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TIDMULT
RNS Number : 7157A
Ultrasis PLC
04 April 2012
Ultrasis plc
("Ultrasis" or the "Company")
Interim Results for the six months ended 31 January 2012
Ultrasis, the provider of interactive health care services, announces its unaudited financial results for the six months ended 31 January 2012 (the "Interim Results"):
-- Revenue of GBP513,000 (2011: GBP1,437,000) is significantly lower than the prior period due mainly to the sustained pause in spending in our core NHS market whilst the government's Health reforms are being implemented.
-- Loss before tax of GBP771,000 (2011: profit before tax of GBP191,000), reflecting the fall in revenues.
-- Administrative expenses of GBP1,289,000 (2011: GBP1,227,000): The Company is currently reducing its cost base to better match conservative revenue forecasts for the full year. Accordingly, the Company entered into a consultation period on staff redundancies consequent on restructuring, with some action already implemented.
-- Cash reserves of GBP1,421,000 (2011: GBP2,123,000) have reduced because of the continued hiatus in UK sales revenue in the NHS.
-- Positively, we continue pursuit of our strategy to diversify into new markets at home and abroad with both "GetFit Wellness" solutions and "Beating the Blues" ("BtB"), in an effort to reduce the Company's reliance on the domestic NHS market.
For further information contact:
Ultrasis plc Tel: +44 (0) 20 7535 2050
Nigel Brabbins, CEO
Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Stuart Faulkner / Liam Buswell
JBP Public Relations Tel: +44 (0) 11 7907 3400
Chris Lawrance
Statement from Chairman and Chief Executive
The economic climate remains very tough and the last six months have been particularly challenging in our core market, the UK's NHS, due to fundamental changes to commissioning arrangements under the Health & Social Care Bill. Whilst a large number of the new Clinical Commissioning Groups ("CCG's") and GP Consortia have been established, they are in a "shadow" form with funding arrangements still to be finalised and have only recently been granted legal authority. This situation and the general pressure across the NHS to avoid expenditure commitments have had a severe adverse impact on the Company's sales in the UK. Accordingly, the Company has taken action to mitigate the impact of declining UK sales.
"Beating the Blues" remains a world leading low cost solution for the treatment of anxiety and depression, as evidenced by the choice of countries such as New Zealand, which made BtB available nationally. Already Ultrasis' joint venture with UPMC of Pittsburgh - Usquared Interactive - is gaining traction in the more fertile North American market and we expect to announce more contract gains across a diverse range of new customers in the near future.
However, the NHS remains an important area of focus. There continues to be an increasing number of patients visiting GPs with depression and poor mental health. The current structural reorganisation in the NHS has resulted in a pause in revenue but when the new structures, which are designed to focus on efficient deployment of resources, are fully operational we believe that the cost effective solution that "Beating the Blues" offers will have direct economic relevance to our NHS customer.
Financial highlights
Revenues in the period were GBP513,000 (2011: GBP1,437,000), significantly lower than the prior period due to the sustained pause in spending in our core NHS market. Administrative expenses were GBP1,289,000 (2011: GBP1,227,000). The loss before tax of GBP771,000 (2011: profit before tax of GBP191,000) and the reduced cash reserves of GBP1,442,000 (2011: GBP2,123,000) are both reflective of the fall in revenues during the period.
Nigel Brabbins Gerald Malone
Chief Executive Non-Executive Chairman
4 April 2012
CONSOLIDATED statement of comprehensive income for the six months ended 31 January 2012
Six months Six months Year ended
ended 31 ended 31 31 Jul
Jan Jan
Notes 2012 2011 2011
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 513 1,437 2,839
Cost of sales (14) (19) (44)
Gross profit 499 1,418 2,795
Administrative expenses (1,289) (1,227) (2,769)
Operating (loss)/profit (790) 191 26
Finance costs (1) (2) (15)
Finance income 20 2 6
---------------------- ------------------------- -------------
(Loss)/profit before
taxation (771) 191 17
Taxation - (51) (67)
(Loss)/profit for
the period (771) 140 (50)
Other comprehensive income:
Exchange difference on translation
of foreign subsidiaries 5 - 1
---------------------- ------------------------- -------------
Total comprehensive income
for the year attributable
to equity holders of the
parent (766) 140 (49)
(Loss)/earnings per
share
Basic (loss)/earnings
per share (p) 2 (0.05) 0.01 (0.003)
Diluted (loss)/earnings
per share (p) 2 (0.05) 0.01 (0.003)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 31 January 2012
Share Share Share Capital Merger Translation Retained Total
capital premium option reduction reserve reserve losses
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 August 2010 1,508 21,302 1,634 6,650 2,324 (7) (26,654) 6,757
Total
comprehensive
income for
the period - - - - - - 140 140
Share based
payments - - 13 - - - - 13
Balance at
31 January
2011 1,508 21,302 1,647 6,650 2,324 (7) (26,514) 6,910
-------- ---------- ---------- ------------- -------- -------------- ------------- ----------
Balance at
1 August 2010 1,508 21,302 1,634 6,650 2,324 (7) (26,654) 6,757
Total
comprehensive
income for
the period - - - - - 1 (50) (49)
Share based
payments - - 25 - - - - 25
-------- ---------- ---------- ------------- -------- -------------- ------------- ----------
Balance at
31 July 2011 1,508 21,302 1,659 6,650 2,324 (6) (26,704) 6,733
-------- ---------- ---------- ------------- -------- -------------- ------------- ----------
Total
comprehensive
income for
the period - - - - - (5) (771) (776)
Share based
payments - - 13 - - - - 13
-------- ---------- ---------- ------------- -------- -------------- ------------- ----------
Balance at
31 January
2012 1,508 21,302 1,672 6,650 2,324 (11) (27,475) 5,970
-------- ---------- ---------- ------------- -------- -------------- ------------- ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 January 2012
31 Jan 31 Jan 31 Jul
2012 2011 2011
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 2,793 2,715 2,851
Plant and equipment 46 47 47
Deferred tax assets 1,973 1,998 1,973
Total non-current assets 4,812 4,760 4,871
Current assets
Inventories - 13 -
Trade and other receivables 484 1,352 1,059
Cash and cash equivalents 1,442 2,123 2,368
------------ ------------ ----------
Total current assets 1,926 3,488 3,427
Current liabilities
Trade and other payables (187) (320) (682)
Deferred revenue (581) (1,018) (883)
Total current liabilities (768) (1,338) (1,565)
------------ ------------ ----------
Net current assets 1,158 2,150 1,862
------------ ------------ ----------
Net assets 5,970 6,910 6,733
============ ============ ==========
Equity
Share capital 1,508 1,508 1,508
Share premium account 21,302 21,302 21,302
Share option reserve 1,672 1,647 1,659
Other reserves 6,650 6,650 6,650
Merger reserve 2,324 2,324 2,324
Foreign exchange reserve (11) (7) (6)
Retained losses (27,475) (26,514) (26,704)
5,970 6,910 6,733
============ ============ ==========
CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31 January 2012
Six months Six months Year ended
ended 31 ended 31 31 Jul
Jan Jan
2012 2011 2011
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash used in operations
Operating (loss)/profit (790) 191 26
Share based payments 13 13 25
Depreciation charge 9 11 21
Amortisation of intangible
fixed assets 98 88 167
Decrease in inventories - - 13
Decrease/(increase) in receivables 575 (613) (311)
(Decrease)/increase in payables (797) 72 301
Net cash used in operating
activities (892) (238) 242
Investing activities
Interest received 2 2 6
Purchases of intangible fixed
asset (39) (19) (241)
Purchases of plant and equipment (14) (3) (7)
------------ ------------ -----------
Net cash used in investing
activities (51) (20) (242)
Financing activities
Interest paid (1) (2) (4)
Net cash used in financing
activities (1) (2) (4)
Net decrease in cash and
cash equivalents (944) (260) (4)
Cash and cash equivalents
at beginning of period 2,368 2,383 2,383
Effects of exchange rate
changes on the balance of
cash held in foreign currencies 18 - (11)
------------ ------------ -----------
Cash and cash equivalents
at end of period 1,442 2,123 2,368
NOTES TO THE FINANCIAL INFORMATION for the six months ended 31 January 2012
1. Nature of financial information
The consolidated interim financial statements of Ultrasis plc (the "Company") comprise the result of the Company and its subsidiaries for the period 1 August 2011 to 31 January 2012. The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. The interim financial information is unaudited and incorporates unaudited comparative figures for the interim period 1 August 2010 to 31 January 2011 and extracts from the audited financial statements for the year to 31 July 2011. The financial information for the year ended 31 July 2011 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 2011 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.
The interim financial information has been prepared using International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU, with the exception of IAS 34, which is not required for AIM listed companies. 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 2011.
2. Basic and Diluted earnings per share
Pence per share
------------------------------------------
Six months Six months Year ended
ended 31 Jul 2011
31 Jan 2012 ended
(unaudited) 31 Jan 2011 (audited)
(unaudited)
Basic and diluted (loss)/earnings
per share (0.05) 0.01 (0.003)
The calculation of diluted alternative earnings per share assumes conversion of all potentially dilutive ordinary shares, all of which arise from share options.
The calculations of earnings per share are based on the following profits and numbers of shares:
Six months Six months Year ended
ended 31 ended 31 31 Jul
Jan Jan
2012 2011 2011
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
(Loss)/profit
(Loss)/profit for the
purposes of basic earnings
per share, being (loss)/profit
for the period attributable
to equity shareholders (766) 140 (50)
============== ============== ==============
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic
profit per share 1,507,853,258 1,507,853,258 1,507,853,258
Weighted average number
of ordinary shares for
the purposes of diluted
profit per share 1,509,853,258 1,509,853,258 1,509,853,258
============== ============== ==============
This information is provided by RNS
The company news service from the London Stock Exchange
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