TIDMIPS
RNS Number : 9663V
Ipso Ventures PLC
23 January 2012
23 January 2012
IPSO Ventures plc
Interim Report
For the six months ended 31 October 2011
IPSO Ventures plc (AIM: IPS) ("IPSO", the "Company" or the
"Group"), the technology commercialisation business, is pleased to
announce its interim results for the year ended 31 October
2011.
For further information, please contact:
IPSO Ventures plc Tel: 0207 462 0093
Craig Rochford, Executive Chairman craig@ipsoventures.com
Nick Rodgers, Chief Executive Officer nick@ipsoventures.com
www.ipsoventures.com
Allenby Capital Limited Tel: 020 3328 5656
(nominated adviser and broker)
Nick Naylor
Nick Athanas
Chairman's letter and Interim Management Statement
Chairman's letter
This being my first letter to shareholders I think it is
important that I set out the new strategy that the Board has
adopted as well as our view of the business and its prospects.
Strategy update
The current aim of the Board of IPSO is to realise maximum value
from its current portfolio through controlled exits over the next 2
to 3 years.
The portfolio of companies covers a number of technology sectors
and the establishment of these companies themselves and all the
investments selected have merits. Notwithstanding this, the
original IPSO business strategy faced a severe headwind in IPSO's
ability to build and recognise the value in time to maintain steady
cash flow. This headwind was exacerbated by excessive overhead
costs and limited access to funding, but in hindsight it is clear
that previous management was overly optimistic in its ability to
realise the investments in a timescale to maintain adequate cash
flow.
Your present Board's response to this was to raise additional
capital in July 2011 and significantly reduce those overheads. This
has entailed reducing the Board from 5 to 3 and the directors being
paid modest salaries by way of new shares in IPSO to conserve cash
flow until the Company's finances have been repaired. Finance and
administration have been consolidated into one role and one
executive has been seconded to underlying businesses, where
salaries are covered by them.
You will see by our new office address that IPSO has relocated
resulting in a significant cost saving, which has reduced our
property cost by 58% to GBP15,000 per annum. This and other cost
reductions mean that, excluding any sales of portfolio assets or
other unbudgeted income, we have sufficient working capital to take
us into the third quarter of this calendar year.
The current situation we find ourselves in is a business with
the following assets:
-- An AIM listing which would, conservatively, cost GBP300,000
to set up and establish. The Company has cash in the bank and no
debt enabling us to continue operations and give us the opportunity
to implement the new Board's strategy.
-- An investment portfolio of eight companies with potential for
significant growth. Five of these companies are selling to
customers and generating revenues and the other three are based on
solid intellectual property which, if realised, could offer
significant growth opportunities. The portfolio companies are
described in more detail in the interim management statement
below.
-- An experienced management team with complementary skills and
dedicated to developing the commercial value in IPSO and with
compensation more closely aligned with shareholders.
-- Access to additional capital from investors if good
investment opportunities present themselves.
The way forward
As a Board we have spent considerable time reviewing options to
take the company forward. We first eliminated the things we would
not do. Notwithstanding any cash availability from the possible
future sale of the present portfolio assets, we will not pursue
early stage, high risk investments. Furthermore we will not allow
the company's assets to be eroded over a long time period unless
there is a high probability of developing a sustainable cash
generative business going forward.
We have increased our ongoing involvement in the underlying
portfolio companies which has resulted in some reduced costs and
increased the revenues that IPSO receives from these companies. We
are also working with portfolio company management teams to prepare
the companies for potential trade sales.
Where possible, we seek to exploit the Board's skills and
contacts for the Company's benefit. One small success in this field
is the receipt of fees and a shareholding in Biocroi (see details
in the Interim Management Statement below).
An area we find of interest is providing development capital and
expertise, given the current tight credit facilities being
experienced by SMEs in the UK. We believe there are good
opportunities to provide development capital to established
companies. We would do this on a very conservative and asset backed
basis. Whilst there is always a risk in any investment we are
looking at established companies and will avoid early stage
businesses which the Board believe will take a long period to
develop.
The Board is also looking at a number of opportunities which the
Board believe have potential to significantly enhance shareholder
value but these all remain at the early stages of
investigation.
Whilst we do not want to gloss over the difficulties faced by
IPSO in the past or the challenges it currently faces, I wish to
assure you that your present board of directors is optimistic,
motivated and has a degree of confidence that we can build
shareholder value over the coming years.
Craig Rochford
Executive Chairman
23 January 2012
Interim Management Statement
Key Points
-- Additional capital of GBP155,000 (net) raised in July 2011
-- Costs reduced further
-- Biocroi and IPSol Energy both secured additional funding at a higher valuations
Overview
The six months to 31 October 2011 was a period of significant
change in the management and the strategy for the business as set
out in the Chairman's letter.
Financial review
We are delighted to record our first modest net profit in this
period. This was principally as a result of increases in the
valuation of two portfolio companies, Biocroi and IPSol Energy,
during the period. Both companies raised new funds from third party
investors at improved valuations. The Company's net profit for the
period under review was GBP27,666 (six months to 31 October 2010:
loss after tax of GBP230,128).
Investment activities
Financial constraints prevented us from making any new
investments during the period. We recorded an increase of GBP88,338
and GBP110,625 in the fair value of our investments in Biocroi and
IPSol Energy respectively. This has increased the fair value of our
investment portfolio by GBP198,963 to GBP1.896 million (30 April
2011: GBP1.697 million). We have also been working with our
portfolio companies to add value and, where appropriate, position
them for exit.
Financing
Following the fundraising in July 2011 and the reductions in
costs the Board believe that the Company has sufficient funding to
take it into the third quarter of 2012 without assuming any
revenues from the sales of any investments.
Operating costs
Corporate operating costs were reduced further during the period
compared to the same period last year. In addition all directors'
fees are being paid in new ordinary shares in IPSO thereby reducing
the cash operating costs of the Company.
Cash
Cash and short term investments at 31 October 2011 totalled
GBP40,670.
Portfolio analysis by sector
We continued to provide a variety of support for all the
businesses including financial administration, business development
advice, recruiting management and staff, hands on management
support and funding.
As at 31 October As at 30 April 2011
2011
Fair value Fair value
Sector GBP % GBP %
--------------------------- ------------ ----- -------------- ------
Healthcare 1,079,089 53 990,751 54
New materials 405,000 20 405,000 22
Process and software 100,000 5 100,000 5
Energy and environmental 459,000 22 348,375 19
Total portfolio value 2,043,089 100 1,844,126 100
Consolidation adjustments (147,001) (147,001)
--------------------------- ------------ ----- -------------- ------
Consolidated value 1,896,088 1,697,125
--------------------------- ------------ ----- -------------- ------
Portfolio companies
Axilica
Axilica provides a unique behavioural synthesis tool in the ESL
(electronic system level) design automation market. The advanced
section of the ESL market has been dominated by small technology
vendors and start-ups offering synthesis tools focused on
translating programming languages (C, C++) into hardware (FPGA,
ASIC).
Axilica has continued to work closely, either directly or
through funded European research projects, with leading embedded
systems companies including Selex Galileo Ltd, Thales
Communications & Security SA and Intracom SA.
Axilica has actively enhanced its product, FalconML, to meet the
needs of customers in its selected markets which include
military/aerospace and telecoms. These enhancements have been
specified by Axilica's customers and represent unique capabilities
for the design of complex electronic embedded systems.
In response to customer needs, Axilica is now providing expert
services to guide designers in the use of its technology on new
embedded platforms. These services include proof of concept designs
and customised support for specific embedded platforms.
Axilica is based in Loughborough and other investors include
Loughborough University, the Lachesis Fund and the founding
academics. IPSO's shareholding is 45%.
Biocroi
Biocroi has designed and developed a range of unique advanced
microplates using gel-based buffering systems surrounding the wells
which leads to better control of the microplate environment, which
in turn improves quality, accuracy and uniformity of results.
Biocroi's advanced microplate designs enable users to reduce costs,
shorten development times and increase data quality.
Biocroi is working with a variety of partners to develop its
products. These include a major pharmaceutical company and a
leading supplier of genomics products to the drug discovery and
development industry. Prototype products have been developed and
volume production is expected to start in 2012.
Biocroi secured significant funding from Kernel Capital and
Enterprise Ireland in 2011 and has been able to significantly
increase its operations since securing additional funding.
Biocroi is based in Dublin and other investors include Kernel
Capital, Enterprise Ireland, certain private investors and the
academic founder. IPSO's shareholding is 6%.
Cambridge Meditech
Cambridge Meditech's novel patented wound infection technology
gives a visual indication of infection. Wound infection can be
detected without unnecessary disruption to a dressing and
appropriate intervention can be made immediately. It is anticipated
that the products will have multiple applications in various
settings.
Our partner, Lantor, is continuing to work on products which
incorporate Cambridge Meditech's technology and has had discussions
with a number of potential customers.
Cambridge Meditech is based at IPSO's offices and is 100% owned
by IPSO.
IPSol Energy
IPSol Energy is a service business providing testing,
certification and other services to the solar photovoltaic ("PV")
industry.
In 2011 IPSol Energy achieved UKAS accreditation for its solar
PV laboratory, making it the first of its kind in the UK. IPSol
Energy has carried out work for a range of customers across the UK
solar PV industry generating good revenues in its first year of
operation. In October 2011 IPSol Energy secured additional funding
from investors which has allowed it to expand its testing
capability.
2011 saw a huge increase in the UK PV market with the
introduction of feed in tariffs for generating solar electricity
but the recent changes to these tariffs by the UK Government will
change things in the coming year.
IPSol Energy has secured strategic partnerships with a major
international testing business and the BSI Group (British Standards
Institution) which is anticipated will lead to additional business
from outside the UK.
IPSol Energy is based in Nottingham and other shareholders
include Loughborough University, certain private investors,
management and the academic founder. IPSO's shareholding is
27%.
Medermica
Medermica has so far been unsuccessful in licencing its ph
measurement technology to third parties. It has recently taken its
patents into the PCT national/regional phase in Europe and US.
Further significant business development is prevented through a
lack of funding but the company is endeavouring to identify ways
which the business can progress.
Medermica is based at IPSO's offices and is 75% owned by IPSO
and 25% by Imperial Innovations plc.
Polyfect Solutions
Polyfect's novel process enables cost savings and quality
improvements to a range of plastics through the highly efficient
incorporation of functional fillers (which give polymers certain
characteristics and properties).
Polyfect is continuing its development work with a major
international brewer and has recently commenced a feasibility study
with a consumer products multinational. Discussions with other
interested parties are also taking place with a view to exploiting
Polyfect's technology particularly in the nanotechnology area.
Additionally Polyfect has secured Technology Strategy Board funding
for a project on improved food packaging.
Additional patent filings are planned in the coming year.
Polyfect is based in Loughborough and other shareholders include
Loughborough University, the Lachesis Fund and the academic
founders. IPSO's shareholding is 33%.
Therakind
Therakind is a paediatric healthcare company. It takes known
adult drugs and creates a version for children which can be
protected by EU legislation. The revenue model is to generate
royalties on product sales.
Therakind's major success in 2011 was the securing of the first
PUMA (Paediatric Use Marketing Authorisation) for its first
product, Buccolam. This product has been licenced to Viropharma Inc
who have launched the product in the UK to be followed by launches
in other European countries. Therakind has received certain upfront
payments and will receive royalties on sales of Buccolam.
Therakind is co-developing a pipeline of products with a number
of partners. These products are at various stages of development
and include one which is in late stage development.
Therakind is based in London and other investors include
University College London, private investors, management and the
academic founder. IPSO's shareholding is 36%.
Wildknowledge
Wildknowledge creates mobile applications that engage audiences
with their heritage (i.e. the environment, wildlife, archaeology
and history). Its offering includes data gathering applications;
location based content and engaging games.
Wildknowledge has a range of customers including: National
Geographic; The British Museum, RSPB, Wildlife Trust and the
Heritage Lottery Fund and is in discussions regarding a number of
other contracts in this field for 2012. In addition, Wildknowledge
has enjoyed success in the e-health market with a range of rapid
assessment tools and has also received TSB funding to examine the
feasibility of using smartphones to monitor and motivate movement
in the elderly at home.
2011 has seen Wildknowledge reduce its reliance on the education
market and build revenues through three streams (white labelling
existing technology, delivery of native applications/subscriptions
and creation of standalone content) in the wider heritage market
and new markets.
Wildknowledge is based in Oxford and other investors include
Oxford Brookes University, certain private investors and the
academic founders. IPSO's shareholding is 9%.
Craig Rochford
Executive Chairman
23 January 2012
Nick Rodgers
Chief Executive
23 January 2012
Condensed consolidated statement of comprehensive income
for the six months ended 31 October 2011
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 October 31 October 30 April
2011 2010 2011
Note GBP GBP GBP
-------------------------------------------- ----- ----------- ----------- -----------
Revenue 60,382 78,000 154,751
Change in fair value of investments 198,964 201,204 (276,750)
Gain on deemed disposal of investments - - 458,336
Administrative expenses
* Corporate (212,560) (283,185) (622,783)
* subsidiary portfolio companies (11,649) (143,957) (93,602)
* exceptional - (45,323) -
Share-based payment (7,471) (36,867) (47,447)
Operating profit / (loss) 27,666 (230,128) (427,495)
Finance income - interest receivable - - 3,740
-------------------------------------------- ----- ----------- ----------- -----------
Profit / (Loss) before tax 27,666 (230,128) (423,755)
Tax - - 76
-------------------------------------------- ----- ----------- ----------- -----------
27,666 (230,128) (423,679)
Profit / (Loss) and total comprehensive
income for the period
Attributable to equity holders of the
parent 28,926 (230,128) (409,182)
Attributable to non-controlling interest (1,260) - (14,497)
-------------------------------------------- ----- ----------- ----------- -----------
Profit / (Loss) per share
Basic and diluted 4 0.10p (1.8)p (2.7)p
-------------------------------------------- ----- ----------- ----------- -----------
All results derive from continuing operations.
Condensed consolidated statement of changes in equity
for the six months ended 31 October 2011
Attributable to equity holders of the Group
Share
Share Own Share option Other Retained Minority Total
capital shares premium reserve reserve losses Total Interest equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
-------- ---------- ---------- ---------- ---------- ------------ ---------- --------- ----------
At 1 May
2010 (audited) 659,461 (325,295) 5,289,527 271,034 (175,292) (3,867,179) 1,852,256 415 1,852,671
Issue of
share capital 162,500 - 127,500 - - - 290,000 - 290,000
Consolidated
loss for
the period - - - - - (230,128) (230,128) - (230,128)
Disposal
of investment
in subsidiary - - - - - 296,154 296,154 (83) 296,071
Employee
share option
charge - - - 36,867 - - 36,867 - 36,867
-------- ---------- ---------- ---------- ---------- ------------ ---------- --------- ----------
At 31 October
2010
(unaudited) 821,961 (325,295) 5,417,027 307,901 (175,292) (3,801,153) 2,245,149 332 2,245,481
Issue of - - - - - - - - -
share capital
Share options
exercised - 29,888 - (29,888) - - - - -
Consolidated
loss for
the period - - - - - (475,208) (475,208) (14,497) (489,705)
Share options
forfeited - - - (164,181) - 164,181 - - -
Employee
share option
charge - - - 10,580 - - 10,580 - 10,580
-------- ---------- ---------- ---------- ---------- ------------ ---------- --------- ----------
At 30 April
2011 (audited) 821,961 (295,407) 5,417,027 124,412 (175,292) (4,112,180) 1,780,521 (14,165) 1,766,356
Issue of
share capital 21,191 - 169,022 - - - 190,213 - 190,213
Consolidated
profit for
the period - - - - - 28,926 28,926 (1,260) 27,666
Share options
exercised - 49,656 - (49,656) - - - - -
Share options
forfeited - - - (9,030) - 9,030 - - -
Employee
share option
charge - - - 7,471 - - 7,471 - 7,471
-------- ---------- ---------- ---------- ---------- ------------ ---------- --------- ----------
At 31 October
2011(unaudited) 843,152 (245,751) 5,586,049 73,197 (175,292) (4,074,224) 2,007,131 (15,425) 1,991,706
-------- ---------- ---------- ---------- ---------- ------------ ---------- --------- ----------
Condensed consolidated statement of financial position
31 October 2011
Unaudited Unaudited Audited
31 October 31 October 30 April
2011 2010 2011
Note GBP GBP GBP
--------------------------------------- ----- ------------ ------------ ------------
ASSETS
Non-current assets
Intangible assets 73,757 98,864 73,757
Property, plant and equipment 5 3,808 5,625 5,300
Investments 6 1,896,088 1,977,624 1,697,124
Total non-current assets 1,973,653 2,082,113 1,776,181
--------------------------------------- ----- ------------ ------------ ------------
Current assets
Other receivables 7 67,583 173,549 73,713
Cash and cash equivalents 8 40,670 75,430 19,968
--------------------------------------- ----- ------------ ------------ ------------
Total current assets 108,253 248,979 93,681
--------------------------------------- ----- ------------ ------------ ------------
Total assets 2,081,906 2,331,092 1,869,862
--------------------------------------- ----- ------------ ------------ ------------
EQUITY AND LIABILITIES
Share capital 843,152 821,961 821,961
Share premium 5,586,049 5,417,027 5,417,027
Own shares (245,751) (325,295) (295,407)
Share option reserves 73,197 307,901 124,412
Other reserve (175,292) (175,292) (175,292)
Retained losses (4,074,224) (3,801,153) (4,112,180)
--------------------------------------- ----- ------------ ------------ ------------
Equity attributable to equity holders
of the parent 2,007,131 2,245,149 1,780,521
Minority interest (15,425) 332 (14,165)
--------------------------------------- ----- ------------ ------------ ------------
Total equity 1,991,706 2,245,481 1,766,356
--------------------------------------- ----- ------------ ------------ ------------
Current liabilities
Trade and other payables 9 90,019 85,430 103,325
Non-current liabilities
Deferred tax liabilities 181 181 181
--------------------------------------- ----- ------------ ------------ ------------
Total liabilities 90,200 85,611 103,506
--------------------------------------- ----- ------------ ------------ ------------
Total equity and liabilities 2,081,906 2,331,092 1,869,862
--------------------------------------- ----- ------------ ------------ ------------
The financial statements were approved by the Board of Directors
and authorised for issue on 23 January 2012. They were signed on
its behalf by:
Craig Rochford
Director
23 January 2012
Condensed consolidated statement of cash flows
for the six months ended 31 October 2011
Unaudited Unaudited Audited
six months six months Year
ended ended Ended
31 October 31 October 30 April
2011 2010 2011
GBP GBP GBP
-------------------------------------------------- ----------- ----------- ----------
Operating activities
Profit / (Loss) for the period 27,666 (230,128) (423,679)
Adjusted for:
Fair value movements in investments (198,964) (201,204) 276,750
Depreciation of property, plant and equipment 1,642 1,530 3,134
Amortisation of intangible assets - - 25,107
Income tax credit - - (76)
Disposal of investment in subsidiary - 296,071 -
Portion of gain on deemed disposal retained
as investment - - (458,336)
Share-based payment expense 7,471 36,867 47,447
-------------------------------------------------- ----------- ----------- ----------
Operating cash flows before movements in working
capital (162,185) (96,864) (529,653)
(Increase)/decrease in receivables 6,130 (102,685) (15,931)
(Decrease)/Increase in payables (13,306) (26,202) 105,560
Income taxes received - - 10,649
Net cash used in operating activities (169,361) (225,751) (429,375)
-------------------------------------------------- ----------- ----------- ----------
Investing activities
Purchases of intangible assets - - -
Purchases of property, plant and equipment (150) (839) (2,118)
Payments to acquire investments - - -
Reclassification of investment in subsidiary - (147,171) 2,270
-------------------------------------------------- ----------- ----------- ----------
Net cash used in investing activities (150) (148,010) 152
-------------------------------------------------- ----------- ----------- ----------
Financing activities
Proceeds on issue of shares 190,213 290,000 290,000
Net cash from financing activities 190,213 290,000 290,000
-------------------------------------------------- ----------- ----------- ----------
Net decrease in cash and cash equivalents 20,702 (83,761) (139,223)
Cash and cash equivalents at beginning of period 19,968 159,191 159,191
-------------------------------------------------- ----------- ----------- ----------
Cash and cash equivalents at end of period 40,670 75,430 19,968
-------------------------------------------------- ----------- ----------- ----------
Notes to the condensed set of financial statements
for the six months ended 31 October 2011
1. General information
The financial information for the six months ended 31 October
2011 is unaudited and has been prepared in accordance with the
accounting policies set out in the Group's Annual Report for the
year ended 30 April 2011. The financial information for the six
months ended 31 October 2010 is also unaudited and the results have
not been reviewed by the Group's auditors. The financial
information relating to the year ended 30 April 2011 has been
extracted from the full report for that year. The report of the
auditors on the 2011 accounts was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498(2) or (3) Companies Act 2006. The
statutory accounts for the year ended 30 April 2011 were approved
at the Group's Annual General Meeting on 9 September 2011 and have
been delivered to the Registrar of Companies.
2. Accounting policies
The annual financial statements of the Group are prepared in
accordance with IFRS as adopted by the EU. The condensed set of
financial statements included in this Interim Report has been
prepared in accordance with International Accounting Standard
('IAS') 34 'Interim Financial Reporting', as adopted by the EU.
Basis of preparation
The same accounting policies, presentation and methods of
computation are followed in the condensed set of financial
statements as applied in the Group's latest annual financial
statements. No new standards that have become effective during the
period have had a material effect on the Group's financial
statements.
3. Business segments
In accordance with IFRS 8, the Group is required to define its
operating segments based on the internal reports presented to its
chief operating decision maker in order to allocate resources and
assess performance. The chief operating decision maker is the Chief
Executive. The reportable segments are Consultancy & Portfolio
Management, Healthcare and Energy & Environmental.
The accounting policies of the reportable segments are the same
as the Group's accounting policies. Administrative costs incurred
in the Portfolio Management segment are not allocated to the
various reportable segments; each segment incurs its own
administrative costs.
No geographical information is provided because the Group only
operates in the United Kingdom.
Consultancy
Energy
& Portfolio &
Management Healthcare Environmental Consolidated
Six months to 31 October 2011 (unaudited) GBP GBP GBP GBP
------------------------------------------- ------------ ----------- -------------- -------------
Revenue
Total segment revenue 55,382 5,000 - 60,382
Result
Change in fair value of investments 198,964 - - 198,964
Share based payments (7,471) - - (7,471)
Administrative expenses (216,022) (8,187) - (224,209)
Profit / (Loss) before tax 30,853 (3,187) - 27,666
------------------------------------------- ------------ ----------- -------------- -------------
Consultancy
Energy
& Portfolio &
Management Healthcare Environmental Consolidated
Six months to 31 October 2010 (unaudited) GBP GBP GBP GBP
------------------------------------------- ------------ ----------- -------------- -------------
Revenue
Total segment revenue 78,000 - - 78,000
Result
Change in fair value of investments 201,204 - - 201,204
Share-based payments (36,867) - (38,698) (75,565)
Administrative expenses (328,508) (31,948) (73,311) (433,767)
------------------------------------------- ------------ ----------- -------------- -------------
Loss before tax (86,171) (31,948) (112,009) (230,128)
------------------------------------------- ------------ ----------- -------------- -------------
3. Business segments continued
Consultancy
Energy
& Portfolio &
Management Healthcare Environmental Consolidated
Year to 30 April 2011 (audited) GBP GBP GBP GBP
------------------------------------------- ------------ ----------- -------------- -------------
Revenue
Total segment revenue 150,751 4,000 - 154,751
Result
Change in fair value of investments (276,750) - - (276,750)
Gain on deemed disposal of investment 458,336 - - 458,336
Share-based payments (47,447) - - (47,447)
Administrative expenses (562,235) (81,161) (72,989) (716,385)
------------------------------------------- ------------ ----------- -------------- -------------
Operating loss (277,345) (77,161) (72,989) (427,495)
Finance income - interest receivable 3,740 - - 3,740
------------------------------------------- ------------ ----------- -------------- -------------
Loss for the year and total comprehensive
income for the year (273,605) (77,161) (72,989) (423,755)
------------------------------------------- ------------ ----------- -------------- -------------
4. Earnings/Loss per share
The basic earnings/loss per share is calculated by dividing the
profit/loss attributable to ordinary shareholders by the weighted
average number of ordinary shares of 29,331,037 outstanding during
the six months ended 31 October 2011 (2010: 14,581,287).
There were no dividends for the six months ended 31 October 2011
or the six months ended 31 October 2010.
There were no potentially dilutive share options over ordinary
shares in the Group outstanding at the period end and therefore the
dilutive earnings per share are equal to the basic earnings per
share.
5. Property, plant and equipment
Fixtures Computer
and fittings Equipment Total
GBP GBP GBP
----------------------------------------- ------------- ---------- ---------
Cost
At 1 May 2011 4,855 24,247 29,102
Additions - 150 150
----------------------------------------- ------------- ---------- ---------
At 31 October 2011 4,855 24,397 29,252
----------------------------------------- ------------- ---------- ---------
Accumulated depreciation and impairment
At 1 May 2011 (2,695) (21,107) (23,802)
Charge for the period (452) (1,190) (1,642)
----------------------------------------- ------------- ---------- ---------
At 31 October 2011 (3,147) (22,297) (25,444)
----------------------------------------- ------------- ---------- ---------
Net book value
At 31 October 2011 1,708 2,100 3,808
----------------------------------------- ------------- ---------- ---------
At 31 October 2010 2,645 2,980 5,625
----------------------------------------- ------------- ---------- ---------
At 30 April 2011 2,160 3,140 5,300
----------------------------------------- ------------- ---------- ---------
6. Investments
The Group held the following investments in unquoted
companies:
Unaudited Unaudited Audited
six months six months Year
ended ended Ended
31 October 31 October 30 April
2011 2010 2011
GBP GBP GBP
------------------------------------------------------ ----------- ----------- ----------
Available-for-sale investments (fair value)
At the beginning of the period 1,697,124 1,629,249 1,629,249
Realisations during the period - - (3,750)
Change in fair value in the period 198,964 201,204 (276,750)
Retained investment on deemed disposal of subsidiary - - 348,375
Reclassifications for the period - 147,171 -
------------------------------------------------------ ----------- ----------- ----------
At the end of the period 1,896,088 1,977,624 1,697,124
------------------------------------------------------ ----------- ----------- ----------
All of the available-for-sale investments, held at fair value
through profit and loss, were designated as such upon initial
recognition.
7. Other receivables
Unaudited Unaudited Audited
six months six months Year
Ended ended Ended
31 October 31 October 30 April
2011 2010 2011
GBP GBP GBP
------------------------------------- ----------- ----------- ---------
Amounts due from investee companies 28,583 92,310 13,088
Corporation tax receivable 2,612 13,185 2,612
Other receivables 14,854 54,407 28,753
Prepayments and accrued income -21,534 13,647 29,260
67,583 173,549 73,713
------------------------------------- ----------- ----------- ---------
The Directors consider that the carrying amount of trade and
other receivables approximates their fair value.
8. Cash and cash equivalents
Unaudited Unaudited Audited
six months six months Year
ended ended Ended
31 October 31 October 30 April
2011 2010 2011
GBP GBP GBP
--------------------------- ----------- ----------- ---------
Cash and cash equivalents 40,670 75,430 19,968
Short-term deposits - - -
--------------------------- ----------- ----------- ---------
40,670 75,430 19,968
--------------------------- ----------- ----------- ---------
Cash and cash equivalents comprise cash held by the Group and
short-term bank deposits with an original maturity of three months
or less. The carrying amount of these assets approximates their
fair value.
9. Trade and other payables
Unaudited Unaudited Audited
six months six months Year
ended ended Ended
31 October 31 October 30 April
2011 2010 2011
GBP GBP GBP
------------------------------ ----------- ----------- ---------
Trade creditors 26,684 39,410 58,749
Other creditors 1,113 20,321 11,673
Accruals and deferred income 62,222 25,699 32,903
------------------------------ ----------- ----------- ---------
90,019 85,430 103,325
------------------------------ ----------- ----------- ---------
Trade creditors and accruals principally comprise amounts
outstanding for trade purchases and ongoing costs. The Directors
consider that the carrying amount of trade payables approximates to
their fair value.
Responsibility statement
The Directors confirm to the best of their knowledge that:
a) the financial information in the condensed set of financial
statements has been prepared in accordance with IAS 34 as adopted
by the EU; and
b) the interim management report includes a fair review of the
information required by the FSA's Disclosure and Transparency Rules
(4.2.7 R and 4.2.8 R).
By order of the Board
Craig Rochford Nick Rodgers
Executive Chairman Chief Executive
23 January 2012 23 January 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZLLFLLFFZBBK
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