![](/cdn/assets/images/search/clock.png)
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 : 0297D Mid-States PLC 25 November 2009 25 November 2009 Mid-States PLC ("Mid-States" or the "Company") Announcement of Audited Preliminary Results for the Financial Year Ended 30 June 2009 Mid-States PLC, a leading environmental technology group today reports its audited preliminary results for the year ended 30 June 2009. Summary * Continued positive results from ADs deployed in UK hospitals * Now pursuing opportunities in other markets in UK and selected countries worldwide * Investment in sales and marketing resources made in 2009 * Broadening the product offering through strategic partnerships * Recent increase in both enquiries and sales of AD * Strong cash position - net funds of GBP2.2 million at 30 June 2009 (2008: GBP0.3 million) Javier Segura, Managing Director, commented: "Having now achieved entry of the AD into the UK hospital market, the strategy of the Group is to achieve penetration of that market and of hospital markets in other selected countries. However, recognising the wider commercial application of the AD, the Group is now pursuing opportunities with its business partners in other markets, both in the UK and selected countries worldwide. In the first quarter of this financial year the Company has seen an increase in both enquiries and sales of its AD air disinfection product. This progress has been maintained in October and the Board believes that the new business strategy, a strengthened management team and the heightened awareness of viral threats including swine 'flu, through national and international press coverage, have been significant factors in this increase." Enquiries: +---------------------------------+--------------------------------+ | Mid-States PLC | Tel: +44 (0)20 7603 1515 | +---------------------------------+--------------------------------+ | Andrew Tonks, Finance Director | | +---------------------------------+--------------------------------+ | Tony Hunter, Company Secretary | | | | | +---------------------------------+--------------------------------+ | Panmure Gordon (UK) Limited | Tel: +44 (0)20 7459 3600 | +---------------------------------+--------------------------------+ | Andrew Godber | | +---------------------------------+--------------------------------+ CHAIRMAN'S AND MANAGING DIRECTOR'S STATEMENT We report to you on the significant developments in the Company and its subsidiaries (the "Group") during and since the financial year ended 30 June 2009. Background Since January 2009, as most shareholders will know, the Group has focussed solely on its air disinfection business, which commercially exploits the Group's intellectual property. With this intellectual property, the Group has developed a method of achieving the high levels of natural disinfection that exist in the fresh air, within enclosed rooms; specifically the control or eradication of pathogens through the hydroxyl radical and the result of this development is the Group's groundbreaking air disinfection device, the AD. The current AD product has a proven and scientifically established ability to kill viral, bacterial and fungal pathogens, including some non-vegetative spores, with a very high degree of efficacy. Further validation of this has been provided by results achieved in the last year at both Sunderland Royal Hospital and Hereford County Hospital. The Group expects that the continued results from these hospitals will generate further interest from the healthcare market, as will the selection of the AD in the NHS Smart Solutions programme. Strategy As outlined in the June 2008 Annual Report the future strategy for the AD business will be marketing led, and product development will continue to reflect identified customer and market requirements, delivering clear customer benefits and building on the Group's biotechnology reputation. Having now achieved entry of the AD into the UK hospital market, the strategy of the Group is to achieve penetration of that market and of hospital markets in other selected countries. However, recognising the wider commercial application of the AD, the Group is now pursuing opportunities with its business partners in other markets, both in the UK and selected countries worldwide. As previously reported, a concentrated effort is being made to demonstrate the compelling economic benefits, quite apart from the human benefits, of the Group's technology. Investment in additional sales and marketing resources has been made in 2009 to drive the sales, marketing and product development plans. Whilst the Company has designed other new products around the air disinfection technology used within the AD, 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 Group's product development focus and development of the other products has been deferred. Nevertheless, the Company intends to broaden its product offering to customers through strategic partnerships. The first steps in this include the Group offering air sampling services to all sectors, including healthcare, and complementary products such as hand gels and wipes. Board Changes and Management Changes Following the raising of equity capital completed in March of this year and his appointment as the Chief Executive Officer of the Group's operating subsidiaries on completion of the Placing, Javier Segura was appointed Group Managing Director on 29 June 2009. Andrew Tonks continues in his role as Group Finance Director. David Macdonald, the Group's former Chief Scientific Officer, as well as inventor of the Group's core technology, stepped down from this role in August 2009. Sadly, Mr Macdonald subsequently passed away in October. The Board would like to recognise Mr Macdonald's invaluable contribution to the Group's technology, which he developed over many years, and which the Group continues to commercialise and develop further today. Results from continuing operations for the Financial Year Ended 30 June 2009 Revenue for the financial year to 30 June 2009 was GBP336,000 (2008: GBP437,000). The loss for the year after tax and exceptional items was GBP1.6 million (2008: GBP8.0 million). At 30 June 2009 the cash at bank was GBP2.2 million (2008: GBP0.3 million), and shareholders' funds were GBP3.7 million (2008: GBP1.2 million). The Directors do not recommend payment of a dividend for the year ended 30 June 2009 (2008 GBPnil). The Financial Review provides further details of the results for the year. New premises In August 2009, the Company moved its operations to newly refurbished leasehold premises in Milton Keynes. These modern premises are consistent with the Company's high technology Air Disinfection business, and have enabled the Group's operating costs to be reduced. Current trading and prospects The Board is pleased to announce that in the first quarter of the financial year ended 30 June 2010 the Company has seen an increase in both enquiries and sales of its AD air disinfection product. This progress has been maintained in October and the Board believes that the new business strategy, a strengthened management team and the heightened awareness of viral threats including swine 'flu, through national and international press coverage, have been significant factors in this increase. In the first quarter orders for 300 AD units were received, resulting in revenues being ahead of management targets to achieve initial limited sales to potential new distributors seeking to establish sales channels in various markets both here in the UK and internationally. In addition to sales in the UK and Ireland, sales were also made to Europe (including a delivery of AD to the Company's new distributor in Spain) and the Middle East. Whilst it is early in the Company's financial year, the Board is encouraged by progress. The Company's new management team and the strategy of expanding into non-healthcare markets should bring further growth as we progress through the next year. +--------------------+----------------------+ | John Bateson | Javier Segura | +--------------------+----------------------+ | Chairman | Managing Director | +--------------------+----------------------+ FINANCIAL REVIEW The following review explains the significant financial issues for the year ended 30 June 2009. The results for the year to 30 June 2009 are prepared in accordance with the accounting policies discussed in the full statutory accounts on pages 18 to 23. Please note the activities of the former Engineering division for the years ended 30 June 2009 and 2008 are included in the loss on discontinued operations disclosed separately in the Income statement on page 14 of the accounts. Revenue Revenue for the year totalled GBP336,000 (2008: GBP437,000) and this was all attributable to the Air Disinfection business. Gross profit The gross profit for 2009 was GBP40,000 (2008: GBP66,000) after a stock provision of GBP154,000 (2008: GBP106,000). Operating loss The operating loss for continuing operations before tax was GBP2.4 million (2008: GBP6.6 million loss after exceptional items of GBP4.7 million). Operating costs for 2009 include reorganisation costs of GBP307,000 (2008: GBPnil) and amortisation of intangible assets GBP118,000 (2008: GBP118,000). 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 exceptional items and tax was GBP1.6 million (2008: GBP8.0 million loss). This included a profit on discontinued operations of GBP789,000 (2008: GBP1,666,000 loss) because of the eradication of the net liabilities of the former Engineering division. Taxation As a result of brought forward losses and the operating loss in the year the Group's tax charge for 2009 was GBPnil (2008: GBPnil), however there is a deferred tax credit of GBP33,000 for 2009 (2008: GBP33,000 credit). No R&D tax credit was received in 2009 (2008: GBP190,000). Goodwill The goodwill, unlike the other intangible assets, is not amortised but is subject to annual impairment reviews. Following a review in April 2009 the goodwill was impaired by GBP4.7 million in the year ended 30 June 2008, however no impairment is considered necessary in the year ended 30 June 2009. Cash flow and net cash The total cash inflow for the year ended 30 June 2009 was GBP1.7 million (2008: GBP1.5 million outflow) and included in this figure was the proceeds from a share issues of GBP4,011,000 (2008: GBP946,000). The Group's cash balances were GBP2.2 million at 30 June 2009 (2008: GBP0.3 million). Key performance indicators The Group considers the key performance indicators as the growth of AD devices and AD consumable sales, in net current assets and cash balances. +------------------------------------------------------------+-----------+-----------+ | | 2009 | 2008 | | | GBP'000 | GBP'000 | +------------------------------------------------------------+-----------+-----------+ | | | | +------------------------------------------------------------+-----------+-----------+ | Air Disinfection revenue | 336 | 437 | +------------------------------------------------------------+-----------+-----------+ | Net current assets | 1,888 | 48 | +------------------------------------------------------------+-----------+-----------+ | Cash at bank and in hand | 2,230 | 281 | +------------------------------------------------------------+-----------+-----------+ | | +------------------------------------------------------------+-----------+-----------+ Consolidated Income Statement for the year ended 30 June 2009 +---------------------------------------+------+------------+------------+------------+ | | | Note | Year to | Year to | +---------------------------------------+------+------------+------------+------------+ | | | | 30 June | 30 June | | | | | 2009 | 2008 | +---------------------------------------+------+------------+------------+------------+ | | | | GBP'000 | GBP'000 | +---------------------------------------+------+------------+------------+------------+ | Revenue | | 3 | 336 | 437 | +---------------------------------------+------+------------+------------+------------+ | Cost of sales | | | (296) | (371) | +---------------------------------------+------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | Gross profit | | | 40 | 66 | +---------------------------------------+------+------------+------------+------------+ | | | | | | +---------------------------------------+------+------------+------------+------------+ | Distribution costs | | | - | (10) | +---------------------------------------+------+------------+------------+------------+ | Administrative costs | | | (2,449) | (1,999) | +---------------------------------------+------+------------+------------+------------+ | Exceptional items | | | - | (4,708) | +---------------------------------------+------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | Operating loss | | 4 | (2,409) | (6,651) | +---------------------------------------+------+------------+------------+------------+ | Finance revenue | | | 10 | 50 | +---------------------------------------+------+------------+------------+------------+ | Finance cost | | | - | - | +---------------------------------------+------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | Loss for the year continuing | | | (2,399) | (6,601) | | operations | | | | | +---------------------------------------+------+------------+------------+------------+ | Tax on loss for year | | 6 | 33 | 223 | +---------------------------------------+------+------------+------------+------------+ | Loss for the year continuing | | | (2,366) | (6,378) | | operations | | | | | +---------------------------------------+------+------------+------------+------------+ | Profit/(loss) on discontinued | | 14 | 789 | (1,666) | | operations | | | | | +---------------------------------------+------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | Loss for the period after taxation | | | (1,577) | (8,044) | +---------------------------------------+------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | Loss per share: | | | | | +---------------------------------------+------+------------+------------+------------+ | Basic loss per share continuing | | 5 | (2.53)p | (8.26)p | | operations | | | | | +---------------------------------------+------+------------+------------+------------+ | Diluted loss per share continuing | | 5 | (1.69)p | (10.42)p | | operations | | | | | +---------------------------------------+------+------------+------------+------------+ | Basic loss per share continuing and | 5 | (2.53)p | (8.26)p | | discontinued operations | | | | +----------------------------------------------+------------+------------+------------+ | Diluted loss per share continuing and | 5 | (1.69)p | (10.42)p | | discontinued operations | | | | +---------------------------------------+------+------------+------------+------------+ Consolidated balance sheet at 30 June 2009 +--------------------------------------+------+------------+------------+------------+ | | | | 30 June | 30 June | | | | | 2009 | 2008 | +--------------------------------------+------+------------+------------+------------+ | | | Note | GBP'000 | GBP'000 | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | Assets | | | | | +--------------------------------------+------+------------+------------+------------+ | Non-current assets | | | | | +--------------------------------------+------+------------+------------+------------+ | Property, plant and equipment | | 8 | 129 | 148 | +--------------------------------------+------+------------+------------+------------+ | Goodwill | | 7 | 1,115 | 1,115 | +--------------------------------------+------+------------+------------+------------+ | Other intangible assets | | 7 | 778 | 896 | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | | | | 2,022 | 2,159 | +--------------------------------------+------+------------+------------+------------+ | Current assets | | | | | +--------------------------------------+------+------------+------------+------------+ | Inventories | | 9 | 280 | 614 | +--------------------------------------+------+------------+------------+------------+ | Trade receivables | | 10 | 14 | 1,512 | +--------------------------------------+------+------------+------------+------------+ | Other current assets | | | 51 | 68 | +--------------------------------------+------+------------+------------+------------+ | Cash and cash equivalents | | | 2,230 | 281 | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | | | | 2,575 | 2,475 | +--------------------------------------+------+------------+------------+------------+ | | | | | | +--------------------------------------+------+------------+------------+------------+ | Total assets | | | 4,597 | 4,634 | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | Liabilities | | | | | +--------------------------------------+------+------------+------------+------------+ | Current liabilities | | | | | +--------------------------------------+------+------------+------------+------------+ | Trade payables and other current | | 11 | (603) | (1,963) | | liabilities | | | | | +--------------------------------------+------+------------+------------+------------+ | Short-term provisions | | 12 | (84) | (464) | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | | | | (687) | (2,427) | +--------------------------------------+------+------------+------------+------------+ | Non-current liabilities | | | | | +--------------------------------------+------+------------+------------+------------+ | Loans | | | - | (100) | +--------------------------------------+------+------------+------------+------------+ | Deferred tax liabilities | | | (215) | (248) | +--------------------------------------+------+------------+------------+------------+ | Long-term provisions | | | - | (614) | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | | | | (215) | (962) | +--------------------------------------+------+------------+------------+------------+ | | | | | | +--------------------------------------+------+------------+------------+------------+ | Total liabilities | | | (902) | (3,389) | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | Net assets | | | 3,695 | 1,245 | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | Equity | | | | | +--------------------------------------+------+------------+------------+------------+ | Share capital | | 13 | 1,161 | 787 | +--------------------------------------+------+------------+------------+------------+ | Share premium account | | | 4,543 | 906 | +--------------------------------------+------+------------+------------+------------+ | Share based payments reserve | | | 67 | 51 | +--------------------------------------+------+------------+------------+------------+ | Capital redemption reserve | | | 253 | 253 | +--------------------------------------+------+------------+------------+------------+ | Merger reserve | | | 3,250 | 3,250 | +--------------------------------------+------+------------+------------+------------+ | Retained earnings | | | (5,579) | (4,002) | +--------------------------------------+------+------------+------------+------------+ | | +------------------------------------------------------------------------------------+ | Total equity | | | 3,695 | 1,245 | +--------------------------------------+------+------------+------------+------------+ | | +--------------------------------------+------+------------+------------+------------+ Consolidated statement of changes in equity at 30 June 2009 +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | Issued | Share | Share | Capital | Merger | Retained | Total | | | Share | premium | based | Redemption | reserve | earnings | equity | | | capital | | payment | reserve | | | | | | | | reserve | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | +----------------------------------------------------------------------------------------------------------+ | | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | At 1 July 2007 | 747 | - | 15 | 253 | 3,250 | 4,042 | 8,307 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Loss for the year and total | - | - | - | - | - | (8,044) | (8,044) | | recognised income and expense | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Issue of new shares | 40 | 906 | - | - | - | - | 946 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Share based payments | - | - | 36 | - | - | - | 36 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | At 30 June 2008 | 787 | 906 | 51 | 253 | 3,250 | (4,002) | 1,245 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | At 1 July 2008 | 787 | 906 | 51 | 253 | 3,250 | (4,002) | 1,245 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Loss for the year and total | - | - | - | - | - | (1,577) | (1,577) | | recognised income and expense | | | | | | | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Issue of new shares | 374 | 3,637 | - | - | - | - | 4,011 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | Share based payments | - | - | 16 | - | - | - | 16 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | At 30 June 2009 | 1,161 | 4,543 | 67 | 253 | 3,250 | (5,579) | 3,695 | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ | | +--------------------------------+---------+---------+---------+------------+---------+----------+---------+ The loss for the period is the same as the total income and expense for the period. Consolidated cash flow statement for the year ended 30 June 2009 +----------------------------------------+-------------+-------------+-------------+ | | | Year to | Year to | | | | 30 June | 30 June | | | | 2009 | 2008 | | | | GBP'000 | GBP'000 | +----------------------------------------+-------------+-------------+-------------+ | | +----------------------------------------------------------------------------------+ | Cash flows from operating activities | | | | +----------------------------------------+-------------+-------------+-------------+ | Loss for the year for continuing | | (2.366) | (6,378) | | operations | | | | +----------------------------------------+-------------+-------------+-------------+ | Adjustments for: | | | | +----------------------------------------+-------------+-------------+-------------+ | Depreciation | | 21 | 22 | +----------------------------------------+-------------+-------------+-------------+ | Amortisation | | 118 | 118 | +----------------------------------------+-------------+-------------+-------------+ | Impairment goodwill | | - | 4,708 | +----------------------------------------+-------------+-------------+-------------+ | Share based payments | | 16 | 36 | +----------------------------------------+-------------+-------------+-------------+ | Interest income | | (10) | (50) | +----------------------------------------+-------------+-------------+-------------+ | Decrease/(increase) in | | 297 | (522) | | trade and other | | | | | receivables | | | | +----------------------------------------+-------------+-------------+-------------+ | Movement in provisions | | - | (248) | +----------------------------------------+-------------+-------------+-------------+ | Deferred tax movement | | (33) | (33) | +----------------------------------------+-------------+-------------+-------------+ | (Increase) in inventories | | (278) | (2) | +----------------------------------------+-------------+-------------+-------------+ | (Decrease) in trade and | | (59) | (174) | | other payables | | | | +----------------------------------------+-------------+-------------+-------------+ | Corporation tax rebate | | - | 190 | +----------------------------------------+-------------+-------------+-------------+ | Net cash used in operating activities | | (2,294) | (2,333) | +----------------------------------------+-------------+-------------+-------------+ | Cash flows from investing activities | | | | +----------------------------------------+-------------+-------------+-------------+ | Purchase of property, plant and | | (2) | (115) | | equipment | | | | +----------------------------------------+-------------+-------------+-------------+ | Interest received | | 10 | 50 | +----------------------------------------+-------------+-------------+-------------+ | Net cash used in investing activities | | 8 | (65) | +----------------------------------------+-------------+-------------+-------------+ | Cash flows from financing activities | | | | +----------------------------------------+-------------+-------------+-------------+ | Proceeds from issue of share capital | | 4,011 | 946 | +----------------------------------------+-------------+-------------+-------------+ | Net cash from financing activities | | 4,011 | 946 | +----------------------------------------+-------------+-------------+-------------+ | Net increase/(decrease) in cash and | | 1,725 | (1,452) | | cash equivalents | | | | +----------------------------------------+-------------+-------------+-------------+ | Cash and cash equivalents at beginning | | 505 | 1,957 | | of year | | | | +----------------------------------------+-------------+-------------+-------------+ | Cash and cash equivalents at end of | | 2,230 | 505 | | year | | | | +----------------------------------------+-------------+-------------+-------------+ | Included in disposal group | | - | (224) | +----------------------------------------+-------------+-------------+-------------+ | Cash and cash equivalents at end of | | 2,230 | 281 | | year | | | | +----------------------------------------+-------------+-------------+-------------+ 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 cleaner air through its innovative air disinfection 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 IFRIC accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the EU and applying at 30 June 2009. The information in this preliminary statement has been extracted from the audited financial statements for the year ended 30 June 2009 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. This preliminary report is extracted from the Group's Annual Report. The figures for the year ended 30 June 2009 and 2008 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. 3 SEGMENTAL ANALYSIS +------------------------------------+-------------+--------------+--------------+-----------+ | Year ended 30 June 2009 | Engineering | Air | Eliminations | Total | | | | Disinfection | and | | | | | | unallocated | | +------------------------------------+-------------+--------------+--------------+-----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Revenue | 1,471 | 336 | - | 1,807 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Operating loss | (813) | (1,821) | (588) | (3,222) | +------------------------------------+-------------+--------------+--------------+-----------+ | Finance (costs) | (5) | - | - | (5) | +------------------------------------+-------------+--------------+--------------+-----------+ | Finance income | 1 | - | 10 | 11 | +------------------------------------+-------------+--------------+--------------+-----------+ | Write back on discontinued items | 1,606 | - | - | 1,606 | +------------------------------------+-------------+--------------+--------------+-----------+ | Profit/(loss) before tax | 789 | (1,821) | (578) | (1,610) | +------------------------------------+-------------+--------------+--------------+-----------+ | Tax | - | 33 | - | 33 | +------------------------------------+-------------+--------------+--------------+-----------+ | Loss after tax | 789 | (1,788) | (578) | (1,577) | +------------------------------------+-------------+--------------+--------------+-----------+ | | +--------------------------------------------------------------------------------------------+ | Year ended 30 June 2009 | Engineering | Air | Eliminations | Total | | | | Disinfection | and | | | | | | unallocated | | +------------------------------------+-------------+--------------+--------------+-----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Assets | - | 4,597 | - | 4,597 | +------------------------------------+-------------+--------------+--------------+-----------+ | Liabilities | - | (902) | - | (902) | +------------------------------------+-------------+--------------+--------------+-----------+ | Total net assets | - | 3,695 | - | 3,695 | +------------------------------------+-------------+--------------+--------------+-----------+ | Capital expenditure property, | - | 2 | - | 2 | | plant and equipment | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Depreciation | - | 21 | - | 21 | +------------------------------------+-------------+--------------+--------------+-----------+ | Amortisation | - | 118 | - | 118 | +------------------------------------+-------------+--------------+--------------+-----------+ | | +------------------------------------+-------------+--------------+--------------+-----------+ +------------------------------------+-------------+--------------+--------------+-----------+ | Year ended 30 June 2008 | Engineering | Air | Eliminations | Total | | | | Disinfection | and | | | | | | unallocated | | +------------------------------------+-------------+--------------+--------------+-----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Revenue | 4,439 | 437 | - | 4,876 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Operating loss | (1,643) | (6,367) | (284) | (8,294) | +------------------------------------+-------------+--------------+--------------+-----------+ | Finance (costs) | (23) | - | - | (23) | +------------------------------------+-------------+--------------+--------------+-----------+ | Finance income | - | - | 50 | 50 | +------------------------------------+-------------+--------------+--------------+-----------+ | Loss before tax | (1,666) | (6,367) | (234) | (8,267) | +------------------------------------+-------------+--------------+--------------+-----------+ | Tax | - | 223 | - | 223 | +------------------------------------+-------------+--------------+--------------+-----------+ | Loss after tax | (1,666) | (6,144) | (234) | (8,044) | +------------------------------------+-------------+--------------+--------------+-----------+ | | +--------------------------------------------------------------------------------------------+ | Year ended 30 June 2008 | Engineering | Air | Eliminations | Total | | | | Disinfection | and | | | | | | unallocated | | +------------------------------------+-------------+--------------+--------------+-----------+ | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Assets | 1,295 | 3,492 | 71 | 4,858 | +------------------------------------+-------------+--------------+--------------+-----------+ | Liabilities | (2,672) | (492) | (449) | (3,613) | +------------------------------------+-------------+--------------+--------------+-----------+ | Total net assets | (1,377) | 3,000 | (378) | 1,245 | +------------------------------------+-------------+--------------+--------------+-----------+ | | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Capital expenditure property, | 100 | 115 | - | 215 | | plant and equipment | | | | | +------------------------------------+-------------+--------------+--------------+-----------+ | Depreciation | 189 | 22 | - | 211 | +------------------------------------+-------------+--------------+--------------+-----------+ | Amortisation | - | 118 | - | 118 | +------------------------------------+-------------+--------------+--------------+-----------+ | Impairment | 512 | - | - | 512 | +------------------------------------+-------------+--------------+--------------+-----------+ | | +------------------------------------+-------------+--------------+--------------+-----------+ Geographical analysis Revenue, operating loss and net assets originate in the United Kingdom. The geographical analysis of revenue by destination is as follows: +------------------------------------+----------+----------+------------+-------------+ | | | | 30 June | 30 June | | | | | 2009 | 2008 | +------------------------------------+----------+----------+------------+-------------+ | | | | GBP'000 | GBP'000 | +------------------------------------+----------+----------+------------+-------------+ | | +-------------------------------------------------------------------------------------+ | | | | | | +------------------------------------+----------+----------+------------+-------------+ | United Kingdom | | | 315 | 437 | +------------------------------------+----------+----------+------------+-------------+ | Other EU | | | 21 | - | +------------------------------------+----------+----------+------------+-------------+ | Rest of World | | | - | - | +------------------------------------+----------+----------+------------+-------------+ | | | | 336 | 437 | +------------------------------------+----------+----------+------------+-------------+ | | | | | | +------------------------------------+----------+----------+------------+-------------+ | Continuing operations | | | 336 | 437 | +------------------------------------+----------+----------+------------+-------------+ | Discontinued operations | | | 1,471 | 4,439 | +------------------------------------+----------+----------+------------+-------------+ | | | | 1,807 | 4,876 | +------------------------------------+----------+----------+------------+-------------+ | | +------------------------------------+----------+----------+------------+-------------+ 4 OPERATING LOSS The operating loss is stated after charging: +-------------------------------------------------+------+------------+------------+ | | | 30 June | 30 June | | | | 2009 | 2008 | +-------------------------------------------------+------+------------+------------+ | | | GBP'000 | GBP'000 | +-------------------------------------------------+------+------------+------------+ | | | | | +-------------------------------------------------+------+------------+------------+ | Depreciation and amortisation on owned assets: | | | | +-------------------------------------------------+------+------------+------------+ | - intangible assets | | 118 | 118 | +-------------------------------------------------+------+------------+------------+ | - tangible assets | | 21 | 22 | +-------------------------------------------------+------+------------+------------+ | Impairment charges | | - | 4,708 | +-------------------------------------------------+------+------------+------------+ | Research and development costs - air | | 303 | 535 | | disinfection | | | | +-------------------------------------------------+------+------------+------------+ | Fees payable to the Company's auditor for the | | 18 | 12 | | audit of the Company's annual accounts | | | | +-------------------------------------------------+------+------------+------------+ | Fees payable to the Company's auditor for other | | | | | services: | | | | +-------------------------------------------------+------+------------+------------+ | - audit of the Company's subsidiaries | | 7 | 6 | +-------------------------------------------------+------+------------+------------+ | - other services | | - | - | +-------------------------------------------------+------+------------+------------+ | - taxation fees | | 6 | 5 | +-------------------------------------------------+------+------------+------------+ | | +-------------------------------------------------+------+------------+------------+ 5 LOSS PER SHARE The calculation of the basic and diluted earnings per share is based on the following information: +-------------------------------------------------+-----+----+------------+------------+ | Loss | | | 30 June | 30 June | | | | | 2009 | 2008 | +-------------------------------------------------+-----+----+------------+------------+ | | | | GBP'000 | GBP'000 | +-------------------------------------------------+-----+----+------------+------------+ | | +--------------------------------------------------------------------------------------+ | Loss for the purposes of basic earnings per | | | | | | share being the net loss attributable to equity | | | | | | holders of the parent | | | | | +-------------------------------------------------+-----+----+------------+------------+ | -continuing operations | | | (2,366) | (6,378) | +-------------------------------------------------+-----+----+------------+------------+ | -continuing and discontinued operations | | | (1,577) | (8,044) | +-------------------------------------------------+-----+----+------------+------------+ | | +--------------------------------------------------------------------------------------+ | Loss for the purposes of diluted earnings per | | | | | | share being the net loss attributable to equity | | | | | | holders of the parent | | | | | +-------------------------------------------------+-----+----+------------+------------+ | -continuing operations | | | (2,366) | (6,378) | +-------------------------------------------------+-----+----+------------+------------+ | -continuing and discontinued operations | | | (1,577) | (8,044) | +-------------------------------------------------+-----+----+------------+------------+ | | +--------------------------------------------------------------------------------------+ | | | | | | +-------------------------------------------------+-----+----+------------+------------+ | Number of shares | | | 30 June | 30 June | | | | | 2009 | 2008 | +-------------------------------------------------+-----+----+------------+------------+ | | | | | | +-------------------------------------------------+-----+----+------------+------------+ | Weighted average number of ordinary shares for | | | 93,432,152 | 77,164,060 | | the purpose of basic loss per share | | | | | +-------------------------------------------------+-----+----+------------+------------+ | Weighted average number of ordinary shares for | | | 93,432,152 | 77,164,060 | | the purpose of diluted loss per share | | | | | +-------------------------------------------------+-----+----+------------+------------+ | | | | | | +-------------------------------------------------+-----+----+------------+------------+ | Loss per share | | | 30 June | 30 June | | | | | 2009 | 2008 | +-------------------------------------------------+-----+----+------------+------------+ | | | | | | +-------------------------------------------------+-----+----+------------+------------+ | Basic loss per share | | | | | +-------------------------------------------------+-----+----+------------+------------+ | -continuing operations | | | (2.53)p | (8.26)p | +-------------------------------------------------+-----+----+------------+------------+ | -continuing and discontinued operations | | | (1.69)p | (10.42)p | +-------------------------------------------------+-----+----+------------+------------+ | Diluted loss per share | | | | | +-------------------------------------------------+-----+----+------------+------------+ | -continuing operations | | | (2.53)p | (8.26)p | +-------------------------------------------------+-----+----+------------+------------+ | -continuing and discontinued operations | | | (1.69)p | (10.42)p | +-------------------------------------------------+-----+----+------------+------------+ | | +-------------------------------------------------+-----+----+------------+------------+ 6 TAX ON LOSS ON ORDINARY ACTIVITIES +------------------------------------------------------+--+----+-----------+-----------+ | | | | 30 June | 30 June | | | | | 2009 | 2008 | +------------------------------------------------------+--+----+-----------+-----------+ | | | | GBP'000 | GBP'000 | +------------------------------------------------------+--+----+-----------+-----------+ | Current tax | | | - | (190) | +------------------------------------------------------+--+----+-----------+-----------+ | Deferred tax | | | (33) | (33) | +------------------------------------------------------+--+----+-----------+-----------+ | | +--------------------------------------------------------------------------------------+ | Tax on loss on ordinary activities | | | (33) | (223) | +------------------------------------------------------+--+----+-----------+-----------+ | | +--------------------------------------------------------------------------------------+ | 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 | | | (2,399) | (6,601) | +------------------------------------------------------+--+----+-----------+-----------+ | | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | Tax on loss on ordinary activities at 28% (2008: | | | (672) | (1,947) | | 29.5%) | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | Factors affecting charge for the year: | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | - Permanent timing differences | | | 31 | 1,518 | +------------------------------------------------------+--+----+-----------+-----------+ | - Deferred tax unprovided | | | 3 | 52 | +------------------------------------------------------+--+----+-----------+-----------+ | - Tax losses for which no deferred tax asset is | | | 605 | 344 | | recognised | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | - Prior year adjustments | | | - | (190) | +------------------------------------------------------+--+----+-----------+-----------+ | | | | | | +------------------------------------------------------+--+----+-----------+-----------+ | Tax charge in the year | | | (33) | (223) | +------------------------------------------------------+--+----+-----------+-----------+ | | +------------------------------------------------------+--+----+-----------+-----------+ The Group has tax losses rising in the UK of GBP4.3 million (2008 GBP8.54 million) that are available indefinitely for offset against future taxable profits in those companies in which the losses arose. 7 INTANGIBLE ASSETS +-----------------------------------+-+-----------+-----------+---+------------+---+------------+ | | | Goodwill | AD | AD Development | Total | | | | | Intellectual | costs | | | | | | property | | | +-----------------------------------+-+-----------+---------------+----------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | Cost | | | | | | +-----------------------------------+-+-----------+---------------+----------------+------------+ | 1 July 2007 and 30 June 2008 | | 5,823 | 1,000 | 92 | 6,915 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | 1 July 2008 and 30 June 2009 | | 5,823 | 1,000 | 92 | 6,915 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | | | | | | | +-----------------------------------+-+-----------+---------------+----------------+------------+ | Amortisation | | | | | | +-----------------------------------+-+-----------+---------------+----------------+------------+ | 1 July 2007 | | - | 75 | 3 | 78 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | Charge | | - | 100 | 18 | 118 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | Impairment charge | | 4,708 | - | - | 4,708 | +-----------------------------------+-+-----------+---------------+----------------+------------+ | | | | | | | +-----------------------------------+-+-----------+---------------+----------------+------------+ | 30 June 2007 | | 4,708 | 175 | 21 | 4,904 | +-----------------------------------+-+-----------+-----------+--------------------+------------+ | | | | | | | +-----------------------------------+-+-----------+-----------+--------------------+------------+ | At 1 July 2008 | | 4,708 | 175 | 21 | 4,904 | +-----------------------------------+-+-----------+-----------+--------------------+------------+ | Charge | | - | 100 | 18 | 118 | +-----------------------------------+-+-----------+-----------+--------------------+------------+ | | | | | | | +-----------------------------------+-+-----------+-----------+--------------------+------------+ | At | | 4,708 | 275 | 39 | 5,022 | +-----------------------------------+-+-----------+-----------+----------------+----------------+ | Net book value | | | | | | +-----------------------------------+-+-----------+-----------+----------------+----------------+ | At 30 June 2009 | | 1,115 | 725 | 53 | 1,893 | +-----------------------------------+-+-----------+-----------+----------------+----------------+ | At 30 June 2008 | | 1,115 | 825 | 71 | 2,011 | +-----------------------------------+-+-----------+-----------+----------------+----------------+ | | +-----------------------------------+-+-----------+-----------+---+------------+---+------------+ Goodwill The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The goodwill is attributable to the Air Disinfection technology owned by Moving Sun Limited and being commercially exploited by Inov8 Science Limited. In assessing whether a write-down of goodwill is required to the carrying value of the asset, the carrying value of the cash generative unit (CGU) is compared with its recoverable amount. The recoverable amount of goodwill above has been determined on a value in use calculation using a 5 year cash flow forecast based on projected future trading, discounted to arrive at a net present value. The cash flow projection takes account of management's assessment of the sensitivities and risks specific to the business. As a result of the review there was no impairment charge recognised in the year (2008: GBP4,708,000). The carrying value of the goodwill is GBP1,115,000 (2008: GBP1,115,000). 8 PROPERTY, PLANT AND EQUIPMENT +------------------------------+-+-------------+------------+------------+------------+ | | | Plant | Office | Motor | Total | | | | & machinery | equipment | vehicles | | +------------------------------+-+-------------+------------+------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------+-+-------------+------------+------------+------------+ | Cost | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 1 July 2007 | | 698 | 70 | 15 | 783 | +------------------------------+-+-------------+------------+------------+------------+ | Additions | | 194 | 21 | - | 215 | +------------------------------+-+-------------+------------+------------+------------+ | At 30 June 2008 | | 892 | 91 | 15 | 998 | +------------------------------+-+-------------+------------+------------+------------+ | | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | Depreciation | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 1 July 2007 | | 90 | 32 | 5 | 127 | +------------------------------+-+-------------+------------+------------+------------+ | Charge for the year | | 180 | 26 | 5 | 211 | +------------------------------+-+-------------+------------+------------+------------+ | Impairment | | 483 | 29 | - | 512 | +------------------------------+-+-------------+------------+------------+------------+ | At 30 June 2008 | | 753 | 87 | 10 | 850 | +------------------------------+-+-------------+------------+------------+------------+ | | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | Net book value | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 30 June 2008 | | 139 | 4 | 5 | 148 | +------------------------------+-+-------------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | | | Plant & | Office | Motor | Total | | | | machinery | equipment | vehicles | | +------------------------------+-+-------------+------------+------------+------------+ | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------------+-+-------------+------------+------------+------------+ | Cost | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 1 July 2008 | | 892 | 91 | 15 | 998 | +------------------------------+-+-------------+------------+------------+------------+ | Additions | | - | 2 | - | 2 | +------------------------------+-+-------------+------------+------------+------------+ | Disposals due to | | (753) | (87) | (13) | (853) | | discontinued business | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 30 June 2009 | | 139 | 6 | 2 | 147 | +------------------------------+-+-------------+------------+------------+------------+ | | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | Depreciation | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 1 July 2008 | | 753 | 87 | 10 | 850 | +------------------------------+-+-------------+------------+------------+------------+ | Charge for the year | | 15 | 1 | 5 | 21 | +------------------------------+-+-------------+------------+------------+------------+ | On disposals | | (753) | (87) | (13) | (853) | +------------------------------+-+-------------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | At 30 June 2009 | | 15 | 1 | 2 | 18 | +------------------------------+-+-------------+------------+------------+------------+ | | +-------------------------------------------------------------------------------------+ | | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | Net book value | | | | | | +------------------------------+-+-------------+------------+------------+------------+ | At 30 June 2009 | | 124 | 5 | - | 129 | +------------------------------+-+-------------+------------+------------+------------+ | | +------------------------------+-+-------------+------------+------------+------------+ 9 INVENTORIES +---------------------------------+-----+----------+-----------+-----------+-----------+ | | | | | 2009 | 2008 | +---------------------------------+-----+----------+-----------+-----------+-----------+ | | | | | GBP'000 | GBP'000 | +---------------------------------+-----+----------+-----------+-----------+-----------+ | | | | | | | +---------------------------------+-----+----------+-----------+-----------+-----------+ | Raw materials | | | | 215 | 419 | +---------------------------------+-----+----------+-----------+-----------+-----------+ | Provision for obsolete / slow | | | | (154) | (106) | | moving stock | | | | | | +---------------------------------+-----+----------+-----------+-----------+-----------+ | Finished goods | | | | 183 | 2 | +---------------------------------+-----+----------+-----------+-----------+-----------+ | Work in progress | | | | 36 | 299 | +---------------------------------+-----+----------+-----------+-----------+-----------+ | | | | | 280 | 614 | +---------------------------------+-----+----------+-----------+-----------+-----------+ 10 TRADE RECEIVABLES +--------------------------------------------+-----+-----------+-----------+-----------+ | | | | 2009 | 2007 | +--------------------------------------------+-----+-----------+-----------+-----------+ | | | | GBP'000 | GBP'000 | +--------------------------------------------+-----+-----------+-----------+-----------+ | Current: | | | | | +--------------------------------------------+-----+-----------+-----------+-----------+ | Trade receivables | | | 14 | 1,513 | +--------------------------------------------+-----+-----------+-----------+-----------+ | Less provision for impairment of trade | | | - | (1) | | receivables | | | | | +--------------------------------------------+-----+-----------+-----------+-----------+ | Net trade receivables | | | 14 | 1,512 | +--------------------------------------------+-----+-----------+-----------+-----------+ 11 TRADE PAYABLES AND OTHER CURRENT LIABILITES +----------------------------------+-----+----------+----------+----------+----------+ | | | | | 2009 | 2008 | +----------------------------------+-----+----------+----------+----------+----------+ | | | | | GBP'000 | GBP'000 | +----------------------------------+-----+----------+----------+----------+----------+ | | | | | | | +----------------------------------+-----+----------+----------+----------+----------+ | Trade payables | | | | 124 | 605 | +----------------------------------+-----+----------+----------+----------+----------+ | Social security and other taxes | | | | 29 | 92 | +----------------------------------+-----+----------+----------+----------+----------+ | Pension creditors | | | | 4 | 12 | +----------------------------------+-----+----------+----------+----------+----------+ | Value added tax | | | | 2 | 55 | +----------------------------------+-----+----------+----------+----------+----------+ | Other creditors and accruals | | | | 428 | 483 | +----------------------------------+-----+----------+----------+----------+----------+ | Deferred income | | | | 16 | 711 | +----------------------------------+-----+----------+----------+----------+----------+ | Obligations under finance leases | | | | - | 5 | +----------------------------------+-----+----------+----------+----------+----------+ | | | | | 603 | 1,963 | +----------------------------------+-----+----------+----------+----------+----------+ 12 PROVISIONS +-------------------------------+-------+-----------+-----------+-----------+-----------+ | | | Warranty | Onerous | Other | Total | | | | provision | lease and | | | | | | | repairs | | | | | | | provision | | | +-------------------------------+-------+-----------+-----------+-----------+-----------+ | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +-------------------------------+-------+-----------+-----------+-----------+-----------+ | | | | | | | +-------------------------------+-------+-----------+-----------+-----------+-----------+ | At 1 July 2008 | | 207 | 709 | 162 | 1,078 | +-------------------------------+-------+-----------+-----------+-----------+-----------+ | Released unused - | | (123) | (709) | (162) | (994) | | discontinued operations | | | | | | +-------------------------------+-------+-----------+-----------+-----------+-----------+ | At 30 June 2009 | | 84 | - | - | 84 | +-------------------------------+-------+-----------+-----------+-----------+-----------+ 13 CALLED UP SHARE CAPITAL For the year ended 30 June 2009 called up share capital comprises ordinary shares of one pence each as follows: +------------------------------+-------+-------------+-----------+-------------+-----------+ | | | Authorised | Allotted called up | | | | | and fully paid | +------------------------------+-------+-------------------------+-------------------------+ | | | Number of | GBP'000 | Number of | GBP'000 | | | | shares | | shares | | +------------------------------+-------+-------------+-----------+-------------+-----------+ | | | | | | | +------------------------------+-------+-------------+-----------+-------------+-----------+ | At 1 July 2008 | | 120,000,000 | 1,200 | 78,697,412 | 787 | +------------------------------+-------+-------------+-----------+-------------+-----------+ | | | | | | | +------------------------------+-------+-------------+-----------+-------------+-----------+ | Shares issued on 3 July 2008 | | - | - | 6,970,000 | 70 | +------------------------------+-------+-------------+-----------+-------------+-----------+ | Shares issued on exercise of | | - | 115,000 | 1 | | options 29 July 2008 | | | | | +--------------------------------------+-------------+-----------+-------------+-----------+ | Shares issued on exercise of options | - | - | 300,000 | 3 | | 12 September 2008 | | | | | +--------------------------------------+-------------+-----------+-------------+-----------+ | Shares issued on 31 March | - | - | 30,000,000 | 300 | | 2009 | | | | | +--------------------------------------+-------------+-----------+-------------+-----------+ | At 30 June 2009 | | 120,000,000 | 1,200 | 116,082,412 | 1,161 | +------------------------------+-------+-------------+-----------+-------------+-----------+ | | +------------------------------+-------+-------------+-----------+-------------+-----------+ 14 DISCONTINUED OPERATIONS The operating profit and the profit from disposal of the assets and liabilities from the engineering division can be summarised as follows: +---------------------------------+-----+----------+----------+----------+----------+ | | | | | 2009 | 2008 | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | GBP'000 | GBP'000 | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Revenue | | | | 1,471 | 4,439 | +---------------------------------+-----+----------+----------+----------+----------+ | Cost of sales | | | | (1,159) | (2,568) | +---------------------------------+-----+----------+----------+----------+----------+ | Operating costs | | | | (1,125) | (3,514) | +---------------------------------+-----+----------+----------+----------+----------+ | Operating loss | | | | (813) | (1,643) | +---------------------------------+-----+----------+----------+----------+----------+ | Finance revenue | | | | 1 | - | +---------------------------------+-----+----------+----------+----------+----------+ | Finance loss | | | | (5) | (23) | +---------------------------------+-----+----------+----------+----------+----------+ | Loss from discontinued | | | | (817) | (1,666) | | operations before tax | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Loss for period | | | | (817) | (1,666) | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Earnings per share | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Basic earnings per share | | | | (0.09)p | (2.16)p | +---------------------------------+-----+----------+----------+----------+----------+ | Diluted earnings per share | | | | (0.09)p | (2.16)p | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | 2009 | 2008 | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | GBP'000 | GBP'000 | +---------------------------------+-----+----------+----------+----------+----------+ | | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Net cashflows from operating activities before tax | 343 | (572) | +-------------------------------------------------------------+----------+----------+ | Net cashflows from investing activities before proceeds | (12) | (100) | | received on disposal | | | +-------------------------------------------------------------+----------+----------+ | Net cashflows from financing activities | (5) | (23) | +-------------------------------------------------------------+----------+----------+ | | | | | | | +---------------------------------+-----+----------+----------+----------+----------+ | Net increase in cash and cash equivalents and | | 326 | (695) | | bank overdrafts from discontinued operations | | | | | before proceeds on disposals | | | | +--------------------------------------------------+----------+----------+----------+ | Cash disposed | | | | (102) | - | +---------------------------------+-----+----------+----------+----------+----------+ | Net increase in cash and cash equivalents and | | 224 | (695) | | bank overdrafts from discontinued operations | | | | +---------------------------------+-----+----------+----------+----------+----------+ +---------------------------------+--------+-----------------+---------------------+ | | | | 2009 | +---------------------------------+--------+-----------------+---------------------+ | | | | GBP'000 | +---------------------------------+--------+-----------------+---------------------+ | Proceeds | | | | +---------------------------------+--------+-----------------+---------------------+ | Cash and cash equivalents | | | (102) | +---------------------------------+--------+-----------------+---------------------+ | Net proceeds on disposal | | | (102) | +---------------------------------+--------+-----------------+---------------------+ | Net liabilities disposed | | | 1,708 | | excluding cash and cash | | | | | equivalents | | | | +---------------------------------+--------+-----------------+---------------------+ | Exceptional profit on disposal | | | 1,606 | +---------------------------------+--------+-----------------+---------------------+ 15 ANNUAL REPORT The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 30 June 2009 or 2008. The financial information for the year ended 30 June 2008 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 2009 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 2009 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 FEAFALSUSEDF
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