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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Genosis | LSE:GNOS | London | Ordinary Share | GB00B0NVFD79 | ORD 10P |
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% | 1.125 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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05/1/2007 10:51 | Carclo(CAR) manufacture the kit for them - they represent a safer play on GNOS success IMO and have a number of interesting irons in the fire. Good announcement though this morning. G. | garth | |
05/1/2007 10:30 | no, but it looks a little gem in the making, dont like the spread at mo tho!! | jilldi | |
05/1/2007 10:29 | Keeping a distant eye on it. Lost a reasonable chunk early 2006 before selling. Still sounds like it might have more of a business in countries that charge for healthcare (i.e. the USA). Will wait for better news having had my fingers burnt once already. | devbod | |
13/9/2006 11:36 | Lyceeuk Please EDIT the post 2453 on GPC from this morning to remove its content. "Boite Mobile - 13 Sep'06 - 09:31 - 2463 of 2464 edit "lyceeuk - 13 Sep'06 - 07:15 - 2454 - sorry wrong comp"" | boite mobile | |
13/9/2006 07:11 | Interim Results RNS Number:8643I Genosis PLC 13 September 2006 FOR IMMEDIATE RELEASE 13 September 2006 GENOSIS PLC Interim Results Announcement for the 6 months ended 30 June 2006 Genosis PLC ("Genosis" or the "Company"; RIC code - GNOS), a UK company focusing on consumer products for reproductive health, announces its interim results for the 6 months ended 30 June 2006. Highlights * Introduction of Fertell on the UK high street in January 2006 through The Boots Company ("Boots"); * Internet sales through Genosis' own website www.fertell.co.uk commenced Q2 2006; * 5,184 units sold to Boots and 96 units sold through www.fertell.co.uk; * Establishment of sales and marketing team in the USA and acceptance of Fertell by the American Pregnancy Association; * Key financials: - Operating loss of #2.21M (6 months to 30 June 2005 #1.39M; year to 31 Dec 2005 #2.92M) - Net cash position at 30 June 2006 #4.40M. Commenting on the results, Paul Bateman, CEO of Genosis said: "The 6 months ended 30 June 2006 have been a challenging period for the Company with initial sales in the UK being lower than expected. Nevertheless, we are delighted that Fertell is now available in the UK and Ireland and look forward to its introduction into the key United States market." Genosis' retail partner in the UK and Ireland, Boots, has commented as follows: "Boots remain strongly committed to Fertell and view it as a key opportunity within its family planning category. In addition to stocking the Fertell couples test, Boots intends to distribute a female only version of Fertell that will be launched in January 2007. We believe Fertell will continue to be an integral part of our women's health offering." The American Pregnancy Association, a national health organization committed to promoting reproductive and pregnancy wellness through education, research, advocacy, and community awareness, has accepted Fertell as follows: "The American Pregnancy Association's Acceptance of Fertell is based on its finding that Fertell is useful for couples seeking information about key elements of their fertility. The APA believes that early screening at home can be beneficial in moving forward in your attempts to conceive." For further details, please contact: Today on: Genosis Joe Blaker, Chairman +44 (0)20 7466 5000 Paul Bateman, CEO Buchanan Communications Lisa Baderoon / Rebecca Skye +44 (0)20 7466 5000 Dietrich Evolution Securities Tim Worlledge / Gina Gibson +44 (0)20 7071 4300 Meetings with analysts are being arranged through Buchanan Communications (details above). The presentation will be available on www.genosis.com later today. ____________________ Commercial and operations THE FERTELL PRODUCT The Company's fertility product, Fertell, provides what the Directors believe to be the first and currently the only OTC product that allows couples to test accurately both male and female fertility quickly and simply in the privacy of their own home by using established laboratory procedures that have been converted into consumer products. DISTRIBUTION THROUGH BOOTS Genosis has an agreement with The Boots Company PLC ("Boots") for the sale of Fertell in the UK and Ireland. Boots launched Fertell in January 2006 and quickly expanded the number of stores in which it is available and also rolled the product out to the Republic of Ireland. Sales to Boots during the period to 30 June 2006 were 5,184 units of Fertell. Boots has commented as follows: "Boots remain strongly committed to Fertell and view it as a key opportunity within its family planning category. In addition to stocking the Fertell couples test, Boots intends to distribute a female only version of Fertell that will be launched in January 2007. We believe Fertell will continue to be an integral part of our women's health offering." DIRECT SALES THROUGH THE INTERNET Genosis launched its own internet sales of Fertell through www.fertell.co.uk in March 2006. Sales through that channel are modest with 96 units having been sold in the 6 months ended 30 June 2006. INTERNATIONAL EXPANSION The Directors believe the key market for the success of Fertell is the USA. Consequently, they have established a sales and marketing presence in the USA and are discussing distribution options with a number of US retail chains. The aim is to establish Fertell as a primary tool for conception in this market. To this end, the Directors are working on engaging the target consumer with compelling communication, to win over key consumer influencers and to secure convenient and logical distribution. Genosis will begin to inform the US medical community of its pending consumer launch of Fertell at the meeting of the American Society of Reproductive Medicine on 21 October 2006. The American Pregnancy Association, a national health organization committed to promoting reproductive and pregnancy wellness through education, research, advocacy, and community awareness, has accepted Fertell as follows: "The American Pregnancy Association's Acceptance of Fertell is based on its finding that Fertell is useful for couples seeking information about key elements of their fertility. The APA believes that early screening at home can be beneficial in moving forward in your attempts to conceive." THE GENOSIS TEAM The team has been expanded by the addition of 5 new employees, including 2 sales and marketing individuals in the USA. At 30 June 2006 the number of employees represented 13.3 FTEs (excluding non-executive Directors). CURRENT TRADING AND OUTLOOK Genosis is working closely with Boots in order to commercialise Fertell within the UK and Ireland. Boots continues to be committed to the Fertell couples test and in addition is seeking to carry a female-only Fertell test (i.e. the existing test for women, sold separately from the male test) which is proposed to be launched in January 2007. The Company has recently undertaken market research through an independent agency in order to refine the positioning of its Fertell product, to improve the "hooks to purchase" and to understand demand for the separate male or female products rather than for the kit of combined products. It is undertaking similar work in the USA ahead of its planned product launch there, recognising the differences between the US and the UK markets. In light of the recent research findings, the Company has redesigned its product website www.fertell.co.uk and is working on improving its profile to search engines in the fertility area. In order to focus its resources on the USA and the UK, the Directors have resolved not to enter mainland European or other markets for the time being. The Directors now believe that, given the state of negotiations with various potential partners, the Company is unlikely to achieve sales of Fertell outside the UK and Ireland during calendar year 2006. The level of sales achieved so far has led the Directors to defer completion of further automation of production which it had initiated with Mikron. It is intended that this would be reactivated as required once further sales partnerships are established. Financials RESULTS Group turnover in the 6 month period was #0.19 million (6 months to 30 June 2005: #nil; year to 31 Dec 2005: #0.22 million) comprising 96.5% from the sale of the Fertell product to Boots and 3.5% from the sale of Fertell over the www.fertell.co.uk website. The Group's gross margin for the period was (17.5%). The margin reflects the relatively high costs of initial manufacturing runs and the write-off of obsolete components and finished product. Gross R&D expenditure was #0.05 million (6 months to 30 June 2005: #0.27 million; year to 31 Dec 2005: #0.58 million). Net interest income was #0.07 million (6 months to 30 June 2005: net interest expense of #0.10 million; year to 31 Dec 2005: net interest expense of #0.22 million) reflecting particularly the interest receipts of #0.14 million (6 months to 30 June 2005: #0.02 million; year to 31 Dec 2005: #0.07 million) on cash balances and the costs #0.07 million (6 months to 30 June 2005: #0.05 million; year to 31 Dec 2005: #0.14 million) of servicing the venture loan taken out on 31 March 2005. The Directors have, on a prudent basis, not recognised any credit in respect of potential R&D tax claims in respect of either the current period or 2005 which may arise following agreement by HM Revenue & Customs. Basic and diluted loss per share was 13.8p (6 months to 30 June 2005: loss of 72.3p; year to 31 Dec 2005: loss of 109.8p) based on a weighted average number of shares in issue of 15.50 million (6 months to 30 June 2005: 2.06 million; year to 31 Dec 2005: 2.86 million). CASH FLOW The Group had net cash outflow of #2.40 million (6 months to 30 June 2005: cash inflow #1.22 million; year to 31 December 2005: cash inflow #7.58 million) of which the main elements were: *Cash outflow from operating activities: #2.21 million (6 months to 30 June 2005: #0.75 million; year to 31 December 2005: #2.73 million); *Acquisition of fixed assets: #0.03 million (6 months to 30 June 2005: #0.35 million; year to 31 December 2005: #0.44 million, including acquisition of intangible fixed assets #0.29 million in March 2005); *Net repayment of loans: #0.23 million (6 months to 30 June 2005: net drawdown of #2.09 million; year to 31 December 2005: net drawdown of #1.18 million); and *Cash from share issues: #0.00 million (relating in this period only to the exercise of options), (6 months to 30 June 2005: #0.33 million; year to 31 December 2005: #9.74 million). Working capital decreased from a level of #7.53 million at 31 December 2005 to a level of #5.20 million at 30 June 2006. CASH AND NET FUNDS PER SHARE Cash at 30 June 2006 was #5.35 million (30 June 2005: #1.40 million; 31 December 2005: #7.76 million) and net funds were #4.40 million (30 June 2005: net debt of #0.69 million; 31 December 2005: #6.58 million). Net funds per share at 30 June 2006 on an undiluted basis were 28.4p (30 June 2005: deficit #34,588; 31 December 2005: 42.5p). On a diluted basis (i.e. assuming the exercise of options with an exercise price below the net funds per share), net funds per share were 27.6p (30 June 2005: deficit #34,588); 31 December 2005: 41.1p (see note 10). Cash on 31 August 2006 was #4.6 million, corresponding to net funds of #3.8 million and net funds per share of 24.3p (23.7p diluted). EXCHANGE RATES The #/$ exchange rate for translation of the results was #1 = $1.8369 (6 months to 30 June 2005 $1.7935; year to 31 December 2005 $1.7214). The Group has no forward exchange contracts. RESTATEMENT OF 2005 RESULTS The results of 2005 have been restated to reflect the Group's adoption of Financial Reporting Standard 20 "Share-based payment" (FRS 20) during the current period. The amount of the restatement is set out in note 1. Consolidated profit and loss account for the 6 months ended 30 June 2006 6m to 6m to 12m to Note 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Turnover 188,017 - 219,240 Cost of sales (220,957) - (135,484) ___________ __________ ___________ Gross profit (32,940) - 83,756 Selling expenses (1,070,339) - (630,809) Manufacturing (593,438) (60,678) (368,850) Research and development (52,688) (274,527) (579,450) Administrative expenses (463,709) (1,056,163) (1,426,584) ___________ __________ ___________ Operating expenses (2,180,174) (1,391,368) (3,005,693) ___________ __________ ___________ Operating loss (2,213,114) (1,391,368) (2,921,937) Interest receivable and similar 144,707 22,107 74,858 income Interest payable and similar (76,367) (119,184) (296,086) charges ___________ __________ ___________ Loss on ordinary activities before and after taxation, being retained loss for the (2,144,774) (1,488,445) (3,143,165) period ___________ __________ ___________ Loss per share Basic 5 (13.8p) (72.3p) (109.8p) Diluted 5 (13.8p) (72.3p) (109.8p) ___________ __________ ___________ All amounts derive from continuing operations. Consolidated statement of total recognised gains and losses for the 6 months ended 30 June 2006 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Loss for the period (2,144,774) (1,488,445) (3,143,165) Foreign currency translation (49,087) (197,339) (317,484) difference Credit in respect of share 77,986 149,858 356,545 option plans ___________ __________ ___________ Total recognised loss for the (2,115,875) (1,535,926) (3,104,104) period ___________ __________ ___________ Consolidated balance sheet as at 30 June 2006 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Fixed assets Tangible fixed assets 158,315 99,320 155,938 Intangible fixed assets 169,734 262,316 216,020 _________ _________ _________ 328,049 361,636 371,958 Current assets Stock and work in progress 370,044 249,967 273,164 Debtors 422,103 264,544 796,983 Cash at bank and in hand 5,348,778 1,398,531 7,757,227 _________ _________ _________ 6,140,925 1,913,042 8,827,374 Creditors: amounts falling due within one year (944,334) (1,377,272) (1,293,392) _________ _________ _________ Net current assets 5,196,591 535,770 7,533,982 _________ _________ _________ Total assets less current 5,524,640 897,406 7,905,940 liabilities Creditors: amounts falling due (431,178) (1,639,043) (696,256) after more than a year Provisions for liabilities (3,760) - (4,385) _________ _________ _________ Net assets/(liabilities) 5,089,702 (741,637) 7,205,299 _________ _________ _________ Capital and reserves Called up share capital 6 1,549,656 58,663 1,549,378 Share premium account 7 8,430,162 8,675,361 8,430,162 Other reserve 7 8,269,598 - 8,269,598 Profit and loss account 7 (13,159,714) (9,475,661) (11,043,839) _________ _________ _________ Equity shareholders' funds/ 7 5,089,702 (741,637) 7,205,299 (deficit) _________ _________ _________ Consolidated cash flow statement for the 6 months ended 30 June 2006 Note 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Net cash outflow from 8 (2,208,681) (753,294) (2,733,713) operating activities ___________ ___________ ___________ Returns on investments and 9 68,340 (97,077) (221,228) servicing of finance Taxation 9 - - 65,596 Capital expenditure and 9 (31,763) (349,168) (444,138) financial investment ___________ ___________ ___________ Net cash outflow before (2,172,104) (1,199,539) (3,333,483) financing Financing 9 (232,647) 2,420,465 10,912,997 ___________ ___________ ___________ (Decrease)/increase in cash in (2,404,751) 1,220,926 7,579,514 the period Reconciliation of net cash flow to movement in net funds/(debt) for the 6 months ended 30 June 2006 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # (Decrease)/increase in cash in (2,404,751) 1,220,926 7,579,514 the period Cash outflow/(inflow) from 232,927 (2,090,309) (1,177,665) change in debt financing ___________ ___________ ___________ Change in net funds/(debt) (2,171,824) (869,383) 6,401,849 resulting from cash flows ___________ ___________ ___________ Other non cash movements - 1,607,750 1,675,090 Exchange movement (3,698) (110,428) (177,660) ___________ ___________ ___________ Movement in net funds/(debt) (2,175,522) 627,939 7,899,279 in the period Net funds/(debt) at start of 6,579,562 (1,319,717) (1,319,717) period ___________ ___________ ___________ Net funds/(debt) at end of 10 4,404,040 (691,778) 6,579,562 period ___________ ___________ ___________ 1. Nature of financial information The interim financial information for the six months ended 30 June 2006 is unaudited but has been reviewed by the auditors and their report is set out at the end of this statement. These interim accounts do not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for Genosis PLC for the period from incorporation on 1 March 2005 to 31 December 2005, on which the auditors have given an unqualified opinion (and which did not contain statements under 237(2) of the Companies Act 1985 (regarding adequacy of accounting records and returns) or under section 237 (3) (regarding provision of necessary information and explanations)) have been delivered to the Registrar of Companies. The comparative financial information for that period has been extracted from such accounts, these have been restated to reflect the adoption of Financial Reporting Standard 20 "Share-based payment" (FRS 20), see below. Audited accounts for the three companies within the Genosis Group (Genosis PLC, Genosis (UK) Limited and Genosis, Inc.) for the period of 6 months to June 2005 (or, in the case of Genosis PLC, the period from incorporation on 1 March 2005 to 30 June 2005) were prepared in connection with the admission of the Company's share capital to listing on 2 December 2005. The auditors' opinion on such accounts was unqualified and did not contain statements under 237(2) of the Companies Act 1985 (regarding adequacy of accounting records and returns) or under section 237(3) (regarding provision of necessary information and explanations). Such accounts do not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and have not been submitted to the Registrar of Companies. The comparative information for the 6 months ended 30 June 2005 has been prepared from these individual company accounts, except for the restatement made in respect of the Group's adoption of FRS 20 during the current period. The consolidation has not been audited and correspondingly the comparative information is shown as unaudited. The consolidated interim financial information has been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting and financial reporting standards. The accounting policies are the same as those set out in the financial statements of Genosis PLC for the year ended 31 December 2005 with the exception of the adoption of FRS 20. The Group's accounting policy for share based payments is to recognise as an expense the fair value of the employee services received in exchange for the grant of share options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. The charge recognised in the profit and loss account for the period from this treatment is #77,986 (6 months to 30 June 2005 #149,858; year to 31 December 2005 #365,545). The credit in respect of the share option plans has been recognised in the statement of total recognised gains and losses. 2. Going concern The Board has identified specific risks of the business including: * One product - Genosis currently has only the Fertell product and its future depends on its ability to commercialise that product. * Dependence on retail partners - Genosis is dependent on its ability to attract and service major retail partners and to secure partnerships on acceptable terms. While Genosis has secured Boots as its retail partner within the UK and Ireland, it has not yet secured retail or distribution partners outside this territory and is aware that its own internet sales are unlikely to be sufficient to ensure commercial success. * Uncertainty of market acceptance - Fertell has been on the market for less than a year. * Novelty of product - Fertell is a novel product and commercial success relies on effective communication of the product utility to the consumer and to healthcare providers and advisers. * Competitors - The Board believes that the Company's intellectual property represents a strong barrier to competition. However competitors may arise in the market place which may impact Genosis' market. The Board also believes that customers may not be able to distinguish readily between different product categories in the area of human fertility. * Dependence on supply by third parties - Genosis' business depends on products and services provided by third parties. If there is any interruption to the products or services provided by those third parties, or it turns out that those products and services are not as scaleable as anticipated, or at all, or there are problems maintaining quality standards and delivering product to specification and at acceptable cost, or there are problems in upgrading such products or services, the Group may be unable to find adequate replacement services on a timely basis, or at all. * Limited resource - while the Directors believe that the funds available to Genosis will meet the Group's current funding requirements, there is no assurance that, if further equity or other funding were required, it would be available in the future on acceptable terms. The consolidated interim financial information has been prepared on the going concern basis. Given the risks identified above, the Directors have considered detailed profit and loss account and cash flow forecasts and have a reasonable expectation that the Group has adequate resources to continue as an operational business for the foreseeable future. However, the level of sales to date give rise to a material uncertainty over the future sales that are required to meet the Directors' plans and consequently the ability of the Group to continue as a going concern. Therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Should the level of future sales required to meet the Directors' plans not materialise then the Directors would intend to seek further finance and review the forecast levels of expenditure as appropriate. In order to improve the potential for success, the Board has decided to focus particularly on its entry into the USA, the world's biggest potential market, as well as continuing to sell within the UK, its home market. It is using independent market research and external marketing specialists in order to ensure that its messages are effective to gain market acceptance and to reduce the potential for customer confusion between product categories. It is also working to ensure that its cash resource is used effectively. 3. Corporate restructuring During 2005 the Group carried out a corporate restructuring that put a UK company as the holding company for the companies in existence up to that point: Genosis, Inc. and its wholly owned subsidiary Genosis (UK) Ltd. Due to the fact that the transactions involved represented a group reconstruction as defined by FRS6 "Acquisitions and mergers" rather than an acquisition of a business, the restructuring has been accounted for using merger accounting principles in accordance with UK Generally Accepted Accounting Principles ("UK GAAP"). The use of merger accounting requires the consolidated comparatives to be restated to a position as if the Group had been in existence throughout. Share capital and reserves in the prior period consolidated balance sheet have been restated. Differences between these amounts and also the difference between the nominal value of the shares issued as consideration and the nominal value of the shares of Genosis, Inc. held by Genosis PLC have been reflected in a separate reserve. 4. Taxation The Group does not expect to generate any taxable profits in the year; as such no charge for taxation has been recognised in the current period's profit and loss account. The Directors have, on a prudent basis, not recognised any credit in respect of potential R&D tax claims in respect of either the current period or 2005 which may arise following agreement by HM Revenue & Customs. 5. Loss per share In accordance with FRS 22, " Earnings per share" the loss per share has been stated as if the share capital including the subdivision of shares in September 2005 had been organised in this way since incorporation. Fully diluted loss per share is calculated after showing the effect of outstanding options in issue. FRS 22 "Earnings per Share" requires presentation of diluted earnings per share. When a company could be called upon to issue shares that would decrease net profit or increase net loss per share these potential shares are treated as dilutive. Only options that are 'in the money' are treated as potentially dilutive, however net loss per share would not be increased by the exercise of these options. Therefore no adjustment has been made to diluted loss per share for any outstanding share options. The calculation of loss per share is based on the following loss and numbers of shares: 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Loss on ordinary activities after taxation and retained loss for the period (2,144,774) (1,488,445) (3,143,165) ___________ ___________ ___________ Weighted average number of shares ('000): For basic earnings per share 15,497 2,059 2,862 Dilutive effect of share options - - - ___________ ___________ ___________ For fully diluted earnings per 15,497 2,059 2,862 share ___________ ___________ ___________ 6. Share capital AUTHORISED ISSUED Ordinary shares of #1 Ordinary shares of #1 Number Nominal Number Nominal On incorporation on 1 March 50,000 #50,000 2 #2 2005 At 30 June 2005 2 #2 2 #2 _________ _________ _________ ________ Preferred Shares of #1 Preferred Shares of #1 On incorporation on 1 March - - - - 2005 At 30 June 2005 49,998 #49,998 49,998 #12,499 (quarter paid up) _________ _________ _________ ________ During the period between 30 June 2005 and 31 December 2005: * Each #1 share was subdivided into 10 shares of #0.10 each; * Further Ordinary Shares, A Preference Shares and B Preference Shares were issued on the acquisition of Genosis, Inc.; * Further Ordinary Shares were issued as a result of the exercise of share options and through the subscription of cash; * The Preferred Shares were redeemed; and * On the admission of the Company's Ordinary Shares to AIM further Ordinary Shares were issued and the authorised and issued Preferred Shares, A Preference Shares and B Preference Shares were redesignated as Ordinary Shares. AUTHORISED ISSUED Ordinary shares of Ordinary shares of #0.10 #0.10 ____________________ Number Nominal Number Nominal At 31 December 2005 20,000,000 #2,000,000 15,493,780 #1,549,378 Shares issued during period 2,776 #278 on exercise of options At 30 June 2006 20,000,000 #2,000,000 15,496,556 #1,549,656 __________ __________ __________ __________ 7. Reconciliation of movements in shareholders' funds/(deficit) Group 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Opening shareholders' funds/ 7,205,299 (3,093,460) (3,093,460) (deficit) Issue of share capital 278 3,887,749 13,984,065 Loss for the period (2,144,774) (1,488,445) (3,143,165) Exchange adjustment (49,087) (197,339) (317,484) Share option plans 77,986 149,858 356,545 Acquisition of Genosis, Inc. - - (581,202) ___________ ___________ ___________ Closing shareholders' funds/ 5,089,702 (741,637) 7,205,299 (deficit) ___________ ___________ ___________ 8. Reconciliation of operating loss to operating cash flows 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Operating loss (2,213,114) (1,391,368) (2,921,937) Depreciation 29,386 40,930 79,282 Amortisation 46,286 23,146 69,442 Share option plan charges 77,986 149,858 356,545 Increase in stock (96,880) (249,967) (273,164) Decrease/(increase) in debtors 375,774 (146,183) (781,718) (Decrease)/increase in creditors (372,254) 775,622 661,586 (Decrease)/increase in provisions (625) - 4,385 Foreign exchange (55,240) 44,668 71,866 ___________ ___________ ___________ Net cash outflow from operating (2,208,681) (753,294) (2,733,713) activities ___________ ___________ ___________ 9. Analysis of cash flows for headings netted in the cash flow statement 6m to 6m to 12m to 30 June 30 June 31 Dec 2005 2006 2005 Restated # # # Returns on investment and servicing of finance Interest received 144,707 22,107 74,858 Interest paid (76,367) (119,184) (296,086) __________ __________ __________ Net cash inflow/(outflow) for 68,340 (97,077) (221,228) returns on investment and servicing of finance __________ __________ __________ Taxation UK corporation tax receipt - - 65,596 __________ __________ __________ Capital expenditure and financial investment Purchase of tangible fixed assets (31,763) (63,706) (158,676) Purchase of intangible fixed assets - (285,462) (285,462) __________ __________ __________ Net cash outflow for capital (31,763) (349,168) (444,138) expenditure and financial investment __________ __________ __________ Financing Issue of ordinary share capital 278 330,156 9,735,332 Issue of redeemable preference - - 12,499 shares Redemption of redeemable shares - - (12,499) Debt due within one year - net 32,152 451,266 481,409 loans drawn down Debt due beyond one year - net (265,077) 1,639,043 696,256 loans (repaid)/drawn down __________ __________ __________ Net cash (outflow)/inflow from (232,647) 2,420,465 10,912,997 financing __________ __________ __________ 10. Net funds per share 30 June 30 June 31 Dec 2005 2006 2005 Restated Number of shares: Issued Ordinary Shares 15,496,556 20 15,493,780 "In the money" options: Options with exercise price #0.10 643,280 - 646,056 Options with exercise price 57,876 - 57,876 #0.10687 __________ __________ __________ Number including "in the money" 16,197,712 20 16,197,712 options __________ __________ __________ # # # Net funds/(debt) at end of period 4,404,040 (691,778) 6,579,562 Exercise monies for "in the money" 70,713 - 70,791 options __________ __________ __________ Net funds per share - undiluted 28.4p (#34,589) 42.5p Net funds per share - diluted 27.6p (#34,589) 41.1p __________ __________ __________ The net funds per share (undiluted) is calculated by dividing the number of Ordinary Shares in issue into the net funds. The net funds per share (diluted) is calculated by (i) assuming the exercise of all outstanding "in the money" options (those with an exercise price less than or equal to the uniluted net funds per share) so that net funds are increased by the aggregate of the exercise monies and (ii) dividing the total resulting number of Ordinary Shares into the net funds as so increased. 11. Approval of the Interim financial information The Interim financial information was approved by the Board of Directors on 12 September 2006. INDEPENDENT REVIEW REPORT TO GENOSIS PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2006 which comprises the consolidated profit and loss account, the consolidated statement of total recognised gains and losses, the consolidated balance sheet, the consolidated cash flow statement, reconciliation of net cash flow to movement in net funds and related notes 1 to 11. 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 International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. 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 six months ended 30 June 2006. Emphasis of matter - Going concern Without qualifying our review conclusion, we draw attention to the disclosures made in note 2 of the financial statements concerning the group's ability to continue as a going concern. The level of sales to date gives rise to a material uncertainty over the future sales that are required to meet the Directors' plans. This, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern as it is not practicable to determine or quantify them. Deloitte & Touche LLP Chartered Accountants Cambridge 12 September 2006 NOTES TO EDITORS Genosis is a consumer products company focused on reproductive health. Genosis' first product Fertell(R), an at-home fertility testing kit for men and women, went on sale in the UK in January 2006. Fertell(R) was designed and developed by Genosis and the Directors believe that it is the first and currently the only OTC product that allows couples to test accurately both male and female fertility quickly and simply in the privacy of their own home by using established laboratory procedures that have been converted into consumer products. Fertell(R) is easy to use. The woman's test is used in a similar way to a pregnancy test but, unlike any other test that is available for use at home, it assesses the quality of the egg she releases. For the male test, the man has to produce a sample, push a button and twist a switch and, in just over an hour, the test will show him if he has enough motile sperm that can swim to reach an egg (based on WHO standards). Fertell(R) has been through clinical trials in the UK and the US and has been shown to be more than 95% accurate when compared with established laboratory tests run in fertility clinics. Fertell(R) has been cleared for sale in the US by the FDA and has received CE marking for sale in Europe. The Company's first retail distribution agreement is with Boots, the UK's biggest healthcare retailer with more than 1200 stores nationwide. The Boots Distribution Agreement is exclusive for the UK for three years. Boots sells Fertell(R) through its high street branches in the UK and the Republic of Ireland and through the internet. The Fertell(R) kit is also available through Genosis' own website, www.fertell.co.uk. The potential market for Fertell(R) is estimated to be in excess of US $500 million per annum (Western Europe, North America and Japan). There are in excess of 500 million couples of reproductive age worldwide, and approximately 1 in 7 or c80 million have problems conceiving. There is a significant increase in the industrialised world in the number of women deferring childbearing until after 30. This has a marked effect on fertility. Although male factor infertility is the single most common cause of infertility, the key prognostic indicator of a couple's fertility is the age of the female partner, with fertility rates, upon treatments such as IVF, halving between the ages of 30 and 38. In the UK, couples most frequently turn to their medical providers for assistance, but typically are advised to wait and try to conceive for a further period of up to 12 months before returning for tests and treatment. The key benefit of Fertell(R) is that it allows men and women to assess their fertility status in the privacy of their own home and, the earlier couples can identify whether a problem exists, the earlier they can seek treatment and the more likely they are to conceive. www.genosis.com www.fertell.co.uk - E N D S - This information is provided by RNS The company news service from the London Stock Exchange END IR BIGDCLXBGGLD | lyceeuk | |
22/6/2006 10:57 | Nice 25K BUY and another....someone's confident:-) | pre | |
22/6/2006 09:18 | pre - as already pointed out, US launch will cost money, and maybe more than they currently have. The flags will fly only when (if) profits come from it. The current board badly misread the UK prospects, so the market will be very wary. Actually, I've no wish to knock this share: I got the prospectus and nearly bought some around the 100p mark. I'm just much relieved I never bit. | jonwig | |
22/6/2006 09:10 | Jonwig - the fall does look overdone here...if US launch takes off then these could be great news for GNOS...i wonder if the directors are not giving too much away at this stage. We'll soon find out:-) | pre | |
22/6/2006 09:08 | "We know no reason for the fall...." LOL | garth | |
22/6/2006 09:08 | The RNS is a bit naive, to be charitable. The share price fall is a prolonged reaction to the trading statement to which they have nothing to add. The fact that it's now trading below net cash may be down to a forced seller or two, of course. | jonwig | |
22/6/2006 08:57 | Looks like some buying interest building up here...heading back up. RNS issued today by directors. | pre | |
21/6/2006 20:11 | I suspect that if they can manage to survive to launch into the US they might experience a bit of a recovery. In europe there is no incentive not to just go see your doctor (other than convenience but its a big issue so people will make time). In the US there is a bill to pay. It could be cheaper to do a private test first to establish if (and which) partner has a problem. If they really do need more cash to do a US launch I don't see how they'll raise it :( | devbod | |
21/6/2006 18:26 | Not the way they are going, expect sub 5p sooner than later, they need at least £15 million to break into USA, cannot belief they can raise this on performance so far , this will be taken out for a couple of pence | jotoha1 | |
21/6/2006 15:59 | can this recover ? | sven2006 | |
21/6/2006 13:57 | Massive destruction of shareholder value over such a short period of time. One product company who appear to have done insufficient market research. My interest is via Carclo - who manufacture the units. Therefore have a vested interest in them being successful. | garth | |
21/6/2006 13:32 | Bruce, after your success with GOC (well done, and which I quite missed out on - doh!) I'll welcome your input here. Who knows, an asset play at some stage? | jonwig | |
21/6/2006 13:01 | Well there goes the reason for the significant fall in the shareprice today. Someone sold 227k shares at 10p. At the current mid-price there does not appear to be much investor appetite for these so expect the shares to drift closer to that 10p sell price over the coming days/weeks. If the seller has still not finished offloading who knows where these could end up. Jon - cash of £5 million at 31 May 2006 was announced in AGM and trading update on 8th June. Personally feel that there is only limited value in Genesis at current levels. May be interested as a speculative gamble on the technology at prices sub-10p. Will just watch and wait for the time being... BTG | bruce the goldfish | |
21/6/2006 12:43 | The market for this product is USA, the Americans will love it, well I hope they do as I've lost a fortune on this one and it's got to the point now where it's not worth even thinking about selling, there's virtually nothing left. Best regards Z | zapherz | |
21/6/2006 12:02 | Agree the kit looks expensive - also how do you react once you get your result - if it is 'negative' surely you then have to proceed to more 'clincal' testing anyway for confirmation. I cannot help but think that for a childless couple infertility is a very serious issue an not likely to be left to a self-administerd test to confirm either way. Seems like a clever product that has not captured the support of the buying public - also that price!!!!! | dixi | |
21/6/2006 11:57 | Bruce, interesting post. I gave up on the idea of buying these after the online sales figures and Boots' decision about further orders. I imagine much of the recent high cash burn was connected with automating the production. If so it shouldn't recur at the same rate. However, trying to push into the US will itself incur high costs. A pity - nice concept, but commercially looks beaten. I haven't checked the figures but you quote cash of £5m. The MCap is around £3m, so there might be some potential there...? | jonwig | |
21/6/2006 11:41 | I must admit I like the concept of the fertell product, however, I do have a couple of serious concerns:- - cash has fallen from £7.76 million at 31 Dec 2005 to only £5 million at 31 May 2006. This gives a cash burn of £2.76 million in just 5 months as the company has commercially scaled-up. Therefore, assuming current cash outflows remain constant the company had 9 months worth of cash left at 31 May 2006, which is very worrying - even more so given that Boots are not likely to place any further orders in the near future and online sales have been more than dissapointing. - the kits sell for £80 to the end customer, however, Genosis sells into Boots at £35 per kit (2005 revenue of £219,240 divided by the 6,264 kits delivered in 2005 prior to the official lauch in Jan 2006). Boots therefore have a mark-up on cost of circa 130% which is quite significant. I cant help but feel that the £79.99 cost of a fertell kit is overpriced and putting off consumers. In my opinion I believe a price closer to £49.99 would capture a significantly bigger market and make it more commercially viable. However, it is likely that Boots would still not be willing to pay the £35 per kit they have paid in the past if the existing retail price was lowered. It has been quiet on here for a while but I would be interested to hear the opinions of others... BTG | bruce the goldfish | |
08/6/2006 16:02 | Gentlemen With the world Cup coming up thought you might find this site interesting found them on the BBC website. They are offering £100.00 of FREE BETS and £76.00 CASH BACK with people like Coral, Totalbet and sportingodds, basically they give you 50% of their commission for introducing you if you open an account with the bookmaker. I am hoping that the free bets I have placed on the world cup might help me make back some of my loses from RIFT and IOT. | aglanv2 |
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