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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 : 9284C
Mid-States PLC
15 March 2011
MID-STATES PLC
Unaudited Results for the Six Months Ended 31 December 2010
Mid-States PLC, a leading environmental technology group today reports its unaudited results for the six months ended 31 December 2010.
Highlights
-- Key inflection point in order intake; on track to achieve 1,500 AD orders in the current quarter, which will match the total number of orders in the last financial year
-- Revenues of GBP0.2 million
-- Trading in line with management expectations
-- In discussions with distributors in over 30 countries; key distributors in Spain and India
-- Successfully concluded the initial testing on a prototype miniature device to target the 'home health' market
-- Developing our product range to meet a variety of applications and market demands
-- GBP2.4 million in cash as at 31 December 2010
Javier Segura, Managing Director of Mid-States PLC, commented: "We are making good progress in order intake for our flagship air disinfection product, the AD, which is a unique and proven device. We are in discussions with distributors in over 30 countries around the world in order to take advantage of the undoubted opportunity and potential of the AD. We are also excited by our progress in product development as we adapt the AD to meet a range of demands and substantial market opportunities."
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 / Adam Pollock
Cardew Group Tel: +44 (0) 20 7930 0777
Tim Robertson / Catherine Maitland
Chairman and Managing Director's Report
Introduction
Our ground breaking air disinfection device, the AD, disinfects and cleans the air and surfaces of harmful bacteria and viruses using unique and proven technology developed from a concept identified by a British Government research facility. High profile outbreaks such as H1N1 swine flu and other infections have increased public awareness of the dangers of airborne germs and pathogens and the need for clean and healthy working and living environments. It is this growing public awareness of airborne health issues and demand for solutions that is driving demand for the AD in hospitals, offices, care homes and other enclosed environments. As a result we are now on track to achieve the same level of orders in a quarter as we previously achieved in the last financial year.
We are thereforepleased to present our results for the half year ended 31 December 2010.
Trading Performance
The Company is reaching an important inflection point in sales momentum of the AD. Reflecting the growing demand to create clean air in enclosed spaces for hospitals, care homes, offices, dental surgeries and ambulances the Company is now positioned to achieve orders of circa 1,500 ADs a quarter, having received order intake of 1,525 ADs for the six months to 31 December 2010, and 1,564 orders in the whole previous financial year to 30 June 2010.
In particular the sales momentum has been driven by strong performances in India and Spain. In January we signed an exclusive distribution agreement with ITS Mysore, an Indian distributor based in Bangalore, to allow us to take advantage of the huge untapped potential market opportunity in India, due to the ongoing challenges in achieving optimum hygiene standards. The agreement covers the hospital and office sectors, and ITS Mysore is targeting sales of at least 1,850 ADs in 2011.
Europe has also been a particular focus due to the growing level of public awareness and demand for clean and healthy indoor working and living environments. We have made particular progress in Spain, where we signed an exclusive distribution agreement with Oxidoc Exclusivas S.A. covering the hospital, ambulance, care home, pharmacy, dentist, office and veterinary sectors. Oxidoc is targeting to sell a minimum of 1,500 ADs by the end of 2011.
Developing a network of global distributors is a key part of the Company's strategy, and to meet the scale of the opportunity we are focussed on signing distributors in several other European countries, the Middle East, the Far East and North Africa. As a result the Company is currently working with potential distributors in over 30 countries.
New Products
Given the scale of the 'home health' market, the successful development of a prototype miniature device specifically designed for the retail market is an extremely important breakthrough for the Company. As reported in December 2010 we have successfully concluded the initial testing on a prototype miniature device and we have filed a patent in the UK.
The unique AD technology can be adapted for a number of different applications, and the on-going development of variants of the AD for a variety of commercial demands is another key part of our strategy. Further products using the AD technology designed for use in professional and commercial markets sectors will be launched during 2011.
Financial Results for the Period
Theseinterim condensed consolidated statements are prepared under International Financial Reporting Standards (IFRS). In the sixmonths ended 31 December 2010, the continuing activities achieved revenues of GBP0.2 million (2009: GBP0.2 million) and the loss for the period was from continuing operations was GBP1.2 million (2009: loss of GBP1.1 million). The loss reflects the increased investment in sales and marketing resources and research and development made by the Company as part of its strategy to enter more markets and territories. The loss also includes reorganisation costs of GBP65,000 (2009: GBPnil). The basic and diluted loss per share was 0.47 pence (2009: loss of 0.90 pence).
Net cash outflow for the six months ended 31 December 2010 was GBP1.4 million (2008: GBP1.3 million outflow). Net cash used in operating activities was GBP1.4 million (2008: GBP1.2 million).
At 31 December 2010, the Group had net cash balances of GBP2.4 million (2008: GBP0.9 million).
Before the period, the Company completed a Placing in June 2010 to fund the Group in implementing its strategy to penetrate different market segments in multiple countries, including additional sales and marketing resources and further investment in research and development.
Current trading and prospects
The undoubted potential of the AD is underpinning our growth and this is an important period for the Company as we make a step change in the level of orders received, whereby we are now aiming for orders of 1,500 ADs a quarter, the figure we used to achieve in a year. This converges with the growing awareness of the dangers of airborne viruses and the demand for clean and healthy working and living environments will continue to fuel momentum in the market. We are focussed on expanding our network of distributors in order to continue driving sales momentum by penetrating multiple geographies and market segments, and developing our product range to meet a variety of applications and market demands.
John Bateson, Chairman
Javier Segura, Managing Director
15 March, 2011
Condensed consolidated interim statement of comprehensive income
Six months Six months to to Year to 31 December 31 December 30 June 2010 2009 2010 unaudited unaudited audited Note GBP'000 GBP'000 GBP'000 ----------------------------- ------ ------------- ------------- --------- Continuing operations Revenue 202 193 311 Cost of sales (119) (101) (299) ------------------------------------- ------------- ------------- --------- Gross profit 83 92 12 Distribution expenses (6) (7) (11) Administrative expenses (1,401) (1,170) (2,391) Results from operating activities (1,324) (1,085) (2,390) Finance income 5 - 25 Net finance income 5 - 25 Loss before income tax (1,319) (1,085) (2,365) Income tax income 83 17 34 Loss for the period (1,236) (1,068) (2,331) ------------------------------------- ------------- ------------- --------- Total comprehensive expense for the period (1,236) (1,068) (2,331) ------------------------------------- ------------- ------------- --------- Basic and diluted Loss per share 3 (0.47)p (0.90)p (1.88)p ------------------- -------- -------- --------
Condensed consolidated interim statement of financial position
31 December 31 December 30 June 2010 2009 2010 unaudited unaudited audited GBP'000 GBP'000 GBP'000 ------------------------------------- ------------ ------------ --------- Assets Property, plant and equipment 89 168 123 Goodwill 1,115 1,115 1,115 Other intangible assets 601 719 660 ------------------------------------- ------------ ------------ --------- Total non-current assets 1,805 2,002 1,898 Inventories 219 187 160 Trade and other receivables 239 119 69 Other current assets 114 24 97 Cash and cash equivalents 2,419 927 3,818 ------------------------------------- ------------ ------------ --------- Total current assets 2,991 1,257 4,144 Total assets 4,796 3,259 6,042 ------------------------------------- ------------ ------------ --------- Equity Share capital 2,609 1,161 2,609 Share premium 6,955 4,543 6,955 Share based payments reserve 94 67 83 Capital redemption reserve 253 253 253 Merger reserve 3,250 3,250 3,250 Retained earnings (9,146) (6,647) (7,910) Total equity attributable to equity holders of the Company 4,015 2,627 5,240 Total equity 4,015 2,627 5,240 ------------------------------------- ------------ ------------ --------- Liabilities Deferred tax liabilities (164) (198) (181) Total non-current liabilities (164) (198) (181) Trade payables (154) (117) (211) Other payables and accruals (251) (233) (212) Deferred income (9) (9) (9) Short-term provisions (203) (75) (189) ------------------------------------- ------------ ------------ --------- Total current liabilities (617) (434) (621) ------------------------------------- ------------ ------------ --------- Total liabilities (781) (632) (802) ------------------------------------- ------------ ------------ --------- Total equity and liabilities (4,796) (3,259) (6,042) ------------------------------------- ------------ ------------ ---------
Condensed consolidated interim statement of changes in equity
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 2010 2,609 6,955 83 253 3,250 (7,910) 5,240 Share-based payment transactions - - 11 - - - 11 Loss for the period - - - - - (1,236) (1,236) 31 December 2010 2,609 6,955 94 253 3,250 (9,146) 4,015 -------------------- ------- ------- ------- ---------- ------- -------- ------- 1 July 2009 1,161 4,543 67 253 3,250 (5,579) 3,695 Loss for the period - - - - - (1,068) (1,068) 31 December 2009 1,161 4,543 67 253 3,250 (6,647) 2,627 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 - - - - 3,876 Loss for the period - - - - - (2,331) (2,331) 30 June 2010 2,609 6,955 83 253 3,250 (7,910) 5,240 -------------------- ------- ------- ------- ---------- ------- -------- -------
Condensed consolidated interim statement of cash flows
Six months Six months to to Year to 31 December 31 December 30 June 2010 2009 2010 unaudited unaudited audited GBP'000 GBP'000 GBP'000 ------------------------------------- ------------- ------------- --------- Cash flows from operating activities Loss for the period (1,319) (1,068) (2,331) Adjustments for: Depreciation 38 33 80 Amortisation of intangible assets 59 59 118 Share based payments 11 - 16 (1,211) (976) (2,117) Change in inventories (59) 93 120 Change in trade and other receivables (187) (105) (100) Change in trade and other payables (23) (225) (182) Change in provisions 14 (9) 105 Change in deferred income - 7 (7) ------------------------------------- ------------- ------------- --------- (1,466) (1,215) (2,181) Interest income 5 - (25) Income tax 66 - - Net cash (used in) operating activities (1,395) (1,215) (2,206) Cash flows from investing activities Interest received - - 25 Purchase of property, plant and equipment (4) (88) (91) ------------------------------------- ------------- ------------- --------- Net cash (used in)/from investing activities (4) (88) (66) Cash flows from financing activities Proceeds from issue of share capital - - 3,860 Net cash from financing activities - - 3,860 Net (decrease)/ increase in cash and cash equivalents (1,399) (1,303) 1,588 Cash and cash equivalents at beginning of period 3,818 2,230 2,230 Cash and cash equivalents at end of the period 2,419 927 3,818 ------------------------------------- ------------- ------------- ---------
Notes to the condensed consolidated interim financial statements
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 its innovative air disinfection products.
Mid-States PLC is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. Mid-States PLC's shares are listed on the AIM market of the London Stock Exchange. Mid-States PLC consolidated interim financial statements are presented in Pounds Sterling.
These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 14 March 2011.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2010, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.
2 Basis of preparation
The condensed consolidated interim financial statements for the six months ended 31 December 2010 have been prepared in accordance with the accounting policies which will be applied in the year end financial statements to 30 June 2011. These accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted for use in the European Union that are effective at 31 December 2010. This interim report is condensed with respect to IFRS requirements. As permitted, this interim report has been prepared in accordance with AIM rules for companies and not in accordance with IAS 34 "Interim Financial Reporting".
The condensed consolidated interim financial statements are unaudited and have not been subject to review. They do not include all the information and disclosures required in the annual financial statements, and therefore should be read in conjunction with the Group's annual financial statements as at 30 June 2010. These financial statements have been prepared under the historical cost convention. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
3 Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Six months Six months to to Year to 31 December 31 December 30 June 2010 2009 2010 unaudited unaudited unaudited ---------------------------------- ------------- ------------- ------------ GBP'000 GBP'000 GBP'000 Loss per share Loss for the period (1,236) (1,068) (2,331) Weighted average number of shares For the purposes of basic loss per share 260,903,839 116,082,412 123,621,062 For the purposes of diluted loss per share 260,903,839 116,082,412 123,621,062 ---------------------------------- ------------- ------------- ------------ Basic and diluted loss per share (0.47)p (0.90)p (1.88)p ---------------------------------- ------------- ------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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