RNS Number:6880S
Pursuit Dynamics PLC
01 December 2003
News Item
PURSUIT DYNAMICS PLC ('the Group')
PRELIMINARY RESULTS
This announcement is an amended version of the announcement RNS 6467S released
at 7.00am.
The correction relates to bullet point number 1 of the Overview to the
Chairman's statement, which now reads as follows:
* Post-tax loss of #1,512,628 (2002: #1,593,189)
All other details remain unchanged, and the amended text appears below.
Pursuit Dynamics plc, the AIM listed steam specialist, announces its preliminary
results for the year ended 30 September 2003.
Overview:
* Post-tax loss of #1,512,628 (2002: #1,593,189)
* Cash at bank and in hand and short term investments of #1,117,277
* Moved from pure research and development to a company that is marketing a
range of tangible products
* New business development team pursuing numerous opportunities for the
commercialisation of the technology across a broad range of processing
industries
* Actively negotiating the structure and scope of trials within the food,
dairy, nuclear, paper, heavy oil, chemical and defence industries
* Development and evaluation trials have been undertaken within the water
industry and discussions regarding a number of applications continuing
* Additional trials with a leading confectionery manufacturer
* Fully funded evaluation and marketing agreement signed with the Brewing
Research Institute
Chief Executive John Heathcote said: "This has been another busy year for us as
we move into the next phase of our development and the commercialisation of our
technology. We are now marketing our PDX Fluids Handling System across a broad
range of processing industries and are successfully developing strong
relationships with leading multi national companies. To ensure we maximise our
opportunity, we have invested in strengthening our in-house technical and
marketing divisions and have appointed Durlacher as our new Nominated Adviser
and Broker. With a substantial amount of potential contract agreements in the
pipeline, we are excited about the future and look forward to building a
business that rewards our investors."
Chairman's Statement
I am pleased to present the third Annual Report of Pursuit Dynamics plc for the
year ended 30 September 2003.
This has been another very exciting year for the Group with significant
developments made in its principal technology and its applications.
Financial review
During the year the Group recorded a loss after tax of #1,512,628 (2002:
#1,593,189), which included interest receivable of #23,774 (2002: #69,323) and a
research and development tax credit receivable of #111,308 (2002: #158,362), and
is stated after charging amortisation of the Intellectual Property of #557,060
(2002: #557,059) and depreciation of #46,353 (2002: #42,369). The reported
figures continue to be in line with budgeted expenditure for the development of
the Group's technology.
At current and budgeted cash burn rates, the directors are confident that the
Group's cash resources are sufficient to fund us through to the next stage of
our commercial development.
Operational review
The year has been dominated by the Group's transition from pure research and
development of our novel fluids handling and processing technology, to a company
that is marketing a range of tangible products.
A marketing programme was formally commenced on 1 September 2003, and the new
business development team, together with the Group's external marketing support,
are successfully pursuing numerous opportunities for the commercialisation of
the technology.
Development and evaluation trials have been undertaken within the water
industry, and are ongoing within the confectionery and soft drinks industries.
In addition, we are actively negotiating the structure and scope of trials
within the food, dairy, nuclear, paper, heavy oil, chemical and defence
industries. Furthermore, we have signed a fully funded evaluation and marketing
agreement with the Brewing Research Institute.
Following the successful completion of the waste water trials programme
undertaken in Canada during 2003, the Group is in continuing discussions
regarding a number of applications in the water industry.
The additional fully funded trials within the confectionery and soft drinks
applications with a leading confectionery manufacture highlight the Group's
policy of developing strong relationships within dominant companies in its
targeted sectors.
The Group continues to develop the PDX marine drive, with significant progress
as a direct result of the technical advances incorporated in the fluids handling
process technology.
Outlook
The completed evaluation programmes have confirmed the many advantages of our
platform technology, enabling us to continue to market the PDX Fluids Handling
System across a broad range of process industries. The Group is pursuing a
business model that includes licences, joint ventures and strategic
partnerships.
The past year has been an extremely busy period and I feel confident that this
will continue into the future. I would therefore like to express my gratitude to
the employees, directors and shareholders who have supported the Group so ably.
The next 12 months will be as intensive and exciting period as your Company
moves towards the full commercialisation of its technology, and we look forward
to reporting these developments to you.
Ronald Trenter
Chairman
Contacts:
John Heathcote Pursuit Dynamics Plc Tel: 01763 250592
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Matthew Robinson Durlacher Tel: 020 7459 3600
Consolidated Profit and Loss Account
For the year ended 30 September 2003
Unaudited Audited
Year ended Year ended
30 September 30 September
2003 2002
# #
Administrative expenses (634,920) (654,829)
Research and development costs (1,012,662) (1,165,933)
Operating loss (1,647,582) (1,820,762)
Interest receivable 23,774 69,323
Interest payable and similar charges (128) (112)
Loss on ordinary activities before taxation (1,623,936) (1,751,551)
Tax credit on loss on ordinary activities 111,308 158,362
Loss on ordinary activities after taxation
(being the loss for the year) (1,512,628) (1,593,189)
Loss per 1p share
- Basic and fully diluted 3.90p 4.17p
There are no recognised gains and losses other than those reported above. No
separate statement of total recognised gains and losses has therefore been
presented.
All activity related to continuing operations.
Consolidated Balance Sheet
As at 30 September 2003
Unaudited Unaudited Audited Audited
Group Company Group Company
2003 2003 2002 2002
# # # #
Fixed assets
Intangible fixed assets 4,104,500 - 4,661,560 -
Tangible fixed assets 119,854 - 151,085 -
Investments - 270,040 - 270,040
4,224,354 270,040 4,812,645 270,040
Current assets
Debtors: amounts falling due
after more than one year - 5,353,481 - 4,610,499
Debtors: amounts falling due
within one year 179,263 - 219,558 -
Short term investments 1,056,718 - 1,180,612 -
Cash at bank and in hand 60,559 - 54,412 -
1,296,540 5,353,481 1,454,582 4,610,499
Creditors: amounts falling due
within one year (111,315) - (125,002) -
Net current assets 1,185,225 5,353,481 1,329,580 4,610,499
Net assets 5,409,579 5,623,521 6,142,225 4,880,539
Capital and reserves
Called up share capital 405,971 405,971 381,581 381,581
Share premium account 5,491,636 5,491,636 4,736,044 4,736,044
Merger reserve 4,061,185 - 4,061,185 -
Profit and loss account (4,549,213) (274,086) (3,036,585) (237,086)
Equity shareholders' funds 5,409,579 5,623,521 6,142,225 4,880,539
Consolidated Cash Flow Statement
For the year ended 30 September 2003
Unaudited Audited
Year ended Year ended
30 September 30 September
2003 2002
# #
Net cash outflow from operating activities (1,049,494) (1,386,700)
Returns on investment and servicing of finance
Interest received 23,774 69,323
Interest paid (128) (112)
Net cash inflow from returns on investment and servicing
of finance 23,646 69,211
Taxation
United Kingdom Corporation tax - research and development
tax credit received 112,366 42,362
Net cash inflow from taxation 112,366 42,362
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (29,459) (109,735)
Receipts from sale of tangible fixed assets 14,337 -
Receipts from sale of short term investments - 10,787
Net cash outflow for capital expenditure
and financial investment (15,122) (98,948)
Net cash outflow before management of liquid resources
and financing (928,604) (1,374,075)
Management of liquid resources
Decrease in short term deposits with banks 154,769 1,252,321
Net cash inflow from management of liquid resources 154,769 1,252,321
Financing
Proceeds of Ordinary share issue 553,293 -
Issuance costs of shares (38,841) -
Proceeds of options exercised 265,530 -
Net cash inflow from financing 779,982 -
Increase /(decrease) in cash in the year 6,147 (121,754)
Copies of report
Copies of the annual report will be sent to shareholders. Further copies will be
available from the Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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