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FBDU Flying Brand

2.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Flying Brand LSE:FBDU London Ordinary Share JE00BD4H0R42 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.50 2.40 2.60 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Flying Brands Limited Half-year Report (2067O)

17/08/2017 7:00am

UK Regulatory


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RNS Number : 2067O

Flying Brands Limited

17 August 2017

17 August 2017

Flying Brands Limited (the "Company" or the "Group")

Half Yearly Report (Unaudited)

For the Period Ended 30 June 2017

Flying Brands announces today its preliminary financial results for the six months ended 30 June 2017.

For further information, please contact:

 
 Flying Brands Limited 
  Mr Trevor Brown/Dr Qu 
  Li/Mr Vinod Kaushal       0207 469 0930 
 Peterhouse Corporate 
  Finance Limited 
  Mr Duncan Vasey/Ms. 
  Heena Karani              0207 220 9797 
 

Chief Executive's Statement

It is with pleasure that I present the half yearly financial statements to shareholders for the six months ended 30 June 2017.

During this period your board completed the acquisition of Stone Checker Software which culminated in the re-admission of Flying Brands shares to the market on the 15 June 2017. The loss for the year to date reflects the costs of the RTO process combined with the ordinary expenses of maintaining and administering the Group.

Since I last updated shareholders on the 11th of July, further progress has been made.

Strategy

Clinical research costs have been reduced compared with the budget, by working collaboratively with our academic partners. Following a research agreement with Oxford University Hospitals NHS Foundation Trust, academic urology researchers will have first access to the data and be first to publish the novel findings in clinical and imaging journals, and conference presentations.

Expenditure savings will be redirected into expediting the regulatory process.

Initial encouraging progress in combination with our increased focus upon obtaining timely regulatory approval means it has become unnecessary to seek research sales of our software in the final quarter of this calendar year. The executive team will instead redeploy its resources into activities required to ensure a successful commercial launch immediately after we obtain regulatory approval of the finished product.

Stone Checker Software development

We expect to receive the first software prototype from the specialist medical imaging software company in North America for internal review and evaluation in September 2017. The regulatory work to achieve our anticipated target dates for CE mark and FDA approval will commence as soon as we have successfully evaluated the prototype. With the possibility of further applications being identified, we hope to be able to offer our software package like a tool-box - providing the reader (e.g. urologist / radiologist) with a variety of outputs (suite of tools/products) which the reader can apply to the appropriate clinical situation, for example:

-- Successful evaluation of the kidney stone lithotripsy treatment - based on the data predominantly obtained in collaboration with Oxford University Hospital

-- Displaying information for variables such as stone volume and Hounsfield Unit density which are widely accepted to have clinical importance but which are only calculable using inconvenient manual processes and therefore not typically available to clinicians.

-- Kidney-stone composition analysis. Preliminary results from a research study comprising of 50 kidney stones from Peking Union Medical College Hospital (PUMCH), Beijing, the leading university hospital in China demonstrates another novel application for the use of CT texture analysis to differentiate two major types of stones based on their composition i.e. uric acid (UA) versus non-uric acid (non-UA) urinary stones. These results will be presented later in the year at RSNA, the largest radiology congress in the world.

StonePrevent

Progress continues with the StonePrevent product, in particular we have this month commenced potentially important discussions with a single metabolic screening laboratory with global reach to explore the feasibility of outsourcing the technical metabolic screening processes to a single provider. In a collaborative process, the StonePrevent product would add material value to the technical work of this global testing house while Stone Checker Software would add significant healthcare experience and expertise.

Outlook

The Stone Checker Software team comprises people with rare expertise who are excited by and think creatively about, the advancement of medical science via technological innovation. I am confident that there will be much to report to shareholders as developments unfold.

Trevor Brown

Chief Executive

Strategic report and business review

To the members of Flying Brands Limited

Cautionary statement

This business review has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed.

The business review contains certain forward looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward looking information.

This business review has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Flying Brands Limited and its subsidiary undertakings when viewed as a whole.

The Group's future business model

Following the acquisition of Stone Checker Software Limited ("Stone Checker") the Group's business model is now solely focused on the development of the software and distributing the products to the global market. Until suitable products are ready for market, the Board will continue to maintain a low cost base and ensure as much of the resources available to the Group are expensed directly on the testing, development and marketing of the products.

Review of the Group's progress

Whilst the Board would have hoped to have completed the acquisition of Stone Checker earlier they were still able to execute prior to this period end. Development started imminently and they believe that any time lost on completing the transaction can be made up in the development stage and acquiring the relevant regulatory approvals.

Results for the 2017 interim financial period

A summary of the key financial results is set out in the table below:

 
                        30.6.2017 
                          GBP'000 
---------------------  ---------- 
 Revenue                        - 
 Operating expenses         (192) 
---------------------  ---------- 
 Operating loss             (192) 
 Finance costs                  - 
---------------------  ---------- 
 Loss before tax            (192) 
 Taxation                       - 
 
 Loss for the period        (192) 
 
 

Interest

The net interest cost for the Group for the period was GBPnil (2016: GBP0.01m).

Loss before tax

Loss before tax for the period was GBP0.2m (2016: GBP0.1m).

Taxation

Taxation charge was GBPnil for the period (2016: GBPnil).

Earnings per share

Basic and diluted earnings per share for the period were 0.62p loss (2016: 0.44p loss).

Financial position

The Group's balance sheet as at 30 June 2017 can be summarised as set out in the table below:

 
                                    Assets   Liabilities   Net assets 
                                     GBP'm         GBP'm        GBP'm 
                                   GBP'000       GBP'000      GBP'000 
--------------------------------  --------  ------------  ----------- 
 Non-current assets                    278             -          278 
 Current assets and liabilities        502          (93)          409 
 Loans and provisions                    -         (375)        (375) 
 Total as at 30 June 2017              780         (468)          312 
--------------------------------  --------  ------------  ----------- 
 Total as at 31 December 
  2016                                  80         (427)        (347) 
--------------------------------  --------  ------------  ----------- 
 

Cash flow

Net cash inflow for 2017 was GBP0.4m (2016: GBP0.1m outflow).

This inflow reflects the net placing for the Group during the period. The overall movement in creditors was GBP0.04m (2015: GBP0.1m decrease).

Consolidated Income Statement

Interim period ended 30 June 2017

 
                                         (Audited) 
                                 Half         Full        Half 
                                 year         year        year 
                                ended        ended       ended 
                             30.06.17   31.12.2016   30.6.2016 
                              GBP'000      GBP'000     GBP'000 
 Revenue                            -            -           - 
 Cost of sales                      -            -           - 
--------------------------  ---------  -----------  ---------- 
 Gross profit                       -            -           - 
 Operating expenses             (192)        (272)       (125) 
--------------------------  ---------  -----------  ---------- 
 Operating loss                 (192)        (272)       (125) 
 Net finance expense                -         (31)        (12) 
 Loss before tax                (192)        (303)       (137) 
 Taxation                           -                        - 
--------------------------  ---------  -----------  ---------- 
 Loss for the period            (192)        (303)       (137) 
 Loss attributable to the 
  Group                         (192)        (303)       (137) 
--------------------------  ---------  -----------  ---------- 
 
 
  Loss per share expressed 
   in pence per share 
 From continuing and total 
  operations: 
 Basic & diluted              (0.62)   (1.03)   (0.44) 
 
 

Consolidated Statement of Comprehensive Income

26 weeks ended 30 June 2016

 
                                                    (Audited) 
                                        Half year   Full year  Half year 
                                            ended       ended      ended 
                                         30.06.17  31.12.2016  30.6.2016 
                                          GBP'000     GBP'000    GBP'000 
--------------------------------------  ---------  ----------  --------- 
Loss profit for the period                  (192)       (303)      (137) 
Unclaimed dividends                             -           -          - 
 
Total comprehensive loss attributable 
 to the Group                               (192)       (303)      (137) 
 
 

Consolidated Balance Sheet

As at 30 June 2017

 
                                               (Audited) 
                                  30.06.17    31.12.2016    30.6.2016 
                                   GBP'000       GBP'000      GBP'000 
 
 Assets 
 Non-current assets 
 Goodwill                              243             -            - 
 Development costs                      35             -            - 
 Total non-current assets              278             -            - 
 
 Current assets 
 Trade and other receivables             4            14            4 
 Cash                                  498            66          196 
-----------------------------  -----------  ------------  ----------- 
 Total current assets                  502            80          200 
 Current liabilities 
 Trade and other payables             (93)          (52)         (26) 
 Net current assets                    409            28          174 
 Non - current liabilities 
 Loan                                (375)         (375)        (356) 
 Net Assets/(liabilities)              312         (347)        (182) 
 
 Share capital                         590           310          310 
 Share premium                      18,633        18,062       18,062 
 Capital redemption reserve             22            22           22 
 Treasury shares                     (840)         (840)        (840) 
 Convertible loan equity 
  reserve                               53            53           53 
 Warrant reserve                        13            13           13 
 Retained earnings                (18,159)      (17,967)     (17,802) 
 Total equity attributable 
  to equity holders of 
  the parent                           312         (347)        (182) 
-----------------------------  -----------  ------------  ----------- 
 

Consolidated statement of changes in equity

26 weeks ended 30 June 2016

 
 
                                                                   Convertible 
                                                                          loan 
                                              Capital                     note 
                         Share     Share   redemption  Treasury      / warrant   Retained    Total 
                       capital   premium      reserve    shares        reserve   earnings   equity 
                       GBP'000   GBP'000      GBP'000   GBP'000        GBP'000    GBP'000  GBP'000 
--------------------  --------  --------  -----------  --------  -------------  ---------  ------- 
Balance at 1 
 January 2016              310    18,062           22     (840)             66   (17,664)     (44) 
 
Loss for the 
 period                      -         -            -         -              -      (303)    (303) 
Total comprehensive 
 loss                        -         -            -         -              -      (303)    (303) 
--------------------  --------  --------  -----------  --------  -------------  ---------  ------- 
 
 
Balance at 31 
 December 2016             310    18,062           22     (840)             66   (17,967)    (347) 
Loss for the 
 period                      -         -            -         -                     (192)    (192) 
Total comprehensive 
 loss                        -         -            -         -              -      (192)    (192) 
--------------------  --------  --------  -----------  --------  -------------  ---------  ------- 
Shares issued 
 in period                 280       571            -         -              -          -      851 
Balance at 30 
 June 2017                 590    18,633           22     (840)             66   (18,159)    (312) 
 
 

Consolidated Cash Flow Statement

26 weeks ended 30 June 2016

 
                                                           (Audited) 
                                               Half year   Full year  Half year 
                                                   ended       ended      ended 
                                                30.06.17    31.12.16   30.06.16 
                                                 GBP'000     GBP'000    GBP'000 
---------------------------------------------  ---------  ----------  --------- 
Loss for the period                                (192)       (303)      (137) 
Adjustment for: 
(Increase)/decrease in receivables                    10        (27)          - 
Increase/(decrease) in payables                       41          74          - 
Net finance expenditure                                -           -         12 
 
Net cash used in operating activities              (141)       (256)      (125) 
 
Cash flows from investing activities 
Acquisition of subsidiaries                            - 
Net cash from/(used in) investing activities           -           -          - 
---------------------------------------------  ---------  ----------  --------- 
 
Cash flows from financing activities 
New loans raised                                       -           -          - 
Convertible loan notes issued                          -           -          - 
Shares issued                                        573           -          - 
Repayment of borrowings                                -           -          - 
Conversion of convertible loan notes                   -           -          - 
Net cash from/(used in) financing activities         573           -          - 
---------------------------------------------  ---------  ----------  --------- 
Net increase/(decrease) in cash and 
 cash equivalents                                    432       (256)      (126) 
---------------------------------------------  ---------  ----------  --------- 
Cash and cash equivalents brought forward             66         322        322 
---------------------------------------------  ---------  ----------  --------- 
Cash and cash equivalents carried forward            498          66        196 
---------------------------------------------  ---------  ----------  --------- 
 

Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these financial results are set out below. These policies have been consistently applied to all financial periods presented, unless otherwise stated.

Basis of preparation and going concern basis

Flying Brands Limited (the Company) is a limited liability company incorporated and domiciled in Jersey. The consolidated financial results of the Company comprise the Company and its subsidiaries (together referred to as the Group). The accounting policies of the Company are the same as for the Group except where separately disclosed.

These consolidated financial results have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the European Union (adopted IFRS).

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in this review. The financial position of the Group, its cash flows and liquidity position are described in this business review. In addition, the below notes to the financial results include the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposure to credit risk and liquidity risk. As highlighted in below, the Group meets its day to day working capital requirements through its on-going cash flows.

Basis of consolidation

Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies so as to obtain benefits from its activities generally accompanying a shareholding of more than one half of the voting rights.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. The results of the subsidiary undertakings acquired or disposed of during the period are included in the Consolidated Income Statement from the date that control commences until the date control ceases.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Segment reporting

The Group is currently a cash shell and the directors believe that there is no benefit to show any segmental reporting until a new strategy is undertaken.

Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquirer. Acquisition-related costs are recognised in profit or loss as incurred.

Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments (see below). All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant IFRSs. Changes in the fair value of contingent consideration classified as equity are not recognised.

Where a business combination is achieved in stages, the Group's previously-held interests in the acquired entity are remeasured to fair value at the acquisition date (i.e. the date the Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of.

The acquirer's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3(2008) are recognised at their fair value at the acquisition date, except that:

-- deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;

-- liabilities or equity instruments related to the replacement by the Group of an acquiree's share-based payment awards are measured in accordance with IFRS 2 Share-based Payment; and

-- assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.

The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date, and is subject to a maximum of one year.

Impairment

(a) Financial assets

A financial asset is assessed at each reporting date to determine whether there is any evidence that it is impaired. A financial asset is considered impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. Individual significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. All impairment losses are recognised in the consolidated income statement.

(b) Non-financial assets

The carrying amounts of the Group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the consolidated income statement. An impairment loss in respect of goodwill is not reversed irrespective of whether that loss is recovered subsequently. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.

Financial assets

All financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories: financial assets 'at fair value through profit or loss' (FVTPL), 'held-to-maturity' investments, 'available-for-sale' (AFS) financial assets and 'loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Trade receivables

Trade receivables are recognised initially at amortised cost, which is the fair value of consideration receivable and is adjusted for provision or impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all the monies due. The amount of the provision is recognised in the consolidated income statement immediately.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the consolidated cash flow statement.

Bank borrowings and other loans

Interest-bearing loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

Share capital

(a) Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.

(b) Repurchase of share capital (treasury shares)

When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from retained earnings.

Taxation

Income tax payable is provided on taxable profits using tax rates enacted or substantively enacted at the balance sheet date.

Deferred taxation is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial results. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related balance sheet tax asset is realised or the deferred liability is settled. Deferred income tax assets are recognised to the extent that it is possible that future taxable profit will be available against which temporary differences can be utilised. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Financial instruments

(a) Financial guarantee contracts

Where Group companies enter into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Group considers these to be insurance arrangements, and accounts for them as such. In this respect, the Group treats the guarantee contract as a formal contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.

(b) Non-derivative financial instruments

Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.

Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are measured as described below.

Financial risk and credit management

The Group has exposure to the following risks from its use of financial instruments:

   (a)   Liquidity risk 
   (b)   Interest rate risk 

This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risks and the Group's management of capital. Further quantitative disclosures are included throughout these consolidated financial results.

The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities.

The Group Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group.

(a) Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The strategy of the Directors (outlined earlier) is designed to address the risk that the Group has insufficient liquid resources to satisfy its requirements.

(b) Interest rate risk

The Group has no floating rate loans. Thus the Group has no exposure to interest rate risk.

Capital management

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Directors monitor the return on capital, which the Group defines as net operating income divided by total shareholders' equity. The Board also monitors the level of dividends to ordinary shareholders.

From time to time the Group purchases its own shares on the market; the timing of these purchases depends on market prices. Primarily the shares are intended to be used for issuing shares under the Group's share option programme. Buy and sell decisions are made on a specific transaction basis by the Board of Directors; the Group does not have a defined share buy-back plan.

There were no changes in the Group's approach to capital management during the period.

Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.

Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

(a) Going concern basis of preparation

The Directors decision to prepare these accounts on a going concern basis is based on assumptions which are discussed above and in the business review.

Earnings per share

Basic and diluted

Earnings per share is calculated by dividing the (loss)/profit attributable to the equity holders of the Company by the weighted average number of Ordinary shares in issue during the period, excluding Ordinary shares purchased by the Company and held as treasury shares. The Company previously had one category of dilutive potential Ordinary shares: LTIP awards. These have all lapsed.

 
                                       Half year  Full year  Half year 
                                           ended      ended      ended 
                                        30.06.17   31.12.16    30.6.16 
                                         GBP'000    GBP'000    GBP'000 
-------------------------------------  ---------  ---------  --------- 
(Loss)/profit attributable to equity 
 holders of the Company (GBP'000)          (192)      (303)      (137) 
Weighted average number of shares in 
 issue                                    30,881     29,476     30,881 
(Loss)/earnings per share (pence)         (0.62)     (1.03)     (0.44) 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR SFIFMMFWSEFA

(END) Dow Jones Newswires

August 17, 2017 02:00 ET (06:00 GMT)

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