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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Integumen Plc | LSE:SKIN | London | Ordinary Share | GB00BMGWZY29 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.00 | 28.00 | 29.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSKIN
RNS Number : 1526S
Integumen PLC
29 September 2017
29 September 2017
Integumen plc
("Integumen", the "Group" or "Company")
INTERIM RESULTS
Integumen (LSE: SKIN), the personal health care company developing and commercialising technology and products for the human integumentary system today announces its interim results for the 6 months ended 30 June 2017.
Performance Highlights
-- Completed the integration of the four acquired businesses and have continued to successfully commercialise the first series of products within skincare and oral care;
-- Launched TSPro's brand in South Korea through a strategic supply agreement with Mono Dent, a leading distributor of oral hygiene products in South Korea;
-- Received orders from reputable blue chip clients with an ever-increasing focus on the human microbiome and R&D in skincare:
o Conducted efficacy trials for La Prairie, a leading Swiss-based beauty company, which has been using Labskin, Integumen's human skin equivalent model, as a platform to test certain materials in their product range;
o Signed a Labskin evaluation order with Merck, an international developer, manufacturer and distributor of pharmaceuticals;
o Recevied an order from Galderma, a pharmaceutical subsidiary specializing in the research, development and marketing of dermatological treatments, which is a wholly-owned subsidiary of Nestlé testing of materials and formulations in their HQ in Lausanne, Switzerland.
Financial Results for the 6 months ended 30 June 2017
-- Revenues of GBP124,310 and EBITDA loss of GBP740,167 after administrative costs of GBP1,476,057, which included one-off costs of GBP274,893 associated with the Company's listing on AIM, amortization and depreciation of assets of GBP371,727 and continued investment in Visible Youth, Labskin and TSPro;
-- Operating loss of GBP1,386,787; -- As at 30 June 2017 the Group had total assets of GBP9,872,563;
-- During the period the Group raised GBP2.25m through our April flotation on AIM of the London Stock Exchange, which we are using for product development, sales & marketing and working capital;
Post Period end
-- Received a Notice of Allowance ("NOA") for the trademark "Clarogel" in the United States of America. Clarogel is an antimicrobial formulation of usnic acid which is a late stage product designed for blemish control;
-- Received NOA for Visible Youth patent in Canada, for the cosmetic composition for the treatment of skin. Visible Youth is a range of cosmeceuticals targeting the anti-ageing market;
-- Received a patent in the United States for the manufacture and sale of TS1, a tongue vacuum cleaner;
-- Signed a worldwide Patent Licence Agreement with Dr Gary Hack for his co-rights to various patents and know-how related to botulinum toxin (commonly known as Botox) treatments, dermal fillers and the "Botox Booster IP".
Hot Features
Premium
Integumen plc Declan Service, CEO + 353 (0) 87 770 5506
SPARK Advisory Partners
Limited
(Nominated Adviser) Neil Baldwin/Sean Wyndham-Quin +44 (0) 113 370 8974
-------------------------------- ----------------------------------
Turner Pope Investments
(TPI) Ltd Ben Turner/James Pope +44 (0) 20 3621 4120
-------------------------------- ----------------------------------
Cardew Group Shan Shan Willenbrock +44 (0) 20 7930 0777
David Roach mailto:integumen@cardewgroup.com
-------------------------------- ----------------------------------
Integumen Plc
Chairman's Statement
Introduction
I am pleased to report our half year results for the 6 months ended 30 June 2017, during which Integumen has undergone significant changes. The Group successfully integrated the four businesses acquired to assemble an attractive portfolio of products, technologies and associated know-how within skincare, oral care and wound care. Following our admission to trading on the AIM market of London Stock Exchange plc on 5 April 2017 from which we raised funds of GBP2.25 million, we continue to successfully commercialise the TS1 tongue sanitiser and Labskin, our human skin equivalent technology which targets the cosmetic product testing sector.
To date, approximately GBP15 million has been invested by various previous owners in developing the Group's products and technologies which are at the late stages of development, meaning the majority of risk associated with commercialisation was mitigated before we came to market. Additionally, our portfolio of products does not require traditional phases 1-4 clinical trials reducing further commercial and clinical risks.
Operational Performance
In oral care, we launched the TS1 brand in South Korea, a country with approximately 20,000 dental surgeries and a growing market driven by medical tourism and cosmetic dental surgery. During the period, we signed a strategic supply agreement with Mono Dent, a leading distributor of oral hygiene products to dental surgeries and dental universities in the country, for an initial term of three years. The agreement provides Mono Dent with the exclusive rights to distribute three products under the TS1 brand within South Korea; a disposable tongue vacuum cleaner for professional use in the dental surgery, a tongue gel and a handle which turns the tongue vacuum cleaner into a tongue cleanser for home-use. As part of the exclusive agreement, Mono Dent committed to a sales and marketing strategy for TS1 to penetrate further the South Korean market, with an initial delivery of 49,000 units
Demand from blue chip clients with an increasing focus on the human microbiome and R&D in skincare, has driven sales in Labskin during the period. Integumen signed three orders during the period. La Prairie, a leading Swiss-based beauty company, placed orders for Integumen to conduct efficacy trials, using Labskin as the platform to test certain materials in their product range.
Since the EU ban on testing of cosmetics on animals, the Company has become ideally positioned to take advantage of the fact that human skin equivalents like Labskin are being increasingly used by developers operating in the dermatology space such as La Prairie.
Similarly, Merck, the international developer, manufacturer and distributor of pharmaceuticals, signed an evaluation order with Integumen for its Labskin human skin equivalent model, and Galderma, the pharmaceutical subsidiary specializing in the research, development and marketing of dermatological treatments, which is a wholly-owned subsidiary of Nestlé, ordered Labskin for testing materials and formulations in their HQ in Lausanne, Switzerland.
The Company continues to develop products that will target consumers in the skincare market. These products are in the late stages of development with Visible Youth, a premium cosmeceutical for the anti-ageing market, planned for launch in 2018; Clarogel, an over-the-counter cosmetic product for the treatment of blemishes, planned for commercialisation in 2019; and Wound pHase, a chronic wound diagnostic tool, and Hydrogel, a material used for the treatment of wounds, both scheduled for launch in 2020.
Since the period end, the Company was pleased to announce that it received a NOA for its base Visible Youth patent in Canada, for the cosmetic composition for the treatment of skin. These compositions include the combination of Hyaluronic acid and bioactive glass powder which form the basis of Integumen's line of Visible Youth products, a range of cosmeceuticals targeting the anti-ageing market. We also announced that we have received a NOA for the trademark of "Clarogel" in the United States of America, an anti-microbial formulation of usnic acid which is a late stage product designed for blemish control.
Since the period end, we also received a patent in the United States for the manufacture and sale of TS1, a tongue vacuum cleaner, and signed a worldwide Patent Licence Agreement with Dr Gary Hack for his co-rights to various patents and know-how related to enhancing and extending the cosmetic benefits of botulinum toxin (commonly known as Botox) treatments as well as dermal fillers and rosacea known as the "Botox Booster IP".
Outlook
The Board and senior management team are enthusiastic about the medium to long-term prospects of Integumen, which is a young company operating in markets that provide us with significant opportunities to sell our portfolio of quality products, and we look forward to updating shareholders as we progress on this exciting journey.
Tony Richardson
Chairman 29 September 2017
Integumen Plc
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 June 2017
Unaudited
6 months Unaudited Audited
ended 6 months ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
----------------------------------- ------------ ---------------- -------------
Revenue 124,310 27,315 52,062
Costs of sales (35,040) (44,337) (62,716)
----------------------------------- ------------ ---------------- -------------
Gross (loss)/profit 89,270 (17,022) (10,654)
Administrative Costs (1,476,057) (518,857) (1,207,488)
Deemed reverse acquisition costs - - 141,064
Operating loss (1,386,787) (535,879) (1,077,078) ----------------------------------- ------------ ---------------- ------------- Depreciation 31,972 17,005 33,747 Amortisation 339,755 26,742 85,214 Exceptional items 274,893 - 184,916 EBITDA before exceptional items (740,167) (492,132) (773,201) ----------------------------------- ------------ ---------------- ------------- Finance costs (18,689) (2,698) (17,523) Loss before income tax (1,405,476) (538,577) (1,094,601) Income tax credit 26,946 47,129 48,440 ----------------------------------- ------------ ---------------- ------------- Loss for the period (1,378,530) (491,448) (1,046,161) ----------------------------------- ------------ ---------------- ------------- Other comprehensive income ----------------------------------- ------------ ---------------- ------------- Currency translation differences (164,475) (22,543) (20,657) ----------------------------------- ------------ ---------------- ------------- Total comprehensive loss for the period (1,543,005) (513,991) (1,066,818) ----------------------------------- ------------ ---------------- ------------- Loss per share attributable to owners of the parent during the period Basic and diluted loss per ordinary share 1.1p 1.4p 2.6p ------------------------------------------- ----- ----- -----
Integumen Plc
Consolidated Statement of Financial Position
As at 30 June 2017
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
-------------------------------- --- ------------ ------------ -------------
Assets
Non-current assets
Intangible assets 8,711,850 583,424 4,558,194
Property, plant and equipment 281,023 104,459 87,601
Investments in subsidiaries - - -
Loan to subsidiary undertaking - - -
Total non-current assets 8,992,873 687,883 4,645,795
------------------------------------- ------------ ------------ -------------
Current assets
Inventories 12,803 8,854 11,203
Trade and other receivables 354,946 270,967 309,129
Cash and cash equivalents 511,941 46,201 30,039
------------------------------------- ------------ ------------ -------------
Total current assets 879,690 326,022 350,371
------------------------------------- ------------ ------------ -------------
Total assets 9,872,563 1,013,905 4,996,166
------------------------------------- ------------ ------------ -------------
Equity attributable to owners
Share capital 1,658,602 194 7,365,324
Share premium account 1,750,537 745,645 -
Retained loss (3,291,170) (1,357,926) (1,912,639)
Foreign currency reserve (185,132) (22,543) (20,657)
Reverse acquisition reserve (2,843,135) - (2,843,135)
Capital redemption reserve 9,519,063 - -
Share based equity reserve 7,857 - -
------------------------------------- ------------ ------------ -------------
Total equity 6,616,622 (634,630) 2,588,893
------------------------------------- ------------ ------------ -------------
Liabilities
Non-current liabilities
Deferred tax liabilities 847,413 - 93,069
Borrowings 636,113 32,240 667,024
Total non-current liabilities 1,483,526 32,240 760,093
------------------------------------- ------------ ------------ -------------
Current liabilities
Trade and other payables 1,368,969 1,586,534 1,445,407
Deferred tax liabilities 97,296 - 10,486
Borrowings 306,149 29,761 191,287
Total current liabilities 1,772,414 1,616,295 1,647,180
------------------------------------- ------------ ------------ -------------
Total liabilities 3,255,941 1,648,535 2,407,273
------------------------------------- ------------ ------------ -------------
Total equity and liabilities 9,872,563 1,013,905 4,996,166
------------------------------------- ------------ ------------ -------------
Integumen Plc
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash Flow from operating activities
---------------------------------------------- ------ ------------ ---------- -------------
Cash (used in)/generated from operations (1,503,070) 52,009 (975,267)
Taxation - 47,129 6,930
Interest paid (18,689) (2,698) (17,523)
Net cash (used in)/generated from
operating activities (1,521,759) 96,440 (985,860)
------------------------------------------------------ ------------ ---------- -------------
Cash flow from investing activities
Payments to acquire intangibles (51,788) (70,391) (945,032)
Purchase of property, plant and equipment - (1,604) (1,604)
Payments to acquire subsidiary undertakings (63,150) - -
Net cash used in investing activities (114,938) (71,995) (946,636)
------------------------------------------------------ ------------ ---------- -------------
Cash flow from financing activities
Proceeds from issuance of ordinary
shares 2,208,553 - 1,144,468
New loans - - 858,402
Repayment of loans (76,133) - -
Capital element of finance lease (12,271) - (24,542)
Repayments on borrowings (1,551) (1,400) (38,949)
Net cash generated by financing activities 2,118,598 (1,400) 1,939,379
------------------------------------------------------ ------------ ---------- -------------
Net increase/ (decrease) in cash
and cash equivalents 481,901 23,045 6,883
Cash and cash equivalents at beginning
of period 30,039 23,156 23,156
Cash and cash equivalents at end
of period 511,941 46,201 30,039
------------------------------------------------------ ------------ ---------- -------------
Integumen Plc
Consolidated Statement of Changes in Shareholders' Equity
Capital Share
Group Foreign Reverse redemption based
Share Share Retained currency acquisition reserve equity
capital premium earnings reserve reserve reserve Total
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------
At 1 January
2016 194 745,645 (866,478) - - - - (120,639)
--------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------
Changes in
equity
for the 6
months
ended 30 June
2016
Loss for the
period - - (491,448) - - - - (491,448)
Currency
translation
differences - - - (22,543) - - - (22,543)
--------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Total comprehensive loss for the year - - (491,448) (22,543) - - - (513,991) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ At 30 June 2016 194 745,645 (1,357,926) (22,543) - - - (634,630) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Changes in equity for the 6 months ended 31 December 2016 Loss for the period - - (554,713) - - - - (554,713) Currency translation differences - - - 1,886 - - - 1,886 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Total comprehensive loss for the year - - (554,713) 1,886 - - - (552,827) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Transactions with the owners Shares issued during the year 7,365,400 1,144,392 - - - - - 8,509,792 Reverse acquisition arising (270) (1,890,037) - - (2,843,135) - - (4,733,442) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Total contributions by and distributions to owners 7,365,130 (745,645) - - (2,843,135) - - 3,776,350 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ At 31 December 2016 7,365,324 - (1,912,639) (20,657) (2,843,135) - - 2,588,893 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Changes in equity for the 6 months ended 30 June 2017 Loss for the period - - (1,378,530) - - - - (1,378,530) Currency translation differences - - - (164,475) - - - (164,475) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Total comprehensive loss for the year - - (1,378,530) (164,475) - - - (1,543,005) --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Transactions with the owners Shares issued during the period 3,812,341 1,832,000 - - - - - 5,644,341 Commission on Share Issue (81,463) - - - - - (81,463) Cancelled Shares (9,519,063) - - - - 9,519,063 - - Share option based charge - - - - - - 7,857 7,857 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ Total contributions by and distributions to owners 3,812,341 1,750,537 - - - 7,857 5,570,735 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------ At 30 June 2017 1,658,602 1,750,537 (3,291,170) (185,132) (2,843,135) 9,519,063 7,857 6,616,622 --------------- ------------ -------------------- ------------ ---------- ------------ ----------- -------- ------------
Integumen Plc
Notes to the Financial Statements
For the 6 months ended 30 June 2017
1. General information
Integumen Plc is a company incorporated in England and Wales. The Company is a public limited company admitted to trading on the AIM market of the London Stock Exchange since 5 April 2017. The address of the registered office is Sand Hutton Applied Innovation Campus, Sand Hutton, York, North Yorkshire, YO41 1LZ.
The principal activity of the Group is that of developing technologies in the skin industry. The Group has a presence in the UK, Ireland and Germany.
The financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Group's trading companies operate.
The registered number of the Company is 10205396.
2. Basis of preperation
The financial information in these interim results is that of the holding company and all of its subsidiaries. It has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted for use in the EU (IFRSs). The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2016 and which will form the basis of the 2017 financial statements except for a number of new and amended standards which have become effective since the beginning of the previous financial year. These new and amended standards are not expected to materially affect the Group.
The financial information presented herein does not constitute full statutory accounts under Section 434 of the Companies Act 2006 and was not subject to a formal review by the auditors. The financial information in respect of the year ended 31 December 2016 has been extracted from the statutory accounts which have been delivered to the Registrar of Companies. The Group's Independent Auditor's report on those accounts was unqualified, did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial information for the half years ended 30 June 2017 and 30 June 2016 is unaudited and the twelve months to 31 December 2016 is audited.
3. Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary and associated undertakings. Subsidiaries are all entities over which the Group has the power to govern their financial and operating policies generally accompanying a shareholding of more than fifty per cent of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in the comprehensive income with a corresponding adjustment in the carrying amount of the investment.
(a) Acquisition accounting
The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.
Integumen Plc
Notes to the Financial Statements (continued)
For the 6 months ended 30 June 2017
On an acquisition by acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
Investments in subsidiaries are accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
(b) Reverse acquisition accounting
The acquisition of Innovenn UK Limited and its subsidiary by Integumen Plc on 17 November 2016 has been accounted using the principles of reverse acquisition accounting. Although the Group financial statements have been prepared in the name of the legal parent, Integumen Plc, they are in substance a continuation of the consolidated financial statements of the legal subsidiary, Innovenn UK Limited. The following accounting treatment has been applied in respect of the reverse accounting:
The assets and liabilities of the legal subsidiary, Innovenn UK Limited are recognised and measured in the Group financial statements at the pre-combination carrying amounts, without restatement of fair value. The retained earnings and other equity balances recognised in the Group financial statements reflect the retained earnings and other equity balances of Innovenn UK Limited immediately before the business combination and the results of the period from 1 January 2014 to the date of the business combination are those of Innovenn UK Limited. However, the equity structure appearing in the Group financial statements reflects the equity structure of the legal parent, Integumen Plc, including the equity instruments issued in order to effect the business combination.
The Group's comparative figures for the 6 months ended 30 June 2016 presented in these financial statements are therefore the consolidated numbers of Innovenn UK Limited.
4. Exceptional items
Included within administrative expenses are exceptional items as shown below:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
--------------------------------------------- ---------- ---------- -------------
Exceptional items include:
- Transaction costs relating to listing and
business acquisition 274,893 - 325,980
- Deemed credit on reverse acquisition - - (141,064)
--------------------------------------------- ---------- ---------- -------------
Total exceptional items 274,893 - 184,916
--------------------------------------------- ---------- ---------- -------------
Integumen Plc
Notes to the Financial Statements (continued)
For the 6 months ended 30 June 2017
5. Loss per share
(a) Basic
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
Loss attributable to owners of the parent GBP1,378,530 GBP491,448 GBP1,046,161
Weighted average number of Ordinary Shares
in issue 124,221,627 34,839,803 40,584,133
-------------------------------------------- ------------- ----------- -------------
Basic loss per share 1.1p 1.4p 2.6p
-------------------------------------------- ------------- ----------- -------------
(b) Diluted
There were no dilutive potential ordinary shares in issue at the period end.
6. Dividends
There were no dividends paid or proposed by the Company.
7. Intangible fixed assets
Group Development Costs
and Intellectual
Property Rights Total
GBP GBP
---------------------------------------------- ------------------ -----------
Cost
At 1 January 2017 4,689,566 4,689,566
On acquisition of subsidiary 4,600,649 4,600,649
Additions(1) 51,788 51,788
Exchange differences (164,081) (164,081)
At 30 June 2017 9,177,922 9,177,922
---------------------------------------------- ------------------ -----------
Amortisation
At 1 January 2017 131,372 131,372
Charge for the year 339,755 339,755
Exchange differences (5,054) (5,054)
At 30 June 2017 466,073 466,073
---------------------------------------------- ------------------ -----------
Net book value
At 31 December 2016 4,588,194 4,588,194
---------------------------------------------- ------------------ -----------
At 30 June 2017 8,711,850 8,711,850
---------------------------------------------- ------------------ -----------
(1) Additions are development costs capitalised during the period
Integumen Plc
Notes to the Financial Statements (continued)
For the 6 months ended 30 June 2017
8. Deferred income tax
Deferred tax liabilities
Deferred tax balances were as follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
----------------------------------------------- ---------- ---------- -------------
Deferred tax liability to be recovered after
more than one year 847,413 - 93,069
Deferred tax liability to be recovered within
one year 97,296 - 10,486
----------------------------------------------- ---------- ---------- -------------
944,709 - 103,555
----------------------------------------------- ---------- ---------- -------------
Deferred tax liabilities were made up as
follows:
Accelerated tax depreciation 944,709 - 103,555
----------------------------------------------- ---------- ---------- -------------
944,709 - 103,555
----------------------------------------------- ---------- ---------- -------------
The movement on the deferred income tax account is as follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
-------------------------------- ---------- ---------- -------------
Balance at beginning of period 103,555 - -
On acquisition of subsidiary 868,100 - 104,866
Income statement movement (26,946) - (1,311)
-------------------------------- ---------- ---------- -------------
944,709 - 103,555
-------------------------------- ---------- ---------- -------------
9. Share capital
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
---------------------------------------- ---------- ---------- -------------
7,365,324 Ordinary shares of GBP1 each - - 7,365,324
194 ordinary shares GBP1 each - 194 -
165,860,248 Ordinary shares of 1p each 1,658,602 - -
Total 1,658,602 194 7,365,324
---------------------------------------- ---------- ---------- -------------
Integumen Plc
Notes to the Financial Statements (continued)
For the 6 months ended 30 June 2017
The Group's comparative figures for share capital for the 6 months ended 30 June 2016 presented in these financial statements are the consolidated numbers of Innovenn UK Limited.
During the period ended 30 June 2017, the following changes to the company's share capital took place:
- On 24 March 2017, the Company issued 3,354,325 ordinary shares of GBP1 to acquire the shares in TSPro GmbH.
- On 24 March 2017, the Company issued 16 ordinary shares of GBP1 to certain shareholders of the company.
- On 24 March 2017, each ordinary existing share of GBP1 was sub-divided into one deferred share of 84.32p and one ordinary share of 15.68p. Each ordinary share of 15.68p was then subdivided into 56 ordinary shares of 1.4p each for every 5 in issue, and all of the deferred shares were cancelled and extinguished. Each ordinary share of 1.4p was then sub-divided into 1 ordinary share of 1p each and 1 deferred share of 0.4p, and all of the deferred shares were cancelled and extinguished.
- On 5 April 2017, the Company's ordinary shares of 1p each were admitted to trading on the AIM market of London Stock Exchange plc with ISIN number GB00BYWJ6269. On Admission the Company issued 45,000,000 ordinary shares of 1p each at a placing price of 5p per ordinary share raising a total of GBP2.25 million.
- On 11 April 2017, the Company issued 800,000 ordinary shares of 1p each.
As at 30 June 2017, the Company had an issued share capital of 165,860,248 ordinary shares of 1p each.
10. Post balance sheet events
There have been no significant events affecting the company since the period-end
11. Availability of announcement
A copy of this announcement is available from the Company's website, being www.integumenplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EASNPALAXEFF
(END) Dow Jones Newswires
September 29, 2017 02:00 ET (06:00 GMT)
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