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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Mdy Healthcare | LSE:MDY | London | Ordinary Share | GB00B1VJNC59 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMMDY
RNS Number : 4046J
MDY Healthcare PLC
30 June 2011
MDY Healthcare plc
Half year results
30 June 2011: MDY Healthcare plc ("MDY Healthcare" or the "Company"), the strategic investor in healthcare companies, today announces its half year results for the six months ended 31 March 2011.
Financial Highlights
-- Total investments valued at GBP6.42 million (30 September 2010: GBP7.31 million) with cash and cash equivalents of GBP0.46 million (30 September 2010: GBP0.28 million).
-- Consolidated net asset value per share as at 31 March 2011 of 32p (30 September 2010: 35p).
-- Valuation of strategic private investments, Medivance and Stanmore, conservatively maintained at cost, with both demonstrating revenue growth and encouraging commercial progress.
-- GBP750,000 raised for the Company comprising GBP150,000 via a subscription for ordinary shares and GBP600,000 via a partial divestment of the holding in Stanmore.
-- Liquid resources strengthened after 31 March 2011 by a loan facility of up to GBP150,000 from a major shareholder.
-- Monthly costs further reduced and agreement in principle to assign five year office lease.
Portfolio Highlights
-- Sole focus on strategic investments in Medivance and Stanmore and keeping operating costs to a minimum.
-- Medivance continues to make excellent progress, achieving 27 quarters of revenue growth in the past 29 quarters (unaudited) and is well placed to deliver value for MDY shareholders.
-- Stanmore achieved revenues of approximately GBP6.1 million (unaudited) for 12 months ended 31 December 2010and is targeting revenues of GBP7.5 million for 12 months to December 2011.
-- Stanmore recently received FDA marketing approval of its juvenile tumour system predicted by Stanmore to be a significant sales channel with a growing level of interest in the USA.
-- Heads of terms agreed to sell the Trust William business for a nominal consideration and end MDY Healthcare's obligation to fund that business.
Grahame Cook, Chairman, said:
"The Company has completed its planned cost reduction programme with agreement in principle to assign our onerous office lease. We are now committed to realising the value in the Company's two successful investments, Medivance and Stanmore. Costs have been cut to a minimum and a working capital loan obtained to give us sufficient time to realise these investments. Our objective is to realise concrete value for our shareholders over the next 12 months."
For further information, please contact:
MDY Healthcare plc Grahame Cook, Chairman +44 (0) 207 647 1800 grahame.cook@MDYhealthcare.com Zeus Capital Limited (Nomad)
Ross Andrews, Andrew Jones + 44 (0) 0161 831 1512
MDY Healthcare intends to publish its half year results for the six months ended 31 March 2011 on its website today. When available, shareholders will be able to download the results at www.mdyhealthcare.com.
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing company quoted on AIM (ticker symbol: MDY). The Company seeks to achieve superior returns for shareholders by investing globally in companies across the healthcare sector. The directors have significant operational and investment experience in the sector. Further information can be found on the website www.mdyhealthcare.com.
MDY Healthcare plc
Chairman's review
Overview
The directors of the Company are focused on supporting the Company's two strategic assets, Medivance and Stanmore, and ensuring that the Company's liquid resources are sufficient to sustain the Company's operations until appropriate exits are achieved from these investments delivering value to shareholders.
Over the last six months, Stanmore and Medivance have continued to make good commercial advances and promising developments in their respective innovative devices, details of which we include below. Medivance has in particular continued to achieve outstanding revenue growth since our first investment in December 2006.
During and after the period end, the directors have executed the Company's planned cost reduction program ensuring that the level of fixed costs is appropriate in the context of the value of the Company's investments and liquid resources. Total administration expenses were GBP0.46 million compared to GBP0.64 million for the corresponding period in 2010. The Company expects materially to reduce its ongoing monthly head office costs by agreeing in principle after the period end to a conditional assignment of the lease of the Company's head office and relocation into smaller serviced offices. Further details of the proposed lease assignment are set out below. The benefit of the decrease in head office costs is expected to be reflected in the Company's half year results for the six months ending 31 March 2012.
During the period, the Company raised funds by issuing new shares in a placing to one of the Company's existing major shareholders and by divesting part of the Company's shareholding in Stanmore, raising GBP150,000 and GBP600,000 respectively.
In November 2010, the Company sold 600,000 A Preferred shares in SIW Holdings Limited ("Stanmore") to Alan MacKay, a former director of the Company, for a total cash consideration of GBP600,000. The Board considered it necessary to divest part of the Stanmore investment to increase the Company's liquid resources and the Company was able to divest these shares at the cost of the original investment.
In December 2010, the Company raised GBP150,000 through a subscription of 810,810 new ordinary shares by Bronsstadet AB, a company wholly owned by Mr Peter Gyllenhammar, one of MDY Healthcare's existing major shareholders. The shares issued in the placing represented 4.75% of the Company's enlarged issued ordinary share capital and were allotted to Bronsstadet for cash at a price of 18.5 pence per share, being the mid price of an ordinary share of the Company at the close of business on the date of the placing.
After the period end, in June 2011, the Company strengthened its liquid resources by securing a loan facility of up to GBP150,000 from a related party, Bronsstadet AB referred to above. Pursuant to the terms of the facility agreement, Bronsstadet has agreed to make available to the Company a revolving credit facility of up to GBP150,000 for a 364 day term. Interest shall accrue on any advance under the facility at the rate of 8% per annum. Amounts drawdown under the facility may be repaid or re-borrowed during the term of the facility at the option of the Company. Amounts may become repayable earlier in the event of the divestment by the Company of certain of its investments.
Investment strategy and policies
During the period, the Company did not make any new investments. The Company continues to manage its key private strategic investments with a view to delivering value to MDY Healthcare shareholders as the investment portfolio matures and appropriate exits from the investments are achieved.
Strategic portfolio review
The Company has two key strategic investments, Stanmore and Medivance, both of which are private and are valued at the cost of the relevant investment, representing the respective fair values. Despite there being good evidence of commercial progress and revenue growth, we are taking a cautious approach towards any upwards revaluations of these two investments at this stage due to general economic conditions.
Medivance, Inc ("Medivance")
Medivance, the Colorado-based leader in the emerging field of therapeutic temperature management, continues to make excellent progress.
Medivance's patented, FDA-approved Arctic Sun(R) device is now used in approximately seventeen of the top twenty US hospital heart programs and fourteen of the top twenty US neurology programs (as defined by the US News and World 2010 American Best Hospital Report). In addition, it is also being increasingly adopted by smaller teaching and community hospitals. International adoption of Arctic Sun(R) continues in Europe, Asia and Australia. Medivance has now achieved twenty seven quarters of revenue growth in the past twenty nine quarters and is targeting continued growth in 2011. Since we first invested in December 2006, Medivance's worldwide annual revenues have increased approximately sevenfold. Medivance had worldwide consolidated revenues of US $29 million (unaudited) for the year ended 31 December 2010.
We have invested approximately $6 million in Medivance through a series of investments. Our last investment (led by affiliates of Black Rock, the US investment management company) was in June 2009 when we invested a further $1 million in an $8.9 million Series E fundraising in newly issued equity in Medivance. We hold around 9.4% of the fully-diluted equity and have decided to maintain the value in US dollar terms. Given the movement of the US dollar to sterling exchange rate over the period, this values our holding at GBP4.0 million as at 31 March 2011.
SIW Holdings Limited ("Stanmore")
Stanmore has performed well since our investment in March 2008. The directors of Stanmore anticipate revenues of GBP7.5 million (unaudited) for the 12 months to December 2011 and consider the outlook for future sales growth through both existing and new customers to be positive.
MDY Healthcare acquired 3,000,000 A Preferred shares (approximately 18% of the issued share capital of Stanmore on a fully diluted basis as at 30 September 2010) in March 2008. As at 30 September 2010, the investment was valued at cost representing the fair value. Following the disposal of 600,000 A Preferred Shares in Stanmore in November 2010, as described above, MDY Healthcare holds approximately 14.5% of the issued share capital of Stanmore.
Growth continues to be driven by an increased take up of the METS (modular endoprosthetic tumour system) product range and a growing increase in sales of the non-invasive Juvenile Tumour Systems. Stanmore has seen an increase in demand from the UK along with continued good growth in exports, particularly to France, Greece, Hong Kong, India and Australia, with sales now in 15 countries. Stanmore has recently received FDA marketing approval of the Juvenile Tumour system and this is predicted by Stanmore to be a significant sales channel with a growing level of interest from surgeons in the USA.
The acquisition of the assets of the Acrobot Company Ltd in 2010 continues to provide benefits to Stanmore in patient specific solutions with computer aided navigation. The patient specific knee and hip project continues to be on target for a 2011 launch, starting with the knee in Q3.
Stanmore continues to expand its skilled workforce, re-branding its marketing activities and developing a new global electronic communication system to support the work of surgeons. This innovative "online design" system allows UK based implant designers and overseas surgeons to communicate both verbally and visually and it continues to be a major source of competitive advantage that will help to drive further export sales.
Stanmore continues to make encouraging progress with ITAP, its innovative device for directly attaching prosthetic devices to the skeleton of amputees. The ITAP implant is being developed for a wide-range of applications including upper and lower limb, digits and craniofacial prostheses. The Transfemoral ITAP trial continues at the Royal National Orthopaedic Hospital in Stanmore. ITAP has attracted significant interest from several institutions both in the UK and overseas in relation to exploiting the commercial possibilities for this technology.
Trust William Limited ("Trust William")
In the Company's results for the reporting period ended 30 September 2010, the Company announced that as regards Trust William, the online retailer of natural healthcare products, a provision had been made against the loan to Trust William. Following the completion of a strategic review of Trust William, the Company has entered into non-binding heads of terms with a view to disposing of the Trust William business, for a nominal consideration, and ending MDY Healthcare's obligation to fund that business.
Financial review
At 31 March 2011 per the unaudited interim financial results for the reporting period, MDY Healthcare's total investments (current and non-current) were valued at GBP6.42 million (30 September 2010: GBP7.31 million). Cash and cash equivalents increased to GBP0.46 million (30 September 2010: GBP0.28 million) following the issue of GBP0.15 million in new share capital and the realisation of certain investments from the Company's portfolio. As referred to above, after the period end in June 2011, the Company strengthened its liquid resources by securing a loan facility of up to GBP150,000. Net asset value per share as at 31 March 2011 was GBP0.32 (30 September 2010: GBP0.35).
Revenue for the period was GBP66,000 (2010: GBP104,000), and the net loss for the period reduced to GBP0.55 million (2010: GBP0.66 million) following the implementation of further cost saving initiatives. Loss per share reduced to (3.26) pence per share from (4.06) pence per share in the corresponding period in 2010.
During the period, the Company has sold further listed and unlisted investments and raised additional equity, together resulting in cash receipts to the Company of GBP0.98 million. The Company will consider a number of options in the next twelve months to ensure that the Company has sufficient liquid resources, including continuing to reduce costs, where possible and seeking to make partial divestments of assets, if necessary.
After the period end, the Company has agreed in principle to a conditional assignment of the lease of its head office, which has a five year unexpired term, subject to execution of final documents, receipt of landlord's consent and payment by the Company of an exit premium of GBP150,000. Upon completion of the assignment the Company expects to receive repayment of its existing lease deposit of GBP103,000, resulting in a net cash outflow on completion of GBP47,000 plus associated advisory costs in connection with the assignment.
As part of the consideration for the acquisition of healthcare investments in 2009, MDY Healthcare issued to 3i Group plc ("3i") a related party, GBP1,587,842 fixed rate unsecured loan notes (the "Loan Notes"). The Loan Notes were originally redeemable as to 50% on 31 December 2011 however, 3i have agreed to defer repayment of this amount to 31 March 2012. The remaining 50% of the Loan Notes is to be redeemed on 31 December 2012. The Loan Notes may become repayable earlier in the event of the divestment by the Company of certain of its investments. The Company may, at its election, redeem the Loan Notes (in whole or in part) at any time on notice.
Until the Loan Notes are redeemed or cancelled in accordance with their terms and conditions, interest will accrue on the principal amount of Loan Notes at the rate of 8% per annum. After the period end, 3i has agreed that the quarterly payment of interest due 30 June 2011 under the Loan Notes and all further interest accruing up until (but excluding) 31 March 2012, shall not be payable quarterly but be rolled up and become payable to 3i on the earlier of 31 March 2012 or the date upon which the Loan Notes become otherwise due and payable in accordance with their terms (as amended).
Conclusion and outlook
The Company has completed its planned cost reduction programme with agreement in principle to assign our onerous office lease. We are now committed to realising the value in the Company's two successful investments, Medivance and Stanmore. Costs have been cut to a minimum and a working capital loan obtained to give us sufficient time to realise these investments. Our objective is to realise concrete value for our shareholders over the next 12 months.
Grahame Cook
Chairman
MDY Healthcare plc
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2011
Unaudited Unaudited restated Audited year six months six months ended 30 to 31 March to 31 March September Notes 2011 2010 2010 GBP000 GBP000 GBP000 Group revenue 2 66 104 136 Cost of sales (30) (64) (100) Gross Profit 36 40 36 Administrative expenses (455) (639) (2,196) Other operating income 7 16 70 Other operating expense (72) (28) (1,439) Results from operating activities (484) (611) (3,529) Finance expense (63) (91) (206) Finance income 1 42 105 ------------------------- ------ ------------- ------------- ------------- Net finance (expense)/income (62) (49) (101) ------------------------- ------ ------------- ------------- ------------- Loss before tax (546) (660) (3,630) Income tax expense - - - Loss for the period (546) (660) (3,630) ------------------------- ------ ------------- ------------- ------------- Other comprehensive income for the period, net of income tax Total comprehensive income for the period (546) (660) (3,630) Loss and total comprehensive income attributable to: - Equity shareholders of parent (546) (660) (3,630) Loss for the period (546) (660) (3,630) Basic and diluted loss per share 3 (3.26)p (4.06)p (22.31)p ------------------------- ------ ------------- ------------- -------------
MDY Healthcare plc
Consolidated Statement of Changes in Equity
For the six months ended 31 March 2011
Issued Share Profit Share share premium and loss Other option capital account account reserves reserve Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Balance at 1 October 2008 6,999 101,419 (120,137) 22,993 - 11,274 Total comprehensive income for the period Loss for the period - - (1,729) - - (1,729) Other comprehensive income Net change in fair value of available-for-sale financial assets - - (560) - - (560) Transactions with owners recorded directly in equity Issue of ordinary shares 16 396 - - - 412 -------------------- -------- -------- ---------- --------- -------- -------- Balance at 30 September 2009 7,015 101,815 (122,426) 22,993 - 9,397 Total comprehensive income for the period Loss for the period - - (3,630) - - (3,630) -------------------- -------- -------- ---------- --------- -------- -------- Balance at 30 September 2010 7,015 101,815 (126,056) 22,993 - 5,767 Transactions with owners recorded directly in equity Issue of ordinary shares 8 142 - - - 150 Total comprehensive income for the period Loss for the period - - (546) - - (546) Movement in share option reserve - - - - 45 45 -------------------- -------- -------- ---------- --------- -------- -------- Balance at 31 March 2011 7,023 101,957 (126,602) 22,993 45 5,416 -------------------- -------- -------- ---------- --------- -------- --------
MDY Healthcare plc
Consolidated Statement of Financial Position
As at 31 March 2011
Unaudited Unaudited restated Audited as at as at as at 31 March 31 March 30 September Notes 2011 2010 2010 GBP000 GBP000 GBP000 Assets Non-current assets Intangible assets 34 82 58 Property, plant and equipment 45 61 50 Investments 4 6,406 7,993 7,078 Total non-current assets 6,485 8,136 7,186 ------------------------------ ------ ---------- ---------- -------------- Current assets Investments 4 11 1,340 231 Inventory - goods for resale 17 16 15 Trade and other receivables 142 549 190 Cash and cash equivalents 5 458 458 284 Total current assets 628 2,363 720 ------------------------------ ------ ---------- ---------- -------------- Total assets 7,113 10,499 7,906 ------------------------------ ------ ---------- ---------- -------------- Liabilities Non-current liabilities Loan note 794 1,588 1,588 Total non-current liabilities 794 1,588 1,588 ------------------------------ ------ ---------- ---------- -------------- Current liabilities Trade and other payables 109 174 551 Loan note 794 - - Total current liabilities 903 174 551 ------------------------------ ------ ---------- ---------- -------------- Total liabilities 1,697 1,762 2,139 ------------------------------ ------ ---------- ---------- -------------- Net assets 5,416 8,737 5,767 ------------------------------ ------ ---------- ---------- -------------- Equity Issued capital 7,023 7,015 7,015 Share premium 101,957 101,815 101,815 Other reserves 22,993 22,993 22,993 Share option reserve 45 - - Retained earnings (126,602) (123,086) (126,056) ------------------------------ ------ ---------- ---------- -------------- Total equity 5,416 8,737 5,767 ------------------------------ ------ ---------- ---------- --------------
MDY Healthcare plc
Consolidated Statement of Cash Flows
For the six months ended 31 March 2011
Unaudited Unaudited restated Audited six months six months year ended to 31 March to 31 March 30 September 2011 2010 2010 GBP000 GBP000 GBP000 Cash flows from operating activities Loss for the reporting period (546) (660) (3,630) Adjustments for: Depreciation and amortisation 35 32 68 Net change in fair value of financial assets through the statement of comprehensive income 65 (135) 1,369 Movement in share option reserve 45 - - Interest receivable (1) (42) (105) Operating loss before changes in working capital and provisions (402) (805) (2,298) -------------------------------- ------------- ------------- -------------- Increase in inventory (2) (4) (3) Decrease/(increase) in trade and other receivables 48 (83) 276 (Decrease)/increase in trade and other payables (442) (43) 334 Cash (used)/generated by operations (396) (130) 607 -------------------------------- ------------- ------------- -------------- Net cash outflow from operating activities (798) (935) (1,691) -------------------------------- ------------- ------------- -------------- Cash flows from investing activities Interest received 1 42 105 Acquisition of intangible assets (6) (15) (15) Acquisitions property, plant and equipment (1) (1) (1) Proceeds from the sale of investments 828 236 755 -------------------------------- ------------- ------------- -------------- Net cash inflow from investing activities 822 262 844 -------------------------------- ------------- ------------- -------------- Cash flows from financing activities Proceeds from the issue of share capital 150 - - -------------------------------- ------------- ------------- -------------- Net cash inflow from financing activities 150 - - -------------------------------- ------------- ------------- -------------- Net increase/(decrease) in cash and cash equivalents 174 (673) (847) Cash and cash equivalents at 1 October 284 1,131 1,131 -------------------------------- ------------- ------------- -------------- Cash and cash equivalents at the end of the period 458 458 284 -------------------------------- ------------- ------------- --------------
MDY Healthcare plc
Notes to the half year results (unaudited) for the reporting period ended 31 March 2011
1. Accounting policies
Reporting Entity
MDY Healthcare plc (the 'Company') is a Public Limited Company (traded on AIM) incorporated in and domiciled in the United Kingdom. The address of the Company's registered office is 23 Bridge Street, Ellon, Aberdeenshire, Scotland. The unaudited consolidated financial statements of the Company as at and for the six months ended 31 March 2011 comprise the Company and its subsidiaries (together referred to as the "Group and the Group's interest in jointly controlled entities"). The Group is a healthcare sector specialised investment business.
Basis of preparation
a) Statement of compliance
In the Consolidated Statements the 2010 comparative has been restated to comply with the proportionate consolidation requirements of IAS 31.
The interim announcement has been prepared using accounting policies consistent with those set out in the MDY Healthcare plc Annual Report for the reporting period ended 30 September 2010.
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate for the reasons below:
-- After the end of the reporting period, in June 2011, the Company strengthened its liquid resources by securing a loan facility of up to GBP150,000.
-- The reporting period ended 31 March 2011 has benefited from further cost saving measures that have been implemented by the Company and the effect of these will continue in future periods.
-- After the period end, 3i has agreed that the quarterly payment of interest due 30 June 2011 under the Loan Notes and all further interest accruing up until (but excluding) 31 March 2012, shall not be payable quarterly but be rolled up and become payable to 3i on the earlier of 31 March 2012 or the date upon which the Loan Notes become otherwise due and payable in accordance with their terms (as amended).
-- The directors have prepared a forecast for the period ending 30 June 2012 which reflects the above matters. The forecast assumes that further sales of investments will be made during the coming year or finance obtained secured thereon in order to provide sufficient working capital to enable the Group and the Company to meet their respective liabilities as they fall due.
-- In the event of unexpected cash requirements arising and as regards the repayment of Loan Notes and all accrued but unpaid interest in March 2012 the directors intend to divest further parts of (or arrange finance secured on) one of the Company's strategic investments.
-- Whilst there can be no certainty, the directors are confident that the actions detailed above are achievable and that the forecast can be met.
In preparing these financial statements, the Directors have given consideration to the above matters and on this basis they believe that it remains appropriate to prepare the financial statements on a going concern basis. They believe that there are nevertheless uncertainties over these matters that may cast doubt over the ability of the Company to continue as a going concern and, therefore to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from this going concern basis of preparation being inappropriate.
The financial statements were approved by the Board of Directors on 29 June 2011.
b) Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following:
-- Financial investments at fair value through the statement of comprehensive income are measured at fair value
-- Available for sale financial assets are measured at fair value
c) Functional and presentation currency
The financial statements are presented in pounds sterling, rounded to the nearest thousand, which is the Company's functional currency. Functional currencies within the Group consist primarily of pounds sterling.
d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
2. Segmental reporting
Segmental reporting is presented in respect of the Group's business segments. The business segments are based on the Group's management and internal reporting structure. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis.
The Group comprises the following main business segments:
Investing - representing the Group's activities in investing in healthcare related companies
Retail - representing the Group's interests in Trust William Limited, the multi channel retail jointly controlled entity, which sells natural healthcare products directly to consumers via the internet, mail order and telesales.
Unaudited Unaudited restated Unaudited Unaudited restated Audited Unaudited six Audited Unaudited restated Audited six six year six months year six six year months to months to ended 30 months to to 31 ended 30 months to months to ended 30 31 March 31 March September 31 March March September 31 March 31 March September 2011 2010 2010 2011 2010 2010 2011 2010 2010 Segment: Investing Investing Investing Retail Retail Retail Total Total Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Group Revenue 22 34 20 44 70 116 66 104 136 Gross Profit 22 34 20 14 6 16 36 40 36 Result from operations (421) (461) (3,172) (63) (150) (357) (484) (611) (3,529) Finance (expense) income, net (62) (22) (23) - (27) (78) (62) (49) (101) Loss before and after tax (483) (483) (3,195) (63) (177) (435) (546) (660) (3,630) Segment assets 7,045 10,374 7,773 68 125 133 7,113 10,499 7,906 Segment liabilities (1,678) (1,715) (2,129) (19) (47) (10) (1,697) (1,762) (2,139) Capital expenditure 1 - - 6 15 16 7 16 16 Depreciation and amortisation 5 7 19 30 25 49 35 32 68
3. Loss per share
For the six months ended 31 March 2011
Unaudited Unaudited restated Audited six months six months year ended to 31 March to 31 March 30 September 2011 2010 2010 GBP000 GBP000 GBP000 Basic and diluted Net loss for the reporting period (546) (660) (3,630) Weighted average number of ordinary shares outstanding 16,721,631 16,271,676 16,271,676 ----------------------------- ------------- ------------- ----------------- Basic and diluted loss per ordinary share (3.26)p (4.06)p (22.31)p ----------------------------- ------------- ------------- -----------------
The basic net loss per ordinary share is calculated using a numerator of the net loss for the reporting period and a denominator of the weighted average number of ordinary shares in issue in the reporting period. The diluted net loss per ordinary share is calculated using a numerator of the net loss for the reporting period and a denominator of the weighted average number of ordinary shares and adjusting for the effect of all potentially dilutive shares, including share options and warrants, assuming they are converted. There is no difference in the six month period ended 31 March 2011 and for the full year ended 30 September 2010 between the basic net loss per share and the diluted loss per share as ordinary share equivalents from share options have been excluded from the computation as their effects are anti-dilutive.
Weighted average number of ordinary shares Issued ordinary shares at 1 October 2010 16,271,676 Effect of shares issued in the financial period 449,955 Weighted average number or ordinary shares at 31 March 2011 16,721,631 ------------------------------------------------- -----------
4. Investments
i) Financial assets held for trading at fair value through the statement of comprehensive income
Fair value GBP000 At 1 October 2010 7,078 Additions at cost - Revaluation increase - Revaluation decrease (72) Disposals (600) ---------------------- ------- At 31 March 2011 6,406 ---------------------- -------
ii) Financial assets designated at fair value through the statement of comprehensive income
Fair value GBP000 At 1 October 2010 231 Additions at cost - Revaluation increase - Revaluation decrease (8) Disposals (212) ---------------------- ------- At 31 March 2011 11 ---------------------- -------
5. Analysis of changes in net funds
At 30 September At 31 March 2010 Cash Flow 2011 GBP000 GBP000 GBP000 Cash at bank 284 174 458 Total 284 174 458 -------------- ---------------- ---------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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