We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxeco | LSE:OXE | London | Ordinary Share | GB00B1J5QT30 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMOXE
RNS Number : 2541B
Oxeco PLC
23 October 2009
23 October 2009
Oxeco Plc (the "Company" or the "Group")
Interim financial report for the six months ended 31 July 2009
Chairman's Statement
Oxeco Plc is a holding and management company which was established with a
stated strategy of seeking investments in or acquiring assets, businesses or
companies in the technology and science sectors. The Company currently has one
subsidiary, Oxray Ltd ("Oxray"), which was acquired in June 2007 as a start up
business which aimed to become a leading provider of molecular structure
determination services to both industry and academic institutions.
By early this year Oxray had substantially completed the development of its
novel X-ray crystallography structure determination software but the results of
marketing efforts to establish a solid customer base had been disappointing.
Also, Oxray had not been able to strengthen and develop its product service
offering through bolt-on acquisitions in this field as originally envisaged in
June 2007. The Directors therefore undertook a review of the Oxray business and
concluded that this was not a market to which the Company intended to commit
further significant resource.
Subsequent efforts to secure a commercial exit from this business were not
successful and a decision was taken to stop any further investment in Oxray with
an emphasis on preserving the Group's cash. Oxray has now become a dormant
subsidiary whilst retaining control of the underlying intellectual property and
its results for the period from 1 February 2009 have been classified within
discontinued operations.
The unaudited consolidated loss before tax for the Group in the six months to 31
July 2009 amounted to GBP143,000, including a loss after tax from the
discontinued Oxray activities of GBP83,000, compared to a consolidated loss of
GBP102,000 for the comparable six months to 31 July 2008. Consolidated net
assets at 31 July 2009 amounted to GBP2.38 million including cash balances of
GBP2.42 million versus net assets of GBP2.52 million and cash balances of
GBP2.53 million at the 31 January 2009.
Oxeco benefits from a solid balance sheet position whilst running a low cost
base. Your Directors are continuing to evaluate a range of new commercial and
acquisition opportunities within the general science and technology sector and I
am confident that we will be successful in exploiting an investment opportunity
during the next twelve months.
Michael Bretherton
Executive Chairman
Contact:
+--------------------------------------------------------------+-------------+
| Michael Bretherton +44 (0) 207099 7266 | +44 (0) |
| Oxeco plc | 207099 7266 |
| www.oxecoplc.com | |
| | |
| RayZimmerman/Jonathan Evans +44 (0) 207 060 1760 | |
| ZAI Corporate Finance Ltd | |
| | |
+--------------------------------------------------------------+-------------+
OXECO PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 31 JULY 2009
+------------------------------+-------+-------------+-------------+------------+
| |Notes | Six months | Six months | Year to |
| | | to | to | 31 January |
| | | 31 July | 31 July | 2009 |
| | | 2009 | 2008 | (Audited) |
| | | (Unaudited) | (Unaudited) | |
+------------------------------+-------+-------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------+-------+-------------+-------------+------------+
| Continuing operations | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Revenue | | - | 6 | 18 |
+------------------------------+-------+-------------+-------------+------------+
| | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Administrative expenses | | (66) | (188) | (376) |
+------------------------------+-------+-------------+-------------+------------+
| Impairment of goodwill | | - | - | (2,120) |
+------------------------------+-------+-------------+-------------+------------+
| Operating Loss | | (66) | (182) | (2,478) |
+------------------------------+-------+-------------+-------------+------------+
| Interest receivable | | 6 | 77 | 127 |
+------------------------------+-------+-------------+-------------+------------+
| Loss before tax | | (60) | (105) | (2,351) |
+------------------------------+-------+-------------+-------------+------------+
| Taxation | 2 | - | 3 | 3 |
+------------------------------+-------+-------------+-------------+------------+
| Loss for the period from | | (60) | (102) | (2,348) |
| continuing operations | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Loss after tax from | 5 | (83) | - | - |
| discontinued operations | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Loss for the period | | (143) | (102) | (2,348) |
+------------------------------+-------+-------------+-------------+------------+
| Attributable to: | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Equity holders of the parent | | (143) | (102) | (2,348) |
+------------------------------+-------+-------------+-------------+------------+
| Earnings per share | 3 | (0.02)p | (0.02)p | (0.39)p |
| Basic and Diluted - post | | | | |
| impairment of goodwill | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Basic and Diluted from | 3 | (0.01)p | (0.02)p | (0.39)p |
| continuing operations - post | | | | |
| impairment of goodwill | | | | |
+------------------------------+-------+-------------+-------------+------------+
| Basic and Diluted from | 3 | (0.01)p | (0.02)p | (0.04)p |
| continuing operations - pre | | | | |
| impairment of goodwill | | | | |
+------------------------------+-------+-------------+-------------+------------+
OXECO PLC
CONDENSED CONSOLIDATED CHANGES IN EQUITY
FOR THE SIX MONTHS TO 31 JULY 2009
+--------------------+-------------+-------------+---------------+-------------+
| | Attributable to the equity holders of the parent |
+--------------------+---------------------------------------------------------+
| | Share | Share | Revenue | Total |
| | Capital | Premium | Reserve | Equity |
| | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------+-------------+-------------+---------------+-------------+
| At 31 January 2008 | 600 | 4,333 | (63) | 4,870 |
+--------------------+-------------+-------------+---------------+-------------+
| Loss for the | - | - | (102) | (102) |
| period | | | | |
+--------------------+-------------+-------------+---------------+-------------+
| At 31 July 2008 | 600 | 4,333 | (165) | 4,768 |
+--------------------+-------------+-------------+---------------+-------------+
| Loss for the | - | - | (2,246) | (2,246) |
| period | | | | |
+--------------------+-------------+-------------+---------------+-------------+
| At 31 January 2009 | 600 | 4,333 | (2,411) | 2,522 |
+--------------------+-------------+-------------+---------------+-------------+
| Loss for the | - | - | (143) | (143) |
| period | | | | |
+--------------------+-------------+-------------+---------------+-------------+
| At 31 July 2009 | 600 | 4,333 | (2,554) | 2,379 |
+--------------------+-------------+-------------+---------------+-------------+
OXECO PLC
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2009
+----------------------------------+-------+-------------+-------------+------------+
| |Notes | 31 July | 31 July | 31 January |
| | | 2009 | 2008 | 2009 |
+----------------------------------+-------+-------------+-------------+------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+----------------------------------+-------+-------------+-------------+------------+
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------+-------+-------------+-------------+------------+
| ASSETS | | | | |
| Non-current assets | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Property, plant and equipment | | - | 1 | 2 |
+----------------------------------+-------+-------------+-------------+------------+
| Intangible assets - goodwill | | - | 2,120 | - |
+----------------------------------+-------+-------------+-------------+------------+
| Total non-current assets | | - | 2,121 | 2 |
+----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Current assets | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Trade and other receivables | | 18 | 38 | 28 |
+----------------------------------+-------+-------------+-------------+------------+
| Cash and cash equivalents | | 2,416 | 2,641 | 2,534 |
+----------------------------------+-------+-------------+-------------+------------+
| Total current assets | | 2,434 | 2,679 | 2,562 |
+----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| TOTAL ASSETS | | 2,434 | 4,800 | 2,564 |
+----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| LIABILITIES | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Current Liabilities | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Trade and other payables | | (55) | (30) | (42) |
+----------------------------------+-------+-------------+-------------+------------+
| Current taxation | | - | (2) | - |
+----------------------------------+-------+-------------+-------------+------------+
| TOTAL LIABILITIES | | (55) | (32) | (42) |
+----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| NET ASSETS | | 2,379 | 4,768 | 2,522 |
+----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| EQUITY | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Attributable to equity holders | | | | |
| of the parent | | | | |
+----------------------------------+-------+-------------+-------------+------------+
| Share capital | 4 | 600 | 600 | 600 |
+----------------------------------+-------+-------------+-------------+------------+
| Share premium | | 4,333 | 4,333 | 4,333 |
+----------------------------------+-------+-------------+-------------+------------+
| Revenue reserve | | (2,554) | (165) | (2,411) |
+----------------------------------+-------+-------------+-------------+------------+
| TOTAL EQUITY SHAREHOLDERS' FUNDS | | 2,379 | 4,768 | 2,522 |
+----------------------------------+-------+-------------+-------------+------------+
Approved by the Board and authorised for issue on 23 October 2009.
M A Bretherton
Executive Chairman
OXECO PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JULY 2009
+------------------------------------+-------------+-------------+------------+
| | Six months | Six months | Year to |
| | to | to | 31 January |
| | 31 July | 31 July | 2008 |
| | 2009 | 2008 | |
+------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+------------------------------------+-------------+-------------+------------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------+-------------+-------------+------------+
| OPERATING ACTIVITIES | | | |
+------------------------------------+-------------+-------------+------------+
| Operating loss from continuing | (66) | (182) | (2,478) |
| operations | | | |
+------------------------------------+-------------+-------------+------------+
| Loss before tax from discontinued | (83) | - | - |
| operations | | | |
+------------------------------------+-------------+-------------+------------+
| Depreciation of property, plant | 2 | 1 | 1 |
| and equipment | | | |
+------------------------------------+-------------+-------------+------------+
| Impairment of goodwill | - | - | 2,120 |
+------------------------------------+-------------+-------------+------------+
| Decrease/(increase) in trade and | 10 | (9) | 1 |
| other receivables | | | |
+------------------------------------+-------------+-------------+------------+
| Increase/(decrease) in trade and | 13 | (7) | 4 |
| other payables | | | |
+------------------------------------+-------------+-------------+------------+
| Tax paid | - | - | (2) |
+------------------------------------+-------------+-------------+------------+
| Net cash outflow from operations | (124) | (197) | (354) |
+------------------------------------+-------------+-------------+------------+
| | | | |
+------------------------------------+-------------+-------------+------------+
| INVESTING ACTIVITIES | | | |
+------------------------------------+-------------+-------------+------------+
| Interest received | 6 | 77 | 127 |
+------------------------------------+-------------+-------------+------------+
| Net cash inflow from investing | 6 | 77 | 127 |
| activities | | | |
+------------------------------------+-------------+-------------+------------+
| | | | |
+------------------------------------+-------------+-------------+------------+
| DECREASE IN CASH AND CASH | (118) | (120) | (227) |
| EQUIVALENTS | | | |
+------------------------------------+-------------+-------------+------------+
| Cash and cash equivalents at start | 2,534 | 2,761 | 2,761 |
| of period | | | |
+------------------------------------+-------------+-------------+------------+
| CASH AND CASH EQUIVALENTS | 2,416 | 2,641 | 2,534 |
| AT END OF PERIOD | | | |
+------------------------------------+-------------+-------------+------------+
OXECO PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2009
1) SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The interim financial statements of Oxeco Plc are unaudited condensed
consolidated financial statements for the six months to 31 July 2009. These
include unaudited comparatives for the six months to 31 July 2008 together with
audited comparatives for the year to 31 January 2009.
The condensed consolidated financial statements have been prepared under the
historic cost convention in accordance with International Financial Reporting
Standards as adopted by the European Union and incorporate the financials of
Oxeco Plc for the period and its subsidiary undertaking from the date of
acquisition.
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
January 2009.
The condensed consolidated financial statements do not constitute statutory
accounts. The statutory accounts for the year to 31 January 2009 have been
reported on by the Company's auditors and have been filed with the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under section 237(2) or 237(3) of the Companies Act 1985.
2) TAXATION
The accrued tax charge for the six month period is based on an estimated
effective tax rate of nil, after allowance for utilisation of tax losses brought
forward in subsidiaries, (period to 31 July 2008: effective tax rate nil, period
to 31 January 2009: effective tax rate nil).
3) LOSS PER SHARE
+----------------------------------------+-------------+-------------+-----------+
| | Six | Six | Year to |
| | months | months | 31 |
| | to 31 | to 31 | January |
| | July | July | 2009 |
| | 2009 | 2008 | |
+----------------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+----------------------------------------+-------------+-------------+-----------+
| Post impairment of goodwill | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | | | |
| represented by: | | | |
+----------------------------------------+-------------+-------------+-----------+
| Continuing operations | (60) | (102) | (2,348) |
+----------------------------------------+-------------+-------------+-----------+
| Discontinued operations | (83) | - | - |
+----------------------------------------+-------------+-------------+-----------+
| Total | (143) | (102) | (2,348) |
+----------------------------------------+-------------+-------------+-----------+
| Weighted average number of shares | Number | Number | Number |
+----------------------------------------+-------------+-------------+-----------+
| Weighted average number of shares in | 600,000 | 600,000 | 600,000 |
| issue during the period | | | |
+----------------------------------------+-------------+-------------+-----------+
| Earnings per share | | | |
+----------------------------------------+-------------+-------------+-----------+
| Basic and diluted on profit/(loss) for | (0.02)p | (0.02)p | (0.39)p |
| period | | | |
+----------------------------------------+-------------+-------------+-----------+
| Basic and diluted on profit/(loss) for | (0.01)p | (0.02)p | (0.39)p |
| period from continuing operations | | | |
+----------------------------------------+-------------+-------------+-----------+
+----------------------------------------+-------------+-------------+-----------+
| | Six | Six | Year to |
| | months | months | 31 |
| | to 31 | to 31 | January |
| | July | July | 2009 |
| | 2009 | 2008 | |
+----------------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+----------------------------------------+-------------+-------------+-----------+
| Pre impairment of goodwill | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | | | |
| represented by: | | | |
+----------------------------------------+-------------+-------------+-----------+
| Continuing operations | (60) | (102) | (228) |
+----------------------------------------+-------------+-------------+-----------+
| Discontinued operations | (83) | - | - |
+----------------------------------------+-------------+-------------+-----------+
| Total | (143) | (102) | (228) |
+----------------------------------------+-------------+-------------+-----------+
| Weighted average number of shares | Number | Number | Number |
+----------------------------------------+-------------+-------------+-----------+
| Weighted average number of shares in | 600,000 | 600,000 | 600,000 |
| issue during the period | | | |
+----------------------------------------+-------------+-------------+-----------+
| Earnings per share | | | |
+----------------------------------------+-------------+-------------+-----------+
| Basic and diluted on profit/(loss) for | (0.02)p | (0.02)p | (0.04)p |
| period | | | |
+----------------------------------------+-------------+-------------+-----------+
| Basic and diluted on profit/(loss) for | (0.01)p | (0.02)p | (0.04)p |
| period from continuing operations | | | |
+----------------------------------------+-------------+-------------+-----------+
+----------------------------------------------+---------------+------------+
| 4) SHARE CAPITAL | Number | GBP'000 |
+----------------------------------------------+---------------+------------+
| Authorised ordinary shares of 1p: | | |
+----------------------------------------------+---------------+------------+
| | | |
+----------------------------------------------+---------------+------------+
| At 31 July 2009, 31 January 2009 and 31 July | 1,000,000,000 | 1,000 |
| 2008 | | |
+----------------------------------------------+---------------+------------+
| | | |
+----------------------------------------------+---------------+------------+
| Allotted, issued and fully paid ordinary | | |
| shares of 1p: | | |
+----------------------------------------------+---------------+------------+
| | | |
+----------------------------------------------+---------------+------------+
| At 31 July 2009, 31 January 2009 and 31 July | 600,000,000 | 600 |
| 2008 | | |
+----------------------------------------------+---------------+------------+
5) CLOSURE OF SUBSIDIARY BUSINESS
In June 2007 the Company acquired 100 per cent. of the issued share capital in
Oxray Limited, a start up business that aimed to became a leading provider of
molecular structure determination services. By early this year Oxray had
substantially completed the development of its novel X-ray crystallography
structure determination software but the results of marketing efforts to
establish a solid customer base had been disappointing. Also, Oxray had not been
able to strengthen and develop its product service offering through bolt-on
acquisitions in this field as originally envisaged in June 2007.
The Company's investment in Oxray was written down to nil in its Financial
Statements for the year ended 31 January 2009 as released on 17 April 2009.
Subsequent efforts to secure a commercial exit from the Oxray business were not
successful and the Directors therefore concluded in July 2009 that the most
prudent course of action in the current economic climate was to stop any further
investment in Oxray with an emphasis on preserving the Group's cash. Oxray has
now become a dormant subsidiary whilst retaining control of the underlying
intellectual property ("IP"). In addition, the Company has transferred an equity
stake of 15 per cent. in this subsidiary to Oxray's former Commercial Manager,
Richard Cooper, as an incentive to help potentially realise some future value
from the IP.
The results of Oxray for the period from 1 February 2009 have been classified
within discontinued operations in the consolidated financial statements and
comprise revenue of GBP12,000 with related loss after tax of GBP83,000.
6) RELATED PARTY TRANSACTIONS
During the period the Company entered into the following transactions with Ora
Capital Limited (formerly Ora Capital Partners Plc) which as at 31 July 2009
held 45.25% of the Company's issued share capital.
+-----------------------------------+-------------------+-------------+------------+
| | Six months | Six months | Year to |
| | to | to | 31 January |
| | 31 July | 31 July | 2009 |
| | 2009 | 2008 | |
+-----------------------------------+-------------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------+-------------------+-------------+------------+
| | GBP000 | GBP000 | GBP000 |
+-----------------------------------+-------------------+-------------+------------+
| Management consultancy fees | 8 | 6 | 12 |
| charged by ORA | | | |
+-----------------------------------+-------------------+-------------+------------+
During the period the Company's wholly owned subsidiary, Oxray Ltd, borrowed
GBP73,000 (31 July 2008: GBPnil) from the Company for working capital purposes.
The loan is non-interest bearing, is repayable on demand and the outstanding
balance at 31 July 2009 was GBP373,000 (31 July 2008: GBP200,000), however a
provision of GBP300,000 was made against this loan in the year to 31 January
2009 and a further GBP73,000 provision made in the half year to 31 July 2009.
7) INTERIM FINANCIAL REPORT
A copy of this interim report will be distributed to shareholders and is also
available on the Company's website at www.oxecoplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEDFIESUSESS
1 Year Oxeco Chart |
1 Month Oxeco Chart |
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
