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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Chromogenex | LSE:CGX | London | Ordinary Share | GB00B0B7XX32 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5745E Chromogenex PLC 27 September 2007 Chromogenex plc ("Chromogenex" or "the Company") Interim results Chromogenex, the developer and manufacturer of cosmetic and medical laser systems, today announces its unaudited interim results for the six months to 30 June 2007 Highlights * Revenue up 9% to #2.26 million (2006 (restated): #2.07million) * Nlite laser revenue up 106% * Consumables and Service revenue up 24% and 56% respectively * Profit attributable to equity shareholders reduced from #81k (restated) to #10k * Net assets increase by 21% to #2.40 million (2006 (restated):#1.99million) * Successful launch of Nicolite product - an advanced system designed to help people stop smoking Peter McGuinness, Chairman and CEO of Chromogenex, commented: "With the continued resurgent interest in Nlite laser and strong demand for Chromolite S along with Nicolite sales, the company anticipates, in line with last years seasonality, a record fourth quarter sales and profitability. "In addition, the company has entered into discussions with an overseas company with a view to a strategic relationship that will broaden our product portfolio and increase international distribution. We look forward to updating the market in the near future on what we believe is a significant milestone for the business." - ends - For further information: Chromogenex plc 020 8434 0540 Peter McGuinness, Chairman 07775 834 777 Blue Oar Securities 020 7448 4400 Jerry Keen Threadneedle Communications 020 7936 9605 Graham Herring/Josh Royston 07793 839 024 Chromogenex plc Chairman's Statement for the period ended 30 June 2007 We are pleased with the resurgence in Nlite sales around the world following the launch of our rebranded Regenlite and Regenstation versions which offer increased applications for practitioners. Nlite is proven to be effective for the treatment of acne, skin rejuvenation and vascular lesions and we have now developed protocols for psoriasis, warts and verrucas. Overall results reflect lower sales of original versions of Chromolite, the Intense Pulsed Light system for hair removal and pigmented lesions. As previously reported, the anticipated introduction of a more advanced version of Chromolite, the Sapphire or S model, in July this year, has resulted in lower sales of the original version as distributors wait for the new model. The S model offers 40% higher energy and greater skin cooling performance and has been well received in the market. We expect increased sales in the second half. Gross margins are lower than the same period last year due to reduced Chromolite sales and increased sales of Nlite and Smoothshapes, the cellulite treatment device, which have lower gross margins. We do not see this as a trend going forward as Chromolite S sales increase. In addition, we have expanded our direct sales force in the UK which brings significantly better margins on all products. We anticipate year end gross margins broadly in line with management forecast. We are particularly encouraged by the response to our new Nicolite laser for smoking cessation. Proven to be over six times more effective than nicotine patches, we introduced this product this month and orders are well ahead of expectation. To date, we have received orders in excess of #1million most of which will be shipped by year end. With the continued resurgent interest in Nlite laser and strong demand for Chromolite S along with Nicolite sales, the Company anticipates, in line with last year's seasonality, a record fourth quarter sales and profitability. The Company has entered discussions with an overseas company with a view to a strategic relationship that will broaden our product portfolio and increase international distribution. We look forward to updating the market in the near future on what we believe is a significant milestone for the business. Peter McGuinness Chairman and CEO 27th September 2007 Chromogenex plc Consolidated Income Statement - unaudited for the period ended 30 June 2007 6 months to 6 months to Year ended 30 Jun 2007 30 Jun 2006 31 Dec 2006 (restated) (restated) #'000 #'000 #'000 Notes Revenue 2 2,265 2,074 4,462 Cost of sales (1,519) (1,052) (2,375) _______ _______ _______ Gross Profit 746 1,022 2,087 Administrative expenses (733) (940) (1,748) _______ _______ _______ Operating Profit 13 82 339 Interest payable and similar (3) (1) (4) charges _______ _______ _______ Profit on ordinary activities before taxation 10 81 335 Taxation 3 - - - _______ _______ _______ Profit for the period attributable to equity 10 81 335 shareholders _______ _______ _______ Earnings per ordinary shares (pence) Basic 4 0.02p 0.14p 0.56p _______ _______ _______ Fully diluted 4 0.01p 0.12p 0.51p _______ _______ _______ All results relate to continuing activities. Chromogenex plc Consolidated Statement of Changes in Equity - unaudited for the period eneded 30 June 2007 Attributable to equity holders of the parent company Share Share premium Merger Retained Total capital account reserve Earnings Equity #'000 #'000 #'000 #'000 #'000 (restated) At 1 January 2006 592 1,500 (302) 75 1,865 Profit for the - - - 81 81 period Share option costs - - - 40 40 _______ _______ _______ _______ _______ At 30 June 2006 592 1,500 (302) 196 1,986 Profit for the - - - 254 254 period Exercise of 13 39 - - 52 warrants Share option costs - - - 55 55 _______ _______ _______ _______ _______ At 31 December 2006 605 1,539 (302) 505 2,347 Profit for the - - - 10 10 period Exercise of 4 14 - - 18 warrants Share option costs - - - 26 26 _______ _______ _______ _______ _______ At 30 June 2007 609 1,553 (302) 541 2,401 _______ _______ _______ _______ _______ Chromogenex plc Consolidated Balance Sheet - unaudited as at 30 June 2007 30 Jun 2007 30 Jun 2006 31 Dec 2006 (restated) (restated) #'000 #'000 #'000 Notes ASSETS Non - current assets Intangible assets 376 314 343 Plant and equipment 56 71 64 _______ _______ _______ 432 385 407 Current Assets Inventory 1,627 1,406 1,245 Trade and other receivables 1,291 1,000 1,226 Cash and cash equivalents 7 168 192 362 _______ _______ _______ 3,086 2,598 2,833 LIABILITIES Current liabilities Trade and other payables 1,041 943 843 Provisions 76 54 50 _______ _______ _______ 1,117 997 893 Net current assets 1,969 1,601 1,940 _______ _______ _______ Total assets less current 2,401 1,986 2,347 liabilities Non-current liabilities - - - _______ _______ _______ NET ASSETS 2,401 1,986 2,347 _______ _______ _______ Shareholders' Equity Share capital 609 592 605 Share premium 1,553 1,500 1,539 Merger reserve (302) (302) (302) Retained earnings 541 196 505 _______ _______ _______ TOTAL SHAREHOLDERS' EQUITY 2,401 1,986 2,347 _______ _______ _______ Chromogenex plc Consolidated Cash Flow Statement - unaudited for the period ended 30 June 2007 Notes 6 months to 6 months to Year ended 30 Jun 2007 30 Jun 2006 31 Dec 2006 (restated) (restated) #'000 #'000 #'000 Cash flows from operating activities Cash used in operations 6 (154) 113 288 Interest paid (3) (1) (4) _______ _______ _______ Net cash used in operating (157) 112 284 activities _______ _______ _______ Cash flows from investing activities Expenditure on development (33) (161) (190) Purchase of plant and (22) (36) (61) equipment _______ _______ _______ Net cash from investing (55) (197) (251) activities _______ _______ _______ Cash flows from financing activities Proceeds from issue of shares 18 - 52 _______ _______ _______ Net cash from financing 18 - 52 activities _______ _______ _______ Net cash (decrease)/increase in cash and cash equivalents (194) (85) 85 Cash and cash equivalents at beginning of the period 362 277 277 _______ _______ _______ Cash and cash equivalents at end of the period 168 192 362 _______ _______ _______ 1 BASIS OF PREPARATION AND GOING CONCERN These financial statements were approved by the board of directors on 26th September 2007. These financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), as adopted by the European Union, and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. In preparing the underlying financial information the Directors have applied certain first time adoption provisions allowed by IFRS 1. These standards remain subject to ongoing amendment and / or interpretation and are therefore still subject to change. Accordingly information contained in these financial statements may need updating for subsequent amendments to IFRS required for first time adoption or for new standards issued post balance sheet date. The Group has chosen not to adopt IAS 34, 'Interim financial statements' in preparing its interim statements and therefore the interim financial information is not in compliance with IFRS. The Group has established IFRS accounting policies for the period ended 30th June 2007 and applied these policies and the opening balance sheet at its date of transition being 1st January 2007. The impact of transition from UK GAAP to IFRS on Group shareholders' equity as at 31st December 2006 and on the date of transition of 1st January 2006, and on the Group's income statement for the year ended 31st December 2006 is outlined in note 7. The impact of transition from UK GAAP to IFRS on Company shareholders' equity as at 31st December 2006 and on the date of transition of 1st January 2006 is outlined in note 7. The transition to IFRS has not affected the company's cash flows. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The notes to the financial statements set out areas involving a higher degree of judgement or complexity, or areas where assumptions are significant to the financial statements such as intangible assets. Although these estimates are based upon management's best knowledge of the amount event or actions, actual results may ultimately differ from those estimates. Transitional arrangements The adoption of the provisions set out in IFRS 1 is set out below. * Business combinations: a first time adopter may elect not to apply IFRS 3 - 'Business combinations' retrospectively to business combinations that occurred before the date of transition to IFRS. The Group elected to take advantage of this exemption, not applying IFRS 3 to the business combinations that occurred before 31st December 2005 the Group's date of transition. * Share-based payments: the Group has applied the requirements of IFRS 2- 'Share-based payments' in accordance with the transitional provisions. IFRS 2 has been applied to all grants of equity instruments after 1st July 2005 that had not vested at 31st December 2005. The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The interim results are neither audited nor reviewed and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2006 were prepared under UK GAAP and have been reported on by the Company's auditors and have been delivered to the Registrar of Companies. The auditor's report did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. BASIS OF CONSOLIDATION The consolidated financial information comprise the financial information of Chromogenex plc and its subsidiary undertakings INVESTMENTS Fixed asset investments are stated at cost less provisions against the cost of investments. DEPRECIATION Depreciation is calculated so as to write off the cost of fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned. The principal economic lives used for this purpose are: Leasehold improvements - over 5 years Plant and machinery - over 3 to 5 years INVENTORY Inventory is valued at the lower of cost and net realisable value. In general cost is determined on a first in first out basis and includes all direct expenditure and production overheads based on a normal level of activity. Net realisable value is the price at which the stocks can be sold in the normal course of business after allowing for the costs of realisation and where appropriate for the costs of conversion from its existing state to a finished condition. Provision is made for obsolete, slow moving and defective stocks. OPERATING LEASES Rentals paid under operating leases are charged to the profit and loss account as incurred. DEVELOPMENT EXPENDITURE Development expenditure relating to specific projects intended for commercial exploitation is capitalised where the ultimate commercial viability has been assessed with reasonable certainty. Expenditure on pure and applied research, and development for projects where the long-term commercial viability has not been established with reasonable certainty is written off as incurred. PENSION ARRANGEMENTS The group operates a Group Personal Pension Scheme for its employees. The charge against profits represents the contributions payable to the pension scheme in respect of the accounting period. The assets of the pension scheme are held separately from those of the group. FOREIGN CURRENCIES Foreign currency assets and liabilities are converted to sterling at the rates of exchange ruling at the end of the financial year. Transactions in foreign currencies are converted to sterling at the rates of exchange ruling at the transaction date. All of the resulting exchange differences are recognised in the profit and loss account as they arise. HIRE PURCHASE AGREEMENTS Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding. SHARE BASED PAYMENTS In accordance with FRS 20 - 'Share based payments', a charge is made for all share -based payments including share options based upon the fair value of the instrument issued. Under FRS 20 the charge in the Profit and Loss Account for granted share options is based upon the fair value of the options at grant date and is charges over the expected vesting period. Estimates of leaver rates are taken into account over the vesting period. A charge has been recognised for all awards granted and is charged to the same expense category as the remuneration costs for the employee to whom the share award has been made. An equivalent amount is credited to the retained profit and loss reserve in the balance sheet, with no resulting impact on net assets. 2 SEGMENTAL ANALYSIS All revenue, losses and net assets are derived from the group's principal activity being the design, manufacture and distribution of aesthetic therapeutic laser and aesthetic light based technology devices and related products, which for management purposes is currently organised into one operating division. The geographical analysis of revenue (being the primary segment) by destination is as set out below: 6 months to 6 months to Year ended 30 June 30 June 31 December 2007 2006 2006 (restated) (restated) REVENUE #'000 #'000 #'000 United Kingdom 353 586 1,162 Rest of the World 1,912 1,488 3,300 ----- ----- ----- 2,265 2,074 4,462 ===== ===== ===== 3 TAXATION There was no taxation charge or credit in the year ended 31 December 2006 or the periods ended 30 June 2006 or 2007. 4 EARNINGS PER ORDINARY SHARE The earnings per ordinary share has been calculated using the profit for the year and the weighted average number of ordinary shares in issue during the year as follows: 30 Jun 2007 30 Jun 2006 31 Dec 2006 (restated) (restated) #'000 #'000 #'000 Profit for the period 10 81 335 attributable to equity shareholders _______ _______ _______ No. No. No. '000 '000 '000 Basic weighted average of ordinary shares of 1p each) 60,818 59,188 59,519 _______ _______ _______ Basic earnings (pence per 0.02 0.14 0.56 share) _______ _______ _______ Fully diluted earnings (pence per share 0.01 0.12 0.51 _______ _______ _______ The weighted average number of shares for the calculation of diluted earnings per share at 30 June 2007 was 65,470,377 (31 December 2006: 65,349,352, 30 June 2006: 66,715,900) reflecting the unexercised share options and warrants in place. 5 SHARE BASED PAYMENTS The following share warrants were exercised at 4p per share during the period to 30th June 2007. 5th February 2007 375,000 1st May 2007 62,500 6 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES 30 Jun 2007 30 Jun 2006 31 Dec 2006 (restated) (restated) #'000 #'000 #'000 Operating profit 13 82 339 Depreciation 30 42 74 Increase in inventory (382) (187) (26) Increase in trade and other (65) (122) (348) receivables Increase/(decrease) in trade and other payables 224 258 154 Share option costs 26 40 95 _______ _______ _______ Net cash flow from operating activities (154) 113 288 _______ _______ _______ 7 RECONCILIATION OF NET ASSETS AND LOSS UNDER UK GAAP TO IFRS Chromogenex plc reported under UK GAAP in its previously published financial statements for the year ended 31st December 2006. The analysis below shows the reconciliation of profit and net assets as reported under UK GAAP as at 31st December 2006 and the revised net assets and profit under IFRS as reported in these financial statements. In addition there is a reconciliation of equity under UK GAAP to IFRS at the transition date for the Group being 1st January 2006. Group Reconciliation of loss for the year 30 Jun 2006 31 Dec 2006 #'000 #'000 Profit for the year reported under 236 493 GAAP Adjustments - Amortisation of negative (155) (158) goodwill _______ _______ Profit for the year reported 81 335 under IFRS _______ _______ Group Reconciliation of shareholder's equity 31 Dec2005 30 Jun 2006 31 Dec 2006 #'000 #'000 #'000 Shareholder's equity reported under 1,707 1,983 2,347 GAAP Adjustments - Amortisation of negative 158 3 - goodwill _______ _______ _______ Shareholders' equity for the year reported under IFRS 1,865 1,986 2,347 _______ _______ _______ RECONCILIATION OF NET ASSETS AND LOSS UNDER UK GAAP TO IFRS (continued) In accordance with IFRS 3 negative goodwill as at 1st January 2006 amounting to #158,000 has been written back to Retained Earnings as at that date. The amortised goodwill credited to the Profit and Loss account in the periods ending 30th June 2006 and 31st December 2006 has also been written back. 8 Chromogenex plc is a public limited company incorporated in the United Kingdom under Companies Act 1985. This company is domiciled in Wales and its ordinary shares are traded on AIM. 9 COPIES OF THE INTERIM REPORT Copies of the interim report have been sent to shareholders and are available from the company secretary at the company's registered office - Units 1 and 2, Heol Rhosyn, Parc Dafen, Llanelli, Carmarthenshire, SA14 8QG. This information is provided by RNS The company news service from the London Stock Exchange END IR LFMRTMMJTBTR
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