TIDMCTFA
RNS Number : 8635U
Cientifica PLC
06 December 2013
Cientifica PLC
("Cientifica" or "the Company")
Unaudited Interim Results
Cientifica (AIM: CTFA.L) (formerly Avia Health Informatics Plc),
announces its unaudited interim results for the six months ended 30
September 2013. Comparative figures relate to the six months ended
30 September 2012 (which have been restated) unless otherwise
stated. The results refer to a period prior to the restructuring of
the Company, disposal of its operating subsidiary, resumption of
trading as an investing company in October and its subsequent name
change to Cientifica.
Cientifica is an AIM quoted investing company focussing on the
acquisition of businesses making use of emerging technologies. The
initial target market is applications of graphene technology.
Financials
-- Operating loss and loss before tax for the period of
GBP73,892 (H1 2012: GBP239,234)
-- Loss per share for the period was 1.24p (H1 2012 loss: 7.46p)
Corporate
-- Proposals put to shareholders for the disposal of Plain
Healthcare, a Creditors Voluntary Arrangement (CVA), the adoption
of an investing policy and change of
name
-- Following the period end, the disposal of Plain Healthcare,
the CVA, the new Investing Policy and change of name were approved,
a new Board was appointed and GBP380,000 before expenses raised
through share placings
Tim Harper, Chief Executive, Cientifica PLC commented:
"These results are not relevant to the on-going business.
Following the restructuring in October we believe we now have the
platform in place to build a substantial business based on
generating revenue and profits from applications of graphene.
"We have a number of acquisition targets, each of which would
allow us to enter a different segment of the market, and
discussions have commenced".
6(th) December 2012
Enquiries:
+44 (0) 207 518
Cientifica PLC 4300
Tim Harper, Chief Executive
Allenby Capital Limited (Nominated +44 (0) 203 328
Adviser) 5656
Nick Naylor
Mark Connelly
James Reeve
Peterhouse Corporate Finance +44 (0) 207 469
(Broker) 0930
Heena Karani
Lothbury Financial Services +44 (0) 203 440
Limited 7620
Michael Padley
Gary Middleton
Chairman's Statement
The Company's former healthcare business continued to experience
trading difficulties from the start of the current financial year.
Sales disappointed and were behind the Directors' expectations due
to ordering delays within the NHS, the Company's principal
customer, and cash flow continued to be tight.
In late June 2013, after further ordering delays in the NHS,
which resulted in a deferral of expected revenues, and a delay in
entering into an agreement to licence the Company's technology to a
third party, the Company announced that it had requested the
suspension of its Ordinary Shares from trading on AIM, pending
clarification of its financial position.
All identified options were explored in the latter part of June
and in the months up to September 2013. The Board subsequently
determined that the orderly disposal of Plain Healthcare Limited
would most likely realise some value for shareholders and
creditors. On 19 September 2013, the Company announced that it
proposed to dispose of Plain Healthcare Limited to Advanced
Computer Software Plc, enter into a Creditors Voluntary Arrangement
("CVA"), adopt a new Investing Policy pursuant to Rule 15 of the
AIM Rules for Companies and change the name of the Company to
"Cientifica plc". On 23 October 2013, these and other related
proposals were completed and the Company's enlarged issued share
capital resumed trading on AIM.
Financial Report
The consolidated results for the six month period to 30
September 2013 showed revenues of GBPNil (*2012: GBP64,125) and an
operating loss and loss before tax of GBP73,892 (*2012:
GBP239,234)
The loss per share for the period was 1.24p (H1 2012 loss:
7.46p). The cash balance in the Group stood at GBP2,179 at the end
of the period (30 September 2012: GBP136,967). Save for the
GBP350,000 interest free convertible loan from Advanced Computer
Software Group PLC, the Company had no borrowings.
* restated
Current Trading, Going Concern and Outlook
Cientifica is now an AIM quoted investing company with a new
management team focussed on the acquisition of businesses making
use of advanced materials, in particular graphene, and emerging
technologies.
Through the CVA, the Company has settled its creditors, it now
has no debt and, following placings in October 2013, has cash
resources which will be applied to potential acquisition due
diligence and general working capital requirements.
Graphene is currently one of the hottest emerging technologies
and is attracting large amounts of interest from scientists,
companies and investors alike. Our strategy is not to manufacture
graphene - there are plenty of companies doing that and they are
all at the bottom end of the value chain - but to develop new
applications which apply graphene to address major markets.
With the European Commission funding research to the tune of
EUR1bn over the coming decade, and Cientifica's strong links to the
academic community, we are confident that we can identify and
develop high value added applications of graphene with commercial
potential. This allows us to build a robust technology business
rooted in our deep understanding of graphene, but focussing on
revenue generating applications.
Unaudited Financial Results for the Six Month Period Ended 30
September 2013
The reader is reminded that these results are unaudited and, as
such, may be subject to material change. Both the audited results
for the financial year ended 31 March 2013 and the unaudited
results for the first half of the current financial year are
prepared on the going concern basis, which assumes the Group will
have sufficient resources to enable it to continue trading for the
foreseeable future.
Unaudited Financial Results for the six month period ended 30
September 2013
Unaudited Consolidated Statement of Total Comprehensive
Income
for the six month period
ended 30 September 2013
Period Period ended Year ended
ended 30 September 31 March
30 September 2012 2013
2013 *(restated) *(restated)
GBP GBP GBP
Continuing operations
Revenue - 64,125 135,570
Cost of sales - (2,681) (5,668)
-------------- -------------- --------------
Gross Profit - 51,444 129,902
Administrative Expenses (73,892) (290,678) (614,542)
-------------- -------------- --------------
Operating Loss (73,892) (239,234) (484,640)
Finance Income - - -
Loss before corporation
tax (73,892) (239,234) (484,640)
Corporation Tax - - -
-------------- -------------- --------------
Loss after taxation (73,892) (239,234) (484,640)
-------------- -------------- --------------
Discontinued operations (6,964) (238,687) (149,481)
Total comprehensive loss
for the period (80,856) (477,921) (634,121)
Basic and diluted loss per
share:
Continuing operations (1.13) (3.73) (7.53)
Discontinued operations (0.11) (3.73) (2.32)
-------------- -------------- --------------
Total loss per share (1.24) (7.46) (9.85)
*The comparative figures for the 6 months to 30 September 2012
and year ended 31 March 2013 have been restated to reflect the
contribution to the results of operations that have been
discontinued in 2013.
Unaudited Consolidated Statement of Financial
Position
As at 30 September 2013
As at As at As at
30 September 30 September 31 March
2013 2012 2013
GBP GBP GBP
Assets
Non-Current Assets
Intangible Assets - 520,218 497,210
Property, Plant and Equipment 988 27,485 16,156
988 547,703 513,366
Current Assets
Trade and other receivables 14,675 270,484 275,429
Cash and cash equivalents 2,179 136,967 100,387
Assets classified as
held for sale 589,712 - -
-------------- -------------- ------------
606,566 407,451 375,816
Liabilities
Current Liabilities
Trade and other payables 238,610 721,888 723,667
Deferred Income - 250,243 332,440
Loan 350,000 350,000 350,000
Liabilities directly
associated with assets
classified as held for
sale 626,726 - -
-------------- -------------- ------------
1,215,336 1,322,131 1,406,107
Net Current Assets/(Liabilities) (608,770) (914,680) (1,030,291)
-------------- -------------- ------------
Net Assets/(Liabilities) (607,782) (366,977) (516,925)
-------------- -------------- ------------
Shareholders' Equity
Called Up Share Capital 130,435 124,185 130,435
Share Premium 2,069,837 2,069,837 2,069,837
Reverse Acquisition Reserve (1,795,277) (1,795,277) (1,795,277)
Merger Reserve 1,488,489 1,488,489 1,488,489
Retained Earnings (2,501,266) (2,254,211) (2,410,411)
Total Equity (607,782) (366,977) (516,925)
-------------- -------------- ------------
Unaudited Consolidated
Statement of Cash Flow
For the six month period
ended 30 September 2013
Period Period Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
GBP GBP GBP
Cash Flows from Operating
Activities
Cash absorbed by operations (69,401) (301,360) (306,284)
Cash flows from investing
activities
Purchase of intangible
assets (29,273) (11,256) (49,139)
Purchase of property, plant
and equipment - (270) (500)
Interest received - - 205
Net cash absorbed by investing
activities (29,273) (11,526) (49,434)
-------------- -------------- ----------
Cash flows from financing
activities
Proceeds from issue of
share capital - - 6,250
Loan Received - 350,000 350,000
Net cash generated from
financing activities - 350,000 356,250
-------------- -------------- ----------
Decrease in cash and cash
equivalents (98,674) 37,114 532
Cash and cash equivalents
at beginning of period 100,853 99,853 99,853
Cash and cash equivalents
at end of period 2,179 136,967 100,853
-------------- -------------- ----------
Note:
1) Reconciliation of loss before income tax to cash
generated from operations
Total comprehensive loss (80,856) (477,921) (634,121)
Depreciation Charge 71,558 71,558 144,008
Finance Income - - (205)
-------------- -------------- ----------
(9,298) (406,363) (490,318)
Decrease/(Increase) in
trade and other receivables 113,921 155,322 150,377
(Decrease)/Increase in trade,
other payables and deferred
income (174,024) (50,319) 33,657
(69,401) (301,360) (306,284)
-------------- -------------- ----------
Notes to the Interim Report
1. Basis of Preparation and accounting policies
These condensed interim statements have been prepared in
accordance with IAS 34, 'Interim Financial Reporting', as adopted
by the European Union on a basis consistent with International
Financial Reporting Standards (IFRS). They do not contain all of
the information required for full financial statements and should
be read in conjunction with the consolidated financial statements
of the Group as at and for the year ended 31 March 2013. These
interim financial statements do not constitute statutory accounts
within the meaning of the Companies Act 2006.
The interim financial information was approved by the Board of Directors on 5(th) December 2013.
The information relating to the six month periods to 30
September 2013 and 30 September 2012 is unaudited. The reader's
attention is drawn to the text above under the heading beginning
"Unaudited Financial Results for the six month period ended 30
September 2013".
The information relating to the year ended 31 March 2013 is
extracted from the audited Financial Statements of the Company
which were published on 22 October 2013.
The accounting policies applied by the Group in these interim
financial statements are the same as those applied by the Group in
its consolidated financial statements for the year ended and as at
31 March 2013.
2. Earnings per share
Six months Six months Year ended
to 30 to 30 31 March
September September 2013
2013 2012
GBP GBP GBP
Loss attributable to
equity holders of the
parent:
Loss from continuing
operations (73,892) (239,234) (484,640)
Loss from discontinued
operations (6,964) (238,687) (149,481)
----------- ------------ ------------
Loss for the purpose
of basic and diluted
loss per share (80,856) (477,921) (634,121)
----------- ------------ ------------
Number of shares:
Weighted average number
of shares in issue during
the year 6,524,023 6,399,023 6,439,776
Effect of outstanding - - -
options
----------- ------------ ------------
Adjusted weighted average
number of shares 6,524,023 6,399,023 6,439,776
----------- ------------ ------------
Basic and diluted earnings
per share :
Loss per share from
continuing operations (1.13) (3.73) (7.53)
Profit/(loss) per share
from discontinuedoperations (0.11) (3.73) (2.32)
Total loss per share
for the period (1.24) (7.46) (9.85)
----------- ------------ ------------
3. Segmental Information
A segment is a distinguishable component of the Group that is
engaged in providing services in a particular economic environment
which have different potentials for future development. The Group
operates in only one segment and though there is export revenue
this is all within Europe and the Company classifies its operations
as a single segment.
4. Statement of Compliance
The financial information set out above does not constitute the
Company's statutory report and accounts for the year ended 31 March
2013. Statutory Accounts for 2013 have been delivered to the
registrar of companies. The auditor's report in respect of the 2013
accounts was unqualified and did not contain a statement under
section 489(2) or 498(3) of the Companies Act 2006. It did,
however, indicate the existence of a material uncertainty which may
cast significant doubt about the Group's ability to continue as a
going concern, which the auditor drew attention by way of an
emphasis of matter.
5. Directors' Responsibility Statement
The interim report is the responsibility of, and has been,
approved by the Directors. The Directors are responsible for
preparing the interim financial statements in accordance with the
AIM Rules for Companies.
ENDS
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The company news service from the London Stock Exchange
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