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RNS Number : 7506Q
Avacta Group PLC
25 October 2011
Press Release
25 October 2011
Avacta Group plc
("Avacta" or the "Group")
Preliminary Results
Avacta Group plc (AIM:AVCT), a leading provider of proprietary analytical and diagnostic
technology, consumables and reagents, to the drug development and healthcare sectors,
today announces its audited preliminary results for the year ended 31 July 2011.
Highlights
·
Group underlying revenue growth of 42% to £2.45 million (2010: £1.72 million1)
·
·
·
·
·
·
·
·
·
·
·
Fourteen Optim analytical units despatched (2010: two) contributing a 150% increase in
revenue to £1.24 million (2010: £0.50 million) with solid order book and pipeline for 2012
Revenue from Optim and its consumable cartridge increased substantially to £0.81 million
(2010: £0.05 million)
Global network of top-tier distributors in place including Pall Corporation, Isogen Life
Sciences, Cold Spring Biotech and DKSH
Commercial partnership with Pall Corporation extended post period end to include global
analytical services collaboration and Optim distribution in South East Asia
Technical issues relating to injection moulding with AX-1 cartridge resolved and transfer to
scaled up manufacturing in progress
AX-1 diagnostics device to be showcased at London Vet Show during November 2011
Adjusted operating losses reduced to £0.92 million (2010: £1.53 million)2
Reported operating loss (including non-recurring expenses, amortisation and share based
payment charges) reduced to £1.13 million (2010: loss £2.03 million)
Year-end cash at bank of £1.77 million (2010: £1.43 million)
Net cash outflow from operating activities reduced to £0.59 million (2010: £1.74 million)
Loss per share reduced to 0.04 pence (2010: 0.15 pence)
Note 1: Reported revenue for the prior year includes £0.35 million related to a non-recurring project
Note 2: Adjusted operating loss means operating profit before amortisation of customer related
intangibles and development costs and share-based payment charges
Commenting on the results, Dr Alastair Smith, Chief Executive Officer, said: "The
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Board is very pleased to report on the substantial commercial and financial progress made
by Avacta during the last financial year.
"Avacta Analytical has now established a global network of high quality distributors to
accelerate the penetration of Optim into its target markets and this is working well and
starting to reap substantial rewards. We have taken a further eight orders already this
year, ahead of target, and the pipeline for the longer term continues to strengthen
markedly. The extension of our Optim distribution agreement with Pall into South East
Asia is further validation of the product and its potential and we are delighted also to be
extending our collaboration with Pall into joint analytical services. There is scope to
improve the margins of both the Optim units and consumables and these development
programmes are underway and on schedule to deliver benefits during 2012.
"Avacta Animal Health has now resolved the technical problems related to the injection
moulding of the AX-1 consumable cartridge and the Group will be showcasing the product
at the London Vet Show during November 2011. We can now push forwards and get AX-1
into the hands of vets after what has been a frustrating delay.
"The Group has clear visibility on its short and long term commercial, technical and
financial objectives and has a solid platform from which to achieve them. We are focused
on commercialising our first two innovative products and on growing the recurring revenue
streams by expanding our Optim applications and AX-1 test menu. By continuing to grow
our range of proprietary reagents for diagnostic and analytical tests to go through our
products we will add value to the Group in the long term and will drive margin growth in the
near term; this is therefore an important aspect of our growth strategy. As our first two
products transfer into commercialisation we will also be able to consider the next phase of
product development and we look forward to updating the market on these opportunities to
accelerate growth in the future."
Enquiries:
Avacta Group plc
Alastair Smith, Chief Executive Officer
Tim Sykes, Chief Financial Officer
Broker and Nominated Adviser
Panmure Gordon (UK) Limited
Aubrey Powell / Andrew Burnett
Charles Leigh-Pemberton (Broking)
Media Enquiries - Abchurch Communications
Sarah Hollins / Adam Michael / Oliver Hibberd
[email protected]
Tel: +44 (0) 844 414 0452
www.avacta.com
Tel: +44 (0) 20 7459 3600
Tel: +44 (0) 20 7398 7708
www.abchurch-group.com
The Group's Preliminary Results are available on its website www.avacta.com
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Notes to editors:
Avacta Group plc is a leading provider of proprietary analytical and diagnostic technology,
consumables and reagents, to the drug development and healthcare sectors through two
operating divisions:
Avacta Analytical provides high-end analytical instrumentation, consumables and
services to the biopharmaceutical sector, expected to be a US$200 billion market by 2013
and the fastest growing part of the pharmaceutical industry. The Group's technologies are
aimed at reducing the risks and expense associated with biological drug development and
thereby reducing the final cost of drugs to patients. The Group's lead analytical instrument,
Optim, is distributed through Pall Corporation in the US and South East Asia, Isogen Life
Sciences in Europe, Cold Spring Biotech Corp in China and Taiwan and DKSH in Japan.
Avacta sells Optim directly in the UK.
Avacta Animal Health provides diagnostic products, reagents and services for the US$1.5
billion global veterinary diagnostics market. Its aim is to equip veterinary professionals with
high quality animal health and well-being information, through point of care diagnostics,
reagents and testing kits and laboratory based testing. Avacta's AX-1 point of care
immunoassay system is aimed at providing the veterinarian with rapid blood test results in
the clinic. The initial range of tests launched with the AX-1 relates to Avacta's world
leading allergy testing brand Sensitest®. Avacta is currently developing further assays for
the AX-1 system to diagnose other diseases in companion animals. Longer term this
technology will be transferred into the human clinical diagnostics market.
Avacta joined AIM in August 2006 and is based in Wetherby, England.
Chairman's and Chief Executive Officer's Report
Business overview
The Group made solid progress during the year, reporting increased revenue of £2.45
million, up 42% against the underlying revenue of £1.72 million in the prior year (reported
revenue for the prior year included £0.35 million related to a non-recurring acquired
project).
The Avacta Analytical division, which is aimed at reducing the costs and risks associated
with biopharmaceutical drug development, shipped and installed fourteen Optim units
which contributed to a 150% increase in revenue in the Group's analytical business to
£1.24 million (2010: £0.50 million).
Within the Avacta Animal Health division, revenue from the Group's veterinary diagnostics
service based business remained flat at £1.21 million (2010: £1.22 million). Technical
issues encountered in the manufacturing scale up of the plastic consumable cartridge for
AX-1, the diagnostic device aimed at delivering rapid test results at the point of care in both
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the veterinary and human health sectors, have delayed the commercial launch of the
product into the vet market and, accordingly, that device has not yet contributed to the
Group's revenue.
Avacta Analytical
Avacta Analytical provides high-end analytical instrumentation, consumables and services
to the biopharmaceutical sector. Commercialisation of its lead product, Optim, has
advanced very strongly during the year. Fourteen units were shipped during the period
which was ahead of expectations and the Group now has installed units across all major
geographies. Revenue from Optim and its consumable cartridge advanced substantially to
£0.81 million (2010: £0.05 million).
Order intake during the first quarter of the current financial year is strong with a further
eight sales confirmed. The sales pipeline has also continued to strengthen which supports
the Directors confident view for the longer term prospects for Optim in its markets.
The Group sells direct in the UK and during the 2011 financial year has put in place four
distributors to cover export markets:
-
Isogen Life Sciences ("ISL") became mainland Europe distributor in September 2010
and is a well established and respected distributor of instruments, reagents and
consumables in the areas of cell biology, molecular biology and biochemistry.
Accordingly ISL has strong relationships with a large number of biopharmaceutical and
biotech customers throughout Europe. Avacta chose ISL as the European distributor
for Optim because of its strong track record in sales into the biopharmaceutical
development area and ISL's strong commitment to high quality customer support.
-
Agreement was made with Pall Corporation ("Pall") in February 2011 for distribution of
Optim in North America and this has recently been extended to include the South East
Asian markets. Pall is a leader in filtration, separation and purification providing
solutions to meet the critical fluid management needs of customers across the broad
spectrum of life sciences and industry. Pall Life Sciences, the subsidiary with whom
the distribution agreement has been made, provides cutting-edge products and
services to meet the demanding needs of customers discovering, developing and
producing biotech drugs, vaccines and classic pharmaceuticals. During May 2011 a
separate agreement was signed with Pall to include the marketing and provision of a
global analytical services collaboration.
-
Cold Spring Biotech Corp ("CSB") became Avacta Analytical's representative in China,
Hong Kong and Taiwan in February 2011 and is a market leading life sciences
distribution company with commercial operations throughout Hong Kong and mainland
China (offices in Beijing, Shanghai, Guangzhou, Chengdu, and Wuhan). Founded in
1983, CSB is an established distributor with many years of experience in selling high
value instrumentation and consumables in the rapidly growing Asian Biotech and Life
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Sciences market, representing major technology innovators such as Affymetrix and
Caliper Life Sciences.
-
DKSH Japan ("DKSH") partnered with Avacta Analytical in March 2011 to distribute
Optim in Japan and has nearly 50 years experience in supporting the Japanese
pharmaceutical industry through its dedicated technology business unit.
Growth in the recurring consumables revenue from Optim is a key performance target for
Avacta Analytical. This will be achieved through an increase in the installed base of units
and expansion of the range of applications delivered by the technology to encompass a
broader range of solutions in addition to high throughput formulation and stability. A
programme to take production cost out of the Optim unit and the associated consumable is
ongoing and on schedule to deliver margin improvement for 2012.
Revenue from analytical contract services remained flat at £0.43 million (2010: £0.45
million).
Avacta Animal Health
Avacta Animal Health provides diagnostic products, reagents and services for the US$1.5
billion global veterinary diagnostics market. Its aim is to equip veterinary professionals with
high quality animal health and well-being information, through point of care diagnostics,
reagents and testing kits and laboratory based testing. Its lead product, the AX-1 point of
care immunoassay system, is aimed at providing the veterinarian with rapid serological
blood test results in the clinic. Technical issues encountered in the manufacturing scale up
of the injection moulded plastic consumable cartridge used in the AX-1 have delayed the
commercial launch of the product by approximately nine months. These technical issues
have now been resolved and AX-1 will take centre stage on Avacta Animal Health's stand
at London Vet Show during November 2011.
The initial range of tests that will be provided to run on the AX-1 for canine, feline and
equine healthcare relates to Avacta's world leading allergy testing brand Sensitest® and its
acute phase protein tests acquired in 2010 with Reactivlab, the Glasgow University
Veterinary School spin-out. Expansion of the AX-1 test menu beyond this initial range is
key to supporting the growth of recurring revenue and extensive clinical and commercial
work over the past year has delivered a candidate panel of twelve further diagnostics tests
split equally between companion animal and equine healthcare applications. Avacta
Animal Health will be providing these tests for the AX-1 platform as quickly as possible and
with current resources expects to be able to develop two or three new tests per year.
Revenue from diagnostic testing services remained flat at £1.21 million (2010: £1.22
million).
The integration of the Reactivlab operation into the Animal Health business has progressed
well. The first two products derived from the Reactivlab intellectual property - test reagent
kits for the c-reactive protein in dogs and haptoglobin in dogs and cats - are completed and
a further two similar acute phase protein test reagent kits are in the pipeline. The two
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completed tests are for the most common and clinically informative of the acute phase
proteins in these animals for the early detection of acute or chronic inflammation or
infection. The global market for these tests is expected to be substantial and to grow as
they become more widely available to vets. The Group has identified, and is now working
closely with, a substantial partner that is expected to provide a global route to market for
these and other new products.
Financial overview
Adjusted revenue grew 42% to £2.45 million (2010: £1.72 million, after excluding a nonrecurring element of £0.35 million). This included £1.24 million from Avacta Analytical
(2010: £0.50 million) assisted by the contribution of the fourteen Optim installations and
associated consumables revenue and £1.21 million (2010: £1.22 million) from Avacta
Animal Health. The additional revenue contributed positively to the continued investment
in product development and the adjusted operating loss reduced as a result to £0.92
million (2010: £1.53 million). Reported operating loss was reduced to £1.13 million (2010:
£2.03 million) with non-recurring administrative expenses, amortisation of intangible assets
and share based payment charges reducing to £0.20 million (2010: £0.50 million).
Development expenditure capitalised during the year was £0.88 million (2010: £1.04
million) and net intangible assets increased to £9.30 million (2010: £8.55 million) after
amortisation of £0.13 million (2010: £0.11 million).
The Group recognised £0.52 million of R&D tax credits during the year which reduced the
loss retained to only £0.59 million (2010: £1.88 million). Accordingly, loss per share
reduced to 0.04 pence (2010: 0.15 pence).
The Group reported cash balances of £1.77 million (2010: £1.43 million) following its fund
raise during January 2011 when it raised £1.95 million at a price of 1.05 pence per share.
Outlook
The Board is very pleased to report on the substantial commercial and financial progress
made by Avacta during the last financial year. Avacta Analytical has now established a
global network of high quality distributors to accelerate the penetration of Optim into its
target markets and this is working well and starting to reap substantial rewards. We have
taken a further eight orders already this year, ahead of target, and the pipeline for the
longer term continues to strengthen markedly. The extension of our Optim distribution
agreement with Pall into South East Asia is further validation of the product and its
potential and we are delighted also to be extending our collaboration with Pall into joint
analytical services. There is scope to improve the margins of both the Optim units and
consumables and these development programmes are underway and on schedule to
deliver benefits during 2012.
Avacta Animal Health has now resolved the technical problems related to the injection
moulding of the AX-1 consumable cartridge and the Group will be showcasing the product
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at the London Vet Show during November 2011. We can now push forwards and get AX-1
into the hands of vets after what has been a frustrating delay.
The Group has clear visibility on its short and long term commercial, technical and financial
objectives and has a solid platform from which to achieve them. We are focused on
commercialising our first two innovative products and on growing the recurring revenue
streams by expanding our Optim applications and AX-1 test menu. By continuing to grow
our range of proprietary reagents for diagnostic and analytical tests that go through our
products we will add value to the Group in the long term and will drive margin growth in the
near term; this is therefore an important aspect of our growth strategy. As our first two
products transfer into commercialisation we will also be able to consider the next phase of
product development and we look forward to updating the market on these opportunities to
accelerate growth in the future.
Gwyn Humphreys
Chairman
25 October 2011
Alastair Smith
Chief Executive Officer
25 October 2011
Consolidated Income Statement
for the year ended 31 July 2011
2011
£000
2010
£000
2,445
(3,570)
2,067
(4,093)
(923)
-
(1,527)
(367)
(132)
(110)
(70)
(22)
Operating loss
Finance income
Finance expense
(1,125)
4
(1)
(2,026)
(2)
Loss before taxation
Taxation
(1,122)
531
(2,028)
149
(591)
(1,879)
(0.04p)
(0.15p)
Note
Revenue
Operating costs
Operating loss before non-recurring expenses, amortisation
and share-based payment charges
Non-recurring administrative expenses
Amortisation of customer related intangibles and development
costs
Share-based payment charges
Amount attributable to equity holders of the Company
Loss per ordinary share :
- Basic and diluted
4
Consolidated Balance Sheet
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as at 31 July 2011
2011
£000
2010
£000
9,298
319
8,551
250
9,617
8,801
337
607
1,774
174
814
1,433
2,718
2,421
12,335
11,222
(633)
(4)
(50)
(939)
(21)
(11)
-
(687)
(971)
(200)
(12)
(5)
(250)
(26)
(212)
(281)
(899)
(1,252)
Net assets
11,436
9,970
Equity attributable to equity holders of the Company
Called up share capital
Share premium account
Capital reserve
Other reserve
Retained earnings
1,744
16,408
2,669
(1,729)
(7,656)
1,512
14,653
2,669
(1,729)
(7,135)
Total equity
11,436
9,970
Non-current assets
Intangible assets
Property, plant & equipment
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents
Total assets
Current liabilities
Trade and other payables
Income taxes
Finance leases
Deferred consideration
Non-current liabilities
Finance leases
Deferred consideration
Deferred tax liabilities
Total liabilities
Consolidated Statement of Changes in Equity
for the year ended 31 July 2011
At 1 August 2009
Share
capital
£000
1,230
Share
premium
£000
11,405
Other
reserve
£000
(1,729)
Capital
reserve
£000
2,669
Retained earnings
£000
(5,278)
Transactions with owners of the company recognised directly in equity
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Shares issued for cash
Shares issued during the year
as consideration for business
combinations and in
settlement of operating
expenses
Share based payment
charges
276
3,158
-
-
-
6
90
-
-
-
-
-
-
-
22
Total comprehensive income for the period
Result for the period
-
-
-
-
(1,879)
1,512
14,653
(1,729)
2,669
(7,135)
230
1,737
-
-
-
2
18
-
-
-
-
-
-
-
70
Total comprehensive income for the period
Result for the period
-
-
-
-
(591)
16,408
(1,729)
2,669
(7,656)
At 31 July 2010
Transactions with owners of the
company recognised directly in
equity
Shares issued for cash
Shares issued during the year
as consideration for business
combinations and in
settlement of operating
expenses
Share based payment
charges
At 31 July 2011
1,744
Consolidated Statement of Cash Flows for the year ended 31 July 2011
2011
£000
2010
£000
(591)
132
114
(40)
70
(3)
(531)
(1,879)
111
98
22
2
(149)
(849)
(1,795)
(163)
207
(307)
(174)
(262)
347
(1,112)
4
(1)
517
(1,884)
(2)
145
Net cash flow from operating activities
(592)
(1,741)
Investing activities
Purchase of plant and equipment
(193)
(69)
Operating activities
Loss for the year
Amortisation and impairment losses
Depreciation
Profit on sale of plant and equipment
Share based payment charges to employees
Net finance (income)/expense
Income tax credit
Operating cash outflow before changes in working
capital
Movement in inventories
Movement in trade and other receivables
Movement in trade and other payables
Operating cash outflow from operations
Finance income received
Finance expense paid
Income tax received
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Proceeds
fromexpenditure
sale of plantcapitalised
and equipment
Development
Acquisition of subsidiaries
50
(879)
-
(1,035)102
(1,022)
(1,002)
Financing activities
Proceeds from issue of shares
Capital repayment on finance leases
1,967
(12)
3,309
(11)
Net cash flow from financing activities
1,955
3,298
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
341
1,433
555
878
Cash and cash equivalents at the end of the year
1,774
1,433
Net cash flow from investing activities
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 2011.
The consolidated financial statements of the Group for the year ended 31 July 2011
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 2011 or 2010 but is derived from those
financial statements. Statutory financial statements for 2010 have been delivered to
the Registrar of Companies and distributed to shareholders, and those for 2011 will be
respectively delivered and distributed on or before 31 December 2011. 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 2010 or 2011.
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
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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 18-24 months 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. This has been prepared on a going concern
basis, notwithstanding the loss for the period ended 31 July 2011. 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 ramp up sales of
its Optim product and launch the AX-1 product. These are expected to generate
significant revenue 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 Directors have prepared sensitised cash flow forecasts extending to the end
of the financial year ended 31 July 2013. 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 further 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
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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 2011
Revenue
Depreciation
Other operating expenses
Operating loss before non-recurring
expenses, amortisation and sharebased payment charges
Share-based payment charges
Segment operating loss
Corporate and other unallocated items
Analytical
£000
1,236
(99)
(2,532)
Animal
Health
£000
1,209
(8)
(1,992)
Human
Health
£000
16
Total
£000
2,445
(107)
(4,508)
(1,395)
(21)
(791)
(1)
16
-
(2,170)
(22)
(1,416)
(792)
16
(2,192)
318
IFRS translation related items
- Capitalisation of development costs
- Amortisation of development costs and customer related intangible assets
879
(130)
Operating loss
Finance income
Finance expenses
(1,125)
4
(1)
Loss before taxation
Taxation
(1,122)
531
Amount attributable to equity holders of the Company
(591)
Segment intangible assets
Segment tangible assets
4,962
1,080
2,424
356
5
7,386
1,441
Segment assets
Corporate and other unallocated items
6,042
2,780
5
8,827
1,629
IFRS translation related items
- Development costs
- Customer related intangible
assets
1,989
(110)
12,335
Segment liabilities
Corporate and other unallocated items
(319)
(174)
(4)
(497)
(390)
IFRS translation related items
- Deferred tax on customer related intangible assets
(12)
(899)
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Operating segment analysis 2010
Revenue
Depreciation
Other operating expenses
Analytical
£000
496
(70)
(2,411)
Animal
Health
£000
1,221
(3)
(1,840)
Human
Health
£000
350
(4)
(731)
Total
£000
2,067
(77)
(4,982)
(1,985)
(622)
(385)
(2,992)
(7)
(3)
(130)
-
(130)
(10)
(1,992)
(625)
(515)
(3,132)
Operating loss before non-recurring
expenses, amortisation and sharebased payment charges
Non-recurring administrative expenses
Share-based payment charges
Segment operating loss
Corporate and other unallocated items
181
IFRS translation related items
- Capitalisation of development costs
- Amortisation of customer related intangible assets
1,035
(110)
Operating loss
Finance income
Finance expenses
(2,026)
(2)
Loss before taxation
Taxation
(2,028)
149
Amount attributable to equity holders of
the Company
(1,879)
Segment intangible assets
Segment tangible assets
6,317
501
1,069
371
454
7,386
1,326
Segment assets
Corporate and other unallocated items
6,818
1,440
454
8,712
1,378
IFRS translation related items
- Development costs
- Customer related intangible
assets
1,190
(58)
11,222
Segment liabilities
Corporate and other unallocated items
(296)
(280)
(214)
(790)
(436)
IFRS translation related items
- Deferred tax on customer related intangible assets
(26)
(1,252)
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.
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2011
2010
Loss (£000)
Non-recurring administrative expenses (£000)
(591)
-
(1,879)
367
Loss excluding non-recurring administrative expenses
(£000)
(591)
(1,512)
1,548,303
1,260,608
Basic and diluted loss per ordinary share (pence)
(0.04)p
(0.15)p
Loss before exceptional items per ordinary share (pence)
(0.04)p
(0.12)p
Weighted average number of shares (number '000)
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR QZLFLFBFZFBL
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