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TIDMCRX
RNS Number : 8239Z
Cyprotex PLC
22 March 2012
22 March 2012
Cyprotex PLC
("Cyprotex" or the "Company" or the "Group")
Final results for the year ended 31 December 2011
Record year for Cyprotex
Cyprotex PLC (AIM: CRX), the preclinical ADME-Tox services company, today reports its final results for the year ended 31 December 2011.
Financial Highlights
-- Revenues up 33.6% to GBP7.91 million (2010: GBP5.92 million)
-- Continued profitability with operating profits up 203% to GBP0.67 million (2010: GBP0.22 million)
-- Underlying EBITDA^, an indicator of cash generation, remains consistently strong up 70% to GBP1.31 million (2010: GBP0.77 million)
-- Profit after taxation up 42% to GBP0.88 million (2010: GBP0.62 million)
-- Earnings per share at 0.39 pence (2010: 0.31 pence)
^ excluding share-based payment charge and expensed acquisition costs
Operational Highlights
-- Won 157 new customers (2010: 81) including important strategic contracts
-- Revenues associated with proprietary CellCiphr(TM) high content mechanistic toxicology technology exceeded GBP1.0 million (2010: GBP0.1 million)
-- Increased revenue from new assays contributing GBP0.35 million in 2011
-- Introduction of new genomic ADME (gADME(TM) ) technology to interpret genetic variation in drug metabolism and for the design of personalised dosing strategies
-- Successful delivery in partnership with Solvo Biotechnologia ZRT of a wide range of drug transporter services to Cyprotex clients, in response to recent FDA guidance
-- Extension of successful strategic alliance with Sygnature Discovery Limited to offer integrated drug discovery services
-- As a result of collaborative relationships with our strategic customers, significant improvements have been made to our pharmacokinetic prediction software, Cloe(R) PK, and our proprietary high content toxicology technology, CellCiphr(TM)
-- Major expansion with a near doubling of our US facility to meet growing demand in North America for Cyprotex's services completed in Q1 2012
-- Increased front line sales team to five in total with three located in the US
Steve Harris, Chairman of Cyprotex PLC, said:
"After two years of investment to enhance and expand our services and geographic footprint, our objective for 2012 is to leverage the competitive advantages we have created to drive revenue and profit growth. Cyprotex has now established itself as a thought leader in the ADME Tox field, with a strong position in the fast-growing in vitro toxicology market. Indeed, our laboratories in both the UK and US have had major expansions to accommodate increased demand. With these improvements to our services, together with the sector trend towards outsourcing R&D and the continued easing of the recession, we believe that Cyprotex is well placed for further strong growth."
For further information:
Cyprotex PLC Tel: +44 (0) 1625 505
100
Dr Anthony Baxter, Chief Executive Officer
John Dootson, Chief Financial Officer
Mark Warburton, Chief Operating Officer and
Legal Counsel
ir@cyprotex.com www.cyprotex.com
Singer Capital Markets Limited (broker to Tel: +44 (0) 203 205
Cyprotex) 7500
Shaun Dobson
shaun.dobson@singercm.com
Claes Spang
claes.spang@singercm.com www.singerscm.com
FTI Consulting Tel: +44 (0) 20 7831
3113
Simon Conway
Ben Atwell
Mo Noonan
cyprotex@fticonsulting.com www.fticonsulting.com
Notes to Editors:
Cyprotex PLC
Cyprotex is the world's largest contract research organisation (CRO) specialising in ADME Tox, which is the analysis of the Absorption, Distribution, Metabolism, Excretion, and Toxicity properties of potential drugs, cosmetics, and agrochemicals. It is the only company in the world with in-house capabilities for both in vitro (test tube) and in silico (computer modelling) ADME Tox. Cyprotex was founded in 1999 and listed on the AIM in 2002. It has laboratories in Macclesfield, Cheshire, UK (near Manchester), and Watertown, Massachusetts, USA (near Boston), making it one of only three ADME Tox CROs with international operations.
Chairman and Chief Executive Officer's Report
Fruition of near-term strategic objectives bodes well for future growth
2011 was a year of substantial growth in both revenues and offerings for Cyprotex. Our entry into the in vitro toxicology market has proven to be very successful. In eighteen months, our toxicology revenues have risen from less than 6% to over 23% of our total revenues. Our 2010 acquisition of Apredica, which gave us a US operational platform, has proven timely as drug discovery investment in Europe has fallen and demand has shifted towards US-based organisations. As a result, the percentage of revenues Cyprotex receives from the US grew from 24% in 2009 to 44% in 2011. The strong growth of our toxicology and US business has necessitated a near doubling of our laboratory capacity in Watertown, Massachusetts, which was completed in January 2012.
We believe Cyprotex has now repositioned itself as a scientific thought leader in the ADME 'Tox' field. Cyprotex has demonstrated that we are able to rapidly commercialise cutting edge technologies that answer the most pressing needs of the pharmaceutical, agrichemical and cosmetic industries. These technologies are aimed at significantly improving the odds of developing safer, more efficacious drugs and other commercial chemicals faster and with considerations of specific needs to special populations. In 2010, we expanded into the nascent in vitro toxicology market. In 2011, we launched a novel genomic ADME (gADME(TM) ) service, opening a totally new market of interpreting genetic variation in drug metabolism. We also continue to develop new and innovative assays to match our customer's needs.
Our continued investment in the business during a period when the market has been weak and many of our competitors have been suffering has been a crucial strategic move. European and North American ADME Tox companies have been under increasing competition from Asia for the most common assays. Cyprotex's scientific innovation has allowed us to move into new markets where Asian competition is weak or non-existent, and where growth prospects are better. In doing so, this has provided a halo effect for our existing high-throughput ADME assays, enabling us to grow this business as well by selling these services to clients won on the basis of our newer, more scientifically advanced offerings.
Operational Performance
-- Increasing diversification of customer base gives resilience to revenues
-- Proprietary test offerings play well with pharmaceutical customers where pressures on R&D costs favour "fail early/fail cheaply" approaches
Market conditions have been gradually improving as the US works its way out of the current recession. While conditions are not as favourable as they were prior to the recession, we have begun to see signs of recovery.
We have strived to increase and diversify our customer base, shifting the business away from being dominated by a handful of overly large customers. Our current revenue exposure from any single customer is now down to 13%, versus 16% in 2010, 22% in 2009, and 34% in 2008. We have also expanded into new markets such as agrochemicals, cosmetics and supporting academic and charitable organisations. We believe this diversification has enabled Cyprotex to weather the economic downturn better than some of our competitors.
We are now experiencing a sea change in the drug discovery market. Larger pharmaceutical companies are cutting back sharply on in-house R&D. In some cases this is leading to wholesale site and programme closures. At the beginning of 2011, our second largest customer at the time closed three sites which caused a setback in our revenues. However, our strong growth rate has enabled us to fill the gap left by these closures in the first half of the year and by year-end, we were in-line with the market's expectations for total annual revenues.
Whilst the changes taking place in the pharmaceutical industry have some highly visible negative effects, it also produces positive opportunities for Cyprotex. R&D work that previously would have been performed in house is now being increasingly outsourced, as pharmaceutical companies have become reluctant to invest in R&D infrastructure. The trend towards outsourcing is both direct, through outsourcing of internal R&D programmes to Contract Research Organisations such as Cyprotex, and indirect, as drug discovery is increasingly shifting to smaller companies who are more likely to outsource than larger companies are.
As pressure on R&D costs mounts, pharmaceutical companies are increasingly turning to outsourcing as a solution and this increases the value of Cyprotex's services, by reducing cost and risk. Similarly, the increasing complexity of preclinical research entail equally sophisticated assays that require specialist equipment which is infrequently needed, or are proprietary, such as Cyprotex's gADME(TM) and CellCiphr(TM) assays. Such proprietary preclinical tests are gaining importance as the industry strives to limit the impact of drug discovery attrition with "fail early/fail cheaply" approaches gaining traction. Such newer complex assays are helping us gain business from customers that have historically been committed to in-sourcing. We believe that our scientific expertise and understanding of what our clients need, is helping us to gain traction in all areas of our business.
Financial Performance
Despite the reduction in revenue from our then second largest customer early into 2011, our underlying strong growth rate has enabled Cyprotex to increase revenues by 33.6% to GBP7.91 million, and to record a fourth consecutive year of profitability, positive cash flows from operations and with operating profits of GBP0.67 million (2010: GBP0.22 million).
The balance sheet remains strong with net assets up GBP1.1 million at GBP6.8 million (2010: GBP5.7 million) with the increase principally due to profitable trading.
The Group has invested over GBP0.58 million in R&D (2010:GBP0.56 million) including GBP172,500 in further developing CellCiphr(TM) technologies specifically targeted at improved automation of the predictive engine which has substantially reduced turnaround times allowing the Group to service much larger volumes. Revenues associated with CellCiphr(TM) technologies have contributed over GBP1.0 million to turnover which compares very favourably with last year at GBP0.1 million.
The Group continues to invest in equipment spending GBP0.31 million in the year (2011: GBP0.64 million) including adding a Xevo mass spectrometer to its analytical capabilities. Further investments are planned in 2012.
When non-cash items and acquisition costs are deducted, the underlying EBITDA recorded for the year was GBP1.31 million, up from GBP0.77 million in the previous year. This is a key indicator of the Group's ability to generate cash from operations. The Group's cash position at 31 December 2011 was GBP1.13 million (2010: GBP1.04 million)
Following an expansion of our sales team to manage the increased demand we are seeing, our headcount now stands at 70.
Outlook and Summary
After two years of investment to enhance and expand our services and geographic footprint, our objective for 2012 is to leverage the competitive advantages we have created. Cyprotex has now established itself as a thought leader in the ADME Tox field, with a strong position in the fast-growing in vitro toxicology market with laboratories in both the UK and US, both of which have had major expansions to accommodate increased demand.
In late 2011 we completed a recruiting effort to bring our sales team up to full strength. We have created a robust platform to focus our strategic emphasis towards revenue and profit growth whilst continuing to develop new and innovative offerings for our rapidly expanding customer base. With our enhanced strategic advantages and the continued easing of the recession, we believe that Cyprotex is poised for further strong growth.
Steve Harris Dr Anthony D Baxter
Non-Executive Chairman Chief Executive Officer
21 March 2012
Consolidated income statement
year to 31 December 2011
Continuing operations Note 2011 2010 2009
GBP GBP GBP
Revenue 4 7,911,672 5,924,387 5,001,042
Cost of sales (1,327,968) (868,068) (649,319)
------------ ------------ ------------
Gross profit 6,583,704 5,056,319 4,351,723
Administrative costs (5,912,523) (4,834,461) (3,893,074)
------------ ------------ ------------
Operating profit 671,181 221,858 458,649
Finance income 4,111 6,337 19,632
Finance cost (86,802) (26,855) (17,868)
------------ ------------ ------------
Profit before tax 588,490 201,340 460,413
Income tax 288,845 415,300 -
------------ ------------ ------------
Profit for the period 877,335 616,640 460,413
------------ ------------ ------------
Attributable to
the owners of the parent 877,335 616,640 460,413
------------ ------------ ------------
Earnings per share
Basic earnings per share 5 0.39p 0.31p 0.26p
Diluted earnings per share 5 0.39p 0.31p 0.26p
Consolidated statement of comprehensive income
year to 31 December 2011
2011 2010 2009
GBP GBP GBP
Continuing operations
Profit for the period 877,335 616,640 460,413
Exchange differences on retranslation
of overseas operations 82,149 (1,923) -
-------- -------- --------
Total comprehensive income for
the period 959,484 614,717 460,413
-------- -------- --------
Attributable to
the owners of the parent 959,484 614,717 460,413
-------- -------- --------
Consolidated statement of financial position
at 31 December 2011
2011 2010 2009
GBP GBP GBP
ASSETS Notes
Non current assets
Property, plant and equipment 8 2,102,964 2,148,013 1,234,149
Intangible fixed assets 9 3,607,964 3,485,218 -
Deferred tax assets 643,922 397,494 -
------------ ------------ ------------
6,354,850 6,030,725 1,234,149
------------ ------------ ------------
Current assets
Inventories 349,780 290,126 166,714
Trade receivables 1,095,801 809,153 605,706
Other receivables 405,273 239,423 168,827
Cash and cash equivalents 1,127,680 1,036,888 2,074,132
------------ ------------ ------------
2,978,534 2,375,590 3,015,379
------------ ------------ ------------
Total assets 9,333,384 8,406,315 4,249,528
------------ ------------ ------------
LIABILITIES
Current liabilities
Trade payables 331,974 183,060 144,998
Other payables 563,959 415,914 225,916
Obligations under finance leases 81,532 98,101 10,729
Income tax payable 7,800 - -
Provisions 149,000 - -
Short-term borrowings 150,000 410,759 -
Current portion of long term borrowings 67,100 30,000 30,000
------------ ------------ ------------
1,351,365 1,137,834 411,643
------------ ------------ ------------
Non current liabilities
Long term borrowings 614,400 506,400 541,100
Obligations under finance leases 108,727 113,924 -
Other borrowings - 150,000 -
Provisions 176,155 474,100 -
Deferred tax liabilities 265,076 308,980 -
------------ ------------ ------------
1,164,358 1,553,404 541,100
------------ ------------ ------------
Total liabilities 2,515,723 2,691,238 952,743
------------ ------------ ------------
Net Assets 6,817,661 5,715,077 3,296,785
------------ ------------ ------------
EQUITY
Equity attributable to equity holders of the parent
Share capital 7 223,687 223,687 178,957
Share premium account 12,210,140 12,210,140 10,594,395
Other reserve 128,070 128,070 128,070
Share based payment reserve 704,610 561,510 418,410
Profit and loss account (6,448,846) (7,408,330) (8,023,047)
------------ ------------ ------------
Total equity 6,817,661 5,715,077 3,296,785
------------ ------------ ------------
Consolidated statement of changes in equity
year to 31 December 2011
Share Share Other Share Profit Total
capital premium reserve based and equity
account payment loss account
reserve
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2011 223,687 12,210,140 128,070 561,510 (7,408,330) 5,715,077
--------- ----------- --------- --------- -------------- ----------
Share based payments - - - 143,100 - 143,100
Transactions with owners 223,687 12,210,140 128,070 704,610 (7,408,330) 5,858,177
Profit for the period - - - - 877,335 877,335
Other comprehensive income - - - - - -
Exchange differences
on translation - - - - 82,149 82,149
Total comprehensive income
for the period - - - - 959,484 959,484
--------- ----------- --------- --------- -------------- ----------
Balance at 31 December
2011 223,687 12,210,140 128,070 704,610 (6,448,846) 6,817,661
--------- ----------- --------- --------- -------------- ----------
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2010 178,957 10,594,395 128,070 418,410 (8,023,047) 3,296,785
-------- ----------- -------- -------- ------------ ----------
Share based payments - - - 143,100 - 143,100
Issue of share capital 44,730 1,632,656 - - - 1,677,386
Share issue costs - (16,911) - - - (16,911)
-------- ----------- -------- -------- ------------ ----------
Transactions with owners 223,687 12,210,140 128,070 561,510 (8,023,047) 5,100,360
Profit for the period - - - - 616,640 616,640
Other comprehensive income - - - - - -
Exchange differences
on translation - - - - (1,923) (1,923)
Total comprehensive income
for the period - - - - 614,717 614,717
-------- ----------- -------- -------- ------------ ----------
Balance at 31 December
2010 223,687 12,210,140 128,070 561,510 (7,408,330) 5,715,077
-------- ----------- -------- -------- ------------ ----------
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2009 178,698 10,594,200 128,070 379,202 (8,483,460) 2,796,710
-------- ----------- -------- -------- ------------ ----------
Share based payments - - - 39,208 - 39,208
Issue of share capital 259 195 - - - 454
-------- ----------- -------- -------- ------------ ----------
Transactions with owners 178,957 10,594,395 128,070 418,410 (8,483,460) 2,836,372
Profit for the period - - - - 460,413 460,413
Other comprehensive income - - - - - -
-------- ----------- -------- -------- ------------ ----------
Total comprehensive income
for the period - - - - 460,413 460,413
-------- ----------- -------- -------- ------------ ----------
Balance at 31 December
2009 178,957 10,594,395 128,070 418,410 (8,023,047) 3,296,785
-------- ----------- -------- -------- ------------ ----------
Consolidated statement of cash flows
year to 31 December 2011
2011 2010 2009
Cash flows from operating activities GBP GBP GBP
Profit after taxation 877,335 616,640 460,413
Adjustments for:
Depreciation 363,553 269,686 261,259
Amortisation 140,199 53,959 -
Share based payment charge 143,100 143,100 39,208
Finance income (4,111) (6,337) (19,632)
Interest expense 86,802 26,855 17,868
Taxation recognised in the income
statement (288,845) (415,300) -
(Increase)/decrease in trade and
other receivables (441,494) (190,527) 446,880
Increase in inventories (58,819) (80,499) (48,157)
Increase/(decrease) in trade and
other payables 263,327 (85,957) (260,991)
Cash generated from operations 1,081,047 331,620 896,848
Interest paid (70,019) (19,506) (17,868)
Net cash from operating activities 1,011,028 312,114 878,980
---------- ------------ ----------
Cash flows from investing activities
Purchase of property, plant and
equipment (312,610) (640,075) (313,746)
Expenditure on intangibles (172,543) - -
Acquisition (net cash paid) - (339,482) -
Interest received 4,111 6,337 19,632
---------- ------------ ----------
Net cash used in investing activities (481,042) (973,220) (294,114)
---------- ------------ ----------
Cash flows from financing activities
(Costs)/proceeds from issue of share
capital - (16,911) 454
Proceeds from long-term borrowings 200,000 - -
Proceeds from finance lease obligations 83,766 - -
Repayment of long-term borrowings (54,900) (34,700) (34,400)
Payment of finance lease liabilities (105,047) (108,823) (61,670)
Payment of contingent consideration (156,060) (10,900) -
Payment of short term borrowings (408,695) (205,738) -
---------- ------------ ----------
Net cash used in financing activities (440,936) (377,072) (95,616)
---------- ------------ ----------
Net increase/(decrease) in cash
and cash equivalents 89,050 (1,038,178) 489,250
Exchange differences on cash and
cash equivalents 1,742 934 -
Cash and cash equivalents at beginning
of year 1,036,888 2,074,132 1,584,882
---------- ------------ ----------
Cash and cash equivalents at end
of year 1,127,680 1,036,888 2,074,132
---------- ------------ ----------
Notes to the final results
year to 31 December 2011
1. Nature of operations and general information
Cyprotex PLC ('Cyprotex') and subsidiaries' (together 'the Group') principal activity is the provision of in vitro and in silico ADMET/PK (Absorption, Distribution, Metabolism, Excretion, Toxicity/Pharmacokinetic) information to the pharmaceutical industry.
Cyprotex's vision is to provide, in partnership with our customers in drug discovery and development, the highest quality, fastest turnaround and most cost effective ADME and pharmacokinetic data to those customers.
Cyprotex PLC is the Group's ultimate parent company. It is incorporated and domiciled in England and Wales. The address of Cyprotex PLC's registered office is 100 Barbirolli Square, Manchester M2 3AB. The address of its principal places of business are 15 Beech Lane, Macclesfield, Cheshire, United Kingdom, SK10 2DR and 313 Pleasant Street, Watertown, Massachusetts MA 02472 USA. It trades through its wholly owned subsidiaries: Cyprotex Discovery Limited based in Macclesfield in the UK and Apredica, LLC in Watertown in the USA. Cyprotex PLC's shares are listed on the Alternative Investment Market of the London Stock Exchange.
The consolidated financial information set out in this announcement are presented in Pounds Sterling (GBP), which is also the functional currency of the parent. The consolidated financial information has been approved for issue by the Board of Directors on 21 March 2012.
The information in this preliminary announcement does not constitute statutory accounts within the meaning of sections 434 to 436 of the Companies Act 2006 and no statutory accounts have yet been filed with the Registrar of Companies for the year ended 31 December 2011. Statutory accounts for the year ended 31 December 2010 have been filed with the Registrar of Companies. The auditors report on these accounts was unqualified and did not contain an emphasis of matter, nor did it contain a statement under section 498 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2011 will be delivered to the registrar of Companies following the Company's Annual General Meeting.
The Group's statutory financial statements for the year ended 31 December 2010 and 31 December 2009, prepared under International Financial Reporting Standards (IFRS) have been filed with the Registrar of Companies.
Whilst the financial information included in this final results announcement has been computed in accordance with IFRS, this announcement in itself does not contain sufficient information to comply with IFRS.
2. Basis of preparation
The consolidated final results are for the year ended 31 December 2011. They have been prepared in accordance with the requirements of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), including International Accounting Standards (IAS) and interpretations issued by the International Financial Reporting Committee (IFRIC) and applied in accordance with the Companies Act 2006. . Practice is continuing to evolve on the application and interpretation of IFRS. Further standards may be issued by the International Accounting Standards Board (IASB), and standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC.
The consolidated final results have been prepared in accordance with the accounting policies set out in the Group's statutory financial statements for the year ended 31 December 2010.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this consolidated financial information.
3. Going concern
The Group recorded a profit after taxation of GBP877,335 in the year ended 31 December 2011 and cash and deposits are GBP1,127,680. The Directors have reviewed the budget, financial forecasts including cash flow forecasts and other relevant information and believe that the Group has adequate resources to continue in operation for the foreseeable future.
4. Segmental information
Revenue represents the amounts derived from the provision of goods and services which fall within the Group's ordinary activities and is stated net of value added tax and trade discounts.
The Group has a single operating and reportable segment, that of providing in vitro and in silico ADMET/PK (Absorption, Distribution, Metabolism, Excretion, Toxicity/Pharmacokinetic) information to the pharmaceutical and biotechnology industries. The revenue and operating profit for the year are derived from the Group's single operating and reportable segment. The Group has made an acquisition during the second half of the year ended 31 December 2010 which falls into this reporting segment.
The Group gives a geographic analysis of revenue by destination. Key markets for the Group are identified as North America, Mainland Europe and the United Kingdom.
2011 2010 2009
GBP GBP GBP
United Kingdom 1,732,705 1,422,935 1,407,293
Rest of Europe 2,528,202 2,319,184 2,319,428
North America 3,484,408 2,099,855 1,191,308
Rest of the World 166,357 82,413 83,013
---------- ---------- ----------
7,911,672 5,924,387 5,001,042
---------- ---------- ----------
5. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
2011 2010 2009
Continuing operations
Profit after tax and earnings attributable
to ordinary shareholders (GBP) 877,335 616,640 460,413
------------ ------------ ------------
Weighted average number of ordinary
shares in issue (number used for
basic earnings per share) 223,687,485 197,216,953 178,725,641
------------ ------------ ------------
Dilutive effect of options (number) 448,286 449,491 623,287
------------ ------------ ------------
Weighted average number of ordinary
shares in issue (number used for
diluted earnings per share) 224,135,771 197,666,444 179,348,928
------------ ------------ ------------
Basic earnings per share (pence) 0.39p 0.31p 0.26p
------------ ------------ ------------
Diluted earnings per share (pence) 0.39p 0.31p 0.26p
------------ ------------ ------------
6. Taxation
At 31 December 2011, the Group has tax losses and deductibles totalling approximately GBP7.3 million that are available for offset against future profits arising from the same trade.
7. Share issues
The authorised share capital of the Company was increased by 100,000,000 ordinary shares of 0.1p each to 300,000,000 on 14 July 2009. The Company has only one class of shares. During the year to 31 December 2011, no ordinary shares were issued. Shares issued may be summarised as follows:
Number GBP
Year to 31 December 2011
At 1 January 2011 223,687,485 223,687
At 31 December 2011 223,687,485 223,687
------------ --------
Year to 31 December 2010
At 1 January 2010 178,957,188 178,957
Issues of shares - purchase of Apredica,
LLC 44,730,297 44,730
------------ --------
At 31 December 2010 223,687,485 223,687
------------ --------
Year to 31 December 2009
At 1 January 2009 178,697,988 178,698
Issues of shares on exercise of share
options 259,200 259
At 31 December 2009 178,957,188 178,957
------------ --------
8. Additions and disposals of property, plant and equipment
The following tables show the significant additions and disposals of property, plant and equipment.
Year to 31 December Long leasehold Office Computer Laboratory
2011 and buildings equipment equipment equipment Total
GBP GBP GBP GBP GBP
Carrying amount
at 1 January 2011 971,375 19,543 85,940 1,071,155 2,148,013
Additions - 272 110,280 202,058 312,610
Exchange - - 2,285 3,609 5,894
Depreciation (21,562) (5,025) (46,832) (290,134) (363,553)
--------------- ----------- ----------- ----------- ----------
at 31 December 2011 949,813 14,790 151,673 986,688 2,102,964
--------------- ----------- ----------- ----------- ----------
Year to 31 December Long leasehold Office Computer Laboratory
2010 and buildings equipment equipment equipment Total
GBP GBP GBP GBP GBP
Carrying amount
at 1 January 2010 809,471 20,322 38,388 365,968 1,234,149
Acquisitions - - 28,340 508,603 536,943
Additions 181,661 5,052 52,065 401,297 640,075
Exchange - - 328 6,204 6,532
Depreciation (19,757) (5,831) (33,181) (210,917) (269,686)
--------------- ----------- ----------- ----------- ----------
at 31 December 2010 971,375 19,543 85,940 1,071,155 2,148,013
--------------- ----------- ----------- ----------- ----------
Year to 31 December Long leasehold Office Computer Laboratory
2009 and buildings equipment equipment equipment Total
GBP GBP GBP GBP GBP
Carrying amount
at 1 January 2009 809,705 22,511 41,957 307,489 1,181,662
Additions 17,665 3,373 28,576 264,132 313,746
Depreciation (17,899) (5,562) (32,145) (205,653) (261,259)
--------------- ----------- ----------- ----------- ----------
at 31 December 2009 809,471 20,322 38,388 365,968 1,234,149
--------------- ----------- ----------- ----------- ----------
9. Intangible assets
The following tables show the significant additions to intangible fixed assets.
Customer Technology
Goodwill Trade names relationships & know-how Total
GBP GBP GBP GBP GBP
Cost or valuation
At 1 January 2011 2,562,302 188,125 318,125 470,625 3,539,177
Additions - - - 172,543 172,543
Exchange 65,701 4,824 8,157 17,597 96,279
---------- ------------ --------------- ------------ ----------
At 31 December 2011 2,628,003 192,949 326,282 660,765 3,807,999
---------- ------------ --------------- ------------ ----------
Depreciation and impairment
At 1 January 2011 - 7,839 26,510 19,610 53,959
Amortisation during
the year - 18,696 63,230 58,273 140,199
Exchange - 800 2,706 2,371 5,877
---------- ------------ --------------- ------------ ----------
At 31 December 2011 - 27,335 92,446 80,254 200,035
---------- ------------ --------------- ------------ ----------
Net book value
---------- ------------ --------------- ------------ ----------
At 31 December 2011 2,628,003 165,614 233,836 580,511 3,607,964
---------- ------------ --------------- ------------ ----------
Customer Technology
Goodwill Trade names relationships & know-how Total
GBP GBP GBP GBP GBP
Cost or valuation
At 1 January 2010 - - - - -
Acquisition of subsidiary 2,562,302 188,125 318,125 470,625 3,539,177
---------- ------------ --------------- ------------ ----------
At 31 December 2010 2,562,302 188,125 318,125 470,625 3,539,177
---------- ------------ --------------- ------------ ----------
Depreciation and impairment
At 1 January 2010 - - - - -
Amortisation during
the year - 7,839 26,510 19,610 53,959
At 31 December 2010 - 7,839 26,510 19,610 53,959
---------- ------------ --------------- ------------ ----------
Net book value
---------- ------------ --------------- ------------ ----------
At 31 December 2010 2,562,302 180,286 291,615 451,015 3,485,218
---------- ------------ --------------- ------------ ----------
At 31 December 2009 - - - - -
---------- ------------ --------------- ------------ ----------
Goodwill and other intangible assets relate to the acquisition of Apredica, LLC in August 2010,
Additions in the year relate to development work carried out on CellCiphr(TM) technologies.
10. The Annual Report
The 2011 Annual Report and Accounts of the Group will be available to shareholders on the 1 June 2012. Copies will be available on request from the Company Secretary, Cyprotex PLC, 15 Beech Lane, Macclesfield, Cheshire, SK10 2DR.
11. Annual General Meeting
The Annual General Meeting will be held at 10:00am on Tuesday, 17 July 2012 at The Royal Society of Medicine, 1 Wimpole Street, London, W10 0AE.
This information is provided by RNS
The company news service from the London Stock Exchange
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