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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Genosis | LSE:GNOS | London | Ordinary Share | GB00B0NVFD79 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 1.125 | GBX |
Genosis (GNOS) Share Charts1 Year Genosis Chart |
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1 Month Genosis Chart |
Intraday Genosis Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 07/5/2008 | 14:14 | Genosis : Laying the golden egg | 224 |
| 30/1/2006 | 13:26 | What are they worth? | 3 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 06/5/2008 11:16 by lord santafe Good to see I took the right decision to avoid this share. The cash burn is at least 200K per month, and the results where disapointing. FPS offers much better value than GNOS, that is now a cash shell with over 1p cash per share. |
Posted at 13/3/2008 16:09 by lord santafe I promise you I will buy these long term, double6 and logica2me may even get some, who knows. Although if I become a holder I promise not to ramp this share. |
Posted at 13/3/2008 15:58 by lord santafe Trying to get some of my followers from my CWI thread out to do some research on GNOS. If you buy and GNOS have no more updates before September, it be better to dump them and get some money back. Although by holding long term they may offer a placing at a generous discount. I agree it is interesting regarding what kind of profit they could make on 503,000 in sales. |
Posted at 13/3/2008 15:46 by lord santafe Going by the interim results after reading this announcement below it seems Genosis may blow about 2.1m a year, but I did not bother to look into why, which is probarly cause they have expanded into marketing their products. It looks like they still have at least a million in the bank if they have been naughty again this year, like when they blew all their cash and needed to raise money last year. Hopefully another 6 months life to go after June, unless they are like a Rage Software. I think I will try to see if I can get 500 pounds early into these at hopefully at not much more than 2p a share tomorrow. LONDON (Thomson Financial) - Genosis PLC said sales in the first half were 503,000 stg and that sales in the UK continues in line with expectations through its exclusive agreement with Alliance Boots. The reproductive health products company said sales for the six months to June was more than two and a half times that of last year, primarily due to the launch of the Fertell ovarian reserve test in the UK market and the Fertell couples test in the US market. Genosis said while order levels in June were below expectations, it sees growing orders of the Fertell product throughout the second half of the year and beyond. It added that as at June 30, it had cash in hand at 3.2 mln stg. |
Posted at 13/3/2008 15:25 by lord santafe well all the news has been good since the last 12p placing. Interesting buy today at 2p. Please look at CLTV, LNG and PLW before you even consider to throw money on this share. The risk here is that GNOS could well run out of cash before they go into the black, or if they make it you could well be sitting on a ten bagger. |
Posted at 21/9/2007 22:40 by cerrito sold out today...they did say in the AGM trading statement that June ordering levels had been below expectations and kicking myself for not taking that hint..problem is the product may be good and the idea good but it will take time and money that GNOS do not have for this to catch on especially as how marketing new products in the US soaks up cash |
Posted at 02/8/2007 18:41 by cerrito AGMOnly shareholder there on Tuesday. Got good vibes about the board. The Chairman does appear to be a strong character. Asked why Boots bothered with them as their sales were so small. The reason apparently is that this is a unique product and Boots have a 70% share in the overall fertility market which is rapidly growing. Deal terminates in Nov 08 by which time one should know if there is a deal here. Working capital is under control; inventories do need watching given their supply chain but they ship to the US on 30 days shipment so receivables should not represent a problem. I mentioned that they had a very strong scientific advisory board which was necessary but not sufficient and the key was marketing. US man has appropriate marketing experience especially with doctors-see below.. Very happy with the work done by their US PR firm Weber Shandwick in getting them media access. The role of doctors is also important. Potential clients tend to discuss this with their doctors who also play am key role in getting males engaged and engaged early. Overcoming the reluctance of males to participate is/will be key in this type of couples diagnostics. The media coverage in the US is necessary but not sufficient- just look at the fact that good media coverage in the UK last year did not translate into sales and the comment in the Trading update about ordering levels in June makes one wonder. Good to see that sales in the first semester 2007 were so far ahead of last year's total of £227K. Probably will wait till the interims out before looking to buy more but I see no reason to sell. A close examination of the cash flow will be vital. At 311206 they had £3.2m cash; at 30607 £3.6m cash but had raised £2.3m gross-£2m net?- which suggests a six month cash out flow of £1.6m. The fact that 607 cash is 75% of their marcap is meaningless. Nevertheless they need this cash cushion as sales may be slow to take off. One thing that concerns me is they are operating in emotionally a very sensitive area and difficult to predict how humans will re-act, and the comment about orders in June being below expectations spooky. Also I suppose that once you have had a test you do not buy another kit to have another test. |
Posted at 29/4/2007 17:25 by devbod My guess is that the results will be delayed until the funding for the US launch/advertising is sorted out. Given thats an equity deal it will presumably be issued at some discount to the current price so I suspect that will act as a brake to any rise. The first US sales data will be the real share price driver.Being a little more cautious on this since buying at 120p and selling at 73p for a near 40% loss. A failure in the US will take this to zero. |
Posted at 22/4/2007 15:52 by franky6 They intend to launch their fertility product this summer in over 6000 Cvs stores in the US where they will sell for $99.99 each.Genosis also expect to secure deals to sell the product with other retailers and pharmacies across the US. A market capital of only £3m. They had £2.9m in cash in december and plan to spend upto $5m (£2.5m) marketing their product for direct launch in the US soon, probably starting in May. Their target audience is huge, and initial sales will not be disappointing like they were in Boots last year. Sales in the UK are also picking up nicely since last year. Results due anytime (now), and regardless of the profit/loss numbers, i think the information accompanying the results will be worth reading. I believe we have here a company able to deliver, and a share price supressed far too low. Before the end of 2007 i seriously think we could be trading at several times the current share price. |
Posted at 13/9/2006 07:11 by lyceeuk Interim ResultsRNS Number:8643I Genosis PLC 13 September 2006 FOR IMMEDIATE RELEASE 13 September 2006 GENOSIS PLC Interim Results Announcement for the 6 months ended 30 June 2006 Genosis PLC ("Genosis" or the "Company"; RIC code - GNOS), a UK company focusing on consumer products for reproductive health, announces its interim results for the 6 months ended 30 June 2006. Highlights * Introduction of Fertell on the UK high street in January 2006 through The Boots Company ("Boots"); * Internet sales through Genosis' own website www.fertell.co.uk commenced Q2 2006; * 5,184 units sold to Boots and 96 units sold through www.fertell.co.uk; * Establishment of sales and marketing team in the USA and acceptance of Fertell by the American Pregnancy Association; * Key financials: - Operating loss of #2.21M (6 months to 30 June 2005 #1.39M; year to 31 Dec 2005 #2.92M) - Net cash position at 30 June 2006 #4.40M. Commenting on the results, Paul Bateman, CEO of Genosis said: "The 6 months ended 30 June 2006 have been a challenging period for the Company with initial sales in the UK being lower than expected. Nevertheless, we are delighted that Fertell is now available in the UK and Ireland and look forward to its introduction into the key United States market." Genosis' retail partner in the UK and Ireland, Boots, has commented as follows: "Boots remain strongly committed to Fertell and view it as a key opportunity within its family planning category. In addition to stocking the Fertell couples test, Boots intends to distribute a female only version of Fertell that will be launched in January 2007. We believe Fertell will continue to be an integral part of our women's health offering." The American Pregnancy Association, a national health organization committed to promoting reproductive and pregnancy wellness through education, research, advocacy, and community awareness, has accepted Fertell as follows: "The American Pregnancy Association's Acceptance of Fertell is based on its finding that Fertell is useful for couples seeking information about key elements of their fertility. The APA believes that early screening at home can be beneficial in moving forward in your attempts to conceive." For further details, please contact: Today on: Genosis Joe Blaker, Chairman +44 (0)20 7466 5000 Paul Bateman, CEO Buchanan Communications Lisa Baderoon / Rebecca Skye +44 (0)20 7466 5000 Dietrich Evolution Securities Tim Worlledge / Gina Gibson +44 (0)20 7071 4300 Meetings with analysts are being arranged through Buchanan Communications (details above). The presentation will be available on www.genosis.com later today. ____________________ Commercial and operations THE FERTELL PRODUCT The Company's fertility product, Fertell, provides what the Directors believe to be the first and currently the only OTC product that allows couples to test accurately both male and female fertility quickly and simply in the privacy of their own home by using established laboratory procedures that have been converted into consumer products. DISTRIBUTION THROUGH BOOTS Genosis has an agreement with The Boots Company PLC ("Boots") for the sale of Fertell in the UK and Ireland. Boots launched Fertell in January 2006 and quickly expanded the number of stores in which it is available and also rolled the product out to the Republic of Ireland. Sales to Boots during the period to 30 June 2006 were 5,184 units of Fertell. Boots has commented as follows: "Boots remain strongly committed to Fertell and view it as a key opportunity within its family planning category. In addition to stocking the Fertell couples test, Boots intends to distribute a female only version of Fertell that will be launched in January 2007. We believe Fertell will continue to be an integral part of our women's health offering." DIRECT SALES THROUGH THE INTERNET Genosis launched its own internet sales of Fertell through www.fertell.co.uk in March 2006. Sales through that channel are modest with 96 units having been sold in the 6 months ended 30 June 2006. INTERNATIONAL EXPANSION The Directors believe the key market for the success of Fertell is the USA. Consequently, they have established a sales and marketing presence in the USA and are discussing distribution options with a number of US retail chains. The aim is to establish Fertell as a primary tool for conception in this market. To this end, the Directors are working on engaging the target consumer with compelling communication, to win over key consumer influencers and to secure convenient and logical distribution. Genosis will begin to inform the US medical community of its pending consumer launch of Fertell at the meeting of the American Society of Reproductive Medicine on 21 October 2006. The American Pregnancy Association, a national health organization committed to promoting reproductive and pregnancy wellness through education, research, advocacy, and community awareness, has accepted Fertell as follows: "The American Pregnancy Association's Acceptance of Fertell is based on its finding that Fertell is useful for couples seeking information about key elements of their fertility. The APA believes that early screening at home can be beneficial in moving forward in your attempts to conceive." THE GENOSIS TEAM The team has been expanded by the addition of 5 new employees, including 2 sales and marketing individuals in the USA. At 30 June 2006 the number of employees represented 13.3 FTEs (excluding non-executive Directors). CURRENT TRADING AND OUTLOOK Genosis is working closely with Boots in order to commercialise Fertell within the UK and Ireland. Boots continues to be committed to the Fertell couples test and in addition is seeking to carry a female-only Fertell test (i.e. the existing test for women, sold separately from the male test) which is proposed to be launched in January 2007. The Company has recently undertaken market research through an independent agency in order to refine the positioning of its Fertell product, to improve the "hooks to purchase" and to understand demand for the separate male or female products rather than for the kit of combined products. It is undertaking similar work in the USA ahead of its planned product launch there, recognising the differences between the US and the UK markets. In light of the recent research findings, the Company has redesigned its product website www.fertell.co.uk and is working on improving its profile to search engines in the fertility area. In order to focus its resources on the USA and the UK, the Directors have resolved not to enter mainland European or other markets for the time being. The Directors now believe that, given the state of negotiations with various potential partners, the Company is unlikely to achieve sales of Fertell outside the UK and Ireland during calendar year 2006. The level of sales achieved so far has led the Directors to defer completion of further automation of production which it had initiated with Mikron. It is intended that this would be reactivated as required once further sales partnerships are established. Financials RESULTS Group turnover in the 6 month period was #0.19 million (6 months to 30 June 2005: #nil; year to 31 Dec 2005: #0.22 million) comprising 96.5% from the sale of the Fertell product to Boots and 3.5% from the sale of Fertell over the www.fertell.co.uk website. The Group's gross margin for the period was (17.5%). The margin reflects the relatively high costs of initial manufacturing runs and the write-off of obsolete components and finished product. Gross R&D expenditure was #0.05 million (6 months to 30 June 2005: #0.27 million; year to 31 Dec 2005: #0.58 million). Net interest income was #0.07 million (6 months to 30 June 2005: net interest expense of #0.10 million; year to 31 Dec 2005: net interest expense of #0.22 million) reflecting particularly the interest receipts of #0.14 million (6 months to 30 June 2005: #0.02 million; year to 31 Dec 2005: #0.07 million) on cash balances and the costs #0.07 million (6 months to 30 June 2005: #0.05 million; year to 31 Dec 2005: #0.14 million) of servicing the venture loan taken out on 31 March 2005. The Directors have, on a prudent basis, not recognised any credit in respect of potential R&D tax claims in respect of either the current period or 2005 which may arise following agreement by HM Revenue & Customs. Basic and diluted loss per share was 13.8p (6 months to 30 June 2005: loss of 72.3p; year to 31 Dec 2005: loss of 109.8p) based on a weighted average number of shares in issue of 15.50 million (6 months to 30 June 2005: 2.06 million; year to 31 Dec 2005: 2.86 million). CASH FLOW The Group had net cash outflow of #2.40 million (6 months to 30 June 2005: cash inflow #1.22 million; year to 31 December 2005: cash inflow #7.58 million) of which the main elements were: *Cash outflow from operating activities: #2.21 million (6 months to 30 June 2005: #0.75 million; year to 31 December 2005: #2.73 million); *Acquisition of fixed assets: #0.03 million (6 months to 30 June 2005: #0.35 million; year to 31 December 2005: #0.44 million, including acquisition of intangible fixed assets #0.29 million in March 2005); *Net repayment of loans: #0.23 million (6 months to 30 June 2005: net drawdown of #2.09 million; year to 31 December 2005: net drawdown of #1.18 million); and *Cash from share issues: #0.00 million (relating in this period only to the exercise of options), (6 months to 30 June 2005: #0.33 million; year to 31 December 2005: #9.74 million). Working capital decreased from a level of #7.53 million at 31 December 2005 to a level of #5.20 million at 30 June 2006. CASH AND NET FUNDS PER SHARE Cash at 30 June 2006 was #5.35 million (30 June 2005: #1.40 million; 31 December 2005: #7.76 million) and net funds were #4.40 million (30 June 2005: net debt of #0.69 million; 31 December 2005: #6.58 million). Net funds per share at 30 June 2006 on an undiluted basis were 28.4p (30 June 2005: deficit #34,588; 31 December 2005: 42.5p). On a diluted basis (i.e. assuming the exercise of options with an exercise price below the net funds per share), net funds per share were 27.6p (30 June 2005: deficit #34,588); 31 December 2005: 41.1p (see note 10). Cash on 31 August 2006 was #4.6 million, corresponding to net funds of #3.8 million and net funds per share of 24.3p (23.7p diluted). EXCHANGE RATES The #/$ exchange rate for translation of the results was #1 = $1.8369 (6 months to 30 June 2005 $1.7935; year to 31 December 2005 $1.7214). The Group has no forward exchange contracts. RESTATEMENT OF 2005 RESULTS The results of 2005 have been restated to reflect the Group's adoption of Financial Reporting Standard 20 "Share-based payment" (FRS 20) during the current period. The amount of the restatement is set out in note 1. Consolidated profit and loss account for the 6 months ended 30 June 2006 6m to 6m to 12m to Note 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Turnover 188,017 - 219,240 Cost of sales (220,957) - (135,484) ___________ __________ ___________ Gross profit (32,940) - 83,756 Selling expenses (1,070,339) - (630,809) Manufacturing (593,438) (60,678) (368,850) Research and development (52,688) (274,527) (579,450) Administrative expenses (463,709) (1,056,163) (1,426,584) ___________ __________ ___________ Operating expenses (2,180,174) (1,391,368) (3,005,693) ___________ __________ ___________ Operating loss (2,213,114) (1,391,368) (2,921,937) Interest receivable and similar 144,707 22,107 74,858 income Interest payable and similar (76,367) (119,184) (296,086) charges ___________ __________ ___________ Loss on ordinary activities before and after taxation, being retained loss for the (2,144,774) (1,488,445) (3,143,165) period ___________ __________ ___________ Loss per share Basic 5 (13.8p) (72.3p) (109.8p) Diluted 5 (13.8p) (72.3p) (109.8p) ___________ __________ ___________ All amounts derive from continuing operations. Consolidated statement of total recognised gains and losses for the 6 months ended 30 June 2006 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Loss for the period (2,144,774) (1,488,445) (3,143,165) Foreign currency translation (49,087) (197,339) (317,484) difference Credit in respect of share 77,986 149,858 356,545 option plans ___________ __________ ___________ Total recognised loss for the (2,115,875) (1,535,926) (3,104,104) period ___________ __________ ___________ Consolidated balance sheet as at 30 June 2006 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Fixed assets Tangible fixed assets 158,315 99,320 155,938 Intangible fixed assets 169,734 262,316 216,020 _________ _________ _________ 328,049 361,636 371,958 Current assets Stock and work in progress 370,044 249,967 273,164 Debtors 422,103 264,544 796,983 Cash at bank and in hand 5,348,778 1,398,531 7,757,227 _________ _________ _________ 6,140,925 1,913,042 8,827,374 Creditors: amounts falling due within one year (944,334) (1,377,272) (1,293,392) _________ _________ _________ Net current assets 5,196,591 535,770 7,533,982 _________ _________ _________ Total assets less current 5,524,640 897,406 7,905,940 liabilities Creditors: amounts falling due (431,178) (1,639,043) (696,256) after more than a year Provisions for liabilities (3,760) - (4,385) _________ _________ _________ Net assets/(liabilities) 5,089,702 (741,637) 7,205,299 _________ _________ _________ Capital and reserves Called up share capital 6 1,549,656 58,663 1,549,378 Share premium account 7 8,430,162 8,675,361 8,430,162 Other reserve 7 8,269,598 - 8,269,598 Profit and loss account 7 (13,159,714) (9,475,661) (11,043,839) _________ _________ _________ Equity shareholders' funds/ 7 5,089,702 (741,637) 7,205,299 (deficit) _________ _________ _________ Consolidated cash flow statement for the 6 months ended 30 June 2006 Note 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Net cash outflow from 8 (2,208,681) (753,294) (2,733,713) operating activities ___________ ___________ ___________ Returns on investments and 9 68,340 (97,077) (221,228) servicing of finance Taxation 9 - - 65,596 Capital expenditure and 9 (31,763) (349,168) (444,138) financial investment ___________ ___________ ___________ Net cash outflow before (2,172,104) (1,199,539) (3,333,483) financing Financing 9 (232,647) 2,420,465 10,912,997 ___________ ___________ ___________ (Decrease)/increase in cash in (2,404,751) 1,220,926 7,579,514 the period Reconciliation of net cash flow to movement in net funds/(debt) for the 6 months ended 30 June 2006 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # (Decrease)/increase in cash in (2,404,751) 1,220,926 7,579,514 the period Cash outflow/(inflow) from 232,927 (2,090,309) (1,177,665) change in debt financing ___________ ___________ ___________ Change in net funds/(debt) (2,171,824) (869,383) 6,401,849 resulting from cash flows ___________ ___________ ___________ Other non cash movements - 1,607,750 1,675,090 Exchange movement (3,698) (110,428) (177,660) ___________ ___________ ___________ Movement in net funds/(debt) (2,175,522) 627,939 7,899,279 in the period Net funds/(debt) at start of 6,579,562 (1,319,717) (1,319,717) period ___________ ___________ ___________ Net funds/(debt) at end of 10 4,404,040 (691,778) 6,579,562 period ___________ ___________ ___________ 1. Nature of financial information The interim financial information for the six months ended 30 June 2006 is unaudited but has been reviewed by the auditors and their report is set out at the end of this statement. These interim accounts do not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for Genosis PLC for the period from incorporation on 1 March 2005 to 31 December 2005, on which the auditors have given an unqualified opinion (and which did not contain statements under 237(2) of the Companies Act 1985 (regarding adequacy of accounting records and returns) or under section 237 (3) (regarding provision of necessary information and explanations)) have been delivered to the Registrar of Companies. The comparative financial information for that period has been extracted from such accounts, these have been restated to reflect the adoption of Financial Reporting Standard 20 "Share-based payment" (FRS 20), see below. Audited accounts for the three companies within the Genosis Group (Genosis PLC, Genosis (UK) Limited and Genosis, Inc.) for the period of 6 months to June 2005 (or, in the case of Genosis PLC, the period from incorporation on 1 March 2005 to 30 June 2005) were prepared in connection with the admission of the Company's share capital to listing on 2 December 2005. The auditors' opinion on such accounts was unqualified and did not contain statements under 237(2) of the Companies Act 1985 (regarding adequacy of accounting records and returns) or under section 237(3) (regarding provision of necessary information and explanations). Such accounts do not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and have not been submitted to the Registrar of Companies. The comparative information for the 6 months ended 30 June 2005 has been prepared from these individual company accounts, except for the restatement made in respect of the Group's adoption of FRS 20 during the current period. The consolidation has not been audited and correspondingly the comparative information is shown as unaudited. The consolidated interim financial information has been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting and financial reporting standards. The accounting policies are the same as those set out in the financial statements of Genosis PLC for the year ended 31 December 2005 with the exception of the adoption of FRS 20. The Group's accounting policy for share based payments is to recognise as an expense the fair value of the employee services received in exchange for the grant of share options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. The charge recognised in the profit and loss account for the period from this treatment is #77,986 (6 months to 30 June 2005 #149,858; year to 31 December 2005 #365,545). The credit in respect of the share option plans has been recognised in the statement of total recognised gains and losses. 2. Going concern The Board has identified specific risks of the business including: * One product - Genosis currently has only the Fertell product and its future depends on its ability to commercialise that product. * Dependence on retail partners - Genosis is dependent on its ability to attract and service major retail partners and to secure partnerships on acceptable terms. While Genosis has secured Boots as its retail partner within the UK and Ireland, it has not yet secured retail or distribution partners outside this territory and is aware that its own internet sales are unlikely to be sufficient to ensure commercial success. * Uncertainty of market acceptance - Fertell has been on the market for less than a year. * Novelty of product - Fertell is a novel product and commercial success relies on effective communication of the product utility to the consumer and to healthcare providers and advisers. * Competitors - The Board believes that the Company's intellectual property represents a strong barrier to competition. However competitors may arise in the market place which may impact Genosis' market. The Board also believes that customers may not be able to distinguish readily between different product categories in the area of human fertility. * Dependence on supply by third parties - Genosis' business depends on products and services provided by third parties. If there is any interruption to the products or services provided by those third parties, or it turns out that those products and services are not as scaleable as anticipated, or at all, or there are problems maintaining quality standards and delivering product to specification and at acceptable cost, or there are problems in upgrading such products or services, the Group may be unable to find adequate replacement services on a timely basis, or at all. * Limited resource - while the Directors believe that the funds available to Genosis will meet the Group's current funding requirements, there is no assurance that, if further equity or other funding were required, it would be available in the future on acceptable terms. The consolidated interim financial information has been prepared on the going concern basis. Given the risks identified above, the Directors have considered detailed profit and loss account and cash flow forecasts and have a reasonable expectation that the Group has adequate resources to continue as an operational business for the foreseeable future. However, the level of sales to date give rise to a material uncertainty over the future sales that are required to meet the Directors' plans and consequently the ability of the Group to continue as a going concern. Therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Should the level of future sales required to meet the Directors' plans not materialise then the Directors would intend to seek further finance and review the forecast levels of expenditure as appropriate. In order to improve the potential for success, the Board has decided to focus particularly on its entry into the USA, the world's biggest potential market, as well as continuing to sell within the UK, its home market. It is using independent market research and external marketing specialists in order to ensure that its messages are effective to gain market acceptance and to reduce the potential for customer confusion between product categories. It is also working to ensure that its cash resource is used effectively. 3. Corporate restructuring During 2005 the Group carried out a corporate restructuring that put a UK company as the holding company for the companies in existence up to that point: Genosis, Inc. and its wholly owned subsidiary Genosis (UK) Ltd. Due to the fact that the transactions involved represented a group reconstruction as defined by FRS6 "Acquisitions and mergers" rather than an acquisition of a business, the restructuring has been accounted for using merger accounting principles in accordance with UK Generally Accepted Accounting Principles ("UK GAAP"). The use of merger accounting requires the consolidated comparatives to be restated to a position as if the Group had been in existence throughout. Share capital and reserves in the prior period consolidated balance sheet have been restated. Differences between these amounts and also the difference between the nominal value of the shares issued as consideration and the nominal value of the shares of Genosis, Inc. held by Genosis PLC have been reflected in a separate reserve. 4. Taxation The Group does not expect to generate any taxable profits in the year; as such no charge for taxation has been recognised in the current period's profit and loss account. The Directors have, on a prudent basis, not recognised any credit in respect of potential R&D tax claims in respect of either the current period or 2005 which may arise following agreement by HM Revenue & Customs. 5. Loss per share In accordance with FRS 22, " Earnings per share" the loss per share has been stated as if the share capital including the subdivision of shares in September 2005 had been organised in this way since incorporation. Fully diluted loss per share is calculated after showing the effect of outstanding options in issue. FRS 22 "Earnings per Share" requires presentation of diluted earnings per share. When a company could be called upon to issue shares that would decrease net profit or increase net loss per share these potential shares are treated as dilutive. Only options that are 'in the money' are treated as potentially dilutive, however net loss per share would not be increased by the exercise of these options. Therefore no adjustment has been made to diluted loss per share for any outstanding share options. The calculation of loss per share is based on the following loss and numbers of shares: 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Loss on ordinary activities after taxation and retained loss for the period (2,144,774) (1,488,445) (3,143,165) ___________ ___________ ___________ Weighted average number of shares ('000): For basic earnings per share 15,497 2,059 2,862 Dilutive effect of share options - - - ___________ ___________ ___________ For fully diluted earnings per 15,497 2,059 2,862 share ___________ ___________ ___________ 6. Share capital AUTHORISED ISSUED Ordinary shares of #1 Ordinary shares of #1 Number Nominal Number Nominal On incorporation on 1 March 50,000 #50,000 2 #2 2005 At 30 June 2005 2 #2 2 #2 _________ _________ _________ ________ Preferred Shares of #1 Preferred Shares of #1 On incorporation on 1 March - - - - 2005 At 30 June 2005 49,998 #49,998 49,998 #12,499 (quarter paid up) _________ _________ _________ ________ During the period between 30 June 2005 and 31 December 2005: * Each #1 share was subdivided into 10 shares of #0.10 each; * Further Ordinary Shares, A Preference Shares and B Preference Shares were issued on the acquisition of Genosis, Inc.; * Further Ordinary Shares were issued as a result of the exercise of share options and through the subscription of cash; * The Preferred Shares were redeemed; and * On the admission of the Company's Ordinary Shares to AIM further Ordinary Shares were issued and the authorised and issued Preferred Shares, A Preference Shares and B Preference Shares were redesignated as Ordinary Shares. AUTHORISED ISSUED Ordinary shares of Ordinary shares of #0.10 #0.10 ____________________ Number Nominal Number Nominal At 31 December 2005 20,000,000 #2,000,000 15,493,780 #1,549,378 Shares issued during period 2,776 #278 on exercise of options At 30 June 2006 20,000,000 #2,000,000 15,496,556 #1,549,656 __________ __________ __________ __________ 7. Reconciliation of movements in shareholders' funds/(deficit) Group 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Opening shareholders' funds/ 7,205,299 (3,093,460) (3,093,460) (deficit) Issue of share capital 278 3,887,749 13,984,065 Loss for the period (2,144,774) (1,488,445) (3,143,165) Exchange adjustment (49,087) (197,339) (317,484) Share option plans 77,986 149,858 356,545 Acquisition of Genosis, Inc. - - (581,202) ___________ ___________ ___________ Closing shareholders' funds/ 5,089,702 (741,637) 7,205,299 (deficit) ___________ ___________ ___________ 8. Reconciliation of operating loss to operating cash flows 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Operating loss (2,213,114) (1,391,368) (2,921,937) Depreciation 29,386 40,930 79,282 Amortisation 46,286 23,146 69,442 Share option plan charges 77,986 149,858 356,545 Increase in stock (96,880) (249,967) (273,164) Decrease/(increase) in debtors 375,774 (146,183) (781,718) (Decrease)/increase in creditors (372,254) 775,622 661,586 (Decrease)/increase in provisions (625) - 4,385 Foreign exchange (55,240) 44,668 71,866 ___________ ___________ ___________ Net cash outflow from operating (2,208,681) (753,294) (2,733,713) activities ___________ ___________ ___________ 9. Analysis of cash flows for headings netted in the cash flow statement 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Returns on investment and servicing of finance Interest received 144,707 22,107 74,858 Interest paid (76,367) (119,184) (296,086) __________ __________ __________ Net cash inflow/(outflow) for 68,340 (97,077) (221,228) returns on investment and servicing of finance __________ __________ __________ Taxation UK corporation tax receipt - - 65,596 __________ __________ __________ Capital expenditure and financial investment Purchase of tangible fixed assets (31,763) (63,706) (158,676) Purchase of intangible fixed assets - (285,462) (285,462) __________ __________ __________ Net cash outflow for capital (31,763) (349,168) (444,138) expenditure and financial investment __________ __________ __________ Financing Issue of ordinary share capital 278 330,156 9,735,332 Issue of redeemable preference - - 12,499 shares Redemption of redeemable shares - - (12,499) Debt due within one year - net 32,152 451,266 481,409 loans drawn down Debt due beyond one year - net (265,077) 1,639,043 696,256 loans (repaid)/drawn down __________ __________ __________ Net cash (outflow)/inflow from (232,647) 2,420,465 10,912,997 financing __________ __________ __________ 10. Net funds per share 30 June 30 June 31 Dec 2005 2006 2005 Restated Number of shares: Issued Ordinary Shares 15,496,556 20 15,493,780 "In the money" options: Options with exercise price #0.10 643,280 - 646,056 Options with exercise price 57,876 - 57,876 #0.10687 __________ __________ __________ Number including "in the money" 16,197,712 20 16,197,712 options __________ __________ __________ # # # Net funds/(debt) at end of period 4,404,040 (691,778) 6,579,562 Exercise monies for "in the money" 70,713 - 70,791 options __________ __________ __________ Net funds per share - undiluted 28.4p (#34,589) 42.5p Net funds per share - diluted 27.6p (#34,589) 41.1p __________ __________ __________ The net funds per share (undiluted) is calculated by dividing the number of Ordinary Shares in issue into the net funds. The net funds per share (diluted) is calculated by (i) assuming the exercise of all outstanding "in the money" options (those with an exercise price less than or equal to the uniluted net funds per share) so that net funds are increased by the aggregate of the exercise monies and (ii) dividing the total resulting number of Ordinary Shares into the net funds as so increased. 11. Approval of the Interim financial information The Interim financial information was approved by the Board of Directors on 12 September 2006. INDEPENDENT REVIEW REPORT TO GENOSIS PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2006 which comprises the consolidated profit and loss account, the consolidated statement of total recognised gains and losses, the consolidated balance sheet, the consolidated cash flow statement, reconciliation of net cash flow to movement in net funds and related notes 1 to 11. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company, in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2006. Emphasis of matter - Going concern Without qualifying our review conclusion, we draw attention to the disclosures made in note 2 of the financial statements concerning the group's ability to continue as a going concern. The level of sales to date gives rise to a material uncertainty over the future sales that are required to meet the Directors' plans. This, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern as it is not practicable to determine or quantify them. Deloitte & Touche LLP Chartered Accountants Cambridge 12 September 2006 NOTES TO EDITORS Genosis is a consumer products company focused on reproductive health. Genosis' first product Fertell(R), an at-home fertility testing kit for men and women, went on sale in the UK in January 2006. Fertell(R) was designed and developed by Genosis and the Directors believe that it is the first and currently the only OTC product that allows couples to test accurately both male and female fertility quickly and simply in the privacy of their own home by using established laboratory procedures that have been converted into consumer products. Fertell(R) is easy to use. The woman's test is used in a similar way to a pregnancy test but, unlike any other test that is available for use at home, it assesses the quality of the egg she releases. For the male test, the man has to produce a sample, push a button and twist a switch and, in just over an hour, the test will show him if he has enough motile sperm that can swim to reach an egg (based on WHO standards). Fertell(R) has been through clinical trials in the UK and the US and has been shown to be more than 95% accurate when compared with established laboratory tests run in fertility clinics. Fertell(R) has been cleared for sale in the US by the FDA and has received CE marking for sale in Europe. The Company's first retail distribution agreement is with Boots, the UK's biggest healthcare retailer with more than 1200 stores nationwide. The Boots Distribution Agreement is exclusive for the UK for three years. Boots sells Fertell(R) through its high street branches in the UK and the Republic of Ireland and through the internet. The Fertell(R) kit is also available through Genosis' own website, www.fertell.co.uk. The potential market for Fertell(R) is estimated to be in excess of US $500 million per annum (Western Europe, North America and Japan). There are in excess of 500 million couples of reproductive age worldwide, and approximately 1 in 7 or c80 million have problems conceiving. There is a significant increase in the industrialised world in the number of women deferring childbearing until after 30. This has a marked effect on fertility. Although male factor infertility is the single most common cause of infertility, the key prognostic indicator of a couple's fertility is the age of the female partner, with fertility rates, upon treatments such as IVF, halving between the ages of 30 and 38. In the UK, couples most frequently turn to their medical providers for assistance, but typically are advised to wait and try to conceive for a further period of up to 12 months before returning for tests and treatment. The key benefit of Fertell(R) is that it allows men and women to assess their fertility status in the privacy of their own home and, the earlier couples can identify whether a problem exists, the earlier they can seek treatment and the more likely they are to conceive. www.genosis.com www.fertell.co.uk - E N D S - This information is provided by RNS The company news service from the London Stock Exchange END IR BIGDCLXBGGLD |
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