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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ceres Power Holdings Plc | LSE:CWR | London | Ordinary Share | GB00BG5KQW09 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.40 | -2.35% | 141.40 | 140.10 | 147.90 | 141.40 | 141.40 | 141.40 | 1,200 | 08:04:29 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electric & Other Serv Comb | 22.13M | -45.12M | -0.2339 | -6.19 | 279.38M |
From Apr 2019 to Apr 2024
TIDMCWR
RNS Number : 0838Q
Ceres Power Holdings plc
25 February 2016
25 February 2016
Ceres Power Holdings plc
Interim results for the six months ended 31 December 2015
Ceres Power Holdings plc ("Ceres", "Ceres Power", "the Company" or "the Group") (AIM: CWR.L) announces its interim results for the six months ended 31 December 2015.
Key Highlights:
-- New Joint Development Agreement with Honda R&D signed following on from successful two year period of working together
-- First Evaluation Agreement signed for multi kW application with new Global OEM
-- High speed print line commissioned at Horsham showing reduction in key process step time by a factor of 10
-- Growing number of early stage customer technology evaluations with systems on test in South Korea and Japan
-- Formal release of latest V3 cell technology to customers with degradation enabling 7 year product life and more than 50% net electrical efficiency for residential applications
-- First proof of concept for multi kW system built demonstrating more than 55% net efficiency which enables new power-only market applications
-- Expansion of Commercial team with Tony Cochrane appointed as Chief Commercial Officer based in North America and opening of South Korean office
Key Financial Results:
Hot Features
Premium
Six months Six months
ended 31 ended 31
December December
2015 (unaudited) 2014 (unaudited)
GBP'000 GBP'000
------------------ ------------------
Total revenue and other operating
income, comprising 453 427
Revenue 235 133
Other operating income 218 294
Operating loss (6,235) (5,314)
Equity free cash flow (1) (5,431) (4,528)
Cash and short term investments 12,753 22,735
Phil Caldwell, CEO, commented:
"The Honda agreement is the first of several key commercial partnerships we expect to sign in 2016 against our stated aim of securing five leading OEMs within the next two years. We expect further commercial partners for new applications and markets based on the recent improvements in efficiency and power density of the Steel Cell technology."
_____________________________________________________
(1.) equity free cash outflow (EFCF) is the net decrease in cash and cash equivalents in the year less net cash generated from financing activities less the movement in short term investments
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres unique patented Steel Cell technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.
Ceres offer its partners the opportunity to develop power systems and products using its unique Steel Cell technology and know-how, combined with the opportunity to supply the Steel Cell in volume through its manufacturing partners.
For further information contact:
Ceres Power Holdings plc Tel. +44 (0)1403 273 463 Phil Caldwell, CEO Richard Preston, CFO Zeus Capital Limited (Nominated Adviser and Broker) Tel: +44 (0)20 3829 5000 Phil Walker / Andrew Jones / Hugh Kingsmill Moore Tavistock Communications Tel: +44 (0)20 7920 3150 Mike Bartlett/James Collins
www.cerespower.com
Chairman's statement
We have strategically positioned Ceres Power to be capable of attracting and working with the world's leading power system companies and we indicated last year that we expected to convert a number of opportunities into commercial agreements. The recent announcement of our collaboration with Honda is the first of these agreements and the strongest validation of the Ceres team and Steel Cell technology to date following two years of working together. Over the past few years we have invested in the core capability and the team at Ceres Power and it is very satisfying to see this now coming through with some exciting commercial progress for the business.
Our vision is to be able to provide a fuel cell for every home and business. Since its foundation Ceres has been focused on micro CHP, which are key markets in Japan, Korea and Europe in providing increased energy efficiency and low carbon heat for the home. However we are now also able to address the business side of this vision with a growing number of power-only applications. This has been made possible by the significant progress delivered in the latest technology release by the technical team in targeting high efficiency, higher power applications.
Despite the recent uncertainty in the economic climate, the need for cleaner affordable power generation continues to grow as emphasised by the recent progress made in the Paris COP21 agreement between almost 200 countries in taking steps to reduce emissions to meet the growing challenge of climate change. The shift towards cleaner distributed power generation continues to grow globally and this is reflected in the customer pipeline at Ceres with an increasing number of early stage evaluations targeting the business sectors with interest in commercial/light industrial applications.
I'm pleased to say that we now have a number of customer engagements underway which can create significant additional value for the company in addition to the considerable opportunity that already exists for Ceres in the residential applications.
Working with companies such as Honda continues to drive focus and maturity in the business in delivering to cost, quality and at the high volumes that customers require and our recent installation of a high speed print line in the UK is a key step in demonstrating to our customers and potential manufacturing partners that we can also scale the business to meet customer demands in different regions globally.
We have made a strong start to this year and the company is now at an exciting stage of its development as we look forward to securing more key commercial partnerships and building Ceres Power to be one of the leading companies in this sector.
Alan Aubrey
Chairman
1. 'Global Distributed Generation Deployment Forecast', Navigant Research, 2014. 2. 'Fuel Cells Annual Report 2014,, Navigant Research
Chief Executive's statement
We've had a strong start to 2016 commercially following excellent technical and commercial progress in the past 6 months. This has enabled us to focus on securing new commercial partners in new markets. The Honda agreement is the first of several key commercial partnerships we expect to sign in 2016 against our stated aim of securing five leading OEMs within the next two years.
Our technology continues to advance with the release of the V3 Steel Cell offering increased power density and efficiency and we are on track to release our latest V4 technology to customers in the summer of 2016.
The increases in performance that we announced in December 2015 enable us to target applications beyond our established residential micro CHP offering into power only for commercial/light industrial applications and it places the Company's technology firmly into the higher power application space. We are seeing a high level of interest in these applications and we recently signed our first evaluation for this technology for a multi-kW application.
On the operations side we have recently commissioned our new high speed print line which is a key enabler in manufacturing the Steel Cell at scale.
Commercial Progress
Following two years of extensive testing and development we are delighted to have signed a new two-year JDA with Honda R&D. Not only is this an exciting partner for Ceres to work with as they are clearly consistent with our strategy of targeting the leaders in power system products globally, but also Honda's requirements for quality and performance push our engineering team to deliver to the highest standards in the industry. Our success to date in growing this relationship with Honda is a huge endorsement of our team's dedication and ability and has generated further interest with a growing pipeline of companies looking at the Steel Cell technology. Under this new JDA the companies will jointly develop Solid Oxide Fuel Cell stacks using Ceres Power's unique metal supported Steel Cell technology for a range of potential power equipment applications.
The Ceres Power and Honda joint development will also include a third party manufacturer who will consider the future mass production scale-up of the Steel Cell technology based on Ceres Power's manufacturing processes. This represents an important advancement in the relationship and is consistent with our strategy of being able to scale production of the Steel Cell as required with key partners in target geographies.
I am also pleased with recent progress in the technology, which has enabled us to target new market applications and we recently signed a new OEM Evaluation agreement and commissioned a complete Steel Cell system for a period of rigorous testing at a new customer site. If the testing proves successful the two parties intend to enter into a Joint Development of a multi kW system later this year.
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2016 02:01 ET (07:01 GMT)
The Steel Cell technology is attractive for a number of applications as a superior alternative to diesel generator sets and gas engines because it produces close to zero SOx and NOx emissions which will be key to ensuring cleaner cities, whilst also lowering CO(2) and energy bills by around a third.
Our existing commercial relationship with KD Navien continues to progress and we have met all of the performance requirement to date in this engagement and hope to advance this further this year.
In the past 6 months I decided to strengthen the commercial team and was delighted to be able to recruit Tony Cochrane as Chief Commercial Officer bringing considerable experience and leadership in the fuel cell sector from his time in Ballard Power Systems. Tony is based in North America, further boosting access to this market segment and this adds to our offices in Japan and South Korea. Our experience to date in Japan of committing resource to key target markets has paid off in growing our pipeline and reputation in the world's most advanced fuel cell market. We will continue to grow the commercial team with localised representation as we go after key target markets and applications.
I am very pleased that the hard work in building our commercial pipeline is now coming through into customer contracts and I expect this to translate into increasing revenues for the rest of the year. Our ambition remains to work with the leaders in each market sector we target and have five significant partnerships in place within two years and we are delivering against this strategy.
Technology
We now have a well-established R&D roadmap with which we are making great progress in the performance of the technology ahead of a rigorous planned annual release of our platforms to customers.
In November we released our V3 technology to customers following extensive internal testing and validation proving durability as well as lifetime. Looking forward, our V4 release to customers is on track for mid-2016 and serves two primary purposes: preparing the technology for scale-up, as well as improving performance and reducing cost further.
For the residential market we have developed the Steel Gen platform, a 1kW class power system that uses the V3 technology, to achieve 50% net electrical efficiency in one of the most compact fuel cell system design available. This platform is now available to OEM partners, allowing fuel cell power systems running on natural gas and based on Ceres Power's Steel Cell technology to achieve significant power-only efficiencies in the home or business which are higher than the best state-of-the-art centralised generating plants and overall efficiency up to 90% when also capturing the heat.
A new focus over the past year has been to develop the technology to be able to access the very significant business/commercial markets. These require higher power system outputs so we have developed a modular stack concept for the first time, which has achieved more than 55% net electrical efficiency. This is hugely important as 50% is the tipping point when the technology becomes viable for commercial and light industrial scale applications. This new workstream will continue to develop the technology specifically for multi kW applications.
In addition to the above we have a number of advanced engineering programmes that are set to deliver some exciting new developments later this year in our stack and system architecture, which should benefit all potential applications.
As a technology company we will continuously improve the core technology against our targets for performance, robustness and cost to provide strong economic benefit for the end user at an affordable price point and serve to strengthen our USP and competitive position.
Operations and Manufacturing
Over the past six months under the leadership of James Falla, our COO, we have made significant progress on our production scale-up projects, which are designed to demonstrate and validate that the production process is suitable for high-volume fuel cell manufacture at market cost-points. We are on track for delivery this year through the V4 programme.
A good example of this is the recently announced successful commissioning of our high-speed print line in Horsham part-funded by a GBP700k grant from Innovate UK.
The print line is the first of its kind in the UK that can print very thin ceramic layers at high speed on steel fuel cell substrates. Jointly developed with ASM Alternative Energy it combines ASM's high-speed photovoltaic manufacturing processes solutions with Ceres' own existing manufacturing capabilities. This has achieved a 10-fold increase in processing speed, reducing print-cycle time from 30 seconds to just 3 seconds and demonstrates that Ceres' processes are consistent with low cost, high volume fuel cell manufacturing.
Looking ahead, we are in discussions with several manufacturing partners to scale the business in line with OEM demand, with a particular focus on Asia as a first market.
Financial
During the period equity free cash outflow (EFCF)(1) was GBP5.4m (2014: GBP4.5m). This planned increase was driven by both the Company's continued development of its technology, incurring 'cash operating costs'(2) of GBP5.4m (2014: GBP4.6m), and by additions to the Group's test and manufacturing infrastructure as it incurred GBP1.0m capital expenditure (2014: GBP0.8m). The business is now investing on expanding its multi-kW capability at all levels, as well as continuing the core 1kW development.
Revenue and other operating income, which was predominantly income from grants, was GBP0.45m (2014: GBP0.43m) with an increased amount of revenue primarily generated from customer evaluation and joint development agreements of GBP0.2m (2014: GBP0.1m). This doesn't yet reflect commercial progress that has been made in the last few months with the signing of several new customer agreements, and we expect revenue in the full year to be significantly higher than last year.
The Company ends the period with GBP12.8m in cash and cash equivalents and short-term investments (2014: GBP22.7m) and we have a good expectation of raising further funding before the end of 2016, which is required in order to continue our activities and to fund the growing opportunity we see in the higher power markets, and supplements income from customers and government grants.
An important form of funding to the business continues to come in the form of R&D tax credits. The company received GBP0.8m of tax credit relating to the year ended 30 June 2015 in the period (2014: GBP0.2m) and expects to receive the remaining balance (GBP0.7m) in the coming months.
The Company's loss for the financial period rose from GBP4.7m in 2014 to GBP5.5m, in line with internal expectations and as a result of the continued investment in test, validation and engineering capability as we grow the business.
Outlook
Our vision is a fuel cell for every home and business and to realise this ambition we are targeting working with the leading power systems companies globally across a range of geographies and applications.
The Honda agreement is the first of several key commercial partnerships we expect to sign this year against our stated aim of securing five leading OEMs within the next two years. We expect to secure further commercial partners for both residential products and, with increasing focus, new applications and markets based on the recent and continuing advancements in performance of the Steel Cell.
We expect the commercial progress we have made will provide an uplift in revenue in the second half of FY 2015/16 and into FY 2016/17.
Our roadmap continues on track and we are due to release our latest V4 technology to customers during the summer and as stated earlier, we anticipate delivering exciting new developments later in the year. We continue to work on scaling up our manufacturing capability at Horsham and also engage with manufacturing partners for key territories to support our commercial efforts.
We have a strong and dedicated team at Ceres Power who I would like to thank for the continued dedication and hard work and we are all looking forward to seeing this effort result in further commercial progress in the year ahead.
Philip Caldwell
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2015
Six months Year
ended Six months ended
31 December ended 30 June
2015 31 December 2015
(Unaudited) 2014 (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Revenue 235 133 324
Cost of sales (123) (136) (191)
Gross profit/(loss) 112 (3) 133
Operating costs 2 (6,565) (5,605) (12,476)
Other operating income 218 294 621
Operating loss (6,235) (5,314) (11,722)
Interest receivable 49 58 110
Loss before income
tax (6,186) (5,256) (11,612)
Income tax credit 698 550 1,571
Loss for the financial
period / year and
total comprehensive
loss (5,488) (4,706) (10,041)
============= ================== ===========
Losses per GBP0.01
ordinary share expressed
in pence per share:
Basic and diluted
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2016 02:01 ET (07:01 GMT)
loss per share 3 (0.71)p (0.64)p (1.33)p
All activities relate to the Group's continuing operations and the loss for the financial period is fully attributable to the owners of the Parent.
The accompanying notes are an integral part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2015
31 December 30 June
31 December 2014 2015
2015 (Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and
equipment 2,559 1,998 2,080
Other receivables - 53 -
------------------ ------------- -----------
Total non-current assets 2,559 2,051 2,080
Current assets
Trade and other receivables 755 885 982
Current tax receivable 1,378 1,550 1,519
Short-term investments 6 7,000 12,000 6,000
Cash and cash equivalents 6 5,753 10,735 12,184
------------------ ------------- -----------
Total current assets 14,886 25,170 20,685
Liabilities
Current liabilities
Trade and other payables (2,663) (1,317) (1,708)
Provisions for other
liabilities and charges (77) (326) (305)
------------------ ------------- -----------
Total current liabilities (2,740) (1,643) (2,013)
------------------ ------------- -----------
Net current assets 12,146 23,527 18,672
Non-current liabilities
Other payables (58) (1,146) (1,121)
Provisions for other
liabilities and charges (865) (966) (950)
------------------ ------------- -----------
Total non-current liabilities (923) (2,112) (2,071)
Net assets 13,782 23,466 18,681
================== ============= ===========
Equity
Share capital 4 7,725 7,725 7,725
Share premium account 90,120 90,115 90,120
Capital redemption reserve 3,449 3,449 3,449
Other reserve 7,463 7,463 7,463
Profit and loss account
(deficit) (94,975) (85,286) (90,076)
Total equity 13,782 23,466 18,681
================== ============= ===========
The accompanying notes are an integral part of these financial statements.
The interim financial statements were approved by the Board of Directors on 24 February 2016 and were signed on its behalf by:
Philip Caldwell Richard Preston Director Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2015
Profit
Capital and
Share redemption loss
Share premium reserve Other account
capital account reserve (deficit) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July
2014 5,369 72,907 3,449 7,463 (81,115) 8,073
Comprehensive
loss
Loss for the
period - - - - (4,706) (4,706)
--------- --------- ------------- --------- ----------- --------
Total comprehensive
loss - - - - (4,706) (4,706)
--------- --------- ------------- --------- ----------- --------
Transactions
with owners
Issue of shares,
net of costs 2,356 17,208 - - - 19,564
Share-based
payments charge - - - - 535 535
--------- --------- ------------- --------- ----------- --------
Total transactions
with owners 2,356 17,208 - - 535 20,099
--------- --------- ------------- --------- ----------- --------
At 31 December
2014 7,725 90,115 3,449 7,463 (85,286) 23,466
--------- --------- --------- ----------- --------
Comprehensive
loss
Loss for the
period - - - - (5,335) (5,335)
--------- --------- ------------- --------- ----------- --------
Total comprehensive
loss - - - - (5,335) (5,335)
--------- --------- ------------- --------- ----------- --------
Transactions
with owners
Issue of shares,
net of costs - 5 - - - 5
Share-based
payments charge - - - - 545 545
--------- --------- ------------- --------- ----------- --------
Total transactions
with owners - 5 - - 545 550
--------- --------- ------------- --------- ----------- --------
At 30 June
2015 7,725 90,120 3,449 7,463 (90,076) 18,681
Comprehensive
loss
Loss for the
period - - - - (5,488) (5,488)
Total comprehensive
loss - - - - (5,488) (5,488)
--------- --------- ------------- --------- ----------- --------
Transactions
with owners
Share-based
payments charge - - - - 589 589
Total transactions
with owners - - - - 589 589
--------- --------- ------------- --------- ----------- --------
At 31 December
2015 7,725 90,120 3,449 7,463 (94,975) 13,782
--------- --------- ------------- --------- ----------- --------
The accompanying notes are an integral part of these financial statements.
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 December 2015
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2015 (Unaudited) 2014 (Unaudited) 2015 (Audited)
Note GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash used in operations 5 (5,310) (3,917) (9,182)
Income tax received 839 166 1,218
------------------ ------------------ ----------------
Net cash used in operating
activities (4,471) (3,751) (7,964)
------------------ ------------------ ----------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (1,013) (848) (1,243)
Movement in short-term
investments (1,000) (12,000) (6,000)
Finance income received 49 53 110
------------------ ------------------ ----------------
Net cash generated
used in investing activities (1,964) (12,795) (7,133)
------------------ ------------------ ----------------
Cash flows from financing
activities
Proceeds from issuance
of ordinary shares - 20,035 20,035
Net expenses of shares
issued - (471) (466)
------------------ ------------------ ----------------
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2016 02:01 ET (07:01 GMT)
Net cash generated
from financing activities - 19,564 19,569
------------------ ------------------ ----------------
Net (decrease)/ increase
in cash and cash equivalents (6,435) 3,018 4,472
Exchange gains on cash
and cash equivalents 4 18 13
------------------ ------------------ ----------------
(6,431) 3,036 4,485
Cash and cash equivalents
at beginning of period 12,184 7,699 7,699
------------------ ------------------ ----------------
Cash and cash equivalents
at end of period 5,753 10,735 12,184
------------------ ------------------ ----------------
Reconciliation to net funds
Opening net funds 18,184 7,699 7,699
Net (decrease)/ increase
in cash and cash equivalents (6,431) 3,036 4,485
Increase in short-term
investments 1,000 12,000 6,000
Closing net funds (note
6) 12,753 22,735 18,184
-------- ------- -------
The accompanying notes are an integral part of these financial statements.
Notes to the financial statements for the six months ended 31 December 2015
1. Basis of preparation
This condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
The annual financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 30 June 2015.
This interim report, which comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated cash flow statement and the related notes, is unaudited and does not constitute audited accounts within the meaning of the Companies Act 2006. The accounts for the year ended 30 June 2015, on which the auditors gave an unqualified audit opinion, have been filed with the Registrar of Companies.
The accounting policies adopted are consistent with those of the financial statements for the year ended 30 June 2015, as described in those financial statements. As at the date of signing the interim financial statements, there are no new Standards likely to affect the financial statements for the year ending 30 June 2016.
The Company is continuing to develop and commercialise its core Steel Cell fuel cell system technology. The Company raises finance to part-fund its activities in discrete tranches and further funding will be raised as and when required.
The directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of this report. These projections include the proceeds of future fundraising to be secured within the calendar year to meet the Group's planned expenditures and to maintain the Group as a going concern. Although the Group has been successful in raising finance in the past, there is no assurance that it will obtain adequate finance in the future and, as such, there remains a material uncertainty about the Group's ability to trade as a going concern. However, because of the Group's relationships with certain shareholders, the directors have a good expectation that they will secure the additional funding when required to continue meeting the Group's funding requirements for the foreseeable future and therefore believe that the going concern basis is appropriate for the preparation of the financial statements. The financial information does not include the adjustments that would result if the Group was unable to continue as a going concern.
Notes to the financial statements for the six months ended 31 December 2015
2. Operating costs
Operating costs are split
as follows:
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Research and development
costs 4,905 3,920 9,146
Administrative expenses 1,660 1,685 3,330
------------- ------------- -----------
6,565 5,605 12,476
============= ============= ===========
3. Loss per share
Year
Six months Six months ended
ended ended 30 June
31 December 31 December 2015
2015 (Unaudited) 2014 (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Loss for the financial
period / year attributable
to shareholders (5,488) (4,706) (10,041)
================== ================== ============
Weighted average number
of shares in issue 772,537,841 735,388,547 753,164,756
================== ================== ============
Loss per GBP0.01 ordinary
share (basic & diluted) (0.71)p (0.64)p (1.33)p
================== ================== ============
4. Share capital
Ceres Power Holdings plc has called-up share capital totalling 772,537,841 GBP0.01 ordinary shares as at 31 December 2015 (772,537,841 ordinary shares of GBP0.01 each at 31 December 2014).
During the period ended 31 December 2014 235,705,868 ordinary shares of GBP0.01 each were issued as a placing on AIM for cash consideration of GBP20,035,000. Expenses of the issue were GBP466,000.
Notes to the financial statements for the six months ended 31 December 2015
5. Cash used in operations
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2015 (Unaudited) 2014 (Unaudited) 2015 (Audited)
GBP'000 GBP'000 GBP'000
Loss before income tax (6,186) (5,256) (11,612)
Adjustments for:
Other finance income (49) (58) (110)
Depreciation of property,
plant and equipment 534 486 926
Share-based payments
charge 589 535 1,080
Operating cash flows
before movements in
working capital (5,112) (4,293) (9,716)
Decrease in trade and
other receivables 227 344 295
(Decrease)/increase
in trade and other payables (112) 148 392
Decrease in provisions (313) (116) (153)
------------------ ------------------ ----------------
(Increase)/decrease
in working capital (198) 376 534
Cash used in operations (5,310) (3,917) (9,182)
================== ================== ================
6. Net cash, short-term investments and financial assets
30 June
31 December 31 December 2015
2015 (Unaudited) 2014 (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Cash at bank and in
hand 1,577 1,256 1,135
Short-term bank deposits
< 3 months - 5,029 -
Money market funds 4,176 4,450 11,049
Cash and cash equivalents 5,753 10,735 12,184
Short-term investments
(bank deposits > 3 months) 7,000 12,000 6,000
------------------ ------------------ -----------
12,753 22,735 18,184
------------------ ------------------ -----------
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2016 02:01 ET (07:01 GMT)
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