RNS Number : 3320W
MDY Healthcare PLC
10 June 2008
MDY Healthcare plc
Interim results
10 June 2008: MDY Healthcare plc ("MDY Healthcare" or the "Company"), the strategic investor in healthcare companies, today announces
its interim results for the six months ended 31 March 2008.
Financial Highlights
* Total investments valued at �10.7 million (30 September 2007: �9.4 million) with cash and cash equivalents of �2.2 million (30
September 2007: �5.1 million)
* Net asset value per share as at 31 March 2008 of �0.885 (30 September 2007: �1.11)
* Loss from operations of �0.6 million (2007: �0.9 million) following increased revenue and reduced administration expenses. Net
loss for period of �2.1 million (2007: �1.0 million) includes net loss in fair value of financial assets of �1.8 million (2007: �34,000
gain)
Portfolio Highlights
* Co-led syndicate that acquired Stanmore Implants Worldwide in February 2008 with Brian Steer (ex-Chair of Gyrus Group plc) joining
as Executive Chairman
* AOI Medical initiated FDA approved clinical trial on its Ascendx* VCF Reduction System with first surgical procedures completed on
three patients in early June 2008
* Medivance exceeded its calendar 2007 annual business plan and is on target to achieve its 2008 plan following a strong first
quarter
* Consumer natural healthcare investment with William Ransom & Son is progressing well and remains on track for launch later in
2008
* Post period end Allergy Therapeutics announced positive results from PIII grass trial on Pollinex� Quattro
Charles Spicer, CEO, said:
"The Stanmore deal illustrates that excellent investments are still possible in the medtech sector despite difficult market conditions
and that we can attract sophisticated investors to invest alongside us. Whilst we continue to expect markets to be challenging for smaller
public companies, we remain confident that our portfolio will deliver longer term shareholder value as our investments fulfil their
potential and market conditions stabilise."
For further information, please contact:
MDY Healthcare plc
Charles Spicer, CEO +44 (0) 207 647 1800
charles.spicer@MDYhealthcare.com
Financial Dynamics
Ben Atwell, Susan Quigley +44 (0) 207 831 3113
ben.atwell@fd.com, susan.quigley@fd.com
Brewin Dolphin Limited (Nomad)
Matt Davis +44 (0) 845 270 8600
Notes for editors:
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing company quoted on AIM (ticker symbol: MDY). The company seeks to achieve
superior returns for shareholders by investing globally in companies, both public and private, across the healthcare sector. The directors,
executives and senior advisors have significant operational and investment experience in the sector and therefore the ability to identify
and review a wide range of potential investments.
Further information can be found on the website www.mdyhealthcare.com.
Chairman and Chief Executive's review
Overview
As highlighted at our AGM, the first half of the financial year has been characterised by extremely challenging market conditions for
public companies especially at the smaller cap end of the market. Following the sharp downturn in the global equities markets in March 2008,
triggered by the worsening banking crisis, the FTSE100 and the AIM All Share hit their lowest levels since 2005 and 2004 respectively in
that month while the techMARK mediscience index hit its lowest point since December 2003.
Against this backdrop, our quoted investments suffered falling share prices in the reported period and consequently have been
marked-to-market through the income statement at lower valuations than at 30 September 2007. Given this degree of market turmoil resulting
in historically very low valuations for our sector, we took the strategic decision not to crystallise any cash losses by selling quoted
equities into a falling market. Encouragingly, since the end of March we have seen improved share prices for some of our strategic and
trading investments. We are taking a cautious approach towards upwards revaluations of our private investments at this stage given general
market conditions despite good evidence of positive progress. We will review the position at the year-end. We have also kept a tight control
on our operating expenses during the period.
We remain confident about the underlying quality of our portfolio and believe that all of our strategic investments have continued to
make good commercial progress over the last six months, details of which we include below.
Investment strategy
Over the last 18 months we have evolved our strategic investment model and expanded our portfolio which is now predominantly focused on
medical technology, a sub-sector of the healthcare market with a typically reduced risk profile. Within this, we have prioritised a smaller
number of larger investments, mostly in private companies, where we can own a significant share of the company and can therefore
strategically drive shareholder value through active board participation, corporate development advice and innovative corporate finance
structures. We are also focused on investing in companies where we will not be dependent on benign stockmarkets in order to realise value
but where an M&A exit is a high possibility even if not the first priority.
New strategic investment in Stanmore Implants Worldwide
Demonstrating this evolution of our business model, in February 2008 we co-led with Abingworth Management ('Abingworth'), a syndicate of
investors to acquire the entire issued share capital of Stanmore Implants Worldwide Ltd ('Stanmore'), a private medical technology company
focused on saving and restoring the function of limbs and joints. The investor syndicate is working closely with MDY's senior adviser, Brian
Steer (ex Chairman of Gyrus Group plc), who is leading Stanmore as Executive Chairman supported by Stanmore's existing senior management
team and its clinical and scientific collaborators.
Stanmore designs, manufactures and markets a custom implant service with a portfolio of orthopaedic implants for limb salvage and
complex joint replacement. Stanmore is now a market leader in the UK and has a rapidly expanding presence in export markets, delivered
through both direct and distributor sales. Stanmore is currently headquartered in a specialised facility at the world-renowned Royal
National Orthopaedic Hospital in Stanmore, Middlesex, and has a small Continental European sales office in Lyon, France. It was previously
owned by University College London, and was spun out as an independent company from UCL's Centre for Biomedical Engineering in 1996. The
Centre is known for its design of some of the world's most successful implants including the Stanmore Hip.
Stanmore focuses on high value, technically demanding applications where it differentiates itself by forming long-term relationships
with specialist surgeons, delivering advanced designs, high-quality products and rapid service. It has annual sales in excess of �4 million
and has been profitable for several years.
Intraosseous Transcutaneous Amputation Prosthesis (ITAP)
Stanmore's key new product development is ITAP, an innovative device for directly attaching prosthetic devices to the skeleton of
amputees. It is being developed for a wide-range of applications including upper and lower limb, digits and craniofacial prostheses. ITAP
builds on ground-breaking research undertaken by UCL with a design that, by mimicking successful skin-penetrating natural structures (such
as deer antler) stably integrates with the skin. This provides an effective barrier against infection, which has to date limited the
application of percutaneous implants to dental implants and craniofacial applications.
Surgeons working closely with the company have implanted a number of craniofacial ITAP devices over the last three years with
encouraging clinical results. Similarly, over the last two years, digit ITAP devices have been implanted in a number of patients with
positive results. In late 2007, the first upper limb ITAP device was successfully implanted in a 7/7 bomb victim. The patient is progressing
well, and Stanmore plans to implant further upper and the first lower limb ITAP implants during this year.
MDY Healthcare has invested �3 million in the transaction and has approximately 20% of the issued share capital on a fully-diluted
basis. Charles Spicer has been appointed to the board of SIW Holdings Ltd., parent company of Stanmore.
Since completion of the acquisition, Stanmore has developed its strategy for accelerated international growth and is preparing to move
into state-of-the art new facilities close to its existing site. The clinical and commercial programme for ITAP is progressing well with
recruitment underway for the first trial on lower limbs at the Royal National Orthopaedic Hospital in Stanmore and the Royal Orthopaedic
Hospital in Birmingham.
Strategic portfolio review
Following the investment in Stanmore, we now have seven strategic investments. Our three largest commitments, Medivance, Stanmore and
our consumer health JV are private and are valued at the cost of the last investment. Our four quoted strategic investments have all been
marked-to-market downwards.
AOI Medical Inc.
Based in Florida, USA, AOI Medical is developing, and intends to commercialise, innovative orthopaedic medical devices for the spine and
trauma markets.
At 31 March 2008, we held approximately 8.6% of the issued share capital which was valued at approximately �1.5 million, a reduction of
�0.9 million or 37.5% since 30 September 2007.
In December 2007, AOI announced conditional US FDA approval to begin its key clinical study for AscendxTM (Fracture Reduction System).
Final approval was somewhat delayed and was confirmed in April 2008 following which the trial has now been initiated with surgical
procedures on the first three patients completed in early June 2008. Depending on FDA response timing, the commercial launch of the product
is now targeted for late 2008 or early 2009. At an EGM in May, AOI secured authorization from its shareholders to raise additional capital
through the issue of further common shares or convertible equity.
Medivance, Inc
Based in Colorado, USA, Medivance is a leading company in the emerging field of therapeutic temperature management. Medivance's
non-invasive technology, Arctic Sun� is patented and FDA approved to rapidly cool patients ("therapeutic hypothermia") and precisely control
their temperatures as a therapeutic tool.
At 31 March 2008, we owned approximately 9.8% of the fully-diluted equity of Medivance which remains valued at �2.7 million as it was in
30 September 2007.
Medivance exceeded its calendar 2007 annual plan on several fronts including revenues, gross margin and expenses and is on target to
achieve its 2008 plan following a strong first quarter. This requires continued strong global sales growth and a move into operating
breakeven towards the end of the year. While the plan is being executed, we have decided not to revalue our holding in Medivance but will
review the position again at our year-end.
Minster Pharmaceuticals plc
Minster is a drug development company that acquired from GlaxoSmithKline the worldwide development rights of two compounds, tonabersat
and sabcomeline, which have already benefited from substantial investment by GSK. Minster's lead product, tonabersat, belongs to an
important new class of drugs called "gap junction blockers", and is being developed as a prophylactic treatment for migraine.
At 31 March 2008 we held just over 2% of the issued share capital which was valued at approximately �0.4 million, a reduction of �0.2
million or 27% since 30 September 2007.
In February 2008 Minster announced that it had recruited 25% of the patients required for its TEMPUS 500-patient phase IIb trial of
tonabersat in the US and were still on track to report on that trial in Q4 2008. In March 2008, Minster announced that they had fully
enrolled their Danish study of tonabersat in patients suffering from migraine with aura and expected results in late 2008.
Allergy Therapeutics PLC
Allergy Therapeutics is a speciality pharmaceutical company focused upon the treatment and prevention of allergy. It has an existing
European sales base, an MHRA-approved manufacturing capability and a number of novel vaccines which have already undergone initial clinical
evaluation and once registered, could potentially revolutionise the treatment of allergy.
At 31 March 2008 we held just over 0.7% of the issued share capital which was valued at approximately �0.2 million, a reduction of �0.2
million or 58% since 30 September 2007.
Following the FDA clinical hold announced in July 2007, Allergy announced in March 2008 that the FDA was now in the process of
conducting a broad review into vaccine adjuvants and was unable to give any indication of when their review might be complete. At the same
time they announced strong growth in their core business in Europe. In May 2008 Allergy announced that their pivotal PIII grass study had
met its primary efficacy endpoint and had demonstrated that Pollinex� Quattro has statistically significant clinical benefits over placebo.
This has resulted in a significant improvement in the company's share price since then.
Lombard Medical Technologies PLC
Lombard Medical is a specialist cardiovascular device and polymer coatings company. Its flagship product, the Aorfix* endovascular stent
graft for the treatment of Abdominal Aortic Aneurysms (AAAs), is CE Mark approved in the EU. With no device currently approved for the
treatment of AAAs with neck angulations greater than 60 degrees, Aorfix* has a potentially unique product profile targeting an unmet
clinical need.
In January 2008 we announced that we had acquired further shares in Lombard Medical in their placing to raise �7.1 million which was
announced in December. We now hold just under 3% of Lombard's issued share capital valued at just under �0.5 million as at 31 March 2008. In
May 2008, Lombard announced that while recruitment into the European ARBITER II trial is on course to complete in Q3 2008, it may be
challenging to complete the recruitment for the PYTHAGORAS trial in the US by the end of 2008. The pivotal US clinical trial for Lombard's
EndoRefix* endostapling device commenced in April.
Investment with William Ransom & Son plc
Ransom is the UK's oldest independent pharmaceutical company and one of the UK's leading natural healthcare companies. It is the
market-leading supplier of glucosamine supplements and one of Europe's leading suppliers of retailed aloe vera products.
In August 2007 Ransom and MDY Healthcare announced the establishment of a multi-channel retail venture selling natural healthcare
products direct to consumers via the internet, mail order and telesales. The aim of the joint venture is to capitalise on the rapid growth
of e-commerce in the UK. The products are being primarily sourced and/or manufactured by Ransom, which will also provide management support
and fulfilment from its distribution centre in Bradford, UK. MDY Healthcare is committed to providing up to �3 million in loan capital to
finance the joint venture which is expected to launch commercial activities in late 2008.
The company is currently majority-owned by MDY Healthcare and the board includes representatives of both Ransom and MDY Healthcare.
Ransom has the option to acquire 100% ownership of the jointly owned company in accordance with an agreed timetable and valuation process.
As the company has not yet started trading there is currently no material value to MDY Healthcare's equity interest included on the balance
sheet.
We have established a team of internal and external experts to build the branding, customer interface (including transactional website,
catalogue and customer support) as well as logistical infrastructure ahead of commercial launch which remains on schedule for later in 2008.
We will update shareholders further closer to the time of launch.
Trading portfolio
Separately from the strategic investments, we have a portfolio of investments in healthcare companies traded on the Main Market of the
London Stock Exchange or quoted on AIM, which were valued at approximately �2.1 million as at 31 March 2008, a reduction of �0.8 million or
28% since 30 September 2007.
As previously highlighted, the continued disruption in global equity markets since our year-end has hit smaller capitalisation companies
relatively hard and particularly the healthcare sector. In these difficult conditions we have been reluctant to realise cash losses but also
cautious about making significant further investments. We have seen some signs of improvement over recent months such as the cash
acquisition of Whatman by GE Healthcare which completed in April and the improvement in share prices in certain key stocks such as
Axis-Shield and Vectura.
Financial review
At 31 March 2008, MDY Healthcare's total investments (current and non-current) were valued at �10.7 million (30 September 2007: �9.4
million) and we had cash and cash equivalents of �2.2 million (30 September 2007: �5.1 million). Net asset value per share as at 31 March
2008 was �0.885 (30 September 2007: �1.11).
Revenue for the period was �90,000 (2007 �18,000). In the six months ended 31 March 2008, our loss from operations was �0.6 million
(2007: �0.9 million). Total administration expenses were reduced by 23% to �0.7 million (2007: �0.9 million) of which �15,000 (2007:
�183,000) related to operations discontinued in 2006.
The net loss in fair value of financial assets of �1.8 million (2007: �34,000 profit) reflects the mark-to-market revaluation of our
listed and quoted investments following the continuing difficult stock market conditions discussed above. We made a small exchange profit of
�0.2 million (2007: �0.6 million loss) following some improvement in the dollar:sterling exchange rate. Financial income was reduced to �0.1
million (2007: 0.4 million) in line with the reduction in our cash deposits as we added further investments to the portfolio.
Overall the net loss for the period increased to �2.1 million (2007: �1.0 million). Losses per share for the period were 14.18p as
against 7.26p for the corresponding period in 2007.
Conclusion and outlook
The investment in Stanmore during the period demonstrates that excellent investments are possible in the medtech sector and that MDY
Healthcare can attract sophisticated investors to invest alongside us. Whilst we continue to expect the remainder of 2008 to be challenging
for smaller public companies, we are confident that the underlying quality of our portfolio will deliver longer term shareholder value as
our investments fulfil their potential and market conditions stabilise.
MDY Healthcare plc
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
2008 2007 2007
______ ______ ______
Notes Continuing Continuing Continuing
Operations Operations Operations
�'000 �'000 �'000
______ ______ ______
Revenue 2 90 18 28
Cost of sales - - -
______ ______ ______
Gross profit 90 18 28
Selling and distribution costs - - -
______ ______ ______
Administration expenses (656) (688) (1,628)
Costs related to operations (15) (183) (421)
discontinued in 2006 ______ ______ ______
Administration expenses 4 (671) (871) (2,049)
Loss from operations (581) (853) (2,021)
Net change in fair value of
financial assets at fair value (1,814) 34 (543)
through profit or loss
Net gains on disposal of
available for sale financial - - 367
assets transferred from equity
Foreign exchange profit 196 (589) (877)
/(loss)
Financing income 125 393 628
Financing costs - - -
______ ______ ______
Loss before tax (2,074) (1,015) (2,446)
Income tax expense - - 175
______ ______ ______
Net loss for the period (2,074) (1,015) (2,271)
______ ______ ______
Basic and diluted loss per 3 (14.18)p (7.26)p (16.02)p
share ______ ______ ______
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
______ ______ ______
2008 2007 2007
Total Total Total
�'000 �'000 �'000
______ ______ ______
Net change in the fair value
of available for sale (517) (19) 896
financial assets
Deferred tax liability arising
on net change in fair value of - - (146)
available for sale financial
assets
Net change in fair value of
available for sale financial - - (367)
assets transferred to profit ______ ______ ______
and loss
Income and expenses recognised
directly in equity in the (517) (19) 383
period
Loss for the period (2,074) (1,015) (2,271)
______ ______ ______
Total recognised income and (2,591) (1,034) (1,888)
expense for the period
Attributable to
- Equity holders of the (2,591) (1,034) (1,888)
Company ______ ______ ______
Total recognised income and (2,591) (1,034) (1,888)
expense for the period ______ ______ ______
MDY Healthcare plc
CONSOLIDATED BALANCE SHEET
For the six months ended 31 March 2008
Unaudited as at Unaudited as at Audited as at 30
31 March 2008 31 March 2007 September 2007
Notes
�'000 �'000 �'000
______ ______ ______
Non-current assets
Property, plant and equipment 95 113 105
Investments 5 8,629 3,387 6,45
______ ______ ______
8,724 3,500 6,559
______ ______ ______
Current assets
Investments 5 2,103 2,800 2,904
Trade and other receivables 184 452 1,470
Cash and cash equivalents 2,163 9,425 5,090
4,450 12,677 9,464
Total assets 13,174 16,177 16,023
______ ______ ______
Liabilities
Non-current liabilities
Deferred tax liability - (29) -
Total non-current liabilities - (29) -
Liabilities
Current liabilities
Trade and other payables (233) (339) (493)
Total current liabilities (233) (339) (493)
______ ______ ______
Total liabilities (233) (368) (493)
______ ______ ______
Net assets 12,941 15,809 15,530
______ ______ ______
Equity
Issued capital 7,020 7,013 7,020
Share premium account 101,419 100,851 101,419
Other reserves 22,993 22,993 22,993
Shares issuable - 63 -
Retained earnings (118,491) (115,111) (115,902)
Total equity 12,941 15,809 15,530
______ ______ ______
MDY Healthcare plc
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
______ ______ ______
2008 2007 2007
Notes �'000 �'000 �'000
______ ______ ______
Cash flows from operating
activities
Loss from operations (2,074) (1,442) (2,271)
Adjustments for:
Depreciation 10 7 17
Income tax credit - - (175)
Net change in fair value of
financial assets at fair value 1,814 3 543
through profit or loss
Net gains on disposal of - -
available for sale financial (367)
assets transferred from equity
Foreign exchange (gain)/loss (196) 589 910
Interest receivables (125) - (628)
______ ______ ______
Operating loss before changes
in working (571) (843) (1,971)
capital and provisions
Decrease/(increase) in trade 1,286 93 (925)
and other receivables
Decrease in trade and other (260) (1,835) (1,681)
payables ______ ______ ______
Cash generated from/(absorbed 455 (2,585) (4,577)
by) operations
Interest paid - - -
______ ______ ______
Net cash inflow/(outflow) from 455 (2,585) (4,577)
operating activities
Cash flow from investing
activities
Interest received 125 393 628
Purchase of financial asset at (3,795) (4,923) (10,150)
fair value through profit or
loss
Proceeds from sale of
financial asset at fair value 92 - 1,666
through profit or loss
Proceeds from the sale of - - 753
available for sale financial
assets
Purchase of property, plant - (51) (54)
and equipment ______ ______ ______
Net cash outflow from (3,578) (4,581) (7,157)
investing activities
Cash flows from financing
activities
Proceeds from issue of share - - 575
capital
Bank loan repayment - - -
______ ______ ______
Net cash outflow from - - 575
financing activities ______ ______ ______
Decrease in cash and cash 6 (3,123) (7,166) (11,159)
equivalents
Cash and cash equivalents at 1 5,090 17,159 17,159
October
Effect of exchange rate 196 (568) (910)
fluctuations on cash held ______ ______ ______
Cash and cash equivalents at 2,163 9,425 5,090
end of period ______ ______ ______
MDY Healthcare plc
Notes to the Interim Financial Statement (unaudited) for six months ended 31 March 2008
1 Accounting policies
Reporting Entity
MDY Healthcare plc (the 'Company') is a Public Limited Company (traded on AIM) incorporated in and domiciled in the United Kingdom. The
address of the Company's registered office is 23 Bridge Street, Ellon, Aberdeenshire, Scotland. The consolidated financial statements of the
Company as at and for the six month period ended 31 March 2008 comprise the Company and its subsidiaries (together referred to as the
'Group'). The Group is a healthcare sector specialised investment company.
Basis of preparation
* Statement of compliance
The Group and parent company interim financial statements have been prepared and approved by the directors in accordance with
International Financial Reporting Standards ('IFRSs') as adopted by the EU.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these
consolidated financial statements.
The interim financial statements were approved by the Board of Directors on 9 June 2008.
The interim financial statements have been prepared on the going concern basis.
b) Basis of Measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
* Financial investments at fair value through profit or loss account are measured at fair value
* Available for sale financial assets are measured at fair value
* Share based payments under the Group's scheme are measured as fair value at grant date.
c) Functional and presentation currency
The financial statements are presented in pounds sterling, rounded to the nearest thousand, which is the Company's functional currency.
Functional currencies within the Group consist primarily of pounds sterling.
d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimates are revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the interim financial statements is included in Note 5 - Investments.
2 Revenue and Segment Information
Primary reporting segment -geographical segments
2008 2007
�'000 �'000
______ ______
Revenue
United Kingdom 90 18
90 18
Loss on ordinary activities before taxation
United Kingdom (2,199) (1,408)
(2,199) (1,408)
Financing costs (net) 125 393
(2,074) (1,015)
Assets by location of undertaking
United Kingdom 13,174 14,139
United States - 2,038
13,174 16,177
Liabilities by location of undertaking
United Kingdom (233) (368)
(233) (368)
Borrowing and other debt - -
(233) (368)
Geographical revenue is shown by location of customers. Geographic revenue by location from which products and services are supplied is
not materially different.
The Group's secondary reporting format is its class of business. All income statement and balance sheet items in the current year relate
to the strategic investing business.
3 Loss per share
Unaudited six months Unaudited six months Audited year ended 30
to 31 March to 31 March September
2008 2007 2007
______ ______ ______
Basic
Net loss for the financial (2,074) (1,015) (2,271)
period (�'000)
Weighted average number of 14,623 13,984 14,179
shares outstanding ('000)
Basic loss per share (14.18)p (7.26)p (16.02)p
______ ______ ______
Basic loss per share is calculated by dividing the weighted average number of ordinary shares in issue into the loss after taxation for
the year attributable to ordinary shareholders. There is no difference for 2008 and 2007 between the basic loss per share and the diluted
loss per share as ordinary share equivalents from share options have been excluded from the computation as their effects are anti-dilutive.
4 Administration expenses
Included in administration costs for the period ended 31 March 2008 are costs related to businesses discontinued in previous periods of
�15,000 (31 March 2007: �183,000).
5 Financial asset investments
Available for sale financial assets 2008
�000
_____
_
At 1 October 2007 1,417
Additions at fair value -
Revaluation (517)
Disposals -
At 31 March 2008 900
At 31 March 2007 1,255
_____
_
Financial assets designated at fair value through profit or loss 2008
�000
At 1 October 2007 5,043
Additions at fair value 3,599
Revaluation (876)
Disposals (37)
At 31 March 2008 7,729
At 31 March 2007 2,132
_____
_
Financial assets held for trading at fair value through profit or loss 2008
�000
At 1 October 2007 2,904
Additions at fair value 191
Revaluation (937)
Disposals (55)
At 31 March 2008 2,103
At 31 March 2007 2,800
_____
_
6 Analysis of changes in net funds
At 30 September Cash flow Exchange rate At 31 March
2007 movements �'000 2008
�'000 ______
______
�'000
�'000 ______
______
Cash at bank 5,090 (3,123) 196 2,163
Overdraft - - - -
Bank loans - - - -
Total 5,090 (3,123) 196 2,163
______ ______ ______ ______
7 Reconciliation of movements in equity
2008 2007
�'000 �'000
______ ______
Total recognised income and expense for the period (2,591) (1,034)
Net decrease in equity (2,591) (1,034)
Opening equity 15,530 16,843
Closing equity 12,939 15,809
______ ______
8 Transactions with key management personnel
During the six months ended 31 March 2008 �150,000 (year ended 30 September 2007: �300,000) was paid to Pacific Corporate Consultants
Limited of which Dr David Wong is a retained consultant.
9 The interim report for the six months ended 31 March 2008 has been prepared by the Company and was approved by the Directors on 9 June
2008.
10 Copies of this announcement are available to members of the public from the Company's head office, 11 Stanhope Gate, London W1K 1AN.
A copy will also be posted on the Group's website: www.mdyhealthcare.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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