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
Mid-states (LSE:MST)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Mid-states (LSE:MST)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
