TIDMAVCT
RNS Number : 4283U
Avacta Group PLC
16 October 2014
16 October 2014
Avacta Group plc
("Avacta", the "Group" or the "Company")
Year end Results
Avacta Group plc (AIM: AVCT), a global provider of research
reagents, consumables and equipment to the life sciences and animal
care markets, announces its audited results for the year ended 31
July 2014.
Operational highlights
-- Affimer technological and operational readiness confirmed and commercialisation
phase begun
-- Affimer production, discovery and validation processes set up to
meet early commercial plans
-- Senior technical and commercial hires including ex Head of R&D and
ex Head of Strategic Accounts Europe of Abcam plc
-- Board strengthened with three new appointments; Trevor Nicholls
as Chairman, Michael Albin as Non-executive and Craig Slater as
Chief Operating Officer
-- Placing to raise gross proceeds of GBP10.3m completed in May 2014
Financial highlights
-- Revenue of GBP3.18m (2013: GBP2.70m)
* Avacta Animal Health revenues of GBP1.59m (2013:
GBP1.50m)
* Avacta Analytical revenues of GBP1.56m (2013:
GBP1.20m)
* Debut Avacta Life Sciences revenues of GBP0.03m
-- Gross margins up to 64% (2013: 56%)
-- Adjusted EBITDA(1) loss reduced to GBP1.10m (2013: GBP1.46m)
-- Adjusted loss before tax(1) reduced to GBP1.81m (2013: GBP1.92m)
-- Reported loss before tax of GBP2.04m (2013: GBP1.85m)
-- Year-end cash at bank of GBP11.48m (2013: GBP0.58m)
-- Loss per share of 0.04p (2013: 0.05p loss)
Post-period end highlights
-- Online Affimer catalogue launched
-- Commercial appetite for the potential of the application of Affimer
technology to therapeutic markets established
Note 1: Excluding non-recurring administrative expenses
principally relating to restructuring costs and overhead that will
not recur during the period ending 31 July 2015 following the
restructuring.
Commenting on the results, Alastair Smith, Chief Executive
Officer, said:
"Important goals for Avacta this year were to demonstrate that
no technical hurdles remained for the scale up of operations and
commercialisation of Affimers and then to raise the funding
required to execute our strategy. I am delighted that we have
achieved these key milestones and attracted the support of new
shareholders in the process.
"It is very early days in the commercialisation of Affimers but
I am pleased to say that all indications are positive and, having
put in place an outstanding and experienced commercial team, I am
looking forward to reporting on progress during the coming
financial year."
Avacta Group plc www.avacta.com
Alastair Smith, Chief Executive Tel: +44 (0) 844 414 0452
Officer
Tim Sykes, Chief Financial
Officer
Tel: +44 (0) 20 7260 1000
Numis Securities Limited
Michael Meade / Freddie Barnfield
(NOMAD)
James Black (Corporate Broking)
Tel: +44 (0) 20 7933 8780 or avacta@walbrookpr.com
Walbrook PR Limited
Mike Wort Mob: +44 (0)7900 608 002
Anna Dunphy Mob: +44 (0)7876 741 001
Avacta Group plc is a global provider of research reagents,
consumables and equipment to the life sciences and animal care.
Avacta operates through three divisions:
Avacta Life Sciences Novel non-antibody affinity reagents called
www.avactalifesciences.com Affimers, with a wide range of Life Science
applications in diagnostics, drug and biomarker
discover and biotech research and development.
Avacta Animal Health Veterinary diagnostics reference laboratory
www.avactaanimalhealth.com services, SensiTest, and diagnostic kits,
SensiPak.
-------------------------------------------------------
Avacta Analytical High throughput analysis instrument, Optim,
www.avactaanalytical.com to help reduce the cost and risk of drug development.
-------------------------------------------------------
Avacta joined AIM in August 2006 and is based in Wetherby,
England.
Chairman's and Chief Executive Officer's Report
Group overview
The Group is developing rapidly and is at an exciting stage.
During 2012 the Group acquired an affinity reagent platform
technology, which it has branded "Affimers" and is now
commercialising through Avacta Life Sciences, to add to its
existing proprietary technologies in veterinary diagnostics within
Avacta Animal Health and protein analysis within Avacta
Analytical.
Avacta Life Sciences has advanced substantially during the
period and has now contributed its first revenues. Affimers
substantially resolve the negative performance issues associated
with antibodies and therefore provide the Group with significant
commercial opportunities in life sciences markets, including
diagnostics and therapeutics.
Avacta Animal Health has launched its new canine lymphoma blood
test to add to its specialist portfolio of allergy and acute phase
protein tests delivered through its reference laboratory diagnostic
services and in its constituent diagnostic kit form to other
reference laboratories and has further test launches planned in
2015.
Avacta Analytical has grown its Optim business, delivered its
first profit and is restructuring its distribution channels to
better access the key US market.
Avacta Life Sciences
Avacta Life Sciences has been established to commercialise
Affimers, an engineered alternative to antibodies, as reagents for
the life sciences research market and with additional diagnostic
and therapeutic applications.
Affimers are engineered alternatives to antibodies and have been
designed to address many of the negative performance issues
currently experienced with antibodies; namely, the time taken to
generate a new antibody, specificity and batch to batch variation
which can limit their application in many circumstances.
Furthermore, there are many targets to which antibodies simply
cannot be developed for a range of reasons. The discovery of one
such set of targets, referred to as "ubiquitylation" which is an
important pathway in many diseases, resulted in the award of the
Nobel prize for chemistry over a decade ago and yet, despite the
importance of this area of research in drug development and
diagnostics, the major antibody companies have struggled to
generate antibodies that bind to these targets. Several Affimers
that bind to these targets have been recently generated in a matter
of weeks.
The focus during the reporting period has been the establishment
of the technical processes for the scaled up development and
manufacturing of Affimers, operational facilities to meet with
future demand and a commercial delivery team.
The Group has made several key hires during the period including
Dr Matt Johnson as Chief Technology Officer who was Head of R&D
at Abcam plc. Dr Johnson has led the project to establish the
operational facilities and the production and manufacturing
capability.
The Group is initially commercialising the technology in two
ways:
- Custom Affimer reagents: The provision of bespoke reagents for
customers requiring an Affimer to their own specific target of
interest. First orders for custom Affimer reagents have been
secured from a handful of academic and commercial customers. These
services are sold through the Group's US and European business
development teams which are currently being built but includes the
recent hires of Dr Dan Gare who was the Head of Strategic Accounts
Europe at Abcam plc and Dr Adrian Kinkaid who was the Head of
Strategic Market Development at Abcam plc; and,
- Online catalogue: The sale of a pre-selected range of Affimers
with binding affinity to targets of scientific and commercial
interest. The online catalogue has been launched and includes fully
characterised Affimers for targets involved in ubiquitylation as
well as Affimers that can replace some common workhorse antibodies,
both representing prime revenue generating opportunities. The Group
intends to grow the online catalogue continuously to provide a
comprehensive and powerful toolkit for the detection of disease,
discovery and validation of new disease biomarkers and drug targets
and a range of other applications across life sciences research and
development. The Group anticipates that revenues from the online
catalogue will build over time as the size of the catalogue is
increased and the Group's marketing efforts start to take
effect.
Several commercial partnerships have been established including
a license agreement with Blueberry Therapeutics Limited, a
commercial collaboration with Ubiq Bio BV and a distribution
partnership for the Japanese market with Cosmo Bio.
The potential of Affimers is initially being targeted at
research reagents for the life sciences market. The Board considers
that there is also considerable potential for Affimers in
diagnostics and as therapeutics and the Group is building data to
support commercialisation in these markets in due course.
Avacta Animal Health
Avacta Animal Health provides diagnostic products, reagents and
services to the veterinary diagnostics market. Its aim is to equip
veterinary professionals with high quality animal health and
well-being information through its reference laboratory diagnostic
testing services and through its constituent test kits (SensiTest
and SensiPak, respectively) and, in due course, through an
in-clinic blood testing system (SensiPod).
New SensiTest and SensiPak tests are being released to the
market and the new canine lymphoma blood test is now available in
the UK and will be available in the US shortly. The Group continues
to develop a menu of tests and there are substantial opportunities
for the Group to grow Avacta Animal Health through this channel in
global markets. The Group expects to launch new diagnostic tests
regularly in allergy and secondary infection, inflammation,
immunology, cancer and other disease areas.
The Group has previously reported delays in the commercial
launch of SensiPod for which product development has been
problematic. The Group's objective is to bring a high performance
in-clinic diagnostic device to market, differentiated by the
sensitivity and reproducibility of the results it provides. The
development of a number of new assays for SensiPod during the
reporting period highlighted that the production of the
immuno-capture surface, which binds the analyte from the sample for
detection, is introducing variability in the test results which
would compromise the market opportunity. Considerable effort is
being expended on improving the capture surface consistency and
good progress is being made towards a high volume, routine
manufacturing process that yields test reproducibility that is
considerably better than existing point of care technologies.
Avacta Analytical
Avacta Analytical provides high-end analytical instrumentation,
consumables and services to the biopharmaceutical sector. Its first
instrument, Optim, provides multiple protein stability-indications
at high speed using ultra-low sample volumes to reduce the time and
cost of therapeutic protein development.
Sales volumes in Europe have improved against the prior year
through the introduction of a direct sales team in that geography.
In addition, the performance in Japan has been satisfactory through
the Group's exclusive distributor. In contrast, the performance in
the key North American market, served by an exclusive distributor,
has been poor and the Group has now altered its strategy to serve
this market directly alongside that distributor, which now has
become non-exclusive. Whilst the Board considers that this may lead
to a limited period of adjustment and fewer sales in the
short-term, the additional resource and focus is expected to
deliver a greater contribution to the Group in the longer term.
Avacta Analytical sold 18 units during the period (2013: 12
units) into a blue chip customer base including Roche (3rd unit),
Novartis (2nd unit) and Carbogen Amcis. Through the direct contact
of the Group's own sales teams, it is developing a high degree of
quality information and understanding of the customer needs that
could drive Optim usage and hence increase the recurring revenues
from the use of cartridges for OPTIM.
The Group has introduced two new variants to the core Optim
platform which incorporates incremental measurement capabilities
and it has also completed the development of upgraded software,
expanding the capabilities available to end users. The Directors
consider that these two new variants and the related upgraded
software widen the appeal of Optim in its core drug development
market by focusing on applications to characterise the viscosity of
samples and the stability of membrane protein targets.
Financial performance and discussion of key performance
indicators
The Group's results are extracted from the Operating segment
analysis (see note 3) below.
Avacta Life Sciences Avacta Animal Health Avacta Analytical
2014 2013 2014 2013 2014 2013
GBP million GBP million GBP million GBP million GBP million GBP million
------------------------- ------------ ------------ ------------ ------------ ------------ ------------
Performance
Revenue 0.03 - 1.59 1.50 1.56 1.20
Gross profit 0.02 - 1.07 0.96 0.95 0.55
Gross margin 67% - 67% 64% 61% 46%
Adjusted EBITDA(1) (0.27) (0.11) (0.01) 0.03 0.22 (0.23)
Operating (loss)/profit (0.57) (0.21) (0.28) (0.70) 0.15 (0.33)
Investment
Development costs 1.55 0.57 0.31 0.71 - 0.47
Plant and equipment 0.79 0.41 0.03 0.07 0.03 0.07
Note 1: Excluding non-recurring administrative expenses
principally relating to restructuring costs and overhead that will
not recur during the period ending 31 July 2015 following the
restructuring as well as amortisation and share based payment
charges
Avacta Life Sciences recorded debut revenues with two contracts
for its custom Affimer reagents service delivered during the
period, contributing GBP0.03 million revenue.
Avacta Animal Health revenues grew slightly to GBP1.59 million
(2013: GBP1.50 million) from its existing allergy and acute phase
protein SensiTest and SensiPak products. The recently launched
canine lymphoma blood test contributed GBP0.01 million of revenue
during the period and there was no contribution from SensiPod.
Avacta Analytical delivered total revenue of GBP1.56 million
(2013: GBP1.20 million). Optim related revenues were GBP1.40
million (2013: GBP0.99 million) including GBP1.19 million (2013:
GBP0.73 million) from the 18 units (2013: 12 units) shipped during
the period. Consumables revenue was GBP0.21m (2013: GBP0.26m) and
the consumables sales per unit slowed to approximately GBP5,000 per
unit per annum (2013: GBP7,000 per unit per annum).
Gross margins across the Group improved to 64% (2013: 56%)
through a mix shift towards higher margin direct sales of Optim in
Avacta Analytical.
Underlying overhead increased by only GBP0.25 million despite
the full year effect of the increased level of activity in Avacta
Life Sciences following its ramp up of activity during the previous
financial period. Non-recurring administrative expenses,
amortisation of development costs and share based payment charges
of GBP0.61 million (2013: GBP0.14 million) pushed total overhead up
to GBP4.11 million (2013: GBP3.39 million).
The Group recognised GBP0.55 million (2013: GBP0.33 million) of
R&D tax credits during the year which reduced the loss retained
to GBP1.49 million (2013: GBP1.52 million) leaving loss per share
at 0.04 pence (2013: 0.05 pence).
Development expenditure capitalised during the year increased to
GBP1.86 million (2013: GBP1.76 million) through the accelerated
development of the Affimer platform where GBP1.55 million was
capitalised (2013: GBP0.57 million). Only GBP0.31 million (2013:
GBP0.72 million) was capitalised into Avacta Animal Health and
GBPNil (2013: GBP0.47 million was capitalised into Avacta
Analytical. These factors resulted in net intangible assets
increasing to GBP16.29 million (2013: GBP14.58 million) after
amortisation of GBP0.17 million (2013: GBP0.09 million).
The Group's capital expenditure increased during the period to
GBP0.92 million (2013: GBP0.48 million) through the continued
investment of GBP0.79 million (2013: GBP0.41 million) in the
development and production facilities within Avacta Life
Sciences.
The Group reported cash balances of GBP11.48 million at 31 July
2014 (2013: GBP0.58 million). On 5 August 2013, the Group completed
a placing of GBP4.70 million (before expenses) at a price of 0.55
pence per share and during May 2014, the Group completed a placing
of GBP10.3 million (before expenses) at a price of 1.10 pence per
share.
Outlook
The Group sees enormous potential in its Affimer technology and
is now in a position to turn the recent technical and operational
progress into commercial success. Early interest from the market in
custom Affimers is very encouraging and the launch of the online
Affimer catalogue provides a route to market for reagents and assay
kits and will be grown over the coming months and years as the size
of the catalogue increases and the Group's marketing efforts begin
to take effect.
The Group has launched its canine lymphoma blood test into the
veterinary diagnostic market and looks forward to adding further
tests during the current financial year. The Board acknowledges
that progress on SensiPod is disappointingly slow but the Group is
working diligently to bring the technical performance of the
product up to a market leading standard that will eventually drive
interest in the product and sales and, in parallel, the development
of further tests is in itself an exciting commercial
opportunity.
Over the last two years, the Group has re-engineered the Optim
product and changed its strategy with regard to its distribution
channels. The Board considers that this instrument is now in a
position to fulfil its potential in the marketplace and, in
particular, to accelerate sales in the key US market through direct
sales efforts after a short period of change.
The Group's management has been strengthened substantially at
Board and senior management level. The Board is pleased that the
Group has attracted some important new institutional shareholders
and is satisfied that the Group is making substantial progress
towards delivering on its near and long term opportunities and the
Board considers that, in this current financial year to date, the
Group is performing in line with market expectations. Those
opportunities are capable of adding substantial value to the Group
for shareholders and the Board looks forward to reporting on the
Group's progress.
Trevor Nicholls Alastair Smith
Chairman Chief Executive Officer
16 October 2014 16 October 2014
Consolidated Income Statement for the year ended 31 July
2014
2014 2013
Note GBP000 GBP000
Revenue 3,180 2,700
Cost of goods sold (1,141) (1,187)
------------- -------------
Gross profit 2,039 1,513
Administrative expenses (4,106) (3,386)
------------- -------------
-------------------------------------- ---- -------------------- -------------------
Operating loss before non-recurring
items, amortisation and share-based
payment charges (1,456) (1,738)
Non-recurring administrative expenses (232) -
Release of contingent consideration
provision - 68
Amortisation of development costs (170) (87)
Share-based payment charges (209) (116)
-------------------------------------- ---- -------------------- -------------------
------------- -------------
Operating loss 3 (2,067) (1,873)
Finance income 24 21
------------- -------------
Loss before taxation (2,043) (1,852)
Taxation 551 331
------------- -------------
Loss (1,492) (1,521)
------------- -------------
Loss per ordinary share :
- Basic and diluted 4 (0.04p) (0.05p)
------------- -------------
Consolidated Balance Sheet as at 31 July 2014
2014 2013
GBP000 GBP000
Non-current assets
Intangible assets 16,289 14,583
Property, plant & equipment 1,401 835
------------- -------------
17,690 15,418
------------- -------------
Current assets
Inventories 469 380
Trade and other receivables 985 985
Income taxes 425 290
Cash and cash equivalents 11,480 582
------------- -------------
13,359 2,237
------------- -------------
Total assets 31,049 17,655
------------- -------------
Current liabilities
Trade and other payables (1,390) (1,249)
Contingent consideration (350) (380)
------------- -------------
(1,740) (1,629)
------------- -------------
Non-current liabilities
Contingent consideration (472) (474)
Deferred tax liabilities - -
------------- -------------
(472) (474)
------------- -------------
Total liabilities (2,212) (2,103)
------------- -------------
Net assets 28,837 15,552
------------- -------------
Equity attributable to equity holders
of the Company
Called up share capital 5,045 3,234
Share premium account 35,747 22,990
Capital reserve 2,669 2,669
Other reserve (1,729) (1,729)
Reserve for own shares (1,590) (1,590)
Retained earnings (11,305) (10,022)
------------- -------------
Total equity 28,837 15,552
------------- -------------
Consolidated Statement of Changes in Equity for the year ended
31 July 2014
Reserve
Share Share Other Capital for own Retained
capital premium reserve reserve shares earnings
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 August 2012 3,234 22,989 (1,729) 2,669 (1,590) (8,617)
Transactions with owners of the company recognised directly in equity
Shares issued for - 1 - - - -
cash
Share based payment
charges - - - - - 116
Total comprehensive income for the period
Result for the period - - - - - (1,521)
------------- ------------- ------------- ------------- ------------- -------------
At 31 July 2013 3,234 22,990 (1,729) 2,669 (1,590) (10,022)
Transactions with owners of the company recognised
directly in equity
Shares issued for
cash 1,807 12,729 - - - -
Shares issued as
consideration
for business
combinations 4 28 - - - -
Share based payment
charges - - - - - 209
Total comprehensive income for the period
Result for the period - - - - - (1,492)
------------- ------------- ------------- ------------- ------------- -------------
At 31 July 2014 5,045 35,747 (1,729) 2,669 (1,590) (11,305)
------------- ------------- ------------- ------------- ------------- -------------
Consolidated Statement of Cash Flows for the year ended 31 July
2014
2014 2013
GBP000 GBP000
Operating activities
Loss for the year (1,492) (1,521)
Amortisation and impairment losses 171 89
Depreciation 356 278
Loss on disposal of property, plant
and equipment - 1
Share based payment charges to employees 209 116
Net finance income (24) (21)
Income tax credit (551) (331)
------------- -------------
Operating cash outflow before changes
in working capital (1,331) (1,389)
Movement in inventories (89) 82
Movement in trade and other receivables - (366)
Movement in trade and other payables 142 (251)
------------- -------------
Operating cash outflow from operations (1,278) (1,924)
Finance income received 24 21
Income tax received 416 526
------------- -------------
Net cash flow from operating activities (838) (1,377)
------------- -------------
Investing activities
Purchase of plant and equipment (922) (478)
Purchase of intangible assets (17) -
Development expenditure capitalised (1,861) (1,755)
Acquisition of subsidiaries - -
------------- -------------
Net cash flow from investing activities (2,800) (2,233)
------------- -------------
Financing activities
Proceeds from issue of shares 14,536 1
------------- -------------
Net cash flow from financing activities 14,536 1
------------- -------------
Net increase in cash and cash equivalents 10,898 (3,609)
Cash and cash equivalents at the beginning
of the year 582 4,191
------------- -------------
Cash and cash equivalents at the end
of the year 11,480 582
------------- -------------
Notes
1. These preliminary results have been prepared on the basis of
the accounting policies which are to be set out in Avacta Group
plc's annual report and financial statements for the year ended 31
July 2014.
The consolidated financial statements of the Group for the year
ended 31 July 2014 were prepared in accordance with International
Financial Reporting Standards ("IFRSs") as adopted for use in the
EU ("adopted IFRSs") and applicable law.
The financial information set out above does not constitute the
company's statutory financial statements for the years ended 31
July 2014 or 2013 but is derived from those financial statements.
Statutory financial statements for 2013 have been delivered to the
Registrar of Companies and distributed to shareholders, and those
for 2014 will be respectively delivered and distributed on or
before 31 December 2014. The auditors have reported on those
financial statements and their reports were:
(i) unqualified;
(ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report; and
(iii) did not contain a statement under section 498(2) or (3) of
the Companies Act 2006 in respect of the financial statements for
2012 or 2013.
2. Basis of preparation
The Group financial statements have been prepared and approved
by the directors in accordance with International Financial
Reporting Standards as adopted by the European Union (IFRS).
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
The Group's activities, together with the factors likely to
affect its future development, performance and position are set out
in the Chairman's and Chief Executive Officer's Report. The
financial position of the Group, its financial performance and its
cash flows and liquidity position are described there also and
within the financial statements presented.
The financial statements have been prepared on a going concern
basis. The current economic conditions create uncertainty
particularly over the level of demand for the Group's products and
over the availability of finance which the directors are mindful
of. In addition, the Group has incurred significant losses over the
last few years of which a substantial element is in cash.
The Financial Reporting Council issued "Going Concern and
Liquidity Risk: Guidance for Directors of UK Companies" in 2009,
and the Directors have considered this when preparing these
financial statements. These have been prepared on a going concern
basis, notwithstanding the loss for the period ended 31 July 2014.
The Directors have taken steps to ensure that they believe the
going concern basis of preparation remains appropriate, and that
the carrying value of intangibles remains supported by future cash
flows. The key conclusions are summarised below
- The Group is at a critical point in its development as it
seeks to launch the Affimer suite of products and services, ramp up
sales of its Optim product and bring the Sensipod diagnostic device
to market. These are expected to generate significant revenues for
the Group over the coming years, aiding both profitability and cash
flows.
- The Group has taken a significant amount of annualised costs
out of the business and will continue to take all appropriate steps
to manage its cost base in light of any deviations from the
forecast sales levels.
- The Group raised GBP4.7 million (gross of issue costs) through
a placing of its shares on 5 August 2013 and a further GBP10.3
million (gross of issue costs) through a split placing of its
shares on 23 May 2014 and 26 May 2014.
- The Directors have prepared sensitised cash flow forecasts
extending to the end of the financial year ended 31 July 2016.
These show that the Group has sufficient funds available to meet
its obligations as they fall due over that period.
- The Group's year to date financial performance is materially
in line with this budget cumulatively.
- The Directors are not aware of any evidence to suggest that
the budgeted improvement in the level of performance over the short
term future will not be realised although the Directors recognise
that it is possible that a worsening of performance could become
evident, at which point they would act accordingly to mitigate the
impact of such a worsening. The action may include cost reduction
strategies, curtailed capital expenditure programs or equity
issues.
- The Group does not have external borrowings or any covenants based on financial performance.
- The Directors have considered the position of the individual
trading companies in the group to ensure that these companies are
also in a position to continue to meet their obligations as they
fall due.
- The markets in which the business operates are not considered
to be at significant risk due to the ongoing global economic
recession.
- There are not believed to be any contingent liabilities which
could result in a significant impact on the business if they were
to crystallise.
Following this assessment, the Directors have reasonable
expectation that the Group has adequate resources to continue for
the foreseeable future and that carrying values of intangible
assets are supported. Thus, they continue to adopt the going
concern basis of accounting in preparing these financial
statements.
3. Segmental reporting
Operating segment analysis 2014
Animal Life
Analytical Health Sciences Total
GBP000 GBP000 GBP000 GBP000
Revenue 1,562 1,588 30 3,180
Cost of goods sold (614) (516) (11) (1,141)
------------- ------------- ------------- -------------
Gross profit 948 1,072 19 2,039
Depreciation (56) (56) (191) (303)
Other operating expenses (725) (1,081) (292) (2,098)
------------- ------------- ------------- -------------
Operating profit/(loss) before
non-recurring expenses, amortisation
and share-based payment charges 167 (65) (464) (362)
Non-recurring administrative
expenses - (179) - (179)
Share-based payment charges (20) (40) (106) (166)
------------- ------------- ------------- -------------
Segment operating profit/(loss) 147 (284) (570) (707)
Corporate and other unallocated
items ------------- ------------- ------------- (1,190)
Amortisation of development costs (170)
-------------
Operating loss (2,067)
Finance income 24
Finance expenses -
-------------
Loss before taxation (2,043)
Taxation 551
-------------
Amount attributable to equity holders of the Company (1,492)
-------------
Segment intangible assets 6,608 5,805 3,876 16,289
Segment tangible assets 974 595 2,065 3,634
------------- ------------- ------------- -------------
Segment assets 7,582 6,400 5,941 19,923
Corporate and other unallocated
items ------------- ------------- ------------- 11,126
-------------
Total assets 31,049
-------------
Segment liabilities (172) (1,037) (755) (1,964)
Corporate and other unallocated
items ------------- ------------- ------------- (248)
-------------
Total liabilities (2,212)
-------------
Operating segment analysis 2013
Animal Life
Analytical Health Sciences Total
GBP000 GBP000 GBP000 GBP000
Revenue 1,200 1,500 - 2,700
Cost of goods sold (651) (536) - (1,187)
------------- ------------- ------------- -------------
Gross profit 549 964 - 1,513
Depreciation (70) (64) (98) (232)
Other operating expenses (782) (936) (106) (1,824)
------------- ------------- ------------- -------------
Operating loss before non-recurring
expenses, amortisation and
share-based payment charges (303) (36) (204) (543)
Share-based payment charges (30) (31) (1) (62)
------------- ------------- ------------- -------------
Segment operating loss (333) (67) (205) (605)
Corporate and other unallocated
items ------------- ------------- ------------- (1,181)
Amortisation of development costs and customer related
intangible assets (87)
-------------
Operating loss (1,873)
Finance income 21
Finance expenses -
-------------
Loss before taxation (1,852)
Taxation 331
-------------
Amount attributable to equity holders of the Company (1,521)
-------------
Segment intangible assets 6,780 5,498 2,305 14,583
Segment tangible assets 1,157 581 654 2,392
------------- ------------- ------------- -------------
Segment assets 7,937 6,079 2,959 16,975
Corporate and other unallocated
items ------------- ------------- ------------- 680
-------------
Total assets 17,655
-------------
Segment liabilities (368) (1,139) (307) (1,814)
Corporate and other unallocated
items ------------- ------------- ------------- (289)
-------------
Total liabilities (2,103)
-------------
4. Basic and diluted loss per ordinary share
The calculation of earnings per ordinary share is based on the
profit or loss for the period and the weighted average number of
equity voting shares in issue. The earnings per ordinary share is
the same as the diluted earnings per ordinary share because the
earnings per share is negative.
2014 2013
Loss (GBP000) (1,492) (1,521)
------------- -------------
Weighted average number of shares (number
'000) 4,181,527 3,157,074
------------- -------------
Basic and diluted loss per ordinary
share (pence) (0.04p) (0.05p)
------------- -------------
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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