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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aortech International Plc | LSE:AOR | London | Ordinary Share | GB0033360586 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 126.50 | 123.00 | 130.00 | 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
TIDMAOR
RNS Number : 4026S
AorTech International PLC
21 December 2016
AORTECH INTERNATIONAL PLC ("AorTech", "the Company" or "the Group")
Unaudited Interim Results
For the six months ended 30 September 2016
CHAIRMAN'S STATEMENT
I set out below a commentary on the key matters over the past six months.
Unaudited results for the six months to 30 September 2016
In the six months to 30 September 2016, revenue of $240,000 was recognised, a fall from the $380,000 achieved in the same period last year. A tight control over costs was continued and administrative expenses remained at a slightly reduced level at $349,000 ($365,000 in the prior year). The Company continued to incur exceptional administrative costs as a result of the litigation against a former Director and others which when taken with the amortisation of intangible assets resulted in a loss of $310,000 for the period. A further charge of $122,000 relating to exchange differences impacts on total comprehensive income and reflects the translation of Sterling denominated balance sheet items such as Share Capital and Intangible assets into the reporting currency of US$.
Litigation
It is now three years since AorTech's former CEO, Frank Maguire, resigned on short notice. AorTech commenced litigation against Mr. Maguire in March 2014 and later extended it to include other parties. AorTech continues to pursue relief through the litigation process.
Considerable time and effort has been dedicated to the pursuit of this litigation and AorTech would like to keep shareholders fully informed on the merits and progress of the case. On the other hand, much of what has become known to AorTech remains subject to confidentiality and other disclosures remain available only to our attorneys. We recognise and share the frustration of shareholders who would like to know the full details of the case but need to balance disclosure with the problems associated with rehearsing our arguments and strategy in public. Shareholders can however monitor progress and activity in the dispute on public access websites. Not all documents filed in court are public but their subject matter is and these can be found on websites such as PacerMonitor. This website, which also has details of all the publicly available documentation, can be found at (https://www.pacermonitor.com/public/case/2943517/Aortech_International_v_Maguire#).
As can be seen from a review of the above web site, in an effort to resolve the dispute, AorTech petitioned the court to order a settlement conference or mediation. A court-ordered mediation process was undertaken last week, but no agreement was reached. AorTech is disappointed that the mediation process was not successful, as proceeding to trial will result in a period of continued uncertainty for all parties. AorTech intends to continue pursuit of the litigation but remains open to a negotiated resolution.
Board Changes
Mr Eddie McDaid retired as Chief Executive Officer and a Director at the end of October. Mr McDaid served the Company over two periods, initially as a founder of the business and in his second spell he started as a Non-executive Director then assumed the finance function and latterly the position of CEO. Your Board wishes to express its gratitude to Mr McDaid for his dedication and determination in resolving many of the issues the Company has faced over the last few years and his wise council will be truly missed. We all wish Eddie a long and happy retirement.
The vacancy on the Board created by Eddie's retirement was filled by the appointment of John McKenna as a Non-executive Director. John had served AorTech in the past in a sales and marketing role and he has over 30 years frontline experience in the medical device industry, particularly in cardio vascular devices including heart valve devices. John's medical and industry contacts will be of benefit to AorTech and we are already having discussions under confidentiality agreements with other businesses on how our materials can be incorporated into new device designs.
Business Development
Our manufacturing licensee continues to market the polymer family to medical device companies and there appears to be continuing interest in the polymer benefits. We are hopeful that new licensees will be signed in the near future.
AorTech remains interested in licensing its heart valve project, however the new business established to pursue this project has still not raised all of the required capital. A number of other medical devices requiring the same or similar blood contacting material properties have been identified and we are considering how to pursue these with AorTech retaining more than just a licensed interest in the projects.
Bill Brown, Chairman
20 December 2016
Enquiries
AorTech International Plc
Bill Brown, Chairman and Chief Executive
Tel: +44 (0) 7730 718296
finnCap Ltd as Nominated Adviser
Jonny Franklin-Adams / Giles Rolls
Tel: +44 (0) 20 7220 0500
Hot Features
Premium
CONDENSED CONSOLIDATED INTERIM
INCOME STATEMENT
Six months ended 30 September
2016 Unaudited Unaudited Audited
Six Six Twelve
months months months
to 30 to 30 to 31
Sept Sept March
Note 2016 2015 2016
US$000 US$000 US$000
Revenue 240 380 751
------------------ ----------------- ---------------
Other income - - 150
------------------ ----------------- ---------------
Administrative expenses (349) (365) (1,084)
Exceptional administrative
expenses 2 (49) (45) (80)
Other expenses - amortisation
of intangible assets 6 (152) (163) (312)
------------------ ----------------- ---------------
Operating loss (310) (193) (575)
Finance expense 3 - (363) (29)
------------------ ----------------- ---------------
Loss attributable to owners
of the parent company (310) (556) (604)
Taxation - - -
Loss attributable to equity
holders of the parent company (310) (556) (604)
================== ================= ===============
Loss per share (basic and diluted)
- US cents (5.58) (11.50) (12.00)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Twelve
Six Six months
months months to
to to 30 31
30 Sept Sept March
2016 2015 2016
US$000 US$000 US$000
Loss for the period (310) (556) (604)
Other comprehensive income:
Exchange differences (122) 26 (35)
Income tax relating to other - - -
comprehensive income
------------------ ------------- --------------
Other comprehensive income for
the period, net of tax (122) 26 (35)
------------------ ------------- --------------
Total comprehensive income for
the period, attributable to
equity holders of the parent
company (432) (530) (639)
------------------ ------------- --------------
CONDENSED CONSOLIDATED INTERIM
BALANCE SHEET
Unaudited Unaudited Audited
30
Sept 30 Sept 31 March
2016 2015 2016
US$000 US$000 US$000
Assets
Non current assets
Intangible assets 1,093 1,519 1,367
Total non current assets 1,093 1,519 1,367
---------------- ------------------- --------------
Current assets
Trade and other receivables 145 474 243
Cash and cash equivalents 216 459 314
Total current assets 361 933 557
---------------- ------------------- --------------
Total assets 1,454 2,452 1,924
---------------- ------------------- --------------
Liabilities
Current liabilities
Trade and other payables (127) (168) (165)
Change of control redemption
premium - (416) -
---------------- ------------------- --------------
Total current liabilities (127) (584) (165)
---------------- ------------------- --------------
Net assets 1,327 1,868 1,759
================ =================== ==============
Equity
Issued capital 15,769 18,260 17,426
Share premium 3,253 3,537 3,595
Other reserve (2,607) (3,028) (2,881)
Foreign exchange reserve 8,230 5,770 6,627
Profit and loss account (23,318) (22,671) (23,008)
Total equity attributable
to equity holders of
the parent company 1,327 1,868 1,759
================ =================== ==============
CONDENSED CONSOLIDATED INTERIM
CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six Six Twelve
months months months
to 30 to 30 to 31
Sept Sept March
2016 2015 2016
US$000 US$000 US$000
Cash flows from operating
activities
Group loss after tax (310) (556) (604)
Adjustments for:
Amortisation of intangible
assets 152 163 312
Finance expense / (income) - 363 29
Decrease in trade and other
receivables 98 263 494
Decrease in trade and other
payables (38) (24) (109)
----------------- -------------------- ---------------
Net cash flow from operating
activities (98) 209 122
----------------- -------------------- ---------------
Cash flows from investing
activities
Purchase of intangible
assets - (110) (168)
----------------- -------------------- ---------------
Net cash flow from investing
activities - (110) (168)
----------------- -------------------- ---------------
Net increase / (decrease)
in cash and cash equivalents (98) 99 (46)
Cash and cash equivalents
at beginning of period 314 360 360
Cash and cash equivalents
at end of period 216 459 314
================= ==================== ===============
CONDENSED CONSOLIDATED INTERIM STATEMENT OF
CHANGES IN EQUITY
Profit
Share Foreign and
Share premium Other exchange loss Total
(Unaudited) capital account reserve reserve account equity
US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1
April
2015 17,937 3,474 (2,974) 6,076 (22,115) 2,398
Transactions
with owners - - - - - -
Loss for the
period - - - - (556) (556)
Other
comprehensive
income
Exchange
difference 323 63 (54) (306) - 26
Income tax
relating
to components
of other
comprehensive
income - - - - - -
---------------- ----------------- --------------- --------------- ---------------- --------------
Total
comprehensive
income for the
period 323 63 (54) (306) (556) (530)
---------------- ----------------- --------------- --------------- ---------------- --------------
Balance at 30
September
2015 18,260 3,537 (3,028) 5,770 (22,671) 1,868
Issue of equity
share
capital 54 235 - - (289) -
---------------- ----------------- --------------- --------------- ---------------- --------------
Transactions
with owners 54 235 - - (289) -
Loss for the
period - - - - (48) (48)
Other
comprehensive
income
Exchange
difference (888) (177) 147 857 - (61)
Income tax
relating
to components
of other
comprehensive
income - - - - - -
---------------- ----------------- --------------- --------------- ---------------- --------------
Total
comprehensive
income for the
period (888) (177) 147 857 (48) (109)
Balance at 31
March
2016 17,426 3,595 (2,881) 6,627 (23,008) 1,759
Transactions
with owners - - - - - -
Loss for the
period - - - - (310) (310)
Other
comprehensive
income
Exchange
difference (1,657) (342) 274 1,603 - (122)
Income tax
relating
to components
of other
comprehensive
income - - - - - -
---------------- ----------------- --------------- --------------- ---------------- --------------
Total
comprehensive
income for the
period (1,657) (342) 274 1,603 (310) (432)
Balance at 30
September
2016 15,769 3,253 (2,607) 8,230 (23,318) 1,327
================ ================= =============== =============== ================ ==============
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. BASIS OF PREPARATION
These condensed consolidated interim financial statements are for the six months ended 30 September 2016, and have been prepared with regard to the requirements of IAS 34 on "Interim Financial Reporting". They do not include all of the information required for full financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2016.
These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies set out below which are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and effective at 31 March 2016. They were approved for issue by the Board of Directors on 20 December 2016.
After considering the period end cash position, making appropriate enquiries and reviewing budgets and profit and cash flow forecasts for a period of at least twelve months from the date of signing these interim financial statements, the Directors have formed a judgement at the time of approving the interim financial statements that there is a reasonable expectation that the Group has sufficient resources to continue in operational existence for the foreseeable future. For this reason the Directors consider the adoption of the going concern basis in preparing the condensed consolidated interim financial statements is appropriate.
The financial information for the six months ended 30 September 2016 and the comparative figures for the six months ended 30 September 2015 are unaudited and have been prepared on the basis of the accounting policies set out in the consolidated financial statements of the Group for the year ended 31 March 2016.
These extracts do not constitute statutory accounts under section 434 of the Companies Act 2006. The financial statements for the year ended 31 March 2016, prepared under IFRS, received an unqualified audit report, did not contain statements under sections 498(2) and 498(3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
The functional currency of AorTech International plc is GBGBP as this is where all sales arise. However, to reflect the substance of transactions Directors have chosen to use US$ as their presentational currency. Exchange differences therefore arise in each period representing the retranslation of reserves from a functional currency of GBGBP to their presentational currency of US$.
Loss per share has been calculated on the basis of the result for the period after tax, divided by the weighted average number of ordinary shares in issue in the period of 5,557,695. The comparatives are calculated by reference to the weighted average number of ordinary shares in issue which were 4,832,778 for the period to 30 September 2015 and 5,032,823 for the year ended 31 March 2016.
2. EXCEPTIONAL ADMINISTRATIVE EXPENSES
This comprises the exceptional administrative expense represented by the ongoing 10% cost of litigation against the Company's former CEO.
3. FINANCE INCOME / (EXPENSE)
The change of control redemption premium in prior periods represents the decrease / (increase) in the premium payable to the former loan note holders in the event of a change of control of the Company. The amount payable was based upon the market capitalisation of the Company at the balance sheet date. The finance cost recognised in the period related to the change of control redemption premium inherent in loan notes previously issued (and since settled) by the Company. Shareholders previously approved the Company's intention to approach loan note holders to convert their right to a further redemption premium into ordinary shares. In the year to 31 March 2016, ordinary shares were issued in full and final settlement of any future liability. As such, no liability remained at 31 March 2016 leading to no finance expense in the interim period to 30 September 2016.
4. SEGMENTAL REPORTING
The Company is an Intellectual Property (IP)
holding company whose principal activity is
exploiting the value of its IP and know-how.
All revenue and operating result originated
in the United Kingdom.
Unaudited Unaudited Audited
Twelve
Six Six months
months months to
to 30 to 30 31
Sept Sept March
2016 2015 2016
US$000 US$000 US$000
Analysis of revenue by
products and services
Licence fees - services 52 49 139
Royalty revenue 188 331 612
240 380 751
============== ========== ==========
5. FINANCE (EXPENSE) / INCOME
Unaudited Unaudited Audited
Twelve
Six Six months
months months to
to 30 to 30 31
Sept Sept March
2016 2015 2016
US$000 US$000 US$000
Change of control redemption
premium - (363) (29)
------------ ---------- --------
- (363) (29)
============ ========== ========
6. INTANGIBLE ASSETS
The following table shows the impact of additions,
exchange rate adjustments and amortisation on intangible
assets.
Intellectual Development
property costs Total
US$000 US$000 US$000
At 1 April 2015 1,323 223 1,546
Additions during period - 110 110
Exchange rate adjustment 25 1 26
Amortisation (122) (41) (163)
------------------- --------------------- ----------------
At 30 September 2015 1,226 293 1,519
Additions during period - 58 58
Exchange rate adjustment (57) (4) (61)
Amortisation (117) (32) (149)
------------------- --------------------- ----------------
At 1 April 2016 1,052 315 1,367
Exchange rate adjustment (94) (28) (122)
Amortisation (109) (43) (152)
------------------- --------------------- ----------------
At 30 September 2016 849 244 1,093
------------------- --------------------- ----------------
7. INTERIM ANNOUNCEMENT
The interim results announcement was released on 20 December 2016. A copy of this Interim Report is also available on the Company's website www.aortech.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKKDDABDDFBB
(END) Dow Jones Newswires
December 21, 2016 02:00 ET (07:00 GMT)
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