TIDMMST
RNS Number : 9284C
Mid-States PLC
15 March 2011
MID-STATES PLC
Unaudited Results for the Six Months Ended 31 December 2010
Mid-States PLC, a leading environmental technology group today
reports its unaudited results for the six months ended 31 December
2010.
Highlights
-- Key inflection point in order intake; on track to achieve
1,500 AD orders in the current quarter, which will match the total
number of orders in the last financial year
-- Revenues of GBP0.2 million
-- Trading in line with management expectations
-- In discussions with distributors in over 30 countries; key
distributors in Spain and India
-- Successfully concluded the initial testing on a prototype
miniature device to target the 'home health' market
-- Developing our product range to meet a variety of
applications and market demands
-- GBP2.4 million in cash as at 31 December 2010
Javier Segura, Managing Director of Mid-States PLC, commented:
"We are making good progress in order intake for our flagship air
disinfection product, the AD, which is a unique and proven device.
We are in discussions with distributors in over 30 countries around
the world in order to take advantage of the undoubted opportunity
and potential of the AD. We are also excited by our progress in
product development as we adapt the AD to meet a range of demands
and substantial market opportunities."
For further information:
Mid-States PLC Tel: +44 (0) 20 7603 1515
Andrew Tonks, Finance Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7459 3600
Andrew Godber / Adam Pollock
Cardew Group Tel: +44 (0) 20 7930 0777
Tim Robertson / Catherine Maitland
Chairman and Managing Director's Report
Introduction
Our ground breaking air disinfection device, the AD, disinfects
and cleans the air and surfaces of harmful bacteria and viruses
using unique and proven technology developed from a concept
identified by a British Government research facility. High profile
outbreaks such as H1N1 swine flu and other infections have
increased public awareness of the dangers of airborne germs and
pathogens and the need for clean and healthy working and living
environments. It is this growing public awareness of airborne
health issues and demand for solutions that is driving demand for
the AD in hospitals, offices, care homes and other enclosed
environments. As a result we are now on track to achieve the same
level of orders in a quarter as we previously achieved in the last
financial year.
We are thereforepleased to present our results for the half year
ended 31 December 2010.
Trading Performance
The Company is reaching an important inflection point in sales
momentum of the AD. Reflecting the growing demand to create clean
air in enclosed spaces for hospitals, care homes, offices, dental
surgeries and ambulances the Company is now positioned to achieve
orders of circa 1,500 ADs a quarter, having received order intake
of 1,525 ADs for the six months to 31 December 2010, and 1,564
orders in the whole previous financial year to 30 June 2010.
In particular the sales momentum has been driven by strong
performances in India and Spain. In January we signed an exclusive
distribution agreement with ITS Mysore, an Indian distributor based
in Bangalore, to allow us to take advantage of the huge untapped
potential market opportunity in India, due to the ongoing
challenges in achieving optimum hygiene standards. The agreement
covers the hospital and office sectors, and ITS Mysore is targeting
sales of at least 1,850 ADs in 2011.
Europe has also been a particular focus due to the growing level
of public awareness and demand for clean and healthy indoor working
and living environments. We have made particular progress in Spain,
where we signed an exclusive distribution agreement with Oxidoc
Exclusivas S.A. covering the hospital, ambulance, care home,
pharmacy, dentist, office and veterinary sectors. Oxidoc is
targeting to sell a minimum of 1,500 ADs by the end of 2011.
Developing a network of global distributors is a key part of the
Company's strategy, and to meet the scale of the opportunity we are
focussed on signing distributors in several other European
countries, the Middle East, the Far East and North Africa. As a
result the Company is currently working with potential distributors
in over 30 countries.
New Products
Given the scale of the 'home health' market, the successful
development of a prototype miniature device specifically designed
for the retail market is an extremely important breakthrough for
the Company. As reported in December 2010 we have successfully
concluded the initial testing on a prototype miniature device and
we have filed a patent in the UK.
The unique AD technology can be adapted for a number of
different applications, and the on-going development of variants of
the AD for a variety of commercial demands is another key part of
our strategy. Further products using the AD technology designed for
use in professional and commercial markets sectors will be launched
during 2011.
Financial Results for the Period
Theseinterim condensed consolidated statements are prepared
under International Financial Reporting Standards (IFRS). In the
sixmonths ended 31 December 2010, the continuing activities
achieved revenues of GBP0.2 million (2009: GBP0.2 million) and the
loss for the period was from continuing operations was GBP1.2
million (2009: loss of GBP1.1 million). The loss reflects the
increased investment in sales and marketing resources and research
and development made by the Company as part of its strategy to
enter more markets and territories. The loss also includes
reorganisation costs of GBP65,000 (2009: GBPnil). The basic and
diluted loss per share was 0.47 pence (2009: loss of 0.90
pence).
Net cash outflow for the six months ended 31 December 2010 was
GBP1.4 million (2008: GBP1.3 million outflow). Net cash used in
operating activities was GBP1.4 million (2008: GBP1.2 million).
At 31 December 2010, the Group had net cash balances of GBP2.4
million (2008: GBP0.9 million).
Before the period, the Company completed a Placing in June 2010
to fund the Group in implementing its strategy to penetrate
different market segments in multiple countries, including
additional sales and marketing resources and further investment in
research and development.
Current trading and prospects
The undoubted potential of the AD is underpinning our growth and
this is an important period for the Company as we make a step
change in the level of orders received, whereby we are now aiming
for orders of 1,500 ADs a quarter, the figure we used to achieve in
a year. This converges with the growing awareness of the dangers of
airborne viruses and the demand for clean and healthy working and
living environments will continue to fuel momentum in the market.
We are focussed on expanding our network of distributors in order
to continue driving sales momentum by penetrating multiple
geographies and market segments, and developing our product range
to meet a variety of applications and market demands.
John Bateson, Chairman
Javier Segura, Managing Director
15 March, 2011
Condensed consolidated interim statement of comprehensive
income
Six months Six months
to to Year to
31 December 31 December 30 June
2010 2009 2010
unaudited unaudited audited
Note GBP'000 GBP'000 GBP'000
----------------------------- ------ ------------- ------------- ---------
Continuing operations
Revenue 202 193 311
Cost of sales (119) (101) (299)
------------------------------------- ------------- ------------- ---------
Gross profit 83 92 12
Distribution expenses (6) (7) (11)
Administrative expenses (1,401) (1,170) (2,391)
Results from operating activities (1,324) (1,085) (2,390)
Finance income 5 - 25
Net finance income 5 - 25
Loss before income tax (1,319) (1,085) (2,365)
Income tax income 83 17 34
Loss for the period (1,236) (1,068) (2,331)
------------------------------------- ------------- ------------- ---------
Total comprehensive expense
for the period (1,236) (1,068) (2,331)
------------------------------------- ------------- ------------- ---------
Basic and diluted
Loss per share 3 (0.47)p (0.90)p (1.88)p
------------------- -------- -------- --------
Condensed consolidated interim statement of financial
position
31 December 31 December 30 June
2010 2009 2010
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ ---------
Assets
Property, plant and equipment 89 168 123
Goodwill 1,115 1,115 1,115
Other intangible assets 601 719 660
------------------------------------- ------------ ------------ ---------
Total non-current assets 1,805 2,002 1,898
Inventories 219 187 160
Trade and other receivables 239 119 69
Other current assets 114 24 97
Cash and cash equivalents 2,419 927 3,818
------------------------------------- ------------ ------------ ---------
Total current assets 2,991 1,257 4,144
Total assets 4,796 3,259 6,042
------------------------------------- ------------ ------------ ---------
Equity
Share capital 2,609 1,161 2,609
Share premium 6,955 4,543 6,955
Share based payments reserve 94 67 83
Capital redemption reserve 253 253 253
Merger reserve 3,250 3,250 3,250
Retained earnings (9,146) (6,647) (7,910)
Total equity attributable to equity
holders of the Company 4,015 2,627 5,240
Total equity 4,015 2,627 5,240
------------------------------------- ------------ ------------ ---------
Liabilities
Deferred tax liabilities (164) (198) (181)
Total non-current liabilities (164) (198) (181)
Trade payables (154) (117) (211)
Other payables and accruals (251) (233) (212)
Deferred income (9) (9) (9)
Short-term provisions (203) (75) (189)
------------------------------------- ------------ ------------ ---------
Total current liabilities (617) (434) (621)
------------------------------------- ------------ ------------ ---------
Total liabilities (781) (632) (802)
------------------------------------- ------------ ------------ ---------
Total equity and liabilities (4,796) (3,259) (6,042)
------------------------------------- ------------ ------------ ---------
Condensed consolidated interim statement of changes in
equity
Share
based Capital
Share Share payment redemption Merger Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ------- ------- ------- ---------- ------- -------- -------
1 July 2010 2,609 6,955 83 253 3,250 (7,910) 5,240
Share-based payment
transactions - - 11 - - - 11
Loss for the period - - - - - (1,236) (1,236)
31 December 2010 2,609 6,955 94 253 3,250 (9,146) 4,015
-------------------- ------- ------- ------- ---------- ------- -------- -------
1 July 2009 1,161 4,543 67 253 3,250 (5,579) 3,695
Loss for the period - - - - - (1,068) (1,068)
31 December 2009 1,161 4,543 67 253 3,250 (6,647) 2,627
1 July 2009 1,161 4,543 67 253 3,250 (5,579) 3,695
Issue of new shares 1,448 2,412 - - - - 3,860
Share-based payment
transactions - - 16 - - - 16
-------------------- ------- ------- ------- ---------- ------- -------- -------
Transactions with
owners 1,448 2,412 - - - - 3,876
Loss for the period - - - - - (2,331) (2,331)
30 June 2010 2,609 6,955 83 253 3,250 (7,910) 5,240
-------------------- ------- ------- ------- ---------- ------- -------- -------
Condensed consolidated interim statement of cash flows
Six months Six months
to to Year to
31 December 31 December 30 June
2010 2009 2010
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------- ------------- ---------
Cash flows from operating activities
Loss for the period (1,319) (1,068) (2,331)
Adjustments for:
Depreciation 38 33 80
Amortisation of intangible assets 59 59 118
Share based payments 11 - 16
(1,211) (976) (2,117)
Change in inventories (59) 93 120
Change in trade and other
receivables (187) (105) (100)
Change in trade and other
payables (23) (225) (182)
Change in provisions 14 (9) 105
Change in deferred income - 7 (7)
------------------------------------- ------------- ------------- ---------
(1,466) (1,215) (2,181)
Interest income 5 - (25)
Income tax 66 - -
Net cash (used in) operating
activities (1,395) (1,215) (2,206)
Cash flows from investing activities
Interest received - - 25
Purchase of property, plant
and equipment (4) (88) (91)
------------------------------------- ------------- ------------- ---------
Net cash (used in)/from investing
activities (4) (88) (66)
Cash flows from financing activities
Proceeds from issue of share
capital - - 3,860
Net cash from financing activities - - 3,860
Net (decrease)/ increase in
cash and cash equivalents (1,399) (1,303) 1,588
Cash and cash equivalents at
beginning of period 3,818 2,230 2,230
Cash and cash equivalents at
end of the period 2,419 927 3,818
------------------------------------- ------------- ------------- ---------
Notes to the condensed consolidated interim financial
statements
1 Nature of operations and general information
Mid-States PLC and subsidiaries' ('the Group') principal
activities are in the area of environmental technology, focussing
in particular on its innovative air disinfection products.
Mid-States PLC is the Group's ultimate parent company. It is
incorporated and domiciled in Great Britain. Mid-States PLC's
shares are listed on the AIM market of the London Stock Exchange.
Mid-States PLC consolidated interim financial statements are
presented in Pounds Sterling.
These consolidated condensed interim financial statements have
been approved for issue by the Board of Directors on 14 March
2011.
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 30 June 2010, prepared under International Financial
Reporting Standards (IFRS), have been filed with the Registrar of
Companies. The auditor's report on those financial statements was
unqualified and did not contain statements under Section 498(2) or
Section 498(3) of the Companies Act 2006.
2 Basis of preparation
The condensed consolidated interim financial statements for the
six months ended 31 December 2010 have been prepared in accordance
with the accounting policies which will be applied in the year end
financial statements to 30 June 2011. These accounting policies are
drawn up in accordance with International Accounting Standards
(IAS) and International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board and as
adopted for use in the European Union that are effective at 31
December 2010. This interim report is condensed with respect to
IFRS requirements. As permitted, this interim report has been
prepared in accordance with AIM rules for companies and not in
accordance with IAS 34 "Interim Financial Reporting".
The condensed consolidated interim financial statements are
unaudited and have not been subject to review. They do not include
all the information and disclosures required in the annual
financial statements, and therefore should be read in conjunction
with the Group's annual financial statements as at 30 June 2010.
These financial statements have been prepared under the historical
cost convention. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation
of these condensed consolidated interim financial statements.
3 Loss per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period. The
calculation of diluted earnings per share is based on the basic
earnings per share, adjusted to allow for the issue of shares and
the post-tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Six months Six months
to to Year to
31 December 31 December 30 June
2010 2009 2010
unaudited unaudited unaudited
---------------------------------- ------------- ------------- ------------
GBP'000 GBP'000 GBP'000
Loss per share
Loss for the period (1,236) (1,068) (2,331)
Weighted average number of shares
For the purposes of basic loss
per share 260,903,839 116,082,412 123,621,062
For the purposes of diluted loss
per share 260,903,839 116,082,412 123,621,062
---------------------------------- ------------- ------------- ------------
Basic and diluted loss per share (0.47)p (0.90)p (1.88)p
---------------------------------- ------------- ------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKQDQFBKDOND
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
