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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nanoscience | LSE:NAN | London | Ordinary Share | KYG6390E1070 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTMZ
RNS Number : 4670A
Toumaz Limited
29 September 2015
29 September 2015
Toumaz Limited
Half year results
Toumaz Limited (AIM: TMZ, 'Toumaz', or the 'Group'), a pioneer in low-power, wireless semiconductor technologies for digital audio and healthcare, has published its results for the six months ended 30 June 2015.
Financial highlights
-- Revenues up 30% at GBP14.0m (H1 2014: GBP10.8m) -- Gross profit up 40% to GBP6.3m (H1 2014: GBP4.5m) -- EBITDA loss at GBP5.5m (H1 2014: loss GBP5.6m) -- R&D expenditure: GBP6.2m (H1 2014: GBP5.1m) -- As at 30 June 2015, the cash balance was GBP5.5m
Frontier Silicon - Digital Audio
Digital Audio revenues increased by 34% to GBP13.8m (H1 2014: GBP10.3m), since April, the business has been EBITDA positive. The Board expects a strong performance in the second half of 2015, with record shipments in August.
The Group has a leading global position in the DAB market and gross margins which reflect this. The connected audio business is growing rapidly from a small base, driven in particular by global demand for streaming services, such as Spotify and Apple Music.
The prospects for 2016 are good. In June Toumaz signed an agreement to include Google Cast technology in its next generation connected audio solution, due to ship in mid-2016.
This business unit is expected to be cash generative and EBITDA positive in 2016.
Sensium Healthcare - Patient Monitoring
The Group now has a system that demonstrably works having resolved all the technical issues from its initial trials in 2014. This enhanced version of SensiumVitals(R) is now deployed into NHS hospitals as well as internationally. Although the system is well received as an improvement in patient care, it is taking longer than expected for the economic case to be made conclusively, i.e. that the costs of installing the system and its operation are outweighed by the benefits of earlier intervention in the treatment of deteriorating patient health.
The Board is now conducting a detailed review of the business model adopted to date, using internal resources and external advisers. This will establish in the near future the optimum way for Toumaz to secure value from the intellectual property behind the SensiumVitals(R) system.
Financing
At the end of June 2015, the Group had GBP5.5m in cash. Cash burn is seasonally significantly higher in the first half of the year than the second half. The Board has implemented an overhead reduction plan and R&D spend has peaked.
The Group expects to be able to fund its operations to the point of cash generation, without recourse to a further equity raise as a result of the review into the Sensium Healthcare business, the continued good performance in Digital Audio and the prospective availability of a modest debt facility.
Anthony Sethill, CEO of Toumaz, commented:
"Our Digital Audio business - Frontier Silicon - is performing well. The development of the Sensium Healthcare business is slower than envisaged.
"Accordingly, the Board is reviewing its options to best exploit the SensiumVitals(R) system and its IP.
"We expect to be cash generative from the middle of 2016. We are fully focussed on optimising shareholder value."
Enquiries:
Toumaz Limited +44 (0)20 7391 0630 Anthony Sethill, Chief Executive Officer Jonathan Apps, Chief Financial Officer Peel Hunt LLP (Nominated Adviser and Broker) +44 (0)20 7418 8900 Richard Kauffer/Euan Brown Instinctif Partners +44 (0)20 7457 2020 Adrian Duffield/Chantal Woolcock
About Toumaz (www.toumaz.com)
Toumaz Limited is a pioneer in low-power, wireless semiconductor and software technologies for digital audio and healthcare. The company has two divisions, Frontier silicon and Sensium Healthcare. Frontier Silicon provides chips, modules and software for digital radio and connected audio devices. Sensium Healthcare develops wireless solutions for patient monitoring.
Overview
The Group's results have been largely driven by a strong performance in Digital Audio. Group revenues were up 30% at GBP14.0m (H1 2014: GBP10.8m), with a 34% increase in Digital Audio revenues at GBP13.8m (H1 2014: GBP10.3m).
Gross profit improved 40% to GBP6.3m (H1 2014: GBP4.5m) while Group EBITDA loss remained flat at GBP5.5m (H1 2014: loss GBP5.6m).
Digital Audio has benefitted from strong growth in digital radio and connected audio. In both lines of business, the Group has secured significant design wins which augur well for the rest of this year and 2016. In June, the Group announced that its next generation connected audio solution would support Google's Cast technology.
R&D expenditure on Digital Audio has now peaked and is expected to reduce in the second half of 2015 and into 2016. In March, the Group completed development of its 4th generation digital radio chip. In connected audio, the Group has decided no longer to develop its own silicon chip and instead will base its next generation solution on 3(rd) party silicon.
This new approach delivers significant savings on R&D cash expenditure and also fits well with Google's preferred way of working. Following this decision, the Group is making a non-cash impairment of GBP3.0m of capitalised licensed IP costs for assets that no longer have value to the company.
As a discrete business unit, Digital Audio has been EBITDA positive since April. Looking forward, the business is expected to deliver robust profits and cash generation in a rapidly expanding market.
The Healthcare business is focused on securing trials in major hospitals in key territories in order to deliver data which demonstrate the benefits of the system and which can be published in peer-reviewed journals. The business is making solid progress in securing these reference sites and is currently undertaking trials in two major NHS teaching hospitals - Queen Elizabeth Hospital Birmingham and St James's University Hospital Leeds. The intention is to publish results from these trials in order to accelerate commercial deployments in 2016.
In light of the slower than expected commercial uptake, the Group has scaled back its product development plans and has reduced its Healthcare R&D budget.
The Board is also conducting a detailed review of the business model adopted to date, using internal resources and external advisers. This will establish the optimum way for Toumaz to secure value from the intellectual property behind the SensiumVitals system.
Current trading and outlook
Group full year revenues for 2015 are expected to be lower than originally forecast, primarily due to slow progress in Healthcare.
The Group is expecting Digital Audio to show double digit revenue growth and product margins after record shipments in August, in line with Board expectations. With careful cash management, EBITDA losses for the full year 2015 should be reduced from those reported in 2014.
The prospects for the Digital Audio business in 2016 are good. The agreement to include Google Cast technology in its next generation connected audio solution is due to ship in mid-2016. This business is expected in 2016 to be cash generative and profitable at the EBITDA level.
At the end of June 2015, the Group had GBP5.5m in cash and is expected to be cash generative from H2 2016.
Frontier Silicon - Digital Audio
Frontier Silicon, the Group's digital audio division, has performed strongly in the first half of 2015. In digital radio, the business retains its strong leadership position in a market delivering positive growth. The introduction of the Group's 4(th) generation digital radio chip enables the business to maintain product margins at healthy levels.
The Group is using its expertise in radio and internet technologies as a platform from which to expand its position in the rapidly emerging connected audio sector. In June, the Group announced it was working with Google on a next generation solution, due for release in mid-2016.
Digital Radio
In digital radio, revenues in the first half of 2015 were up 17% to GBP8.7m (H1 2014: GBP7.4m).
The Group has maintained its strong market leadership position - with sales boosted by the continuing international adoption of DAB, especially in Germany, Netherlands and Norway. In April, Norway became the first country in the world to set a firm date for the switch from analogue to digital (2017) - and Switzerland is expected to follow in 2020-24.
The Group completed the development of its 4(th) generation digital radio chip ("Kino 4") in March; and has made its first shipments to customers. Volumes are growing quickly and products incorporating the new chip, from brands including Sony, Yamaha and Denon, will be on retail shelves in Q4 this year.
At the IFA consumer electronics show in Berlin in September, the Group launched a new solution, based on Kino 4, which will enable manufacturers more easily to develop DAB digital radios with colour screens - significantly reducing the costs (and increasing expected volumes) for this product category. These devices will be shipping in the first half of 2016.
Connected Audio
The connected audio business saw an 80% jump in revenues to GBP5.1m (GBP2.8m in H1 2014) - driven by market growth and a strong competitive performance of the Group's existing connected audio solution. The Group is seeing the benefits of its relationship with Spotify and its investment in additional functionality, such as hybrid radio (combining DAB and IP in a single device), multi-room technologies and new smartphone apps.
In June, the Group announced it was one of a small number of solution providers to be selected to incorporate Google's Cast technology within its next generation connected audio platform. This new solution is expected to ship in mid-2016 (later than previously anticipated following the inclusion of the Google technology and associated changes to product design).
R&D Expenditure
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The development costs associated with the completion in March of the 4(th) generation digital radio chip and the ongoing investment in connected audio development contributed to a higher R&D spend in H1 2015. With the business no longer developing its own connected audio silicon, and Kino 4 completed, R&D expenditure will be reduced from H2 2015.
Sensium Healthcare
Q1 saw two significant developments for the Healthcare business. In February, the Group regained the North American distribution rights for SensiumVitals(R) ; and in March, following field trials in 2014, a programme to improve the robustness and usability of the system was completed.
Both of these developments are essential building blocks required to secure the long term commercial value of the system. The first small scale trial of the new enhanced system began in Q2 at Clinimark, an FDA-approved facility for the clinical testing of medical devices.
The business is concentrating on securing trials with major academic hospitals with a view to publishing clinical and healthcare economic results in peer-reviewed journals. These results should provide the necessary evidence to encourage those hospitals to roll-out the system more broadly and allow them to act as reference sites for other potential accounts. The Group's key territories are the UK, France, Germany and North America.
Since March, five new trials have started using the new enhanced system. These trials include two high profile NHS hospitals: Queen Elizabeth Hospital, Birmingham and St James's University Hospital, Leeds - both of which will be undertaking studies to ascertain the impact of the system.
The division has reduced expenditure on product development - focusing only on incremental enhancements which will facilitate earlier adoption of the system.
Financial Review
Group H1 revenues were up 30% to GBP14.0m (2014 GBP10.8m) with gross margin up 40% to GBP6.3m (2014: GBP4.5m). The growth in Group revenue follows a similar growth in the first half of 2014 of 32%. Frontier Silicon (Digital Audio) revenues grew by 34% to GBP13.8m from GBP10.3m in the first half of 2015.
Digital radio revenue growth (17% year on year) was primarily due to growth in the German, Dutch and Scandinavian markets, Norway having announced definitive dates for a switch off of the analogue signal in 2017.
Connected audio revenues increased by 80% to GBP5.1m (H1 2014: GBP2.8m) primarily due to the uptake of the Group's solutions for Spotify Connect and Internet Radio.
Healthcare revenues of GBP0.2m (H1 2014: GBP0.5m) included revenues from the North American distributor which, following the termination of that agreement in early 2015, will not recur. Revenues in 2015 derive from sales of SensiumVitals(R) patches and bridges together with grant income.
Overall gross margins are 44.8% (2013: 42.1%), and gross profit has increased by GBP1.7m.
EBITDA loss can be calculated as:
Hot Features
Premium
Six months to 30 June Six months to 30 June
2015 2014
GBP'000 GBP'000
Revenue 14,027 10,788
Cost of sales 7,736 6,244
Gross profit 6,291 4,544
Research and development 6,239 5,133
Sales and admin expenses 5,517 4,962
EBITDA (loss) (5,465) (5,591)
Research and development costs are expensed where possible and mainly reflect the final spend on bringing the fourth generation digital radio solution to market (which now shipping in quantity), and the development of the next generation connected audio solutions.
The Board believes that the research and development expenditure of the Group has peaked and will reduce in absolute terms from that seen to date
Sales and admin expenses have increased due to the planned growth in SensiumVitals(R) sales and marketing and sales support personnel numbers.
EBITDA has remained broadly unchanged.
Other non-trading costs included in the full profit and loss account primarily comprise the non-cash employee share based payments and amortisation and depreciation.
The Board took the decision in Q2 2015 to end its development of its own silicon platform and to use commercially available silicon to support its immediate next generation connected audio solutions. This decision has resulted in an impairment of the carrying value of intangible assets - in this case, certain of the licensed IP purchased by the Group to enable it to design and build the silicon wafers.
In developing its own silicon, the Group had sub-contracted with Imagination Technologies plc for certain of the elements of design. An agreement was signed in August 2015 whereby Imagination Technologies was granted rights to certain of these licences to allow them to continue development of the chip. When Imagination Technologies brings the solution to market, the Group will receive a volume based royalty.
The impairment charge booked reflects the Board's estimate of the assets affected offset by the fair value of the future royalty revenue streams. Accordingly, a non-cash impairment charge of GBP3.0m has been taken. This charge falls below EBITDA.
Group pre-tax loss was GBP10.7m (2014: loss GBP7.5m) with a loss per share of 0.61p (2014: loss 0.46p). The increase in loss is largely attributable to the impairment charge.
Cash and cash equivalents at 30 June 2015 were GBP5.5m (31 Dec 2014: GBP12.5m) and the balance at 31 August 2015 was GBP4.6m. Historically, the Group has a cyclical business whereby cash is consumed primarily in the first half of the year with the second half showing only a modest decline. The Board expects that trend to continue in 2015. The Group is in advanced discussions to complete a modest debt facility which will give it greater resilience on its cash position.
Unaudited Interim Results for the six month period ended 30 June 2015
Statement of Comprehensive Income
for the period ended 30 June 2015
Unaudited Six Unaudited Six Audited
months months Year ended
Ended Ended 31 December
Note 30 June 2015 30 June 2014 2014
GBP'000 GBP'000 GBP'000
Revenue 14,027 10,788 26,238
Cost of sales (7,736) (6,244) (14,800)
------------------------------------- ---- ------------- ------------- ------------
Gross profit 6,291 4,544 11,438
------------------------------------- ---- ------------- ------------- ------------
Amortisation of intangible
assets (1,355) (1,269) (2,456)
Impairment 6 (3,016) - -
Depreciation (230) (210) (419)
Share based payment (678) (375) (825)
Research & development (6,239) (5,133) (11,750)
Sales & administrative expenses
- other (5,517) (4,962) (9,452)
------------------------------------- ---- ------------- ------------- ------------
Total administrative expenses (17,035) (11,949) (24,902)
------------------------------------- ---- ------------- ------------- ------------
Loss from continuing operations (10,744) (7,405) (13,464)
Finance income 12 49 68
Finance charges - (118) (119)
------------------------------------- ---- ------------- ------------- ------------
Loss before taxation (10,732) (7,474) (13,515)
Taxation 436 (95) 1,273
------------------------------------- ---- ------------- ------------- ------------
(10,296) (7,569) (12,242)
Other comprehensive (expense)/income
Items that will be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations (11) (18) 22
Other comprehensive income/(expense)
for the period (11) (18) 22
------------------------------------- ---- ------------- ------------- ------------
Total comprehensive loss for
the period (10,307) (7,587) (12,220)
------------------------------------- ---- ------------- ------------- ------------
Basic and diluted loss per
share attributable to owners
of the parent 4 (0.61)p (0.46)p (0.74)p
------------------------------------- ---- ------------- ------------- ------------
Consolidated Statement of Financial Position
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September 29, 2015 02:01 ET (06:01 GMT)
at 30 June 2015
Unaudited Unaudited Audited
Note 30 June 2015 30 June 2014 31 December 2014
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 5 19,118 19,118 19,118
Other intangible assets 6 14,271 18,011 17,260
Property, plant and equipment 737 612 578
34,126 37,741 36,956
------------------------------ ------ ------------- ------------- -----------------
Current assets
Inventories 2,935 3,045 1,564
Tax receivable - 1,709 1,500
Trade and other receivables 7 4,796 3,657 4,141
Cash and cash equivalents 5,521 13,173 12,513
------------------------------ ------ ------------- ------------- -----------------
Total current assets 13,252 21,584 19,718
------------------------------ ------ ------------- ------------- -----------------
Total assets 47,378 59,325 56,674
------------------------------ ------ ------------- ------------- -----------------
Liabilities
Current liabilities
------------------------------ ------ ------------- ------------- -----------------
Trade and other payables 8 9,134 7,330 8,863
Total liabilities 9,134 7,330 8,863
------------------------------ ------ ------------- ------------- -----------------
Equity
Share capital 9 4,257 4,189 4,195
Contingent consideration - 109 -
Share premium 115,251 115,082 115,251
Share based payment reserve 4,003 2,942 3,325
Foreign exchange reserve (105) (134) (94)
Retained earnings (85,162) (70,193) (74,866)
Total equity 38,244 51,995 47,811
------------------------------ ------ ------------- ------------- -----------------
Total equity and liabilities 47,378 59,325 56,674
------------------------------ ------ ------------- ------------- -----------------
Consolidated Statement of Changes in Equity
for the period ended 30 June 2015
Share
based Foreign
Share Contingent Share payment Retained exchange Total
Capital consideration premium reserve earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2015 4,195 - 115,251 3,325 (74,866) (94) 47,811
Share-based payments - - - 678 - - 678
Contingent shares
issued - - - - - - -
Issue of share
capital 62 - - - - - 62
Transactions with
owners 62 - - 678 - - 740
-------- -------------- -------- -------- ---------- ---------- ------------
Loss for the period - - - - (10,296) - (10,296)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - (11) (11)
Total comprehensive
loss - - - - (10,296) (11) (10,307)
-------- -------------- -------- -------- ---------- ---------- ------------
At 30 June 2015 4,257 - 115,251 4,003 (85,162) (105) 38,244
======== ============== ======== ======== ========== ========== ============
Share
based Foreign
Share Contingent Share payment Retained exchange Total
capital consideration premium reserve earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2014 4,101 318 114,881 2,567 (62,624) (116) 59,127
Share-based payments - - - 375 - - 375
Contingent shares
issued 8 (209) 201 - - - -
Issue of share
capital 80 - - - - - 80
Transactions with
owners 88 (209) 201 375 - - 455
-------- -------------- -------- -------- ---------- ---------- ----------
Loss for the period - - - - (7,569) - (7,569)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - (18) (18)
Total comprehensive
loss - - - - (7,569) (18) (7,587)
-------- -------------- -------- -------- ---------- ---------- ----------
At 30 June 2014 4,189 109 115,082 2,942 (70,193) (134) 51,995
======== ============== ======== ======== ========== ========== ==========
Share
based
Share Contingent Share payment Retained Foreign exchange
capital consideration premium reserve earnings reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2014 4,101 318 114,881 2,567 (62,624) (116) 59,127
Share-based payments - - - 825 - - 825
Issue of share
capital 83 - 63 - - - 146
Cost of share - - -
issue - - - -
Deferred consideration
- retention element - - - (67) - - (67)
Contingent shares
issued 11 (318) 307 - - - -
Transactions with
owners 94 (318) 370 758 - - 904
-------- -------------- -------- -------- --------- ---------------- ------------
Loss for the period - - - - (12,242) - (12,242)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - 22 22
Total comprehensive
loss - - - - (12,242) 22 (12,220)
-------- -------------- -------- -------- --------- ---------------- ------------
At 31 December
2014 4,195 - 115,251 3,325 (74,866) (94) 47,811
======== ============== ======== ======== ========= ================ ============
Consolidated Cash Flow Statement
For the period ended 30 June 2015
UnauditedSix UnauditedSix
months months Audited
ended 30 June ended 30 June Year ended
2015 2014 31 December2014
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (10,732) (7,474) (13,515)
Amortisation 1,355 1,269 2,456
Depreciation 230 210 419
Impairment of prepayments 3,016 - -
Share based payments 678 375 825
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September 29, 2015 02:01 ET (06:01 GMT)
Net interest (received)/ paid (12) 69 51 (Increase)/ decrease in inventories (1,371) (1,570) (89) Decrease/(increase) in trade and other receivables (622) 582 817 (Decrease)/ increase in trade and other payables 271 (929) 604 Foreign exchange movements (11) (18) 22 Tax (paid)/ refund 1,999 916 1,722 Net cash outflow from operating activities (5,199) (6,570) (6,638) --------------------------------------- -------------- -------------- ---------------- Cash flow from investing activities Purchase of property, plant and equipment (399) (185) (356) Purchase on intangible assets (1,385) (1,555) (1,991) Interest (paid)/ received (12) (69) (51) Acquisition of subsidiaries, net of cash - - - Net cash used in investing activities (1,796) (1,809) (2,398) --------------------------------------- -------------- -------------- ---------------- Cash flow from financing activities Proceeds from issue of share capital - 3 - Share issue costs - - - Net cash inflow from financing activities 3 3 - --------------------------------------- -------------- -------------- ---------------- Net change in cash and cash equivalents (6,992) (8,376) (9,036) --------------------------------------- -------------- -------------- ---------------- Cash and cash equivalents at beginning of period 12,513 21,549 21,549 Cash and cash equivalents at end of period 5,521 13,173 12,513 --------------------------------------- -------------- -------------- ----------------
Notes to the Interim Report
For the period ended 30 June 2015
1. Nature of operations and general information
Toumaz Limited and subsidiaries' ('the Group') principal activity is that of commercial exploitation of wireless technologies with commercial propositions for the digital audio and healthcare sectors.
Toumaz Limited is the Group's ultimate parent company. It is incorporated in the Cayman Islands. The address of Toumaz Limited's registered office is Elgin House, 119 Elgin Avenue, George Town, Grand Cayman, Cayman Islands. Toumaz Limited's shares are listed on the Alternative Investment Market of the London Stock Exchange.
Toumaz Limited's consolidated interim financial statements are presented in Pounds Sterling (GBP), which is also the functional currency of the parent company.
The financial information set out in this interim report does not constitute statutory accounts. The Group's statutory financial statements for the year ended 31 December 2014 are available from the Group's website. The auditor's report on those financial statements was unqualified.
2. Accounting Policies
Basis of Preparation
These interim condensed consolidated financial statements are for the six months ended 30 June 2015. They have been prepared following the recognition and measurement principles of IFRS. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2014.
These financial statements have been prepared on the going concern basis and under the historical cost convention. The Group reported cash on the balance sheet at 30 June 2015 of GBP5.5m and the Board believes that when the underlying performance and recent initiatives are taken into account (as set out below), that the going concern basis of preparation is appropriate.
-- the seasonal nature of the Group's cash burn -- research and development spend has peaked -- overhead spend has been restricted -- the outcome of the review into the healthcare business -- the strong trading performance of Frontier Silicon -- the realistic prospect of a debt facility
These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2014.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
3. Revenue by sector
Audited
Unaudited Unaudited 31 December
30 June 2015 30 June 2014 2014
GBP'000 GBP'000 GBP'000
Digital Radio 8,685 7,444 18,020
Connected Audio 5,105 2,835 7,472
Healthcare 237 509 746
Revenue 14,027 10,788 26,238
---------------- ------------- ------------- ------------
4. Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The impact of the share options and share warrant on the loss per share is anti-dilutive.
Basic loss per share
Unaudited Six months ended Unaudited Six months ended Audited Year ended 31
30 June 2015 30 June 2014 December 2014
Loss for the period
attributable to equity
shareholders GBP10,296,000 GBP7,569,000 GBP12,242,000
Weighted average number of
0.25p ordinary shares 1,702,925,947 1,675,547,064 1.677.866.400
(Loss) per share - basic and
diluted (0.61)p (0.46)p (0.74)p
5. Goodwill
Frontier
Silicon Toumaz Healthcare Toumaz Microsystems Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2014 8,536 10,582 5,951 25,069
Additions - - - -
-------- ----------------- ------------------- -------
At 30 June 2014 8,536 10,582 5,951 25,069
Additions - - - -
-------- ----------------- ------------------- -------
At 31 December 2014 8,536 10,582 5,951 25,069
Additions - - - -
At 30 June 2015 8,536 10,582 5,951 25,069
======== ================= =================== =======
Impairment
At 1 January 2014 - - 5,951 5,951
Charge in period - - - -
-------- ----------------- ------------------- -------
At 30 June 2014 - - 5,951 5,951
Charge in period - - - -
-------- ----------------- ------------------- -------
At 31 December 2014 - - 5,951 5,951
Charge in period - - - -
At 30 June 2015 - - 5,951 5,951
======== ================= =================== =======
Net book amount at 30 June
2015 8,536 10,582 - 19,118
======== ================= =================== =======
Net book amount at 30 June
2014 8,536 10,582 - 19,118
======== ================= =================== =======
Net book amount at 31 December
2014 8,536 10,582 - 19,118
======== ================= =================== =======
Toumaz Healthcare
Goodwill relating to Toumaz Healthcare results from the acquisition of Toumaz Healthcare Limited (formerly Toumaz UK Limited ) on 3 November 2005.
Toumaz Microsystems
Goodwill relating to Toumaz Microsystems results from the acquisition of Future Waves UK Limited and Toumaz Asia on 20 May 2009.
Frontier Silicon
Goodwill relating to Frontier Silicon results from the acquisition of Frontier Silicon Ltd on 20 August 2012.
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