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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2396E Genosis PLC 21 September 2007 FOR IMMEDIATE RELEASE 21 SEPTEMBER 2007 GENOSIS PLC Interim Results Announcement for the six months ended 30 June 2007 Genosis PLC (AIM - GNOS), the AIM listed company, specialising in consumer products for reproductive health, announces its interim results for the six months ended 30 June 2007. Highlights * Launch in February 2007 of the Fertell ovarian reserve test on the UK high street through Alliance Boots and through www.fertell.co.uk; * Introduction of the Fertell couples test into the US market and on www.fertell.com for the first time in June 2007. CVS and Longs Drugs, two of the largest drug store chains in the US are selling the product; it is unlikely that any further major drug store chain will be selling the product this year; * PR launch campaign in the US in June 2007 was encouraging; * Initial stocking orders of about 7,000 units for the US were below expectations, and ongoing order levels since June have been disappointing, despite the start of an extensive media campaign. In the light of this, the Directors are reviewing operational plans and strategic options and an announcement will be made in due course; * Secondary financing of #2.3million (gross, before expenses of #0.1million) completed in June 2007. * Key financials: 6 months to 6 months to 12 months to 30 June 2007 30 June 2006 31 Dec 2006 #'000 #'000 #'000 Revenue 514 182 221 Gross profit/(loss) 99 (39) (80) Operating loss (1,816) (2,239) (3,954) Retained loss (1,785) (3,544) (1,921) Cash at bank 3,195 5,349 3,632 Loss per share (10.9p) (12.9p) (23.5p) (pence) For further details, please contact: Today on: Genosis Paul Bateman, Jonathan Pockson +44 (0)14 8377 4050 Buchanan Communications Lisa Baderoon / Rebecca Skye +44 (0)20 7466 5000 Dietrich Evolution Securities Tim Worlledge / Bobbie Hilliam +44 (0)20 7071 4300 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 US Food and Drug Administration (FDA) cleared OTC product that allows couples to test male and female fertility quickly and simply in the privacy of their home. US SALES AND DISTRIBUTION We commenced the US consumer launch of Fertell in June 2007. The product is being sold by CVS, the largest drug store chain in the US with over 6,000 stores across 43 states, and Longs Drugs, headquartered in California, with over 500 stores on the West Coast. Couples can also buy Fertell directly from www.fertell.com. The product launch generated good media coverage across print, television, radio and online. Notably Fertell was featured on "Good Morning America" (ABC News), "The Early Show" (CBS) and "The Big Story" (Fox News). The PR programme was complemented by an advertising campaign across print and web media. Sales to US drug store chains during the period to 30 June 2007 were 9,368 units of Fertell; this includes stocking orders of 7,336 units. During the same period, the Company sold a further 876 units from its US website. These levels of sales are disappointing given the expenditure on the ongoing media campaign. UK SALES AND DISTRIBUTION Since January 2006 Genosis has been selling Fertell in the UK and Ireland under an exclusive agreement with Alliance Boots plc ("Boots"). In February 2007 the Company announced that, in addition to the Fertell male and female fertility test, Boots would be selling Genosis' ovarian reserve test in its larger high street stores and also through www.boots.com. Both the ovarian reserve test and the couples fertility test are also sold directly from www.fertell.co.uk. Sales to Boots during the period to 30 June 2007 were 2,916 and 6,732 for the Fertell couples test and the ovarian reserve test respectively. During the same period the Company sold 326 couples tests and 156 ovarian reserve tests via its UK website. UK sales were below expectations. CURRENT TRADING AND OUTLOOK The Directors believe that the key market for the success of Fertell is the USA. Despite the extensive media campaign, US sales since June 2007 have not reached the targets set and have been disappointing. It is unlikely that Fertell will be sold in continental Europe during 2007. In the light of this information, the Directors are now reviewing their strategic options with regards the company and, in the meantime, are carrying out a review of operations so as to reduce costs in the absence of an immediate and significant impact on sales. Financials ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS") For all periods up to and including the year ended 31 December 2006, the Group prepared its financial statements in accordance with United Kingdom General Accepted Accounting Practice (UK GAAP). The Group's financial statements for the year ending 31 December 2007 will be the first annual financial statements that comply with International Financial Reporting Standards (IFRS). This financial information is therefore prepared in accordance with IFRS. All comparative information has been restated to comply with the new accounting policies adopted. The most significant change involved in the adoption of IFRS is the creation of a foreign exchange reserve as required under IAS 21 (The Effects of Changes in Foreign Exchange Rates). The change to equity arising from the introduction of IFRS is a credit of #211k as at 1 January 2006 following a fair value adjustment required under IAS 32 (Financial Instruments: Disclosure and Presentation) and IAS 39 (Financial Instruments: Recognition and measurement) and a credit of #7k as at 31 December 2006. RESULTS Group turnover in the 6 month period was #514k (6m to 30 June 2006: #182k; year to 31 Dec 2006: #221k) comprising 60% from the sale of the Fertell product to US distributors; 8% from the the US web: 28% from Boots and 4% from the UK web. The Group's gross margin for the period was 19.3%. Gross R&D expenditure was #91k (6m to 30 June 2006: #50k; year to 31 Dec 2006: #200k). Net interest expense was #6k (6m to 30 June 2006: income of #30k; year to 31 Dec 2006: income of #38k) reflecting the interest receipts of #60k (6m to 30 June 2006: #145k; year to 31 Dec 2006: #246k) on cash balances and the #66k cost (6m to 30 June 2006: #115k; year to 31 Dec 2006: #208k) of servicing the venture loan taken out on 31 March 2005. The Group has not recognised any credit in respect of potential R&D tax claims in respect of either the current period or 2006 prior to submission to and agreement by HM Revenue & Customs. Basic and diluted loss per share was 10.9p (6m to 30 June 2006: loss of 12.9p; year to 31 Dec 2006: loss of 23.5p) based on a weighted average number of shares in issue of 16,683k (6m to 30 June 2006: 15,496k; year to 31 Dec 2006: 15,496k). CASH FLOW The Group had net cash and cash equivalent outflow of #437k (6 months to 30 June 2006: #2,408k; year to 31 December 2006: #4,125k) of which the main elements were: *Cash outflow from operating activities: #2,558k (6 months to 30 June 2006: #2,335k; year to 31 December 2006: #3,946k); *Repayment of loans #238k (6 months to 30 June 2006: #187k; year to 31 December 2006: #397k); and *Cash from share issues #2,319k (6 months to 30 June 2006: #1k; year to 31 December 2006: #1k). Cash at 30 June 2007 was #3,195k (30 June 2006: #5,349k; 31 December 2006: #3,632k). Consolidated interim income statement for the 6 months ended 30 June 2007 6 months to 6 months to 12 months to Note 30 June 30 June 2006 31 Dec 2006 2007 #'000 #'000 #'000 Revenue 2 514 182 221 Cost of sales (415) (221) (301) Gross profit/(loss) 99 (39) (80) Distribution costs (833) (1,070) (1,690) Administrative expenses (631) (471) (986) Other expenses (451) (659) (1,198) Operating loss 2 (1,816) (2,239) (3,954) Interest receivable 60 145 246 Interest payable (66) (115) (208) Fair value charges - 210 211 Loss before tax (1,822) (1,999) (3,705) Income tax credit - - 60 Loss after tax (1,822) (1,999) (3,645) Loss per share Basic 4 (10.9p) (12.9p) (23.5p) Diluted 4 (10.9p) (12.9p) (23.5p) All amounts derive from continuing operations. Consolidated interim statement of changes in equity Attributable to equity holders of the group Share Share Other Retained Foreign Total capital premium reserves deficit exchange reserve #'000 #'000 #'000 #'000 #'000 #'000 At 1 January 2006 1,549 8,430 8,270 (11,126) - 7,123 Loss for the period - - - (1,999) - (1,999) Foreign currency - - - - (45) (45) translation difference Total recognised loss for - - - (1,999) (45) (2,044) the period Credit in respect of share - - - 78 - 78 option plans Issued share capital 1 - - - - 1 At 30 June 2006 1,550 8,430 8,270 (13,047) (45) 5,158 Loss for the period - - - (1,646) - (1,646) Foreign currency - - - - (16) (16) translation difference Total recognised loss for - - - (1,646) (16) (1,662) the period Credit in respect of share - - - 23 - 23 option plans At 31 December 2006 1,550 8,430 8,270 (14,670) (61) 3,519 Loss for the period - - - (1,822) - (1,822) Foreign currency - - - - (9) (9) translation difference Total recognised loss for - - - (1,822) (9) (1,831) the period Credit in respect of share - - - 37 - 37 option plans Issued share capital 1,784 535 - - - 2,319 At 30 June 2007 3,334 8,965 8,270 (16,455) (70) 4,044 Consolidated interim balance sheet as at 30 June 2007 30 June 30 June 31 Dec 2006 2007 2006 #'000 #'000 #'000 Assets Non-current assets Property, plant and equipment 148 158 153 Intangible assets 5 330 170 123 Total non-current assets 478 328 276 Current assets Inventories 593 370 373 Trade receivables 145 - 31 Other current assets 1,036 422 439 Cash and cash equivalents 3,195 5,349 3,632 Total current assets 4,969 6,141 4,475 Total assets 5,447 6,469 4,751 Equity and liabilities Equity attributable to equity holders Share capital 6 3,334 1,550 1,550 Share premium 8,965 8,430 8,430 Other reserve 8,270 8,270 8,270 Retained deficit (16,455) (13,047) (14,670) Foreign exchange reserve (70) (45) (61) Total equity 4,044 5,158 3,519 Non-current liabilities Long-term borrowings - 413 146 Total non-current liabilities - 413 146 Current liabilities Trade and other payables 952 445 539 Current portion of long-term 413 448 505 borrowings Short-term provisions 38 4 42 Other financial instruments - 1 - Total current liabilities 1,403 898 1,086 Total liabilities 1,403 1,311 1,232 Total equity and liabilities 5,447 6,469 4,751 Consolidated interim cash flow statement for the 6 months ended 30 June 2007 Note 6 months to 6 months to 12 months to 30 June 30 June 31 Dec 2006 2007 2006 #'000 #'000 #'000 Cash flows from operating activities Operating loss (1,816) (2,239) (3,954) Adjustments to reconcile operating loss to net cash flows from operating activities Depreciation 31 30 59 Amortisation 46 46 93 Share option plans 37 78 101 Foreign exchange (18) (54) (105) (1,720) (2,139) (3,806) Working capital adjustments (Increase)/decrease in trade (711) 375 327 and other receivables Increase in inventories (220) (97) (100) Increase/(decrease) in payables 163 (359) (257) (Decrease)/increase in (4) - 38 provisions Cash generated from operations (2,492) (2,220) (3,798) Interest paid (66) (115) (208) Taxation received - - 60 Net cash used in operating (2,558) (2,335) (3,946) activities Cash flows from investing activities Purchase of property, plant and (26) (32) (56) equipment Interest received 60 145 246 Net cash from investing 34 113 190 activities Cash flows from financing activities Proceeds from issue of share 2,319 1 1 capital Repayment of long-term (238) (187) (397) borrowings Net cash from/(used in) 2,081 (186) (396) financing activities Net decrease in cash (443) (2,408) (4,152) Exchange movement in cash 6 - 27 Net decrease in cash and cash (437) (2,408) (4,125) equivalents Cash and cash equivalents at 3,632 7,757 7,757 the beginning of the period Cash and cash equivalents at 3,195 5,349 3,632 the end of the period Notes to the interim financial information 1. Accounting policies Basis of preparation The consolidated interim results of Genosis PLC for the six months to 30 June 2007 have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee interpretations that have been adopted for use in the European Union, and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The interim financial information for the six months ended 30 June 2007 and comparatives are unaudited but have 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. The Group's results have previously been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) until 31 December 2006. UK GAAP differs from IFRS in a number of areas. The effect of such transition on the Group's loss, net assets and cash flows for the period to 30 June 2007 are provided in the Transition Statements in this financial information. Statutory accounts for Genosis PLC for the year to 31 December 2006, on which the auditors have given an unqualified opinion, subject to a going concern emphasis of matter paragraph, have been delivered to the Registrar of Companies. The comparative financial information for that period has been extracted from such accounts and restated to reflect IFRS adjustments. The consolidated interim financial information has been prepared under the historical cost convention except for the revaluation of certain financial instruments. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary undertakings made up to 30 June 2007. These consolidated financial statements exclude intra-group transactions and balances. Going concern The Directors believe that the key market for the success of Fertell is the USA. Despite the extensive media campaign, US sales since June 2007 have not reached the targets set and have been disappointing. The Group have an ongoing commitment to this marketing campaign in the short-term. In the light of this information, the Directors are now reviewing their strategic options with regards to the company and, in the meantime, are carrying out a review of operations so as to reduce costs in the absence of an immediate and significant impact on sales. The Directors have considered detailed profit and loss account and cash flow forecasts for different strategic options and have a reasonable expectation that the Group has adequate resources to continue as an operational business for the foreseeable future. This financial information has been prepared on the going concern basis, however, material uncertainty remains over the Group's ability to generate future sales and to reduce costs, and consequently of 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. This financial information does not contain any adjustments that would result if the company was not able to continue as a going concern. However, such adjustments might include the impairment of certain intangible, tangible and current assets. 2. Segmental reporting The Group has one line of business operating in both UK and US. 6 months to 6 months to 12 months to 30 June 30 June 31 Dec 2006 2007 2006 Restated #'000 #'000 #'000 Revenue UK 165 182 221 US 349 - - 514 182 221 Operating loss UK (1,051) (2,034) (3,241) US (765) (205) (713) (1,816) (2,239) (3,954) 3. Taxation The Group do 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 been prudent in not recognising any credit in respect of potential R&D tax claims in respect of either the current period or 2006 prior to submission to and agreement by HM Revenue & Customs. 4. Loss per share Fully diluted loss per share is calculated after showing the effect of outstanding options in issue. IAS 33 (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 dilute loss per share for any outstanding share options. The calculation of loss per share is based on the following loss and numbers of shares: 6 months to 6 months to 12 months to 30 June 30 June 31 Dec 2006 2007 2006 Restated #'000 #'000 #'000 Loss on ordinary activities after taxation and retained loss for the period (1,822) (1,999) (3,645) Weighted average number of shares ('000): For basic earnings per share 16,683 15,496 15,496 Dilutive effect of share options - - - For fully diluted earnings per 16,683 15,496 15,496 share 5. Intangible fixed assets Group Licences #'000 Cost: At 1 January 2007 285 Additions 253 At 30 June 2007 538 Amortisation: At 1 January 2007 162 Charge for period 46 At 30 June 2007 208 Net book value: At 30 June 2007 330 At 31 December 2006 123 6. Share capital AUTHORISED ISSUED Ordinary shares of Ordinary shares of #0.10 #0.10 Number Nominal Number Nominal At 31 December 2006 20,000,000 #2,000,000 15,496,556 #1,549,656 Shares issued during the 17,834,611 #1,783,461 17,842,515 #1,784,251 period At 30 June 2007 37,834,611 #3,783,461 33,339,071 #3,333,907 7,904 Ordinary shares were issued on 11 April 2007 following the exercise of certain share options at an exercise price of #0.10 per share. 17,834,611 new Ordinary shares of #0.10 per share were issued on 19 June 2007 at #0.13 per share. 7. Analysis of net funds At 1 Cash flow Exchange 30 June January movement 2007 2007 #'000 #'000 #'000 #'000 Cash at bank and in hand 3,632 (443) 6 3,195 Debt due after one year (146) 146 - - Debt due within one year (505) 92 - (413) (651) 238 - (413) Total net funds 2,981 (205) 6 2,782 8. Approval of the Interim financial information The Interim financial information was approved by the Board of Directors on 20th September 2007. TRANSITION STATEMENTS First-time adoption of International Financial Reporting Standards For all periods up to and including the year ended 31 December 2006, the Group prepared its financial statements in accordance with United Kingdom General Accepted Accounting Practice (UK GAAP). The Group's financial statements for the year ending 31 December 2007 will be the first annual financial statements that comply with International Financial Reporting Standards (IFRS). These transition statements have been prepared on the basis as set out in note 1 to the interim financial information. In preparing these financial statements, the Group has started from an opening balance sheet as at 1 January 2006, the Group's date of transition to IFRS, and made those changes in accounting policies and other restatements required by IFRS 1 (First-time adoption of International Financial Reporting Standards) for the first-time adoption. This section explains the principal adjustments made by the Group in restating its UK GAAP balance sheet as at 1 January 2006, its half year results for the period ended 30 June 2006 and its previously published UK GAAP financial statements for the year ended 31 December 2006. Notes to the transition statements Note A Under IFRS, IAS 32 (Financial Instruments: Disclosure and Presentation) and IAS 39 (Financial Instruments: Recognition and measurement) a fair value adjustment is required in respect of warrants issued. The adjustments increase the retained deficit at the transition date by #211k. As at 30 June 2006 the fair value of the warrants is #1k resulting in a credit to the income statement for the 6 months ended 30 June 2006 of #210k. At 31 December 2006 the fair value of the warrants is #345 creating a credit in the full year income statement of #211k. Note B The financial statements for the 12 months to 31 December 2006 and the 2005 comparatives were prepared in accordance with FRS 25 (Financial instruments: disclosure and presentation) as outlined in note 1 of the 2006 Annual Report. The original published 2006 Interim results were not prepared in accordance with FRS 25 but have been adjusted in the above UK GAAP restatement. The Group's loss for the 6 months to 30 June 2006 has been increased by #45k. Note C IAS 18 (Revenue) requires customer prompt settlement discount to be recognised as a reduction in revenue. This was previously shown as a finance cost. Note D Previously under UK GAAP no provision was made for short-term compensated absences, Under IFRS, a provision for accrued holiday outstanding at each period end is required. Note E Under IFRS, IAS 21 (The Effects of Changes in Foreign Exchange) the income and expenses of an overseas operation are recognised in the period using exchange rates at the transaction dates. This has resulted in adjustments of an additional #5k charge in administrative expenses and #1k credit to finance costs during the 6 months to 30 June 2006. The corresponding adjustments for the 12 months to 31 December 2006 are an additional charge of #37k in administrative expenses and #3k credit to finance costs. Further, IFRS requires any foreign currency translation differences which under UK GAAP were recognised directly in retained earnings to be held in a separate component of equity. These are now shown within a foreign exchange reserve. As at the transition date of 1st January 2006 this was set to #nil. For the 6 months to 30 June 2006 the amount is a debit to the foreign exchange reserve of #49k and for the year to 31 December 2006 a debit of #95k. Balance sheet reconciliation as at 1 January 2006 (transition date) Note UK GAAP Effect of IFRS transition to IFRS #'000 #'000 #'000 Assets Non-current assets Property, plant and equipment 156 - 156 Other intangible assets 216 - 216 Total non-current assets 372 - 372 Current assets Inventories 273 - 273 Trade receivables 71 - 71 Other current assets 726 - 726 Cash and cash equivalents 7,757 - 7,757 Total current assets 8,827 - 8,827 Total assets 9,199 - 9,199 Equity and liabilities Equity attributable to equity holders Share capital 1,549 - 1,549 Share premium 8,430 - 8,430 Other reserve 8,270 - 8,270 Retained deficit A (10,915) (211) (11,126) Total equity 7,334 (211) 7,123 Non-current liabilities Long-term borrowings 650 - 650 Total non-current liabilities 650 - 650 Current liabilities Trade and other payables 734 - 734 Current portion of long-term 398 - 398 borrowings Current tax payable 79 - 79 Short-term provisions 4 - 4 Other financial instruments A - 211 211 Total current liabilities 1,215 211 1,426 Total liabilities 1,865 211 2,076 Total equity and liabilities 9,199 - 9,199 Reconciliation of income statement for 6 months ended 30 June 2006 Note UK GAAP Effect of IFRS Restated transition (see note to IFRS #'000 #'000 #'000 Revenue C 188 (6) 182 Cost of sales (221) - (221) Gross loss (33) (6) (39) Distribution costs (1,070) - (1,070) Administrative expenses D,E (464) (7) (471) Other expenses D (646) (13) (659) Operating loss (2,213) (26) (2,239) Interest receivable 145 - 145 Interest payable C,E (122) 7 (115) Fair value charges A - 210 210 Loss before and after tax (2,190) 191 (1,999) Balance sheet reconciliation as at 30 June 2006 Note UK GAAP Effect of IFRS Restated transition (see note to IFRS B) #'000 #'000 #'000 Assets Non-current assets Property, plant and equipment 158 - 158 Other intangible assets 170 - 170 Total non-current assets 328 - 328 Current assets Inventories 370 - 370 Other current assets 422 - 422 Cash and cash equivalents 5,349 - 5,349 Total current assets 6,141 - 6,141 Total assets 6,469 - 6,469 Equity and liabilities Equity attributable to equity holders Share capital 1,550 - 1,550 Share premium 8,430 - 8,430 Other reserve 8,270 - 8,270 Retained deficit A,D,E (13,076) 29 (13,047) Foreign exchange reserve E - (45) (45) Total equity 5,174 (16) 5,158 Non-current liabilities Long-term borrowings 413 - 413 Total non-current liabilities 413 - 413 Current liabilities Trade and other payables D 430 15 445 Current portion of long-term 448 - 448 borrowings Short-term provisions 4 - 4 Other financial instruments A - 1 1 Total current liabilities 882 16 898 Total liabilities 1,295 16 1,311 Total equity and liabilities 6,469 - 6,469 Reconciliation of income statement for 12 months ended 31 December 2006 Note UK GAAP Effect of IFRS transition to IFRS #'000 #'000 #'000 Revenue C 227 (6) 221 Cost of sales (301) - (301) Gross loss (74) (6) (80) Distribution costs D,E (1,652) (38) (1,690) Administrative expenses C,D,E (992) 6 (986) Other expenses F (1,195) (3) (1,198) Operating loss (3,913) (41) (3,954) Interest receivable 246 246 Interest payable (208) (208) Fair value charges A - 211 211 Loss before tax (3,875) 170 (3,705) Income tax expense 60 - 60 Loss after tax (3,815) 170 (3,645) Balance sheet reconciliation as at 31 December 2006 Note UK GAAP Effect of IFRS transition to IFRS #'000 #'000 #'000 Assets Non-current assets Property, plant and equipment 153 - 153 Other intangible assets 123 - 123 Total non-current assets 276 - 276 Current assets Inventories 373 - 373 Trade receivables 31 - 31 Other current assets 439 - 439 Cash and cash equivalents 3,632 - 3,632 Total current assets 4,475 - 4,475 Total assets 4,751 - 4,751 Equity and liabilities Equity attributable to equity holders Share capital 1,550 - 1,550 Share premium 8,430 - 8,430 Other reserve 8,270 - 8,270 Retained deficit A,D,E (14,724) 54 (14,670) Foreign exchange reserve E - (61) (61) Total equity 3,526 (7) 3,519 Non-current liabilities Long-term borrowings 146 - 146 Total non-current liabilities 146 - 146 Current liabilities Trade and other payables D 532 7 539 Current portion of long-term 505 - 505 borrowings Short-term provisions 42 - 42 Total current liabilities 1,079 7 1,086 Total liabilities 1,225 7 1,232 Total equity and liabilities 4,751 - 4,751 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 2007 which comprises the consolidated interim income statement, the consolidated interim statement of changes in equity, the consolidated interim balance sheet, the consolidated interim cash flow statement, related notes 1 to 8 and the Transition statements. 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. First-time adoption of International Financial Reporting Standards As disclosed in note 1, the next annual financial statements of the group will be prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. Accordingly, the interim report has been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the Listing Rules that would be applicable if the company were admitted to the Official List. 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 2007. Emphasis of matter - Going concern Without qualifying our review conclusion, we draw attention to the disclosures made in note 1 of the financial information concerning the group's ability to continue as a going concern. There is a material uncertainty over the future sales and reduction of costs that are required to meet the Directors' plans. Notwithstanding the strategic options that are being considered by the Directors, this material uncertainty may cast significant doubt about the company's ability to continue as a going concern. The financial information does 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. However such adjustments might include the impairment of certain intangible, tangible and current assets. Deloitte & Touche LLP Chartered Accountants Cambridge 20th September 2007 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 is the first and currently the only OTC product on the high street that allows couples to accurately test both male and female fertility quickly and simply in the privacy of their own home. Genosis' product Fertell(R) makes the breakthrough of taking accepted technology from the laboratory into easy to use fertility testing devices for testing at home. 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 Alliance Boots, the UK's biggest healthcare retailer with more than 1200 stores nationwide. The Boots Distribution Agreement is exclusive for the UK until November 2008. 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. In the US the product is sold through CVS and Longs Drugs and also through the internet www.fertell.com. The market for Fertell(R) could potentially be quite large. There are in excess of 500 million couples of reproductive age worldwide, and approximately 1 in 7 or about 80 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.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 BCGDCCDDGGRG
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