Medisys PLC - Final Results
09 Oktober 1997 - 2:27PM
UK Regulatory
RNS No 9959f
MEDISYS PLC
9th October 1997
MEDISYS PLC
(formerly Biocure Holdings PLC)
Preliminary Results for the year ended 30 June 1997
Medisys PLC ("Medisys"), the medical systems company,
announces preliminary results for the year ended 30 June 1997.
Medisys, formerly known as Biocure Holdings PLC, was admitted
to AIM last July following its acquisition, after the year-
end, of Needle Incinerator Company Limited ("NIC"), a company
which has developed an innovative system designed for the
safe, effective and cost efficient disposal of used hypodermic
needles. The results do not include any contribution from NIC.
The results for the year ended 30 June 1997 produced a loss
before taxation of #2.69million after exceptional charges, on
turnover of #4.1million. These figures include a write down to
nil of accumulated research and development expenditure of
#2.03million, previously capitalised in the Balance Sheet of
Biocure Limited as an intangible asset. The Board considers
that, following the acquisition of NIC in July, this is a more
appropriate and conservative approach and reflects the ongoing
business of the Group which is now primarily engaged in the
development and marketing of medical devices.
Vigorous efforts continue to be made to determine the
commercial viability of the development work undertaken by
Biocure in recent years with the objective of realising value
for shareholders. The Board will advise shareholders of any
developments in this respect as soon as any material progress
has been made.
Hypoguard, the group's diabetes diagnostics supply business,
is presently advancing the launch of a new range of products
early next year. As a result of a detailed review of
Hypoguard's business, a number of write-offs have been made to
recognise the transition from the existing product line to the
new range. These write-offs primarily comprise amounts
covering existing system stocks for which full recovery of
costs is not now expected, and intangible and other fixed
asset write-offs. These amounts have been charged against
cost of sales. Additionally, a reallocation of depreciation
and amortisation was made from "administration expenses" to
"cost of sales" for the year.
Hypoguard has also undertaken the development of an entirely
new and innovative diabetes diagnostic product in respect of
which the company has filed for a patent.
The development of NIC, the needle incinerator business
acquired in July, continues. Commercial shipments have
commenced in certain markets, including Mexico, and
discussions are advancing for distribution agreements in other
territories. The Board remains optimistic of a successful
outcome in respect of its application to secure regulatory
approval for the marketing of its needle incineration systems
in the United States, a key market for this business.
The Board is actively engaged in the pursuit of promising
technology and corporate acquisition opportunities in support
of the Group's development as a significant participant in the
markets for rapid onsite biohazardous waste disposal systems
and point of care diagnostics systems.
The Company has undergone major changes over the past few
months, both in terms of its senior management and strategic
direction. The Directors look forward to the current year with
confidence and anticipate being able to report on a year of
consolidation, development and growth.
W Bruce, Chairman
Enquiries:
Brian Timmons: Finance Director
Medisys PLC
Tel: 0171-436 3353
Peter Binns
Binns & Company
Tel: 0171-786 9600
Consolidated profit and loss account
for the year ended 30 June 1997
1997 1996
#000 #000 #000 #000
Turnover 4,096 4,227
Cost of sales - normal (3,320) (3,029)
- exceptional (2,030) -
------- ------
(5,350) (3,029)
------- -------
Gross (loss) profit (1,254) 1,198
Other operating income 504 531
Research and development
expenditure (154) (214)
Distribution costs (35) (33)
Administrative expenses (1,604) (1,684)
------- -------
Operating loss (2,543) (202)
Interest receivable 31 -
Interest payable and
similar charges (178) (212)
------- -------
Loss on ordinary activites
before taxation (2,690) (414)
Taxation on profit (loss)
on ordinary activities 108 -
------- -------
Loss for the financial year
attributable to shareholders (2,582) (414)
====== ======
Loss per ordinary share (6.12)p (1.14)p
====== ======
Balance sheets
at 30 June 1997
Group Company
1997 1996 1997 1996
#000 #000 #000 #000
Fixed assets
Intangible assets 608 2,476 - -
Tangible assets 1,155 1,477 - -
Investments - - 251 251
--------- --------- -------- --------
1,763 3,953 251 251
--------- --------- -------- --------
Current assets
Stocks 522 598 - -
Debtors 944 1,205 762 2,410
Collateral cash
deposits - 750 - 750
Cash at bank and
in hand 2,730 58 2,728 58
--------- --------- -------- --------
4,196 2,611 3,490 3,218
Creditors: amounts
falling due within
one year (3,450) (3,903) (177) (249)
--------- --------- -------- --------
Net current assets
(liabilities) 746 (1,292) 3,313 2,969
Total assets less
current liabilities 2,509 2,661 3,564 3,220
Creditors: amounts
falling due after
more than one year (421) (502) (56) (56)
--------- --------- -------- --------
Net assets 2,088 2,159 3,508 3,164
====== ====== ====== ======
Capital and reserves
Called up share capital 667 364 667 364
Share premium account 2,208 - 2,208 -
Other reserve 136 136 - -
Special reserve 3,112 3,112 3,112 3,112
Profit and loss
account (4,035) (1,453) (2,479) (312)
--------- --------- -------- --------
2,088 2,159 3,508 3,164
====== ====== ====== ======
NOTES:
1. The financial information in this announcement does not
constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. Statutory accounts of the
Company, on which the auditors will report, will be delivered
to the Registrar of Companies and posted to shareholders
within 28 days. The financial information for the year ended
June 1996 has been extracted from the statutory accounts of
Biocure Holdings PLC to that date.
2. Copies of this announcement are available for a period of
14 days from the date of this announcement from Medisys PLC,
Balgownie Technology Centre, Campus Three, Aberdeen Science
and Technology Park, Balgownie Drive, Bridge of Don, Aberdeen,
AB22 8GW.
END
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