Scipher starts the long road back to recovery

Here's the above figures again starting from the highest to the lowest:

Oct 03 - Sep 04... #8,753,000 debtors within 1 year
Oct 03............ #7,695,000 intangible assets (including valuable IP)
Oct 03 - Mar 04... #6,200,000 H2 revenue (reduction reflects Sensaura disposal)
Apr 04 - Sep 04... #5,000,000 H1 revenue (reduction reflects disposals in period)
Oct 03............ #4,137,000 tangible assets
Dec 03............ #3,400,000 Sensaura disposal
Oct 04 - Sep 05... #2,372,000 debtors after 1 year
Jul 07............ #1,800,000 Hayes HQ retention
Sep 04............ #1,600,000 CRL Opto disposal
Oct 03............ #1,471,000 stocks
Jul 04............ #1,000,000 Monox disposal
Oct 04............ #1,000,000 TSSI disposal (estimate)
Oct 04............ #1,000,000 Wavelength disposal (estimate)
2006 - 2007?...... #1,000,000 value of tax losses at 2p in the pound (estimate)
May 04 - May 07... $1,200,000 earnout from FRI
Dec 03 - Sep 04... $800,000 outstanding Sensaura trade debtors
Sep 05............ #500,000 deferred cash from CRL Opto disposal
May 04............ $352,000 Purple Voice disposal (29% stake only)
???............... #200,000 value of remaining 20% stake in yet2.com (estimate)
May 04............ #100,000 QED disposal
Oct 03............ #82,000 cash in hand
Apr 04............ $50,000 FRI disposal (80% stake)
???............... #30000 value of remaining 20% stake in FRI (estimate)

SUB TOTAL: #48,865,000 (dollar amounts adjusted)

Some of these figures cross over and are reduced with each disposal etc, so let's say we discount the sum total of intangible assets (#7,695,000), tangible assets (#4,137,000), debtors after 1 year (#2,372,000), stocks (#1,471,000), tax losses (#1,000,000) and FRI earnout ($1,100,000) by a very conservative 90%, thereby valueing these together at around #1,750,000 instead of c.#17.5 million.

TOTAL: #33,140,000

No matter how you look at it, SIP's total expenses and liabilities from the date of the Interims (30/09/03) up to the time of suspension/administration could not have exceeded that amount. It cannot be possible. Burger had reduced monthly cash burn by a whopping 60%. On aggregate, the three core businesses were expected to be profitable in the year to March 2005. Headcount was down, everything was down, and at last Scipher was looking up!