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RNS Number:0457M
Bionex Investments PLC
06 June 2003
Bionex Investments plc
6 June 2003
Bionex Investments plc
Interim report for the six months to 31 March 2003
Chairman's Statement
Bionex Investments plc was admitted to the Alternative Investment Market of the
London Stock Exchange and our shares began to trade on 27th January 2003. This
is our first report as a quoted company and we welcome all new shareholders of
the company.
In the six months under review the company made a loss of #227,000 of which
#167,000 related to the costs of admission to trading on AIM. During the period
the company did not make any new investments in unquoted companies, nor were
there any disposals. A review of the current portfolio has been recently carried
out and the Board has decided that no adjustments to the carrying value of these
investments is required. The company has acquired some shares in quoted
companies, in the biotech sector, with a view to relatively short term
investment.
At the end of the period the company had cash reserves of #1,007,000 and is well
placed to take advantage of investment opportunities - several of which have
been carefully reviewed by the Board during the period. However, in the current
difficult business climate, your Board is adopting a conservative approach to
new investment preferring to hold cash in reserve for follow on investment in
the current portfolio rather than invest in new situations where the exit
strategy is not apparent. If the right proposition comes along then we are
prepared to invest but until there is an upturn in the IPO market for biotech
companies we will remain very cautious.
Finally, with immediate effect Thomas Powell has resigned as Finance Director
and from the Board of the Company. The Board would like to thank Tom for his
contribution to the Company, particularly during the period leading up to its
admission to trading on AIM. Chris Roberts has agreed to move from his
non-executive role and replace Tom, also with immediate effect.
Graham Wylie
Chairman
6 June 2003
Profit and Loss Account
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2003 2002 2002
#'000 #'000 #'000
Note
Profit on sale of investments - 49 49
Administrative expenses
Exceptional (167) - -
Other (78) (47) (107)
(245) (47) (107)
Investment provision - - (358)
(Loss) / profit on ordinary activities (245) 2 (416)
before interest
Interest receivable and similar income 18 6 25
(Loss) / profit on ordinary activities (227) 8 (391)
before and after taxation
Basic (loss) / earnings per ordinary share - pence (0.17) 0.01 (0.43)
2
Balance Sheet
Unaudited Unaudited Audited
31 March 31 March 30 September
2003 2002 2002
#'000 #'000 #'000
Note
Fixed assets
Investments 3 2,607 1,128 1,200
Current assets
Current asset investments 80 - -
Debtors 2 - 4
Cash at bank and in hand 1,007 1,041 877
1,089 1,041 881
Creditors: Amounts falling due (28) (190) (105)
within one year
Net current assets 1,061 851 776
Net assets 3,668 1,979 1,976
Capital and reserves
Called up share capital 1,579 835 976
Share premium 2,765 1,194 1,448
Profit and loss account (676) (50) (449)
Equity shareholders' funds 3,668 1,979 1,976
Cash Flow Statement
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2003 2002 2002
#'000 #'000 #'000
Net cash outflow from operating activities (207) (67) (121)
Returns on investment and servicing of finance
Interest received 18 6 25
Capital expenditure and financial investments
Purchase of investments (181) - (526)
Sale of investments - 249 249
(181) 249 (277)
Cash (outflow) / inflow before management of liquid (370) 188 (373)
resources and financing
Management of liquid resources and financing
Decrease / (increase) in short term deposits 858 (1,025) (858)
Financing
Issue of shares 500 - 396
Increase / (decrease) in cash in the period 988 (837) (835)
Notes to the Accounts
1 Basis of preparation
The unaudited accounts for the six months ended 31 March 2003 do not constitute
statutory accounts.
The profit and loss account, balance sheet and cash flow statement have been
prepared on a basis consistent with the statutory accounts for the year ended 30
September 2002.
Results for the year ended 30 September 2002 have been extracted from the
statutory accounts which were reported on by the auditors, without qualification
or statement under Section 237(2) or (3) of the Companies Act 1985 and have been
delivered to the Registrar of Companies.
2 (Loss) / earnings per share
The calculation of the basic loss / earnings per ordinary share is based on loss
/ profit on ordinary activities after tax and on the weighted average number of
ordinary shares in issue during the period. The calculation of diluted earnings
per ordinary share is based on the basic earnings per ordinary share adjusted to
allow for the issue of shares on the assumed conversion of all dilutive options.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out in the table below.
6 months ended 31 March 2003 6 months ended 31 March 2002
Weighted Weighted
Average Loss Average Earnings
Loss Number of per share Earnings Number of per share
# shares (pence) # Shares (pence)
Basic (loss) / earnings per
ordinary share (227,278) 132,659,644 (0.17) 7,977 83,500,000 0.01
3 Investments
Unlisted
#000
Cost
At 1 October 2002 1,558
Additions 1,407
________
At 31 March 2003 2,965
=======
Provisions
At 1 October 2002 and 31 March 2003 358
________
Net book value
At 31 March 2003 2,607
=======
At 30 September 2002 1,200
=======
Aggregate market value
At 31 March 2003 2,599
=======
Unlisted investments includes holdings in AIM quoted companies.
4 Other information
The interim statement was approved by the Directors on 6 June 2003.
A copy of the interim statement will not be posted to shareholders but will be
made available to the public at the company's registered office, 223a Kensington
High Street, London W8 6SG.
ENQUIRIES:
Bionex Investments plc
Graham Wylie, chairman and chief executive Tel: 020 7937 4445
W.H. Ireland Limited
Peter Jackson Tel: 020 7397 3220
This information is provided by RNS
The company news service from the London Stock Exchange
END
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