198 388 - - - - - - 586
Movement on
share option
reserve - - (665) - - - 680 - 15
-------- -------- --------- ---------- --------- ------------ --------- ------------ --------
Balance at
31 July 2013 1,709 21,701 999 6,650 2,324 (16) (32,876) 24 515
Total
comprehensive
income for
the period - - - - - - (559) - (559)
New
convertible
loan stock
issued during
the year - - - - - - - 32 32
New shares
issued 80 869 - - - - - - 949
Movement on
share option
reserve - - 5 - - - - - 5
-------- -------- --------- ---------- --------- ------------ --------- ------------ --------
Balance at
31 January
2014 1,789 22,570 1,004 6,650 2,324 (16) (33,435) 56 942
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 January
2014
31 Jan 31 Jan 31 Jul
2014 2013 2013
(unaudited) (unaudited (unaudited
restated) restated)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 965 - -
Intangible assets 697 2,592 581
Plant and equipment 23 27 29
Total non-current
assets 1,685 2,619 610
-----------
Share of net (liabilities)/assets
of Joint Venture (28) 34 (5)
Current assets
Stock 7 - -
Trade and other receivables 487 347 218
Cash and cash equivalents 190 372 469
------------ ----------- -----------
Total current assets 684 719 687
-----------
Current liabilities
Trade and other payables (297) (144) (182)
Deferred revenue (228) (403) (334)
-----------
Total current liabilities (525) (547) (516)
------------ ----------- -----------
Net current assets 159 172 171
------------ ----------- -----------
Trade and other payables
due in more than
one year (930) (58) (261)
Net assets 942 2,767 515
============ =========== ===========
Equity
Share capital 1,789 1,523 1,709
Share premium account 22,570 21,346 21,701
Share option reserve 1,004 1,671 999
Other reserves 6,650 6,650 6,650
Merger reserve 2,324 2,324 2,324
Foreign exchange
reserve (16) (10) (16)
Convertible loan
stock 56 - 24
Retained losses (33,435) (30,737) (32,876)
942 2,767 515
============ =========== ===========
CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31
January 2014
Six months Six months Year ended
ended ended 31 Jul
31 Jan 31 Jan
2014 2013 2013
(unaudited) (unaudited (unaudited
restated) restated)
GBP'000 GBP'000 GBP'000
Cash used in operations
Operating loss (558) (630) (3,459)
Share based payments 5 48 109
Depreciation charge 11 9 19
Amortisation and impairment
of intangible fixed
assets 17 95 2,151
Purchases of stock (7) - -
(Increase)/decrease
in receivables (269) 51 122
Increase/(decrease)
in payables 553 (250) 51
-----------
Net cash used in operating
activities (248) (677) (1,007)
Investing activities
Acquisitions (493) - -
Purchases of intangible
fixed asset (82) - (77)
Purchases of plant
and equipment (26) - (12)
------------ ----------- -----------
Net cash used in investing
activities (601) - (89)
Financing activities
Interest paid - (2) (1)
New Shares Issued 570 3 524
------------ ----------- -----------
Net cash from financing
activities 570 1 523
Net decrease in cash
and cash equivalents (279) (676) (573)
Cash and cash equivalents
at beginning of period 469 1,046 1,046
Effects of exchange
rate changes on the
balance of cash held
in foreign currencies - 2 (4)
------------ ----------- -----------
Cash and cash equivalents
at end of period 190 372 469
NOTES TO THE FINANCIAL INFORMATION for the six months ended 31
January 2013
1. Nature of financial information
The consolidated interim financial statements of Ultrasis
comprise the result of the Company and its subsidiaries for the
period 1 August 2013 to 31 January 2014. The financial information
contained in this interim report does not constitute statutory
accounts as defined by section 434 of the Companies Act 2006. The
interim financial information is unaudited and incorporates
unaudited comparative figures for the interim period 1 August 2012
to 31 January 2013 and extracts from the audited financial
statements for the year to 31 July 2013 which have been restated to
take into account changes regarding accounting for joint ventures
introduced under IFRS11. The Group has also adopted IFRS10, IFRS12,
IAS27 and IAS28. The financial information for the year ended 31
July 2013 set out in this interim report does not constitute the
Company's statutory accounts for that period. The statutory
accounts for the year ended 31 July 2013 have been delivered to the
Registrar of Companies. The auditors reported on those accounts;
their report was unqualified and did not contain a statement under
either Section 498 (2) or Section 498 (3) of the Companies Act
2006. However, their report drew attention by way of emphasis to
the basis of preparation of the financial statements.
The interim financial information has been prepared using
accounting policies consistent with International Financial
Reporting Standards (IFRS and IFRIC interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for
use in the EU. The interim financial information has been prepared
on a basis consistent with the accounting policies disclosed in the
Annual Report and Accounts for the year ended 31 July 2013 with the
exception of the introduction of IFRS11.
2. Basic and Diluted loss per share
Pence per share
---------------------------- -----------
Six months Six months Year ended
ended ended 31 Jul
2013
31 Jan 31 Jan
2013 2013
(unaudited) (unaudited) (audited)
Basic and diluted loss
per share (0.03) (0.04) (0.21)
The calculation of diluted loss per share assumes conversion of
all potentially dilutive ordinary shares, all of which arise from
share options.
The calculations of loss per share are based on the following
losses and numbers of shares:
Six months Six months Year ended
ended ended 31 Jul
31 Jan 31 Jan
2013 2012 2013
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Loss
Loss for the purposes
of basic loss per
share, being loss
for the period attributable
to equity shareholders (559) (632) (3,451)
============== ============== ===============
Number of shares
Weighted average
number of ordinary
shares for the purposes
of basic loss per
share 1,764,966,962 1,522,001,686 1,613,147,408
Weighted average
number of ordinary
shares for the purposes
of diluted loss
per share 1,889,966,962 1,522,001,686 1,652,933,122
============== ============== ===============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GMGZDNLNGDZM
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