We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mid-States | LSE:MST | London | Ordinary Share | GB0002683034 | 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% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMST
RNS Number : 6614U
Mid-States PLC
20 October 2010
MID-STATES PLC (the "Company")
FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2010
Mid-States PLC, a leading environmental technology group, is pleased to announce its results for the financial year ended 30 June 2010.
Highlights
-- Revenues of GBP0.3 million (2009: GBP0.3 million); trading in line with management expectations; order intake growing
-- Raised GBP3.8 million through a share placing in June 2010 to support commercial roll-out
-- Increasing public awareness of airborne infection
-- Substantial opportunity for creating disinfected air and surfaces in enclosed spaces such as hospitals, care homes, offices, dental surgeries and ambulances
-- Key distributors in place in the UK, Spain, the Middle East and India; in discussions with a number of potential new distributors
-- Considerable scope to penetrate different market segments across many countries
Javier Segura, Managing Director of Mid-States PLC, commented: "We are excited by the substantial opportunity that our flagship air disinfection unit, the AD, represents. While we are at relatively early stages in terms of sales, the efficacy of the AD is proven and we have gained interest in the AD through many opportunities around the world. With the help of our carefully selected distributors we are looking to maximise this opportunity and fully exploit the undoubted potential of the AD."
For further information:
Mid-States PLC Tel: +44 (0) 20 7603 1515 Andrew Tonks, Finance Director Panmure Gordon (UK) Limited Tel: +44 (0) 20 7459 3600 Andrew Godber Cardew Group Tel: +44 (0) 20 7930 0777 Tim Robertson / Catherine Maitland
CHAIRMAN AND MANAGING DIRECTOR'S STATEMENT
Introduction
Mid-States PLC specialises in air disinfection technology and products, and its flagship product is the AD, an independently proven air disinfection unit, which is sold through Mid-States' subsidiary company Inov8 Science. The AD disinfects the air and surfaces of bacteria and viruses, eliminating airborne infections in enclosed spaces using hydroxyl radicals.
In June 2010, the Company raised GBP3.8 million (net of expenses) through a share placing, to support its strategy for realising the commercial potential of the AD. The AD provides a unique solution for disinfecting the air of harmful bacteria and viruses, and the commercial potential for creating disinfected air and surfaces in enclosed spaces such as hospitals, care homes, offices, dental surgeries and ambulances, is believed to be substantial.
The competitive strengths of the AD are its:
-- bactericidal, virucidal, fungicidal and sporicidal (airborne and surface-borne) efficacy.
-- proven efficacy against several antibiotic resistant microorganisms.
-- proven efficacy against norovirus.
-- fast acting on continuously introduced pathogens; non-reliant on air circulation within the device.
-- deodorant (as it attacks bacterial activities generating odours).
-- safe operation 24 hours a day in areas occupied by people.
The Company is also developing variants of the AD, including a miniature version specifically designed for the retail market.
Strategy
The AD is playing an important role in the ongoing fight against viral and bacterial pathogens in UK hospitals. The successful reduction in the number of virus outbreaks and ward closures achieved at hospitals such as Hereford Hospitals Trust after installation of AD units, and the selection of the AD as one of the winners of the NHS Smart Solutions Programme 2009, is further testament to the AD's efficacy and confirmation of its success across the health market.
Inov8 Science was present at several prestigious exhibitions and conferences, such as the HPA (Health Protection Agency) 2010 and International Conference of the Hospital Infection Society (HIS 2010). Two scientific papers were presented that again show the efficacy of the AD and add to the extensive tangible evidence of the benefits in support of using the AD.
The strategy of the Company is to achieve further penetration of the UK hospital market and of hospital markets in other selected geographies, including India, the Middle East and Europe; and to penetrate different market segments in multiple countries. In June 2010 the Company raised approximately GBP3.8m (net of expenses) through a share placing, in order to fund the Company in implementing its strategy, including additional sales and marketing resources.
Whilst good progress has been made, we continue to invest in the further resources required for additional sales and marketing to support penetration of, and entry into new market segments and territories. Key segments the Company plans to cover include:
-- healthcare, such as hospitals, care homes, dental surgeries, pharmacies and ambulances;
-- hospitality, such as restaurants, hotels and passenger ships;
-- offices, to reduce absences due to sickness.
The focus will be on territories in developed and emerging markets which the Board considers have high potential growth rates for AD sales, including Europe, Middle East, India and South America. To support this strategy the Company is currently seeking to appoint an experienced Sales and Marketing Director.
A core part of our strategy is selecting the right distributors to enable us to penetrate our different target geographies and market sectors. The Company currently works with key distributors in the UK, Spain, the Middle East and India, and is in discussions with a number of potential new distributors.
We are pleased at the good progress being made in India. During August our distributor, Innova Technology Solutions, launched the AD to the hospital market, this launch was attended by a number of leading hospital doctors.
We have recently entered the shipping market in the UK by signing an agreement with Huttons, a leading supplier to ships in the UK. Entry has also been made into the dental sector in the UK and other European countries including Poland and Slovakia.
Product Development
Further resources will be also be utilised for continued product development to meet market requirements. This is planned to include the development of a miniaturised AD specifically designed for the retail market and we are pleased with the progress made on this project.
There is also the potential for the existing products to be developed further. Current product development activity is strongly focussed on the AD and ensuring that new variants are available to meet the specific requirements of both existing customers and the new markets targeted. In the short term, opportunities exist for different versions of the AD and as a consequence, these will continue to be the Company's product development focus.
Nevertheless, the Company intends to broaden its product offering to customers through strategic partnerships including offering air testing services to all sectors, including healthcare, and complimentary products such as disinfectant hand gels and wipes.
Results for the Financial Year Ended 30 June 2010
The order intake for the year was 1,564 ADs, and the fourth quarter order intake of 477 confirms order intake has increased each quarter for the last financial year. The 885 order intake in the second half of the year was also 30% higher than the 679 achieved in the first half year.
Revenue for the financial year to 30 June 2010 GBP311,000 (2009: GBP336 000). The loss for the year after tax was GBP2.3 million (2009: loss from continuing operations GBP2.4 million).
At 30 June 2010 the cash at bank was GBP3.8 million (GBP2009: GBP2.2 million), and shareholders' funds were GBP5.2 million (2009: GBP3.7 million).
The Directors do not recommend payment of a dividend for the year ended 30 June 2010 (2009 GBPnil).
The Financial Review provides further details of the results for the year.
Current trading and prospects
During the last year the Company has been working to improve revenues in other geographies and market segments which has been encouraging, and we have focused on selecting the right distributor in order to launch and establish the AD in each particular geography or segment.
The Board is pleased to announce that in the first quarter of the financial year ended 30 June 2011 orders for 541 AD units were received against the orders for 301 AD received in the first quarter of the last financial year. This is the fifth consecutive quarter of growth in order intake.
The Board is encouraged by the progress that has been made, and we have a clear strategy to exploit the undoubted potential of the AD.
John Bateson Javier Segura Chairman Managing Director
FINANCIAL REVIEW
The following review explains the financial performance for the year ended 30 June 2010.
The results for the year to 30 June 2010 are prepared in accordance with the accounting policies discussed in the full statutory accounts on pages 18 to 23.
Revenue
Revenue for the year totalled GBP311,000 (2009: GBP336,000) and this was all attributable to the Air Disinfection business.
Operating loss
The operating loss for continuing operations before tax was GBP2.4 million (2009: GBP2.4 million loss) Operating costs for 2010 included amortisation of intangible assets GBP118,000 (2009: GBP118,000) and 2009 included reorganisation costs of GBP307,000. The overall performance in the year reflects the continued investment in establishing the AD in new markets.
Loss for the year
The loss for the year after tax was GBP2.3 million (2009: GBP1.6 million loss, including a profit on discontinued operations of GBP789,000).
Taxation
As a result of brought forward losses and the operating loss in the year the Group's tax charge for 2010 was GBPnil (2009: GBPnil), however there is a deferred tax credit of GBP34,000 for 2010 (2009: GBP33,000 credit). No R&D tax credit was received during the year ended 30 June 2010 (2009: GBPnil), however a claim was made and GBP66,000 was received in August 2010, which will be accounted for in the period ended 30 June 2011.
Cash flow and net cash
The total cash inflow for the year ended 30 June 2010 was GBP1.6 million (2009: GBP1.7 million inflow) and included in this figure was the proceeds from a share issue of GBP3.8 million (2009: GBP4.0 million). The net cash used in operating activities for the year was GBP2.2 million (2009: GBP2.3 million).
The Group's cash balances were GBP3.8 million at 30 June 2010 (2008: GBP2.2 million).
Key performance indicators
The Group considers the key performance indicators as the growth of revenues for AD devices and consumables, and the net current assets and cash balances for the Air Disinfection business.
2010 2009 GBP'000 GBP'000 ------------------------- ------- ------- Air Disinfection Revenue 311 336 Net current assets 3,523 1,888 Cash at bank and in hand 3,818 2,230
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 30 June 2010
Year to Year to 30 June 30 June 2010 2009 Note GBP'000 GBP'000 ----------------------------------- ----- --------- --------- Continuing operations Revenue 3 311 336 Cost of sales (299) (296) ----------------------------------- ----- --------- --------- Gross profit 12 40 Distribution expenses (11) - Administrative expenses (2,391) (2,449) Results from operating activities (2,390) (2,409) Finance income 25 10 Net finance income 25 10 Loss before income tax (2,365) (2,399) Income tax 5 34 33 Loss from continuing operations (2,331) (2,366) ----------------------------------- ----- --------- --------- Discontinued operations - 789 Loss for the period (2,331) (1,577) ----------------------------------- ----- --------- --------- Total comprehensive expense for the period (2,331) (1,577) ----------------------------------- ----- --------- --------- Basic and diluted Loss per share (continuing operations) 4 (1.88)p (2.53)p Loss per share (total operations) 4 (1.88)p (1.69)p ----------------------------------- ----- --------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2010
30 June 30 June 2010 2009 Note GBP'000 GBP'000 --------------------------------------- ------ --------- --------- Assets Property, plant and equipment 123 129 Goodwill 1,115 1,115 Other intangible assets 660 778 --------------------------------------- ------ --------- --------- Total non-current assets 1,898 2,022 Inventories 6 160 280 Trade and other receivables 7 69 14 Other current assets 8 97 51 Cash and cash equivalents 3,818 2,230 --------------------------------------- ------ --------- --------- Total current assets 4,144 2,575 Total assets 6,042 4,597 --------------------------------------- ------ --------- --------- Equity Share capital 11 2,609 1,161 Share premium 6,955 4,543 Share based payments reserve 83 67 Capital redemption reserve 253 253 Merger reserve 3,250 3,250 Retained earnings (7,910) (5,579) --------------------------------------- ------ --------- --------- Total equity attributable to equity holders of the company 5,240 3,695 Total equity 5,240 3,695 --------------------------------------- ------ --------- --------- Liabilities Deferred tax liabilities 181 215 Total non-current liabilities 181 215 Trade payables 9 211 124 Other payables and accruals 9 212 463 Deferred income 9 9 16 Short-term provisions 10 189 84 --------------------------------------- ------ --------- --------- Total current liabilities 621 687 --------------------------------------- ------ --------- --------- Total liabilities 802 902 --------------------------------------- ------ --------- --------- Total equity and liabilities 6,042 4,597 --------------------------------------- ------ --------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 30 June 2010
Share based Capital Share Share payment redemption Merger Retained capital premium reserve reserve reserve earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- ------- ------- ------- ---------- ------- -------- ------- 1 July 2009 1,161 4,543 67 253 3,250 (5,579) 3,695 Issue of new shares 1,448 2,412 - - - - 3,860 Share-based payment transactions - - 16 - - - 16 Transactions with owners 1,448 2,412 16 - - - 3,876 Loss for the year and total comprehensive loss - - - - - (2,331) (2,331) -------------- ------- ------- ------- ---------- ------- -------- ------- 30 June 2010 2,609 6,955 83 253 3,250 (7,910) 5,240 1 July 2008 787 906 51 253 3,250 (4,002) 1,245 Issue of new shares 374 3,637 - - - - 4,011 Share-based payment transactions - - 16 - - - 16 -------------- ------- ------- ------- ---------- ------- -------- ------- Transactions with owners 374 3,637 16 - - - 4,027 Loss for the year and total comprehensive loss - - - - - (1,577) (1,577) -------------- ------- ------- ------- ---------- ------- -------- ------- 30 June 2009 1,161 4,543 67 253 3,250 (5,579) 3,695 -------------- ------- ------- ------- ---------- ------- -------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 30 June 2010
Year to Year to 30 June 30 June 2010 2009 GBP'000 GBP'000 ------------------------------------------ --------- --------- Cash flows from operating activities Loss for the period (2,331) (2,366) Adjustments for: Depreciation 80 21 Amortisation of intangible assets 118 118 Share based payments 16 16 (2,117) (2,211) Change in inventories 120 (278) Change in trade and other receivables (100) 297 Change in trade and other payables (182) (59) Change in provisions 105 - Change in deferred income (7) (33) ------------------------------------------ --------- --------- (2,181) (2,284) Interest income (25) (10) ------------------------------------------ --------- --------- Net cash (used in) operating activities (2,206) (2,294) Cash flows from investing activities Interest received 25 10 Purchase of property, plant and equipment (91) (2) ------------------------------------------ --------- --------- Net cash (used in)/from investing activities (66) 8 ------------------------------------------ --------- --------- Cash flows from financing activities Proceeds from issue of share capital 3,860 4,011 Net cash from financing activities 3,860 4,011 ------------------------------------------ --------- --------- Net increase in cash and cash equivalents 1,588 1,725 Cash and cash equivalents at beginning of the period 2,230 505 Cash and cash equivalents at end of the period 3,818 2,230 ------------------------------------------ --------- ---------
Notes to the Preliminary Results Announcement
1 NATURE OF OPERATIONS AND GENERAL INFORMATION
Mid-States PLC and subsidiaries' ('the Group') principal activities are in the area of environmental technology, focussing in particular on disinfecting air through its innovative technology.
Mid-States PLC consolidated financial statements are presented in Pounds Sterling (GBP), which is also the functional currency of the parent company.
2 ACCOUNTING POLICIES
Basis of preparation
The financial information contained within this preliminary report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the EU and applying at 30 June 2010. The information in this preliminary statement has been extracted from the audited financial statements for the year ended 30 June 2010 and as such, does not contain all the information required to be disclosed in the financial statements prepared in accordance with the International Financial Reporting Standards.
The figures for the year ended 30 June 2010 and 2009 do not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006.
3 SEGMENTAL ANALYSIS
The Group has one segment under IFRS 8, which is air disinfection.
Geographical analysis
Revenue, operating loss and net assets originate in the United Kingdom. The geographical analysis of total revenue by destination is as follows:
2010 2009 GBP'000 GBP'000 ----------------------- -------- -------- United Kingdom 36 315 Other EU 145 21 Rest of World 130 - Continuing operations 311 336 ----------------------- -------- --------
4 LOSS PER SHARE
The calculation of the basic and diluted earnings per share is based on the following information:
2010 2009 Loss GBP'000 GBP'000 ---------------------------------------------------- -------- -------- Loss for the purpose of basic earnings per share being the net loss attributable to equity holders of the parent: - continuing operations (2,331) (2,366) - continuing and discontinued operations (2,331) (1,577) Loss for the purpose of diluted earnings per share being the net loss attributable to equity holders of the parent: - continuing operations (2,331) (2,366) - continuing and discontinued operations (2,331) (1,577) Number of shares 2010 2009 ---------------------------------- ------------ ----------- Weighted average number of ordinary shares for the purpose of basic loss per share 123,621,062 93,432,152 Weighted average number of ordinary shares for the purpose of basic loss per share 123,621,062 93,432,152 Loss per share 2010 2009 ---------------------------------- ------------ ----------- Basic loss per share : - continuing operations (1.88)p (2.53)p - continuing and discontinued operations (1.88)p (1.69)p Basic loss per share : - continuing operations (1.88)p (2.53)p - continuing and discontinued operations (1.88)p (1.69)p
5 TAX ON LOSS ON ORDINARY ACTIVITIES
2010 2009 GBP'000 GBP'000 ------------------------- -------- --------- Deferred tax (34) (33) ------------------------- -------- --------- Tax on loss on ordinary activities (34) (33) ------------------------- -------- ---------
The differences between the total current tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:
Loss on ordinary activities before tax on continuing operations (2,365) (2,399) Tax on loss on ordinary activities at 28% (2009: 28%) (622) (672) Factors affecting charge for the year: - Non deductable expenses 15 34 - Tax losses for which no deferred tax asset is recognised 613 605 Tax charge in year (34) (33) ---------------------------------------------- -------- --------
The Group has tax losses arising in the UK of GBP6.6 million (2009: GBP4.3 million) that are available indefinitely for offset against future taxable profits in those companies in which the losses arose.
6 INVENTORIES
2010 2009 GBP'000 GBP'000 -------------------------------- -------- -------- Raw Materials 126 215 Provision for obsolete / slow moving stock (69) (154) Finished goods 103 183 Work in progress - 36 160 280 ------------------------------- -------- --------
7 TRADE RECEIVABLES
2010 2009 GBP'000 GBP'000 ----------------------------------------------------- -------- -------- Current: Trade Receivables 70 14 Less provision for impairment of trade receivables (1) - Net trade receivables 69 14 ----------------------------------------------------- -------- --------
There is no material difference between the carrying amount and the fair value of the trade receivables.
Trade receivables that are less than three months past due are not considered impaired. As of 30 June 2010 there were no trade receivables that were past due but not impaired. (2009:GBPnil)
The carrying amounts of the Group's trade and other receivables are denominated in the following currencies.
2010 2009 GBP'000 GBP'000 ------------------------ -------- -------- Sterling 30 7 Euros 39 7 Net trade receivables 69 14 ------------------------ -------- --------
8 OTHER CURRENT ASSETS
2010 2009 GBP'000 GBP'000 ------------------------------------------------ -------- -------- Value added tax recoverable 38 9 Prepayments, accrued income and other current assets 59 42 97 51 ------------------------------------------------ -------- --------
9 TRADE PAYABLES AND OTHER CURRENT LIABILITIES
2010 2009 GBP'000 GBP'000 --------------------------------- -------- -------- Trade payables 211 124 Social security and other taxes 47 29 Pension creditors 3 4 Value added tax - 2 Other creditors and accruals 162 428 Deferred income 9 16 432 603 --------------------------------- -------- --------
10 PROVISIONS
2010 2009 Warranty provision GBP'000 GBP'000 ------------------------------- -------- -------- At 1 July 2009 84 207 Provided for during the year 105 (123) 189 84 ------------------------------- -------- --------
Analysis of total provision
2010 2009 GBP'000 GBP'000 ----------------- -------- -------- Current 189 84 Total provision 189 84 ----------------- -------- --------
The AD is still a relatively new product and as a consequence the warranty provision assumes warranty costs and distribution expenses will be incurred within the next year. This is reviewed on a regular basis as more post sales data is obtained.
11 CALLED UP SHARE CAPITAL
Allotted, called up and fully paid Number of shares GBP'000 At 1 July 2009 116,082,412 1,161 Shares issued on 11 June 2010 144,821,427 1,448 At 30 June 2010 260,903,839 2,609
12 ANNUAL REPORT
The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 30 June 2010 or 2009. The financial information for the year ended 30 June 2009 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts. Their report was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The statutory accounts for the year ended 30 June 2010 have been finalised on the basis of the financial information presented by the directors in this preliminary announcement
Copies of the Annual Report and accounts for the year ended 30 June 2010 will be posted to shareholders and will be available on the Company's website (www.mid-statesplc.com).
This information is provided by RNS. The company news service from the London Stock Exchange
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ZMMMGNLRGGZM
1 Year Mid-states Chart |
1 Month Mid-states Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions