RNS Number:7340I
Byotrol PLC
29 November 2007
Byotrol plc (the 'Company')
Unaudited interim results for the six months ended
30 September 2007
Chairman's Statement
The six month period has seen the Company make satisfactory progress across its
target market sectors. The company is developing Byotrol as a globally trusted
brand in the field of microbial control and the core focus of the past six
months has been to harness and commercialise the outstanding accreditation and
certification work that has been undertaken to date in a number of our key
markets.
The Company now has a total of six key market sectors where sales, marketing and
operational resource is being focused; Consumer Products, Healthcare, Food &
Beverage, Industrial & Technical, Hospitality & Leisure and Agriculture.
The Board is very aware that the Company's financial results have yet to reflect
the progress we have made since the AIM flotation, albeit revenues have
increased to #214,995 from #116,814 over the same period last year.
As part of its development strategy, the Company has engaged the services of a
number of key advisers to maintain the pace of development as well as enhancing
our levels of knowledge of specific market segments.
During the period we appointed Adrian Smith as a Non-Executive Director of the
Company. Adrian brings a combination of corporate and plc experience with
specific expertise in the areas of sales, marketing and brand management gained
through 24 years working with two leading global providers in our key market
sectors.
I am also pleased to be able to announce that the Company has enlisted the
services of the Rt. Hon Lord Warner of Brockley as a special adviser to the
healthcare sector. As a former Minister for Health, Norman Warner brings
unprecedented levels of understanding of healthcare delivery in the UK as well
as a distinguished track record across the wider public sector and his knowledge
and insight will play a key role in our drive to promote adoption of Byotrol
technology across the NHS.
Finally we would like to express our thanks to all staff, partners and suppliers
who have all played a vital role in the progress we have made in the first six
months of this financial year.
Prospects
Our progress in the short time since IPO in 2005 has yet to be reflected in our
financial results. The Board is very satisfied with the opportunities now
available to the Group and remains confident of the significant benefits of the
adoption of Byotrol's technology, albeit that we must of course remain cautious
in our optimism.
Wesley Devoto OBE
Chairman
29 November 2007
Chief Executive's Report
I am pleased to be able to provide shareholders with an update across each of
our core target market sectors.
Consumer Products
Byotrol Consumer Products ("BCP"), our joint venture with What If Ventures
established in July 2007, provides the Company with an appropriate structure to
pursue its aim of entering the consumer products market.
BCP's strategy is to target a limited number of high value distribution and
licensing deals with global FMCG companies in sectors where Byotrol technology
is at its most efficacious.
The Board is very pleased with progress so far by BCP, in that BCP has met with
several FMCG companies, and believes it to be on schedule to deliver revenues on
the timescales envisaged in July. The Board is extremely encouraged by the
response generated thus far. However this must inevitably be tempered by the
often long lead times associated with the development and launch of new consumer
products.
Healthcare
In 2006 the Company announced it had signed a technology licence agreement with
Synergy Healthcare plc to provide a route to market for Byotrol technology to
the healthcare sector and specifically the National Health Service. Following
the completion of this agreement in November 2006, a range of products for
hospitals was launched in May 2007 under the Assure Plus brand.
Supply to the NHS can be frustratingly slow and following this product launch,
progress has indeed been slow. I am pleased, however, to report that since
September Synergy has made encouraging progress and the product has been adopted
by Bradford Primary Care Trust in two community hospitals and is in line to be
taken up by others.
In the care home market which was also licensed to Synergy: Care UK, a leading
care home operator has completed the deployment of more than 4000 dispensers
containing Byotrol in a hand mousse.
I was also delighted with a recent Rapid Review Panel report on Assure Plus
which confirmed that we are able to pursue immediate sales into hospitals and
more importantly has assisted in the finalisation of some critical studies that
are in process in a number of hospitals across North West England.
Outside the UK, the Company is pleased to be able to report modest sales of
Byotrol products into the healthcare system in North America. These sales have
been achieved following a successful trial and evaluation of Byotrol technology
conducted at Monroe Hospital, Indiana.
Food and Beverage
Steady progress is being made within this market sector although the timescale
required to move from initial dialogue with potential users to full roll out is
proving longer than originally anticipated. The primary driver for this extended
timescale is the fact that the majority of food processing companies wish to
conduct their own independent product efficacy trials before committing to
Byotrol technology. The Company remains confident in the opportunity for Byotrol
within this sector and I am pleased to be able to announce that during this
trading period Pennine Foods (a subsidiary of Northern Foods plc) has completed
a successful trial of Byotrol technology and will now use it on an ongoing basis
as part of its hygiene regime. I am also pleased to be able to announce that H J
Heinz in Kendal has recently completed a successful trial of Byotrol and is
currently reviewing its hygiene control strategy in the light of the outcome.
Industrial and Technical
Progress continues in this area and a recent trial of the Company's Intersphere
product conducted in Venice has shown it is well suited the removal of green
algae from buildings. The work undertaken in Venice also demonstrated that
Byotrol technology is suitable for use on historic buildings and does not damage
or degrade surfaces. The Company is working to drive adoption of Intersphere as
a cleaner of choice for organisations involved in preservation and cleaning of
historic structures. In the field of office hygiene the launch of the Fellowes
office hygiene range Virashield throughout Europe has been pleasing to the
company and our partner. In September our partner in the pet care products based
on Byotrol exhibited at the international GLEE exhibition and passed a small but
significant milestone of having sold 500,000 units of pet care products
containing Byotrol.
Hospitality and Leisure
Within the trading period the Company has launched a range of cleaning products
targeted at the marine leisure market. The launch of the Stayclean range of
products in the North American market was undertaken at the Newport
International Boat Show and the Company plans to roll out this product set in
the UK during the next trading period. Also in the leisure market, the company
has launched the Clearway range of products in the UK. These have been developed
for leisure users to allow them to remove algae and growth from a wide range of
surfaces including buildings and caravans as well as pathways and decking. These
products are currently being sold into garden centres and DIY stores across the
UK
Agriculture
Following launch in May 2007, the Agrisphere range of products is starting to be
adopted by dairy farmers across the UK. In light of the recent outbreak of foot
and mouth disease, the Company is currently seeking DEFRA approval for Byotrol
technology to become an approved disinfectant for use against this disease.
Based on our test work we are confident that Byotrol technology is effective
against the foot and mouth virus and formal ratification by DEFRA is awaited.
Within North America the crop trial being conducted in Florida is still underway
and an interim report has shown favourable results in combating the spread of
citrus canker which represents a major economic threat to farmers of citrus
crops. The Company believes that, assuming a successful outcome of the trial, a
significant opportunity exists within this area.
Intellectual Property and Quality Management
Byotrol maintains very high quality standards that are regularly audited by the
TuV. Our processes are administered by two highly experienced
professionals Dr Ricky Chapman & Dr Ulrich Schwarz. Our ISO 13485 certification
was confirmed in July this year.
The protection of the Company's intellectual property is a high priority and
during the period two new significant technology patents were filed to protect
innovations and increase protection of the products based on our technology.
Patent applications are important, both to increase security but also to
demonstrate the Company's ongoing research and development credentials. However
granted patents are, if anything, even more important as they clearly evidence
the unique nature of the Company's technology. A very significant acceptance of
the patent was made by the European Patent Office. This can now be translated
into grants of patents throughout the EU in the second quarter of 2008. Also the
Australian patent agency accepted the patent and the Singapore authorities
issued a grant.
David McRobbie
Chief Executive
29 November 2007
Enquiries
Byotrol plc 0161 277 9518
Stephen Falder, Deputy Chairman 07767 404629
David McRobbie, Chief Executive 07739 549 226
Richard Bell, Finance Director 07825 204110
Charles Stanley Securities, Nominated Adviser 020 7149 6457
Philip Davies / Carl Holmes
Rawlings Financial
John Rawlings 01756 770376
Byotrol plc
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the period ended 30 September 2007
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
Revenue 214,995 116,814 673,542
Cost of sales (81,533) (66,798) (194,703)
Gross profit 133,462 50,016 478,839
Administration expenses excluding share scheme (1,494,076) (978,531) (2,215,041)
charges
Share scheme charges (162,493) - (94,231)
Operating loss (1,523,107) (928,515) (1,830,433)
Finance income 85,846 17,743 87,865
Finance costs (330) (185) (1,572)
Loss before taxation (1,437,591) (910,957) (1,744,140)
Taxation - - -
Loss after taxation (1,437,591) (910,957) (1,744,140)
Minority interest - 137 236
Loss for the period attributable to equity (1,437,591) (910,820) (1,743,904)
shareholders
Loss per share
Basic per share (pence) (3.26) (2.61) (4.56)
Diluted per share (pence) (3.26) (2.61) (4.56)
The loss for the period arises from the group's continuing operations
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the period ended 30 September 2007
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
Exchange differences on translation of foreign 21,543 21,923 46,678
operations
21,543 21,923 46,678
Loss for the period (1,437,591) (910,820) (1,743,904)
Total recognised income and expense for the (1,416,048) (888,897) (1,697,226)
period
Byotrol plc
UNAUDITED CONSOLIDATED BALANCE SHEET
as at 30 September 2007
Restated Restated
30 September 30 September 31 March
2007 2006 2007
# # #
ASSETS
NON CURRENT ASSETS
Intangible assets 37,333 9,333 39,083
Software intangibles 19,737 28,822 23,117
Property, plant and equipment 46,754 30,195 46,792
Investments 23,814 5,000 -
127,638 73,350 108,992
CURRENT ASSETS
Inventories 104,035 40,194 46,173
Trade and other receivables 621,258 174,793 690,048
Tax debtor 40,710 52,578 37,017
Cash and cash equivalents 2,662,980 256,825 3,553,038
3,428,983 524,390 4,326,276
TOTAL ASSETS 3,556,621 597,740 4,435,268
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 387,441 428,161 250,597
Tax payable 28,559 14,777 26,951
TOTAL LIABILITIES 416,000 442,938 277,548
EQUITY
Share capital 111,655 87,182 109,073
Share premium account 7,875,773 2,945,529 7,640,752
Merger reserve 1,064,712 1,064,712 1,064,712
Retained earnings (5,911,519) (3,943,867) (4,657,964)
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF 3,140,621 153,556 4,156,573
BYOTROL plc
Minority interest - 1,246 1,147
TOTAL EQUITY 3,140,621 154,802 4,157,720
TOTAL EQUITY AND LIABILITIES 3,556,621 597,740 4,435,268
Byotrol plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the period ended 30 September 2007
30 September 30 September 31 March
2007 2006 2007
# # #
Net cash outflow from operating activities (1,176,549) (914,842) (2,387,966)
Returns on investments and servicing of finance
Interest received 85,846 17,743 87,865
Interest paid (330) (185) (1,572)
Net cash inflow from returns on investments and 85,516 17,558 86,293
servicing of finance
Taxation - - -
Cash flows from investing activities
Purchase of tangible fixed assets (10,228) (8,639) (33,966)
Purchase of intangible fixed assets - - (30,000)
Purchase of software (2,586) (11,305) (11,490)
Purchase of investment (23,814) - -
Net cash outflow from investing activities (36,628) (19,944) (75,456)
Net cash outflow before use of liquid resources and (1,127,661) (917,228) (2,377,129)
financing
Cash flows from financing activities
Issue of ordinary share capital 237,603 - 5,107,428
Expenses of share issue - - (390,314)
Net cash inflow from financing 237,603 - 4,717,114
(Decrease)/increase in cash (890,058) (917,228) 2,339,985
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
as at 30 September 2007
Share Share Merger Minority Retained
Capital Premium Reserve Interest Earnings Total
# # # # # #
Balance at 1 April 2006 87,182 2,945,529 1,064,712 1,383 (3,054,969) 1,043,837
Exchange difference - - - - 21,922 21,922
Loss for the period - - - (137) (910,820) (910,957)
Balance at 30 September 87,182 2,945,529 1,064,712 1,246 (3,943,867) 154,802
2006
Placing of shares 20,850 4,983,150 - - - 5,004,000
Placing costs - (390,314) - - - (390,314)
Conversion of warrants 1,041 102,387 - - - 103,428
Share scheme charges - - - - 94,231 94,231
Exchange difference - - - - 24,756 24,756
Loss for the period - - - (99) (833,084) (833,183)
Balance at 31 March 2007 109,073 7,640,752 1,064,712 1,147 (4,657,964) 4,157,720
Conversion of warrants 2,582 235,021 - - - 237,603
Minority interest - - - (1,147) - (1,147)
Share scheme charges - - - - 162,493 162,493
Exchange difference - - - - 21,543 21,543
Loss for the period - - - - (1,437,591) (1,437,591)
Balance at 30 September 111,655 7,875,773 1,064,712 - (5,911,519) 3,140,621
2007
1 This interim statement for the period to 30 September 2007 is unaudited
and was approved by the Directors on 29 November 2007. The information set out
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.
2 Accounting policies
Basis of preparation
The Group's previous financial statements have been prepared under UK Generally
Accepted Accounting Principles (UK GAAP). For the financial year ended 31 March
2008, the Group will prepare its annual consolidated financial statements in
accordance with IFRS as adopted by the European Union (EU) and implemented in
the UK.
The Group's date of transition to IFRS was 1 April 2006 at which date the Group
prepared its opening IFRS balance sheet. The financial information for the six
months ended 30 September 2007 has been prepared in accordance with the Group's
accounting policies based on IFRS standards that are expected to apply for the
financial year ending on 31 March 2008. The financial information for the six
months ended 30 September 2006 has been restated under IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial statements for the relevant periods is set out in note 8.
Basis of consolidation
The group financial information consolidates the financial information of
Byotrol plc and all its subsidiary undertakings drawn up to 3 September 2007.
Going concern
The directors have prepared cash flow forecasts for the Group that reflect the
Group's forecast revenues and costs. It is envisaged by the directors that
these forecast revenue streams will provide adequate funds for Byotrol plc and
all its subsidiary companies for the foreseeable future.
In the event that the Group is unable to achieve its forecast revenues, further
funding would be required. The directors have reviewed the availability of debt
and equity funding and anticipate being able to raise additional funds should
this be necessary. As a result, the directors have formed a view that adequate
funds will be available for Byotrol plc and all its subsidiary companies for at
least the next year.
The financial information has therefore been prepared on a going concern basis.
The financial information does not contain any adjustments which would result if
the Group does not generate sufficient revenue and free cash flows from its
trading activities or if any future fund raising exercise was not successful.
Revenue
Revenue represents the amounts received and receivable in the period for product
delivered in the period, and licence fees and royalties earned during the
period.
Intangible assets
Software is classified as an intangible asset and is stated at historical cost.
Amortisation is provided on all intangible assets at rates of 10% and 5%, as
appropriate, calculated to write each asset down to its estimated residual value
evenly over its expected useful life.
Property, plant and equipment
Property, plant and equipment are stated at historical cost. Depreciation is
provided on all assets at rates calculated to write each asset down to its
estimated residual value evenly over its expected useful life, as follows:
Leasehold property 33 1/3% per annum
Office equipment, plant and equipment 20% per annum
Computer equipment 33 1/3% per annum
Motor vehicles 25% per annum
Investments
Investments are stated at cost. Provision is made for any impairment in the
value of fixed asset investments.
Inventories
Inventories are valued at the lower of cost and net realisable value on bases
consistent with previous years. Cost represents expenditure incurred in the
ordinary course of business to bring inventories to its present condition and
location and includes appropriate overheads.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the
rates of exchange ruling at the balance sheet date. Transactions in foreign
currencies are translated into sterling at the rate of exchange ruling at the
date of the transaction. Capital accounts are translated using the historic
exchange rate as at the date of issue of capital units. Exchange differences
arising on trading transactions are taken into the profit and loss account for
the period. Exchange differences arising on retranslation of capital balances
are shown as a movement on reserves.
Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account
as incurred.
Research and development
Expenditure on research activities is recognised as an expense in the period in
which it is incurred.
An internally-generated intangible asset arising from the Group's business
development is recognised only if all of the following conditions are met:
* an asset is created that can be identified (such as software and new
processes);
* it is probable that the asset created will generate future economic
benefits;
* the development cost of the asset can be measured reliably;
* the product or process is technically and commercially feasible; and
* sufficient resources are available to complete the development and to
either sell or use the asset.
Where no internally-generated intangible asset can be recognised, development
expenditure is recognised as an expense in the period in which it is incurred.
Internally-generated intangible assets are amortised on a straight-line basis
over their useful lives.
Patents and trademarks
Patents and trademarks are measured initially at purchase cost and amortised on
a straight-line basis over their estimated useful lives. (10 to 15 years)
Deferred tax
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events have occurred at that date that will result in an obligation to pay more,
or a right to pay less or to receive more, tax with the following exceptions:
* Deferred tax assets are recognised only to the extent that the
directors consider that it is more likely than not that there will be
appropriate taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured at the tax rates that are expected to apply in the
periods in which timing differences reverse, based on tax rates and laws enacted
or substantively enacted at the balance sheet date.
Pensions
The Group operates a defined contribution scheme whereby contributions are
charged to the profit and loss account as incurred.
Financial instruments
Financial instruments and their derivatives are categorised as held for trading
or held as hedges.
The fair value of all instruments held for trading is recognised in the balance
sheet and all unrealised profits and losses are taken to operating profit.
All hedging instruments are matched with their underlying hedged item. Each
instrument's gain or loss is brought into the profit and loss account and its
fair value into the balance sheet, at the same time and in the same place as is
the matched underlying asset, liability, income or cost. For foreign exchange
and commodity instruments this will be in the operating profit matched against
the relevant purchase or sale, and for interest rate instruments within interest
payable or receivable over the life of the instrument or relevant interest
period. The profit or loss on an instrument may be deferred if the hedged
transaction is expected to take place or would normally be accounted for in a
future period.
Differences arising from the movement in exchange rates during the period from
the translation to sterling of the foreign currency borrowing and similar
instruments used to finance long-term foreign equity investments are taken
direct to distributable reserves and reported in the statement of recognised
income and expense.
Changes in the fair value of most financial instruments or the underlying hedged
item are not recognised in the income statement.
All premiums or fees, paid or received, in respect of a financial instrument are
accounted for over the life of the matched underlying asset, liability, income
or cost, even if the instrument has been sold. If the matched underlying asset,
liability, income or cost ceases to exist, or is no longer considered likely to
exist in the future, the hedging instrument is sold. Any profit or loss on the
sale is recognised in the income statement as part of operating profit.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments.
The Group issues equity-settled share-based payments to certain employees.
Equity-settled share-based payments are measured at fair value at the date of
grant. The fair value determined at the grant date of equity-settled share-based
payments is expensed on a straight line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest. The corresponding
credit is made direct to retained earnings.
Fair value is measured by use of the Black Scholes model. The expected life used
in the model has been adjusted, based on management's best estimate, for the
effect of non-transferability, exercise restrictions and behavioural
considerations.
A liability equal to the portion of the goods or services received is recognised
at the current fair value determined at each balance sheet date for cash-settled
share based payments.
3 Revenue
Revenue and loss before taxation were all derived from the Group's principal
activities. The analysis of revenue by source is:
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
Product sales 204,181 116,814 471,025
Licence fees 10,345 - 200,000
Royalties 469 - 2,517
214,995 116,814 673,542
The directors consider that the business generates revenues from the above three
distinct sources. The three streams have a shared and largely inseparable cost
base, and thus the directors consider that there is only one business segment
The geographical analysis of revenue is:
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
UK 165,908 43,700 206,157
North America 25,784 13,675 434,712
Rest of World 23,303 59,439 32,673
214,995 116,814 673,542
4 The interim financial information contained in this statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The accounts for the year ended 31 March 2007, upon which the auditors
issued an unqualified opinion and which did not contain a statement under s237
(2) or (3) Companies Act 1985, have been delivered to the Registrar of
Companies.
5 Loss per ordinary share
The loss per ordinary share is based on the losses for the period of
#1,437,591 (six months ended 30 September 2006: #910,957 loss; twelve months
ended 31 March 2007 #1,744,140 loss) and the weighted average number of ordinary
shares in issue during the period of 44,151,980 (six months ended 30 September
2006: 34,872,849; twelve months ended 31 March 2007: 38,242,833).
The loss for the period and the weighted average number of ordinary shares for
calculating the diluted earnings per share for the six months ended 30 September
2007 and for the comparative periods are identical to those used for the basic
earnings per share. This is because the outstanding share options would have
the effect of reducing the loss per ordinary share and would therefore not be
dilutive.
6 Taxation
No liability to UK corporation or overseas income taxes arises for the
period due to losses incurred. The directors have assessed the position in
relation to deferred tax and concluded that no provision or asset should be
created at this stage in respect of deferred tax in view of the timescale and
uncertainty of the recovery of tax losses. This position will be reviewed again
at 31 March 2008.
7 Cashflows
Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
Loss before tax (1,437,591) (910,957) (1,744,140)
Interest received net of paid (85,516) (17,558) (86,293)
Share scheme charges 162,493 - 94,231
Depreciation of property, plant and equipment 10,266 6,383 15,113
Amortisation of intangible assets 1,750 250 500
Amortisation of software intangibles 5,966 5,189 11,079
(Increase) in inventories (57,862) (19,014) (24,993)
Decrease/(increase) in trade and other receivables 63,950 (109,194) (608,888)
Increase/(decrease) in trade, other payables and 138,452 108,137 (96,253)
provisions
Provision against investment - - 5,000
Exchange differences 21,543 21,922 46,678
Net cash outflow from operating activities (1,176,549) (914,842) (2,387,966)
Reconciliation of net cash flow to movement in Net Debt
6 Mths 6 Mths 12 Mths
30-Sep-07 30-Sep-06 31-Mar-07
# # #
(Decrease)/increase in cash in the period (890,058) (917,228) 2,339,985
Cash inflow from decrease in debt - - 152,262
Movement in net cash in the period (890,058) (917,228) 2,492,247
Net cash at start of period 3,553,038 1,113,491 1,060,791
Net cash at end of period 2,662,980 196,263 3,553,038
At 1 Apr Cash flow Non cash At 30 Sep
2007 movement 2007
# # # #
Analysis of net debt
Net cash:
Cash at bank and in hand 3,553,038 (890,058) - 2,662,980
Overdraft - - - -
Net cash 3,553,038 (890,058) - 2,662,980
8. The Group has only one IFRS adjustment which is to reclassify
purchased software from Plant & Machinery to Software Intangibles. The tables
below show the effect of the reclassification.
At 31 March 2007 Original Restated
Balance sheet Adjustments Balance sheet
# # #
Fixed assets
Intangible assets 39,083 (39,083) -
Tangible assets 69,909 (69,909) -
Investments - - -
-
Non current assets
Intangible assets - 39,083 39,083
Software intangibles - 23,117 23,117
Property, plant and equipment - 46,792 46,792
Investments - - -
Fixed assets/Non current assets 108,992 - 108,992
At 30 September 2006 Original Restated
Balance sheet Adjustments Balance sheet
# # #
Fixed assets
Intangible assets 9,333 (9,333) -
Tangible assets 59,017 (59,017) -
Investments 5,000 (5,000) -
Non current assets
Intangible assets - 9,333 9,333
Software intangibles - 28,822 28,822
Property, plant and equipment - 30,195 30,195
Investments - 5,000 5,000
Fixed assets/Non current assets 73,350 - 73,350
At 31 March 2006 Original Restated
Balance sheet Adjustments Balance sheet
# # #
Fixed assets
Intangible assets 9,583 (9,583) -
Tangible assets 50,645 (50,645) -
Investments 5,000 (5,000) -
Non current assets
Intangible assets - 9,583 9,583
Software intangibles - 22,706 22,706
Property, plant and equipment - 27,939 27,939
Investments - 5,000 5,000
Fixed assets/Non current assets 65,228 - 65,228
9 The interim report was issued to the Stock Exchange and the press on
29 November 2007 and will be posted to shareholders. Further copies of the
interim report are available at the Company's Registered Office and a copy will
be posted on the Company's website.
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the interim financial report for the six months ended 30 September
2007 which comprises the consolidated income statement, the consolidated
statement of recognised income and expense, the consolidated balance sheet, the
consolidated cash flow statement, the consolidated statement of changes in
equity and the accompanying notes. We have read the other information contained
in the interim financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of meeting the requirements of the AIM Rules for
Companies and for no other purpose. We do not, therefore, in producing this
report, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Directors' Responsibilities
The interim financial report, is the responsibility of, and has been approved by
the directors. The directors are responsible for preparing and presenting the
interim financial report in accordance with the AIM Rules for Companies.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards and
International Financial Reporting Interpretations Committee ("IFRIC")
pronouncements as adopted by the European Union. The condensed set of financial
statements included in this interim financial report has been prepared in
accordance with the measurement and recognition criteria of International
Financial Reporting Standards and International Financial Reporting
Interpretations Committee ("IFRIC") pronouncements, as adopted by the European
Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the interim financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the interim financial report
for the six months ended 30 September 2007 is not prepared, in all material
respects, in accordance with the measurement and recognition criteria of
International Financial Reporting Standards and International Financial
Reporting Interpretations Committee ("IFRIC") pronouncements as adopted by the
European Union, and the AIM Rules for Companies.
BAKER TILLY UK AUDIT LLP
Chartered Accountants
Brazennose House
Lincoln Square
Manchester
M2 5BL
29 November 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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