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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Chromogenex | LSE:CGX | London | Ordinary Share | GB00B0B7XX32 | ORD 1P |
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% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number : 3790E Chromogenex PLC 26 September 2008 Chromogenex plc (*Chromogenex* or *the Company*) Interim Results Chromogenex, the developer and manufacturer of cosmetic and medical laser systems, today announces its interim results for the six months ended 30 June 2008. Highlights: Revenues of £1.13m (2007: £2.27m) Medical device licence from the Canadian Health Authority for the Chromolite-S and Nlite-V FDA approval to market and sell Chromolite EP (Enhanced Pulse), the newest version of Chromolite, in the United States * post period end. New product launches expected - October launch of iLipo laser product, a non invasive alternative to liposuction - November launch of SmoothLite, combined RF, laser and vacuum massage device for fat reduction, cellulite treatment and skin tightening Restructuring of business and cost reductions completed Peter McGuinness, Chairman, commented: *We have now completed a restructuring of the business and have made cost reductions which will save over £0.5m per annum going forward. In addition we have seen an improvement in sales and gross margins and expect an improved performance in the second half. *We have developed new sources of lease finance for our customers that have facilitated an improvement in direct sales in the UK. We are confident about the business going forward and are encouraged by recent trading and distributor forecasts into 2009. For further information: Chromogenex plc 01554 755444 Peter McGuinness, Chairman 07775 834 777 HB Corporate 020 7510 8600 Luke Cairns Threadneedle Communications 020 7653 9850 Graham Herring/Josh Royston Chairman*s Statement Chromogenex, the developer and manufacturer of cosmetic and medical laser systems, today announces the results for the six month period ending June 30 2008. Sales for the period were £1,134,000 compared with £2,265,000 for the same period last year. This drop in sales resulted in a loss of £640,000 for the first half (2007 profit of £10,000). The first quarter in particular was a very difficult period, accounting for over £500,000 of this loss for the Company. Whilst traditionally a slow time of year the market was impacted by a lack of credit available for financing sales of our products which typically are leased by customers. In addition, we were unable to sell in key markets pending regulatory approval which had an adverse impact on the business. During the period, the Company resolved its issue with the Canadian Health Authority and both the Chromolite-S and Nlite-V received medical device licences. The Board expects to recommence sales in Canada in the fourth quarter. We have now completed a restructuring of the business and have made cost reductions which will save over £0.5m per annum going forward. In addition, we have seen an improvement in sales and gross margins and expect an improved performance in the second half. Note 1 to these interim results provides more details of the actions that the directors have taken to address the financing of the company. During the fourth quarter we are also launching two new products for which we have a strong order book. Both products target the body shaping and fat reduction market and according to Medical Insight, Inc, this sector of the market is forecast to expand by 29% per annum through 2011. In October, we launch our iLipo laser product a non-invasive alternative to liposuction. In November, we expect to launch SmoothLite a device which uses combined radiofrequency, laser and vacuum massage for fat reduction, cellulite treatment and skin tightening. We believe this to be the most advanced and highest specification system on the market. We see this as a significant growth area for the company going forward with initial sales positively impacting the fourth quarter. We have developed new sources of lease finance for our customers that have facilitated an improvement in direct sales in the UK. We are confident about the business going forward and are encouraged by recent trading and distributor forecasts into 2009. Peter McGuinness Chairman and CEO 26th September 2008 Chromogenex plc CONSOLIDATED INCOME STATEMENT - unaudited for the period ended 30 June 2008 Notes 6 months to30 Jun 6 months to30 Jun Year ended31 Dec 2008 £'000 2007 £'000 2007 £'000 Revenue 1,134 2,265 4,122 Cost of sales (829) (1,519) (2,879) _______ _______ _______ Gross Profit 305 746 1,243 Administrative expenses (940) (733) (1,938) _______ _______ _______ Operating (Loss)/Profit 13 (635) (695) Finance costs (5) (3) (2) _______ _______ _______ (Loss)/Profit on ordinary 10 activitiesbefore taxation (640) (697) Taxation - - - _______ _______ _______ (Loss)/Profit for the period 10 attributable to equity (640) (697) shareholders _______ _______ _______ Earnings per ordinary shares (pence) Basic 3 (1.06) p 0.02p (1.15)p _______ _______ _______ Fully diluted 3 (1.06)p 0.01p (1.15)p _______ _______ _______ All results relate to continuing activities. Chromogenex plc CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - unaudited for the period ended 30 June 2008 Attributable to equity holders of the parent company Sharecapital£'000 Sharepremiumaccount£ Mergerreserve£'000 TotalEquity£'000 '000 RetainedEarnings£' 000 At 1 January 2007 605 1,539 (302) 505 2,347 Profit for the period - - - 10 10 _______ _______ Total recognised income and 10 10 expense for period Exercise of warrants 4 14 - - 18 Share option costs - - - 26 26 _______ _______ _______ _______ _______ At 30 June 2007 609 1,553 (302) 541 2,401 Loss for the period - - - (707) (707) _______ _______ Total recognised income and (707) (707) expense for period Share option costs - - - (6) (6) _______ _______ _______ _______ _______ At 31 December 2007 609 1,553 (302) (172) 1,688 Loss for the period - - - (640) (640) _______ _______ Total recognised income and (640) (640) expense for period Share option costs - - - 17 17 _______ _______ _______ _______ _______ At 30 June 2008 609 1,553 (302) (795) 1,065 _______ _______ _______ _______ _______ Chromogenex plc CONSOLIDATED BALANCE SHEET - unaudited as at 30 June 2008 Notes 30 Jun 2008 £'000 30 Jun 2007 £'000 31 Dec 2007 £'000 ASSETS Non * current assets Intangible assets 75 376 79 Plant and equipment 45 56 60 _______ _______ _______ 120 432 139 Current Assets Inventory 1,777 1,735 1,627 Trade and other receivables 702 866 1,291 Cash and cash equivalents - 168 130 _______ _______ _______ 2,773 2,437 3,086 LIABILITIES Current liabilities Trade and other payables 1,358 1,041 1,126 Provisions 134 76 98 _______ _______ _______ 1,492 1,117 1,224 _______ _______ _______ Non-current liabilities - - - _______ _______ _______ NET ASSETS 1,688 1,065 2,401 _______ _______ _______ Shareholders* Equity Share capital 609 609 609 Share premium 1,553 1,553 1,553 Merger reserve (302) (302) (302) Retained earnings 541 (172) (795) _______ _______ _______ TOTAL SHAREHOLDERS* EQUITY 1,688 1,065 2,401 _______ _______ _______ Chromogenix plc CONSOLIDATED CASH FLOW STATEMENT - unaudited for the period ended 30 June 2008 Notes 6 months to30 Jun 6 months to30 Jun Year ended31 Dec 2007 2008 £'000 2007 £'000 £'000 Cash flows used in operating 4 (135) activities (367) (157) Investing activities Expenditure on development - (33) (81) Purchase of plant and - (22) (34) equipment _______ _______ _______ Net cash outflow used in - investing activities (55) (115) _______ _______ _______ Financing activities Proceeds from issue of shares - 18 18 _______ _______ _______ Net cash from financing - 18 18 activities _______ _______ _______ Net (decrease) in cash and (232) cash equivalents (367) (194) Cash and cash equivalents at 130 362 362 beginning of the period _______ _______ _______ Cash and cash equivalents at (237) 168 130 end of the period _______ _______ _______ Chromogenex plc NOTES TO INTERIM RESULTS - unaudited for the period ended 30 June 2008 1 These interim results were approved by the board of directors on 24th September 2008. The financial information contained in this interim statement has not been audited or reviewed by the Company*s auditors and does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2007. These accounts, upon which the auditors issued an unqualified opinion but containing an emphasis of matter paragraph in relation to the Company*s ability to continue to operate as a going concern, have been delivered to the Registrar of Companies. The interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£*000) except when otherwise indicated. Going concern During the period, the Group incurred a loss of £640,000. As a result of the Group*s financial position, the directors have considered the basis of preparation of the financial statements on the going concern basis. In the light of the current market downturn the Board has been reconsidering its strategy and has made a number of decisions to re-focus the activities of the Group. The Board has streamlined the underlying cost base of the business, started to distribute two new complementary products into the UK market and has now obtained all regulatory approvals required in order to sell into the Canadian market. Payment plans are in place with most of the overdue debtors as at the year end. The directors have prepared detailed forecasts which set out the ongoing cash requirements of the business going forward. The directors maintain regular communication with the bank and these forecasts incorporate the directors* belief that the Group*s bankers will continue to make available the necessary level of facility. There are inherent uncertainties in the preparation of such forecasts which are not fully under the Group*s control. Historically the Group has delivered greater sales in the second half of the year and the directors expect this trend to continue with the planned introduction of further new products in the autumn. The directors therefore believe the assumptions used in those forecasts are reasonable and that they have taken into account all factors that may reasonably be expected to be identified in relation to such forecasts. On the basis of these forecasts the directors conclude that it is appropriate to prepare the interim results on the going concern basis and the interim results do not include any adjustments that would result from the Group not being able to meet its liabilities as they fall due. 2 Chromogenex plc is a public limited company incorporated in the United Kingdom under the Companies Act 1985. The Company is domiciled in the United Kingdom and its ordinary shares are traded on the Alternative Investment Market. As permitted this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS34 *Interim Financial Reporting* therefore it is not fully in compliance with IFRS. 3 (LOSS)/EARNINGS PER ORDINARY SHARE The (loss) / earnings per ordinary share has been calculated using the result for the period and the weighted average number of ordinary shares in issue during the period as follows: 30 Jun 2008 £'000 30 Jun 2007 £'000 31 Dec 2007 £'000 (Loss)/ Profit for the period (640) 10 (697) attributable to equity shareholders _______ _______ _______ No. No. No. '000 '000 '000 Basic weighted average of ordinary shares of 1p each) 60,659 60,818 60,659 _______ _______ _______ Basic earnings (pence per share) (1.06) 0.02 (1.15) _______ _______ _______ Fully diluted earnings (pence per share (1.06) 0.01 (1.15) _______ _______ _______ As losses were incurred in the period ended 30th June 2008 and the year ended 31 December 2007, there is no dilutive effect on the existence of shares, options and warrants. The basic and diluted earnings per share figure are therefore the same for these periods. The weighted average number of shares for the calculation of the diluted earnings per share for the period ended 30 June 2007 was 65,470,377 reflecting the unexercised share options and warrants in place at that time. 4 RECONCILIATION OF (LOSS)/PROFIT BEFORE TAX TO NET CASH FLOW USED IN OPERATING ACTIVITIES 30 Jun 2008 £'000 30 Jun 2007 £'000 31 Dec 2007 £'000 (Loss)/profit before tax (640) 10 (697) Amortisation - - 345 Depreciation 18 30 38 Share based payment charge 17 26 20 _______ _______ _______ Operating cashflow before (605) 66 (294) movement in working capital Movement in inventory 42 (532) (382) Movement in trade and other 164 (65) 360 receivables Movement in trade and other 32 224 331 payables _______ _______ _______ Net Cash used in operating (367) (135) activities (157) _______ _______ _______ 5 COPIES OF THE INTERIM REPORT Copies of the interim report have been sent to shareholders and are available from the company secretary at the company's registered office * Units 1 and 2, Heol Rhosyn, Parc Dafen, Llanelli, Carmarthenshire, SA14 8QG. This information is provided by RNS The company news service from the London Stock Exchange END IR LAMMTMMBTTMP
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