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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cytomyx Hldgs | LSE:CYX | London | Ordinary Share | GB0033942276 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.10 | 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:1244W Cytomyx Holdings PLC 22 December 2005 For immediate release 22 December 2005 CYTOMYX HOLDINGS PLC ("Cytomyx" or "the Company") Interim results for the twelve-month period ended 30 September 2005 Cytomyx Holdings plc (AIM: CYX), a provider of drug discovery products and services, is pleased to announce its interim results for the twelve-month period ended 30 September 2005. These results reflect the recently announced change in the Company's year end to 31 March, bringing the Company's year end in line with many other companies in this sector. CHAIRMAN'S STATEMENT The first twelve months of the financial period ending 31 March 2006 have seen considerable commercial activity and restructuring. The Board has been considering a number of strategic options with the aim of optimising shareholder value and at the time of these results we can report that interest has been expressed by a number of third parties in acquiring either part or all of the Group. Throughout the period continued emphasis has been placed on developing an infrastructure to focus on our core business of the provision of novel products and services for the drug discovery industry.The formation of Cytomyx LLC as the US hub for all future Cytomyx commercial activities in the US has proved successful and both revenues and operations for the biorepository business are becoming well-established. New ion channel cell lines and out ion channel screening service for the pharmaceutical industry are also evolving well and significant commercial interest is being received from major international players. We now offer more customised cell lines than any other company worldwide and continue to expect significant growth in this area. These products are important new tools in drug discovery, used both to discover new drugs and to predict potential toxicity problems with drugs in development. On 28 February 2005 we sold the business assets of Cytocell Technologies Limited to a management buy out team for a cash payment of #605,315. We acquired this business in March 2003 and it had exciting medium term prospects. However these required significant further investment to bring to fruition and the business itself no longer fitted out long-term strategy for the group as a whole. The sale yielded a profit of #288,380. During the period under review, Cytomyx reported the divestment of Cambridge Bioscience which was deemed to be non-core to our business. This has allowed us to focus on developing our main business of services and products for the pharmaceutical and life science industries. Trading, profitability and cash in the Group have proved challenging in the year to date, and restructuring in the Group both in the UK and USA has addressed this going forward. Turnover was #3.76 million compared with #5.66 million for the same period in 2004. Gross profit was #2.00 million (2004: #3.38 million) and our operating loss before amortisation of goodwill (note 4) was #3.68 million (2004: loss of #0.80 million). Dr Bill Mason Chairman 22 December 2005 Introduction We have been instructed by the company to review the financial information for the twelve months ended 30 September 2005 which comprises the profit and loss account, the statement of total recognised gains and losses, the balance sheet, the cash flow statement and related notes 1 to 4. 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 United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Going concern In forming our review opinion we have considered the adequacy of disclosures made in note 1 of the interim report concerning the directors' plans for operating within available cash resources and the uncertainty over its future revenues and funding. In view of the significance of these uncertainties, we consider that these disclosures should be drawn to your attention, but our opinion is not qualified in this respect. 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 twelve months ended 30 September 2005. Deloitte & Touche LLP Chartered Accountants Cambridge England 22 December 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT Twelve months ended 30 September 2005 2005 2004 (unaudited) (audited) Notes # # TURNOVER Exisiting operations 1,207,642 5,664,252 Acquisitions 358,646 - Turnover - continuing operations 1,566,288 5,664,252 Turnover - discontinued operations 2,193,472 - Turnover 3,759,760 5,664,252 Cost of sales (1,763,855) (2,280,393) Gross profit 1,995,905 3,383,859 Distribution costs (125,494) (137,300) Administrative expenses (5,832,209) (4,218,815) OPERATING LOSS Existing operations (3,207,565) (972,256) Acquisitions (807,796) - Discontinued operations 53,563 - Operating loss (3,961,798) (972,256) Profit on sale of discontinued operation - Cytocell Limited 288,380 - Loss on disposal of discontinued operation - Cambridge Bioscience Limited (769,521) - LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (4,442,939) (972,256) Interest receivable and similar income 4,851 22,124 Interest payable and similar charges (250,572) (46,960) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (4,688,660) (997,092) Tax on loss on ordinary activities 73,470 81,431 LOSS FOR THE FINANCIAL PERIOD (4,615,190) (915,661) Loss per ordinary share (pence) 2 (9.62) (2.42) Diluted loss per ordinary share (pence) 2 (9.62) (2.42) CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Twelve months ended 30 September 2005 2005 2004 (unaudited) (audited) # # Loss for the year (4,615,190) (915,661) Currency translation difference (86,069) (8,432) TOTAL GAINS AND LOSSES RECOGNISED IN THE YEAR (4,701,259) (924,093) CONSOLIDATED BALANCE SHEET 30 September 2005 2005 2004 (unaudited) (audited) # # FIXED ASSETS Intangible assets 3,639,282 4,479,363 Tangible assets 985,959 1,615,138 4,625,241 6,094,501 CURRENT ASSETS Stocks 2,173,890 477,815 Debtors - Due after more than one year 60,600 60,600 Debtors - Due with one year 902,421 964,402 Short term investments - 450,000 Cash at bank and in hand 123,008 387,553 3,259,919 2,340,370 CREDITORS: amounts falling due within one year (2,248,161) (1,330,278) NET CURRENT ASSETS 1,011,758 1,010,092 TOTAL ASSETS LESS CURRENT LIABILITIES 5,636,999 7,104,593 CREDITORS: amounts falling due after more than one year (2,412,407) (880,194) NET ASSETS 3,224,592 6,224,399 CAPITAL AND RESERVES Called up share capital 1,546,457 1,044,809 Share premium account 6,834,389 5,107,518 Share capital to be issued 148,750 675,817 Merger reserve 2,089,460 2,089,460 Foreign exchange reserve (94,501) (8,432) Profit and loss account (7,299,963) (2,684,773) EQUITY SHAREHOLDERS' FUNDS 3,224,592 6,224,399 CONSOLIDATED CASH FLOW STATEMENT Twelve months ended 30 September 2005 2005 2004 (unaudited) (audited) # # Net cash outflow from operating activities (2,369,853) (122,629) Returns on investments and servicing of finance (56,172) (24,836) Taxation 81,430 58,338 Capital expenditure and financial investment (295,765) (617,755) Acquisitions and disposals (301,180) (243,003) Net cash outflow before management of liquid resources and financing (2,941,540) (949,885) Management of liquid resources 450,000 (450,000) Financing 2,226,995 1,372,909 Decrease in cash in the year (264,545) (26,976) RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2005 2004 (unaudited) (audited) # # Operating loss (3,961,798) (972,256) Depreciation charge 349,858 260,389 Loss on disposal of fixed assets 1,500 1,150 Amortisation of goodwill and intangibles 315,439 204,953 Decrease in debtors 500,312 333,737 Decrease/(Increase) in stocks 40,431 (102,016) Increase in creditors 384,405 151,414 Net cash outflow from operating activities (2,369,853) (122,629) NOTES TO THE INTERIM FINANCIAL STATEMENTS Twelve months ended 30 September 2005 1. BASIS OF PREPARATION These interim financial statements for the twelve months ended 30 September 2005 are unaudited and do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The results for the year ended 30 September 2004 have been extracted from the statutory financial statements, which have been filed with the Registrar of Companies and upon which the auditors reported without qualification. These interim financial statements comply with relevant accounting standards and have been prepared on a consistent basis using accounting policies set out in the 2004 Annual Report. The accounting period of the group has been changed from 30 September to 31 March. Going concern Following considerable commercial activity and restructuring the Cytomyx Holdings plc group has been loss making during the first twelve months of the eighteen month period ending 31 March 2006. The group is forecasting growing sales and plans to be producing positive cash flows within the next 12 months. New ion channel cell lines and the group's ion channel screening service for the pharmaceutical industry are evolving well and significant commercial interest is being received from major international players. The directors have prepared projected cash flow information for at least 12 months from the date of approval of these financial statements, which indicate that the group will have adequate resources to meet its working capital requirements and that further funding should not be required. In preparing the projections, the directors have assumed revenue growth, which the directors believe will be achievable. The Board has also been considering a number of strategic options with the aim of optimising shareholder value and generating positive cashflow. At the time of these results interest has been expressed by a number of third parties in acquiring either part or all of the group. The directors acknowledge that there is some uncertainty as to the timing and extent of the assumed revenue growth and the completion of certain strategic options and extent of any related cash inflows. The directors will endeavour that, in the event that projected revenues are not achieved and further funding is not obtained, the group's operations will be managed such that cash flows are restricted to within the available resources and the group will be able to continue trading and pay its creditors. On the basis described above, the directors believe it is appropriate for these financial statements to be prepared on the going concern basis. Accordingly, the financial statements do not include any adjustments that would result if the company did not continue trading. 2. LOSS PER ORDINARY SHARE The loss per share is based on the weighted average number of shares and is presented as if the share consolidation had happened at the beginning of the first period presented within these interim financial statements. The calculations of basic and diluted loss per ordinary share are based on a loss of #4,615,190 (30 September 2004 - #915,661) and on 47,991,682 (30 September 2004 - 37,878,653) ordinary shares being the weighted average number of ordinary shares in issue during the period. 3. RELATED PARTY TRANSACTIONS On 15 September 2005 the group sold 100% of its holding in Cambridge Bioscience Limited to A Seeley (a former director) for the exchange of #164,034 of cash and the cancellation of loans amounting to #727,975, which were payable to A Seeley. The loss on disposal created by the sale of Cambridge Bioscience Limited amounted to #769,521. 4. OPERATING LOSS BEFORE AMORTISATION OF GOODWILL 2005 2004 (unaudited) (audited) # # Operating loss (3,961,798) (972,256) Goodwill amortisation 281,881 176,671 Operating loss before amortisation of goodwill (3,679,917) (795,585) For further information, please contact: Cytomyx Holdings plc 01223 508191 Mike Kerins, Chief Executive Buchanan Communications 020 7466 5000 Mary-Jane Johnson Notes to editors About Cytomyx Holdings plc Cytomyx Holdings plc (www.cytomyx-holdings.com) is a life science company based in Cambridge, UK. Its two operating subsidiaries - Cytomyx Ltd and Cytomyx LLC - develop and market technologies designed to improve the effectiveness of drug discovery research within the pharmaceutical industry. Cytomyx listed on the London Stock Exchange's Alternative Investment Market in 2001.set Company_Name "CYTOMYX HOLDINGS PLC "CYTOMYX HOLDINGS PLC set Date_Year "30 September 2002"30 September 2002 This information is provided by RNS The company news service from the London Stock Exchange END IR PKBKNQBDDABB
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