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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Protherics (MM) | NASDAQ:PTIL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.30 | 0 | 01:00:00 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
3rd June 2008
PROTHERICS PLC
(Translation of Registrant’s Name Into English)
The Heath Business & Technical Park
Runcorn, Cheshire, W47 4QF England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 191(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
The Registrant is furnishing a copy of its announcements as reported to the Company Announcements Office of the London Stock Exchange.
Protherics
|
|
Andrew Heath
, CEO
|
+44 (0) 20 7246 9950
|
Rolf Soderstrom
, CFO
|
+44 (0) 20 7246 9950
|
Nick Staples,
Director of Corporate Affairs
|
+44 (0) 7919 480510
|
Saul Komisar
, President Protherics Inc
|
+1 615 327 1027
|
|
|
Financial Dynamics
- press enquiries
|
|
London: Ben Atwell, Lara Mott
|
+44 (0) 20 7831 3113
|
New York
: John Capodanno
|
+1 212 850 5600
|
|
2008
£m
|
2007
£m
|
CroFab
™
|
15.7
|
14.1
|
DigiFab
™
|
4.8
|
2.7
|
Voraxaze
™
|
2.8
|
1.4
|
ViperaTA
b
™
|
0.2
|
0.3
|
Trading revenues
|
23.5
|
18.5
|
CytoFab
™
|
2.3
|
12.2
|
Other
|
0.3
|
0.4
|
Total revenues
|
26.1
|
31.1
|
|
2008
£m
|
2007
£m
|
Trading revenues
|
23.5
|
18.5
|
Cost of Goods Sold
|
12.5
|
11.3
|
Gross Profit
|
11.0
|
7.2
|
Gross margin on Trading Revenues
|
47%
|
39%
|
|
|
2008
|
2007
|
|
Notes
|
£'000
|
£'000
|
|
|
|
|
Revenue
|
2
|
26,067
|
31,119
|
Cost of sales
|
|
(12,463)
|
(11,334)
|
Gross profit
|
|
13,604
|
19,785
|
|
|
|
|
Administrative expenses
|
|
|
|
Research and development
|
|
(19,138)
|
(13,978)
|
General & administrative
|
|
(13,684)
|
(10,161)
|
Total administrative expenses
|
|
(32,822)
|
(24,139)
|
|
|
|
|
Operating loss
|
2
|
(19,218)
|
(4,354)
|
|
|
|
|
Finance income
|
|
2,382
|
1,155
|
Finance costs
|
|
(415)
|
(417)
|
Loss before tax
|
|
(17,251)
|
(3,616)
|
Tax
|
3
|
509
|
259
|
Loss for the year
|
|
(16,742)
|
(3,357)
|
|
|
|
|
|
|
|
|
|
|
Pence
|
Pence
|
|
|
|
|
Basic and diluted loss per share
|
4
|
(4.9)
|
(1.2)
|
|
|
|
|
|
|
2008
|
2007
|
|
|
£'000
|
£'000
|
|
|
|
|
Exchange differences on translation of foreign
operations
|
|
236
|
749
|
Net income recognised directly in equity
|
|
236
|
749
|
|
|
|
|
Loss for the year
|
|
(16,742)
|
(3,357)
|
Total recognised loss since last financial
statements
|
|
(16,506)
|
(2,608)
|
|
|
2008
|
2007
|
|
Notes
|
£'000
|
£'000
|
|
|
|
|
Non-current assets
|
|
|
|
Goodwill
|
|
10,865
|
10,878
|
Intangible assets
|
|
19,119
|
19,652
|
Property, plant and equipment
|
|
11,884
|
9,987
|
Investment in subsidiaries
|
|
-
|
-
|
Deferred tax asset
|
|
345
|
99
|
|
|
42,213
|
40,616
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
|
10,205
|
10,707
|
Derivative instruments
|
|
-
|
114
|
Tax receivables
|
|
763
|
773
|
Trade and other receivables
|
|
3,975
|
15,066
|
Cash and cash equivalents
|
5
|
37,660
|
39,989
|
|
|
52,603
|
66,649
|
|
|
|
|
Total assets
|
|
94,816
|
107,265
|
|
|
|
|
Current liabilities
|
|
|
|
Trade and other payables
|
|
19,210
|
14,037
|
Current tax liabilities
|
|
370
|
273
|
Obligations under finance leases
|
|
966
|
1,048
|
Bank overdrafts and loans
|
|
54
|
46
|
Derivative instruments
|
|
170
|
-
|
|
|
20,770
|
15,404
|
|
|
|
|
Non-current liabilities
|
|
|
|
Trade and other payables
|
|
8,670
|
10,844
|
Borrowings
|
|
141
|
157
|
Convertible loan notes
|
|
1,971
|
2,100
|
Obligations under finance leases
|
|
1,712
|
2,289
|
|
|
12,494
|
15,390
|
|
|
|
|
Total liabilities
|
|
33,264
|
30,794
|
|
|
|
|
Net assets
|
|
61,552
|
76,471
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
Share capital
|
|
6,806
|
6,783
|
Share premium account
|
|
136,292
|
135,951
|
Shares to be issued
|
|
1,289
|
1,289
|
Merger reserve
|
|
51,163
|
51,163
|
Equity reserve
|
|
203
|
220
|
Cumulative translation reserve
|
|
794
|
558
|
Retained earnings
|
|
(134,995)
|
(119,493)
|
Total equity
|
|
61,552
|
76,471
|
|
|
|
|
|
Share capital
|
Share premium
|
Shares to be issued
|
Merger reserve
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
Balance at 1 April 2006
|
5,186
|
86,770
|
-
|
51,163
|
|
|
|
|
|
Currency translation adjustments
|
-
|
-
|
-
|
-
|
Net
income
recognised directly in equity
|
-
|
-
|
-
|
-
|
Loss for the year
|
-
|
-
|
-
|
-
|
Total recognised
profit / (
loss
)
for the year
|
-
|
-
|
-
|
-
|
New share capital subscribed
|
1,560
|
48,499
|
-
|
-
|
Shares to be issued
|
-
|
-
|
1,289
|
-
|
New loan notes issued
|
-
|
-
|
-
|
-
|
Conversion of convertible loan notes
|
37
|
682
|
-
|
-
|
Employee share option scheme
|
-
|
-
|
-
|
-
|
Balance at 31 March 2007
|
6,783
|
135,951
|
1,289
|
51,163
|
|
|
|
|
|
Currency translation adjustments
|
-
|
-
|
-
|
-
|
Net
income
recognised
directly in equity
|
-
|
-
|
-
|
-
|
Loss for the year
|
-
|
-
|
-
|
-
|
Total recognised profit / (loss) for the
year
|
-
|
-
|
-
|
-
|
New share capital subscribed
|
4
|
49
|
-
|
-
|
Conversion of convertible loan notes
|
19
|
292
|
-
|
-
|
Employee share option scheme
|
-
|
-
|
-
|
-
|
Balance at 31 March 2008
|
6,806
|
136,292
|
1,289
|
51,163
|
|
Equity reserve
|
Cumulative translation reserve
|
Retained earnings
|
Total
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
Balance at 1 April 2006
|
263
|
(191)
|
(116,839)
|
26,352
|
|
|
|
|
|
Currency translation adjustments
|
-
|
749
|
-
|
749
|
Net
income
recognised directly in equity
|
-
|
749
|
-
|
749
|
Loss for the year
|
-
|
-
|
(3,357)
|
(3,357)
|
Total recognised
profit / (
loss
)
for the year
|
-
|
749
|
(3,357)
|
(2,608)
|
New share capital subscribed
|
-
|
-
|
-
|
50,059
|
Shares to be issued
|
-
|
-
|
-
|
1,289
|
New loan notes issued
|
186
|
-
|
-
|
186
|
Conversion of convertible loan notes
|
(229)
|
-
|
-
|
490
|
Employee share option scheme
|
-
|
-
|
703
|
703
|
Balance at 31 March 2007
|
220
|
558
|
(119,493)
|
76,471
|
|
|
|
|
|
Currency translation adjustments
|
-
|
236
|
-
|
236
|
Net
income
recognised
directly in equity
|
-
|
236
|
-
|
236
|
Loss for the year
|
-
|
-
|
(16,742)
|
(16,742)
|
Total recognised profit / (loss) for the
year
|
-
|
236
|
(16,742)
|
(16,506)
|
New share capital subscribed
|
-
|
-
|
-
|
53
|
Conversion of convertible loan notes
|
(17)
|
-
|
-
|
294
|
Employee share option scheme
|
-
|
-
|
1,240
|
1,240
|
Balance at 31 March 2008
|
203
|
794
|
(134,995)
|
61,552
|
|
|
2008
|
2007
|
|
Note
s
|
£'000
|
£'000
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Cash outflow from operations
|
|
(126)
|
(16,051)
|
Income tax received
|
|
282
|
293
|
Net cash inflow / (outflow) from operating
activities
|
|
156
|
(15,758)
|
|
|
|
|
Investing activities
|
|
|
|
Interest received
|
|
2,382
|
1,155
|
Proceeds on disposal of property, plant and
equipment
|
|
2
|
2
|
Purchases of property, plant and equipment
|
|
(3,471)
|
(1,242)
|
Purchases of other intangible non-current
assets
|
|
-
|
(4,092)
|
Acquisition of subsidiary, net of cash
acquired
|
|
-
|
(374)
|
Capital grants received
|
|
9
|
-
|
Net cash used in investing
activities
|
|
(1,078)
|
(4,551)
|
|
|
|
|
Financing activities
|
|
|
|
Interest paid
|
|
(160)
|
(170)
|
Interest paid on finance leases
|
|
(238)
|
(213)
|
Repayment of borrowings
|
|
(55)
|
(36)
|
Repayments of finance leases
|
|
(1,063)
|
(837)
|
Proceeds from issue of loan note
|
|
-
|
30
|
Proceeds from issue of shares
|
|
53
|
36,162
|
Net cash (outflow) / inflow from financing
activities
|
|
(1,4
63
)
|
34,936
|
|
|
|
|
Net (decrease) / increase in cash and cash
equivalents
|
|
(2,3
85
)
|
14,627
|
|
|
|
|
Cash and cash equivalents at the beginning of
year
|
|
39,989
|
25,438
|
|
|
|
|
Effect of foreign exchange rate changes
|
|
12
|
(76)
|
Cash and cash equivalents at the end of
year
|
5
|
37,6
16
|
39,989
|
|
|
|
|
|
2008
|
2007
|
|
£'000
|
£'000
|
|
|
|
Loss for the year
|
(16,742)
|
(3,357)
|
Tax
|
(509)
|
(259)
|
Finance costs
|
415
|
417
|
Finance income
|
(2,382)
|
(1,155)
|
Operating loss
|
(19,218)
|
(4,354)
|
|
|
|
Adjustments for:
|
|
|
Change in fair value of derivatives
|
284
|
(250)
|
Deferred grant income
|
(104)
|
(111)
|
Share-based payment costs
|
1,240
|
703
|
Depreciation of property, plant and
equipment
|
2,076
|
1,373
|
Amortisation of intangible fixed
assets
|
498
|
135
|
Loss on disposal of property, plant and
equipment
|
134
|
634
|
Operating cash flows before movements in working
capital
|
(15,090)
|
(1,870)
|
|
|
|
Decrease in inventories
|
686
|
131
|
Decrease / (increase) in receivables
|
11,054
|
(10,575)
|
Increase / (decrease) in payables
|
3,224
|
(3,737)
|
Net cash outflow from operating activities
|
(126)
|
(16,051)
|
|
2008
|
2007
|
||||
|
Sale
,
manufacture and development of
pharmaceutical products
|
Outlicensed
product
royalties
|
Group
|
Sale
,
manufacture and development of
pharmaceutical products
|
Outlicensed
product
royalties
|
Group
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
Revenue
|
25,843
|
224
|
26,067
|
30,842
|
277
|
31,119
|
Segment
result
|
(19,429)
|
211
|
(19,218)
|
(4,621)
|
267
|
(4,354)
|
|
|
|
|
|
|
|
Finance income
|
|
|
2,382
|
|
|
1,155
|
Finance costs
|
|
|
(415)
|
|
|
(417)
|
Loss before tax
|
|
|
(17,251)
|
|
|
(3,616)
|
Tax
|
|
|
509
|
|
|
259
|
Loss for the year attributable to equity
shareholders
|
|
|
(16,742)
|
|
|
(3,357)
|
|
2008
|
2007
|
|
£'000
|
£'000
|
Current tax
|
|
|
UK
c
orporation tax credit for the current year
|
-
|
353
|
Adjustment in respect of prior years
|
|
|
UK
c
orporation tax
|
624
|
7
|
|
624
|
360
|
Foreign tax
|
(351)
|
3
|
Total current taxation
|
273
|
363
|
|
|
|
Deferred taxation
|
|
|
Increase in estimate of recoverable deferred tax
asset
|
236
|
-
|
Utilisation of losses
|
-
|
(104)
|
|
509
|
259
|
|
2008
|
2007
|
|
£'000
|
£'000
|
|
|
|
Cash at bank and in hand
|
7,439
|
1,216
|
Short term bank deposits
|
30,221
|
38,773
|
|
37,660
|
39,989
|
Bank overdrafts (included in bank overdrafts and
loans under current liabilities)
|
(44)
|
-
|
|
37,616
|
39,989
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PROTHERICS PLC |
||||||||
Date: 3rd June 2008 |
By: |
/s/ Rolf Soderstrom |
||||||
Rolf Soderstrom |
||||||||
Finance Director |
1 Year Protherics Chart |
1 Month Protherics Chart |
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