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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Avid Holdings | LSE:AVD | London | Ordinary Share | GB00B06GHM23 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.095 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
AVID HOLDINGS PLC ("Avid" or the "Company") INTERIM STATEMENT FOR THE PERIOD ENDED 30 JUNE 2007 Business Highlights in the Period * Acquisition of Electro-Mec completed * Turnover increased from £68,404 (previous six months) to £679,356 in this period * Gross profit increased from £39,048 (previous six months) to £228,951 in this period * The loss before taxation amounted to £370,937 in line with predictions. * UK Patent granted for heat sealed products * Trials of Pill protect successfully completed for a major client * Electro-Mec's NG feeder launched 4 months early, with first unit sold to GSK * Research and development well advanced for a new product in the elderly healthcare market Chairman's Statement During the period under review, Avid has achieved some major milestones with the acquisition of Electro-Mec and the ongoing commercialisation of its range of child resistant packaging solutions for blister packed drugs. Encouraging trials of the new heat sealed products launched back in February have been taking placeand the company is confident that one of the trials may lead to a significant contract. More importantly, the UK Patent for this new range has now been granted. This bodes well for our other Patent applications. Current trading Pill protect The Company continues to make progress in a market sector where protracted lead times from presentation to contract are the industry norm. The new Pill protect heat sealed product has been well received and successfully tested by 3 market leaders with contractual negotiations already in progress with one of the three. The launch of the heat sealed product under a major brand will enhance the credibility of the product and could be the catalyst for broader market penetration. A bespoke product is also being developed with Reckitt Benckiser, an existing client, for use in Germany. The UK Patent has just been granted for this product, which allows the company to pursue international opportunities with confidence both directly and through product licensing arrangements. The company has already received a number of enquiries to license the range from suitably qualified companies in Europe, North America and Asia. Discussions are at an early stage. Electro-Mec The acquisition was completed on the 15th March this year and is already contributing well to the Group's turnover. The launch of the new NGfeeder, a new generation of its market leading EMF tablet and capsule blister pack feeder, was accelerated to ensure it was available for the Packaging Exhibition where it was well received by an international audience. The first feeder was sold 2 weeks later to GSK, whilst a further unit is being tested by Brecon Pharmaceuticals, an established client. A new corporate identity has been created, which presents a modern and technically innovative image for the company and its products. This has been extended consistently to marketing collateral materials and will be introduced to the Trade to launch the European sales campaign in September 2007. A new and significant project was started in April in the elderly healthcare market. Early trials have been very successful and have sparked interest from 2 major potential customers for whom we are aiming to have a fully functional unit available for assessment as early as October 2007. This product will also incorporate the Pill protect packaging system. Patents are currently being applied for. To ensure the timely and successful delivery of our business plans, David Whitaker was appointed as Interim Managing Director in July. David was previously operations director of AIM listed Business Direct Group plc. Results for the period ended 30 June 2007 The loss before taxation for the period and loss per share amounted to £370,937 and 0.12 pence per share respectively, in line with management's predictions. As at 30th June 2007, net assets were £3,259,066 and cash balances amounted to £226,676 at the same date. The Directors do not propose a dividend at this time. Michael Walter Chairman CONSOLIDATED INCOME STATEMENT For the period to 30 June 2007 Six months Year ended Six months ended 31 December ended 2006 30 June 30 June 2007 2006 (Unaudited) (Audited as (Unaudited restated) as restated) £ £ £ Revenue 679,356 71,467 3,063 Cost of sales (450,405) (31,301) (1,945) _______ _______ _______ Gross profit 228,951 40,166 1,118 Administrative expenses (593,174) (489,495) (136,867) _______ _______ _______ Operating loss (364,223) (449,329) (135,749) Finance income 18,866 19,649 16,738 Finance expenses (25,580) (76,200) (43,656) _______ _______ _______ Loss before tax (370,937) (505,880) (162,667) Income taxes (note 6) - - - _______ _______ _______ Loss for the period (370,937) (505,880) (162,667) _______ _______ _______ Basic and diluted loss per share from (0.12)p (0.39)p (0.33)p continuing and total operations (note 2) ______ ______ ______ STATEMENT OF CHANGES IN EQUITY For the period to 30 June 2007 Six months Year ended Six months ended 31 December ended 2006 30 June 30 June 2007 2006 (Unaudited) (Audited as (Unaudited restated) as restated) £ £ £ Loss for the financial period (370,937) (505,880) (162,667) Issue of share capital 1,395,470 2,529,306 2,453,050 Increase in reserve for potential share 11,244 issues _______ _______ _______ Net increase in shareholders equity 1,035,777 2,023,426 2,290,383 Equity at the start of the period 2,223,289 199,863 199,863 _______ _______ _______ Equity at the end of the period 3,259,066 2,223,289 2,490,246 _______ _______ _______ CONSOLIDATED BALANCE SHEET As at 30 June 2007 As at As at As at 30 June 31 December 30 June 2007 2006 2006 (Unaudited) (Audited as (Unaudited restated) as restated) £ £ £ ASSETS Non-current assets Property, plant and equipment 505,333 52,241 61,806 Goodwill 2,268,745 1,678,668 1,691,523 Other intangible assets 508,579 513,734 510,470 _______ _______ _______ 3,282,657 2,244,643 2,263,799 _______ _______ _______ Current assets Inventories 352,127 6,996 6,996 Trade receivables 331,161 33,377 16,060 Other current assets 129,210 69,686 145,673 Cash and cash equivalents 226,676 235,617 500,938 _______ _______ _______ 1,039,174 345,676 669,667 _______ _______ _______ Total assets 4,321,831 2,590,319 2,933,466 _______ _______ _______ EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 1,903,334 1,070,000 1,045,000 Share premium 2,408,736 1,846,600 1,795,343 Share to be issued reserve 11,244 - - Retained earnings (1,064,248) (693,311) (350,097) _______ _______ _______ Total equity 3,259,066 2,223,289 2,490,246 _______ _______ _______ Non-current liabilities Long-term borrowings 311,570 175,726 207,536 _______ _______ _______ Current liabilities Trade and other payables 628,318 159,824 162,216 Current portion of long-term borrowings 122,877 31,480 73,468 _______ _______ _______ Total current liabilities 751,195 191,304 235,684 _______ _______ _______ Total liabilities 1,062,765 367,030 443,220 _______ _______ _______ Total equity and liabilities 4,321,831 2,590,319 2,933,466 _______ _______ _______ CONSOLIDATED CASH FLOW STATEMENT For the period to 30 June 2007 Six months Year ended Six months ended 31 December ended 2006 30 June 30 June 2007 2006 (Unaudited) (Audited as (Unaudited restated) as restated) £ £ £ Cash flows from operating activities Loss before taxation (370,937) (505,880) (162,667) Adjustments for: Depreciation 39,002 18,650 973 Investment income (18,866) (19,649) (16,738) Interest expense 25,580 76,200 43,655 Equity-settled share-based payment 11,244 - - expense Increase in trade and other 14,961 329,417 219,214 receivables Increase in inventories (118,205) - (6,996) Increase in trade payables (212,187) (271,119) 147,286 _______ _______ _______ Cash generated from operations (629,408) (372,381) 224,727 Interest paid (25,580) (76,200) (43,655) _______ _______ _______ Net cash from operating activities (654,988) (448,581) 181,072 _______ _______ _______ Cash flows from investing activities Acquisition of subsidiary net of cash (554,557) (495,726) (1,213,581) acquired Purchase of property, plant and equipment (254,421) - (62,219) Purchase of intangible assets - (13,765) (511,030) Proceeds from sale of equipment 224,880 1,715 - Interest received 18,866 19,649 16,738 _______ ______ ______ Net cash used in investing activities (565,232) (488,127) (1,770,092) _______ ______ ______ Cash flows from financing activities Proceeds from issue of share capital 995,470 963,491 2,453,050 Proceeds from long-term borrowings 215,809 202,930 - Payment of debt - - (368,996) _______ _______ _______ Net cash used in financing activities 1,211,279 1,166,421 2,084,054 _______ ______ ______ Net increase in cash and cash equivalents (8,941) 229,713 495,034 Cash and cash equivalents at beginning of 235,617 5,904 5,904 period _______ _______ _______ Cash and cash equivalents at end of period 226,676 235,617 500,938 _______ _______ _______ Note A. Acquisition of subsidiary During the period the Group acquired Electro-Mec (Reading) Limited. The fair value of assets acquired and liabilities assumed were as follows: Property, plant and equipment 457,398 Inventories 226,926 Accounts receivable 372,269 Cash 19,613 Trade payables (635,763) Long-term debt (56,350) _______ 384,093 Goodwill 590,077 _______ Total acquisition cost 974,170 Less: Cash and cash equivalents acquired (19,613) Non-cash consideration (400,000) _______ Cash outflow on acquisition 554,557 _______ Notes to the unaudited interim report 1. Adoption of International Financial Reporting Standards (IFRS) For all periods up to 31 December 2006 Avid Holdings plc has prepared its financial statements in accordance with UK Generally Accepted Accounting Principles (UK GAAP). AIM Rules require that the annual consolidated financial statements of Avid Holdings plc for the year ended 31 December 2007 be prepared in accordance with International Financial Reporting Standards (IFRS). Accordingly, these interim financial statements which are for the six months ending 30 June 2007 have been prepared for the first time in accordance with International Financial Reporting Standards and are covered by IFRS1, First-time Adoption of IFRS. The information presented within these interim financial statements is in compliance with IAS 34 `Interim Financial Reporting'. In preparing these interim financial statements the comparative figures previously reported under UK GAAP have been restated for the transition to IFRS. The disclosures required by IFRS 1 regarding the transition for the relevant periods are given in note 3 below. Other than changes to accounting policies as a result of the adoption of IFRS, the same accounting policies have been followed in the interim financial statements as compared to the most recent annual financial statements. 2. Earnings per ordinary share The calculation of basic earnings per ordinary share is based on the result for the period, for continuing operations as well as total acquisitions, and the weighted average number of shares in issue during the period. 6 months to 6 months to Year ended 31 30 June 2007 30 June 2006 December 2006 Weighted average number of ordinary 309,203,702 48,814,814 129,952,511 shares in issue Dilutive potential ordinary shares: 10,104,545 2,737,557 - Employee share options Loss after tax (£) (370,937) (162,667) (505,880) Basic earnings per share - pence per (0.12p) (0.33p) (0.39p) share (p) There are potentially dilutive employee share options of 10,104,545 in existence at 30 June 2007 (30 June 2006: 2,737,557) which relate to share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period. These are not dilutive at present. 3. Transition from UK GAAP to IFRS As required under IFRS 1, the equity reconciliations at 1 January 2006 (the transition date for IFRS) and at 31 December 2006 (date of last UK GAAP financial statements) are set out below. For comparative purposes, the equity reconciliation at 30 June 2006 is also included to enable a comparison of the 2007 published interim figures The net effect of adopting IFRS rather than UK GAAP for the year ending 31 December 2006 is to increase total assets from £2,507,355 to £2,590,319, primarily due to the removal of the amortisation charge on purchased goodwill. This change also has the effect of reducing the loss on ordinary activities for the year from £588,844 to £505,880. Reconciliation of UK GAAP equity to IFRS equity 31 December 30 June 2006 1 January 2006 2006 Capital and reserves according to 2,140,325 2,486,095 199,863 UK GAAP Effect of adopting IFRS 3 - 89,222 4,634 - Business Combinations Effect of adopting IAS 38 - (6,258) (483) - Intangible Assets ------------- ------------- ------------- Equity according to IFRS 2,223,289 2,490,246 199,863 ------------- ------------- ------------- Reconciliation of UK GAAP balance sheets to IFRS balance sheets As at 31 December 2006 As at 30 June 2006 As at 1 January 2006 As Effect of As As Effect of As As Effect of As previously transition restated previously transition restated previously transition restated reported under reported under reported under under UK IFRS under UK IFRS under UK IFRS GAAP GAAP GAAP £ £ £ £ £ £ £ £ £ ASSETS Non-current assets Investments - - - - - - 477,942 - 477,942 Property, 52,241 - 52,241 61,806 - 61,806 - - - plant and equipment Goodwill 1,589,446 89,222 1,678,668 1,686,889 4,634 1,691,523 - - - Other 519,992 (6,258) 513,734 510,953 (483) 510,470 - - - intangible assets _______ _______ _______ _______ _______ _______ _______ _______ _______ 2,161,679 82,964 2,244,643 2,259,648 4,151 2,263,799 477,942 - 477,942 _______ _______ _______ _______ _______ _______ _______ _______ _______ Current assets Inventories 6,996 - 6,996 6,996 - 6,996 - - - Trade 33,377 - 33,377 16,060 - 16,060 - - - receivables Other current 69,686 - 69,686 145,673 - 145,673 380,947 - 380,947 assets Cash and cash 235,617 - 235,617 500,938 - 500,938 5,904 - 5,904 equivalents _______ _______ _______ _______ _______ _______ _______ _______ _______ 345,676 - 345,676 669,667 - 669,667 386,851 - 386,851 _______ _______ _______ _______ _______ _______ _______ _______ _______ Total assets 2,507,355 82,964 2,590,319 2,929,315 4,151 2,933,466 864,793 - 864,793 _______ _______ _______ _______ _______ _______ _______ _______ _______ EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 1,070,000 - 1,070,000 1,045,000 - 1,045,000 191,667 - 191,667 Share premium 1,846,600 - 1,846,600 1,795,343 - 1,795,343 195,637 - 195,637 Other reserves - - - - - - - Retained (776,275) 82,964 (693,311) (354,248) 4,151 (350,097) (187,431) - (187,431) earnings _______ _______ _______ _______ _______ _______ _______ _______ _______ Total equity 2,140,325 82,964 2,223,289 2,486,095 4,151 2,490,246 199,863 - 199,863 _______ _______ _______ _______ _______ _______ _______ _______ _______ Non-current liabilities Long-term 175,726 - 175,726 207,536 - 207,536 650,000 - 650,000 borrowings _______ _______ _______ _______ _______ _______ _______ _______ _______ Current liabilities Trade and 159,824 - 159,824 162,216 - 162,216 14,930 - 14,930 other payables Current 31,480 - 31,480 73,468 - 73,468 - - - portion of long-term borrowings _______ _______ _______ _______ _______ _______ _______ _______ _______ Total 191,304 - 191,304 235,684 - 235,684 14,930 - 14,930 current liabilities _______ _______ _______ _______ _______ _______ _______ _______ _______ Total 367,030 - 367,030 443,220 - 443,220 664,930 - 664,930 liabilities _______ _______ _______ _______ _______ _______ _______ _______ _______ Total equity 2,507,355 82,964 2,590,319 2,929,315 4,151 2,933,466 864,793 - 864,793 and liabilities _______ _______ _______ _______ _______ _______ _______ _______ _______ Reconciliation of UK GAAP income statements to IFRS income statements Year ended 31 December 2006 Six months ended 30 June 2006 As Effect of As As Effect of As previously transition restated previously transition restated reported under reported under under UK IFRS under UK IFRS GAAP GAAP £ £ £ £ £ £ Revenue 71,467 - 71,467 3,063 - 3,063 Cost of sales (31,301) - (31,301) (1,945) - (1,945) _______ _______ _______ _______ _______ _______ Gross profit 40,166 - 40,166 1,118 - 1,118 Administrative (572,459) 82,964 (489,495) (141,018) 4,151 (136,867) expenses _______ _______ _______ _______ _______ _______ Operating loss (532,293) 82,964 (449,329) (139,900) 4,151 (135,749) Finance income 19,649 - 19,649 16,738 - 16,738 Finance expenses (76,200) - (76,200) (43,656) - (43,656) _______ _______ _______ _______ _______ _______ Loss before tax (588,844) 82,964 (505,880) (166,818) 4,151 (162,667) Income taxes - - - - - - _______ _______ _______ _______ _______ _______ Loss for the 588,884 82,964 (505,880) (166,818) 4,151 (162,667) period _______ _______ _______ _______ _______ _______ Loss per share (0.45)p 0.06p (0.39)p (0.34)p 0.01p (0.33)p ______ ______ ______ ______ ______ ______ 4. Business Combination On 15th March 2007 Avid Holdings plc completed the purchase of the entire share capital of Electro-Mec (Reading) Limited for initial consideration of £800,000. This consisted of a cash payment of £400,000 and the issue of 28,333,333 new Ordinary Shares in Avid Holdings plc at an average price of 1.41 pence. Deferred consideration of up to £750,000, to be satisfied by the issue of further new Ordinary Shares, will be due dependent on future profits of Electro-Mec for the years ending 31 December 2007 and 31 December 2008. The Board of Directors believe that the future profits of Electro-Mec will reach the necessary levels for the deferred consideration to become payable. No provision for this has been made. In addition, directly attributable costs of £174,170 were incurred in relation to integrating the business into the Group. 5. Segmental Reporting In the opinion of the Directors, the Group's core activities are the supply of specialist packaging solutions and the production of precision tooling both for the pharmaceutical industry as carried out by the subsidiary companies. Six months Year ended 31 Six months ended December 2006 ended 30 June 2007 30 June 2006 £ £ £ Revenue Packaging solutions 18,945 68,317 3,063 Precision tooling 656,861 - - Group activities 3,550 3,150 - _______ _______ _______ 679,356 71,467 3,063 _______ _______ _______ Profit Packaging solutions (183,723) (187,737) (12,601) Precision tooling (1,312) - - Group activities (179,188) (261,592) (123,148) _______ _______ _______ Underlying operating loss (364,223) (449,329) (135,749) Finance income 18,866 19,649 16,738 Finance expenses (25,580) (76,200) (43,656) _______ _______ _______ Loss for the period (370,937) (505,880) (162,667) _______ _______ _______ 6. Due to the Company's losses, no taxation charge has arisen for the period. 7. The Directors have not declared an interim dividend. 8. The financial statements for the six months ended 30 June 2007 were approved by the Board of Directors on 29th August 2007. These financial statements do not constitute statutory accounts within the meaning of the Companies Act 1985 and are neither reviewed nor audited. 9. In accordance with AIM Rule 31, the Company is required to have in place sufficient procedures, resources and controls to enable its compliance with the AIM Rules for Companies; seek advice from its nominated adviser ("NOMAD") regarding its compliance with the AIM Rules for Companies whenever appropriate and take that advice into account, provide the Company's NOMAD with any information it requests in order for the NOMAD to carry out its responsibilities under the AIM Rules for Companies and the AIM Rules for Nominated Advisers, ensuring that each of the Company's directors accepts full responsibility, collectively and individually, for compliance with the AIM Rules for Companies, and ensure that each director disclosures without delay all information which the Company needs in order to comply with AIM Rule 17 (Disclosure of Miscellaneous Information) in so far as that information is known to the director or could with reasonable diligence be ascertained by the director. In order to ensure these obligations are being discharged, the Board has formed a committee of the Board (the "AIM Committee"), chaired by Michael Walter, a non-executive director of the Company. Having reviewed the relevant Board papers the AIM Compliance Committee is satisfied that the Company's obligations under Rule 31 have been satisfied during the period under review. 10. Copies of this statement are available to shareholders and members of the public, free of charge, from the Company's registered office at 10 Woodfalls Business Park, Gravelly Ways, Laddingford, Kent, ME18 6DA. Contact details: Jonathan Bobbett, Avid Holdings plc 01622 872 022 Ross Andrews, City Financial Associates Limited 0207 492 4777 END
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