TIDMBYOT
RNS Number : 4867S
Byotrol PLC
22 November 2011
22 November 2011
Byotrol plc
Interim results for the six months ended 30 September 2011
Byotrol plc ('Byotrol' or the 'Company'), the developer of anti
microbial hygiene technologies, is pleased to announce its
unaudited Interim results for the six months ended 30 September
2011.
Operational highlights include:
-- Agreement of landmark supply contract with Rentokil Initial plc
-- Total revenues of GBP923,384 in line with sales in the comparable period in 2010 (GBP922,270)
-- Underlying product sales increased by 3.2%
-- Change in strategic direction for Healthcare
-- Relocation of all UK activities to Daresbury Science & Innovation Campus
-- Continued focus on overhead cost control
-- Successful placing to raise approximately GBP2.3m net of expenses post period end
Commenting on the results, Gary Millar, Chief Executive of
Byotrol, said:
"Total revenues for the period were in line with the comparable
reporting period last year, and reflected growth of 3.2% in
underlying product sales. This represents real progress in the
execution of our high growth strategy and is coincident with the
opening of new distribution channels and the ending of some non
performing exclusivity arrangements.
The announcement of a major new agreement with Rentokil Initial
plc validates our strategy of partnering with organisations keen to
capitalise on the benefits of Byotrol's superior technology. The
Rentokil deal is potentially a transformational supply contract for
Byotrol and we have started to deliver initial trial orders. We
also continue to make excellent progress in the consumer field with
further co-branded product launches with our partners, including
the launch of new products, and the continuing development of our
important relationship with McBride plc. The strengthening of the
balance sheet through a post-period share placing at a time of
significant market uncertainty endorses our belief that Byotrol's
re-focused strategy bodes well for the future. We look forward to
reporting further progress in the second half of the year."
Enquiries:
Gary Millar - Chief Executive 01925 742000
Ralph Kugler - Chairman
Richard Bell - Finance Director
Byotrol plc
Geoff Nash 020 7220 0500
Christopher Raggett
finnCap Ltd
Nominated Adviser
Tom Cooper / Paul Vann 020 3176 4722
Winningtons 0797 122 1972
Notes to Editors
Byotrol plc (BYOT.L), quoted on AIM, is a leading microbial
technology hygiene company, operating globally in the Healthcare,
Food and Consumer sectors, providing a low toxicity product with a
broad-based and long lasting efficacy across all microbial classes;
bacteria, viruses, fungi, moulds, mycobacteria and algae.
Powerful, long lasting and gentle, Byotrol's products can be
used stand alone or as an ingredient brand where, as a
complementary addition within existing products, Byotrol can
significantly improve their performance in personal hygiene,
domestic and industrial disinfection, odour control, food
production and food management.
Founded in 2005, the Company has prioritised the development of
a technology that creates easier, safer and cleaner lives through
partnering with providers of essential goods and services. Byotrol
is the catalyst behind the global 'Hygiene Revolution'.
For more information, please go to www.byotrol.co.uk
Chief Executive's Report
I am pleased to present our results for the six months ended 30
September 2011. Byotrol's refocused strategy has been reflected in
real progress in the latest period. An important supply agreement
has been signed with Rentokil plc. We have continued to achieve the
key operational milestones necessary to transform Byotrol into a
profitable and cash generative enterprise. These have required a
sharpening of focus in our chosen sectors, the establishment of
newer routes to market and the cessation of under-performing
arrangements. These changes are fundamental to our high growth
strategy and will lead to stronger performance in the future.
Overall revenues for the first half year were GBP923,384
compared with GBP922,270 in the same period last year. Revenues in
the period under review were almost exclusively derived from
product sales whereas in the comparable period licence fees and
royalty receipts had represented some 3.4% of total revenues.
Underlying product sales therefore show 3.2% growth from
GBP891,357 to GBP920,511 compared to the same period last year, on
a like-for-like basis. The reported loss for the period was
GBP1,380,974 (2010: loss of GBP1,260,304). The balance sheet had
cash and cash equivalents of GBP475,633 (2010: GBP3,186,887) at 30
September 2011.
Margins for the period were lower due to a shift in product mix
and operational inefficiencies associated with the insolvency of a
primary distributor just prior to our last financial year. We
continue to eliminate all non-essential cost from the business.
Over the period we have focused on more effective distribution
partners, to help maximise the adoption of what we consider to be
world class technology. With the benefit of the unequivocal,
evidence-based validation of Byotrol's unique competitive
advantage, we have been able to establish new supply relationships
with expert product and service providers with truly international
reach.
I am pleased to be able to report continued good progress in
each of our core sectors and increasing evidence of our achieving
the strategic objective of making Byotrol the leading ingredient
brand of choice for anti microbial protection.
Markets
Industrial
During the period we announced the signing of a potentially
transformational contract with Rentokil Initial plc ('Rentokil').
This contract will see the Byotrol technology being adopted by the
Initial Hygiene division ('Initial') of Rentokil, one of the
largest business services companies in the world, providing hygiene
services to a range of clients including Government, health,
education and commercial organisations.
The four year contract is for the supply of hand hygiene and
surface sanitisation products for use in Initial's service offering
to washrooms and kitchens across 16 European countries. This
contract confirms Byotrol's unique anti-microbial technology as the
innovation of choice for companies looking to the next generation
of hygiene solutions.
This deal represents not only a landmark commercial milestone
for Byotrol, but is a hugely significant validation by a leading
service organisation of the unique benefits of Byotrol
technology.
The products and services based on Byotrol technology are being
rolled out by Initial starting in late Q4 2011, and initial trial
supplies have commenced.
Consumer products
We continue to make significant advances in the consumer sector,
which we serve via Byotrol Consumer Products (BCP), our joint
venture with ?What If! Ventures. Our strategy of positioning
Byotrol as the "Intel of Hygiene" by partnering with some of the
world's largest companies and best known brands continues to bear
fruit.
Having previously reported the successful launch of products
with leading consumer suppliers including P Z Cussons, the Mayborn
Group, owners of the Tommee Tippee brand, Boots and Tesco (via the
McBride Group), the focus of recent activity has been on rapidly
moving our previously announced relationship with a Fortune 150
consumer partner from the developmental to the commercial
phase.
I was therefore delighted when a significant joint development
contract between our Fortune 150 partner and BCP was announced in
May 2011. The goal of this agreement is to develop a range of
products containing Byotrol's unique technology for global consumer
markets. Under the development contract BCP will receive up to
US$1,000,000 in upfront, milestone-based payments, and offsets.
Both parties have committed extensive resources to the project to
bring this development to a successful conclusion at the earliest
opportunity.
Food & Beverage
The focus of our activity has been on building more sustainable
and repeatable end-user demand, whilst at the same time ensuring
our service response is as efficient as possible.
Over the period the ground breaking Campden BRI research, which
unequivocally demonstrates Byotrol's competitive advantage, has
been translated into a compelling business case for change. This
has led to recent successes including the choice of Byotrol as the
total hygiene solution for the recently launched Marks &
Spencer's Deli pilot programme. We have also made significant
progress in gaining share at leading food processors including the
Bakkavor group.
Our strategy of partnering with a limited number of distributors
has been augmented by a lean supply approach to increase efficiency
and reduce costs. Together this adds clear overall economic benefit
onto Byotrol's unique, and superior, performance
differentiation.
Healthcare
During the period we formalised our change in strategic
direction with the cessation of our exclusive arrangement with
Synergy Health plc. This sector remains a significant potential
growth platform for Byotrol's technology and our immediate focus
has been on the assessment of prospective partners and new routes
to market.
Technology
We continue to strengthen our microbiological and formulation
chemistry capability. We have focused these resources on the
immediate opportunities in both business and consumer markets but
have also ensured that we continue the next generation of
technology development.
In addition, we have relocated our sales and marketing team
alongside our technology resource at Daresbury Science and
Innovation Campus and are already witnessing the benefits of the
co-location.
Byotrol team
I wish to thank the Byotrol team for their continued dedication
and professionalism as we seek to transform the fortunes of our
business. The team has been reshaped in the last 18 months, has
relocated to our new site at Daresbury, and has implemented a
number of important operational enhancements. The team has also
performed magnificently in rising to the market challenges and
opportunities presented.
Outlook
After the period end, the Company successfully strengthened its
balance sheet through a limited share placing, which raised
GBP2.46m gross. Associated costs were GBP0.2m. Despite the
difficult business climate, the growing success of our focused
strategy, and the new opportunities secured, e.g the Rentokil
Initial deal, give confidence in the near term outlook. We look
forward to reporting further progress in the second half of the
year.
Gary Millar
Chief Executive
22 November 2011
Byotrol plc
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the 6 months ended 30 September 2011
Year ended
6 mths ended 6 mths ended 31 March
30 September2011 30 September2010 2011
GBP GBP GBP
Revenue 923,384 922,270 1,931,213
Cost of sales (674,877) (551,542) (1,238,067)
Gross profit 248,507 370,728 693,146
Administration expenses excluding
depreciation and amortisation (1,572,663) (1,339,543) (2,858,205)
Share based payments - (158,803) (334,028)
Share of joint venture loss
before tax (5,557) (97,063) (177,565)
Loss before interest, depreciation,
amortisation and tax (1,329,713) (1,224,681) (2,676,652)
Amortisation (26,476) (22,004) (47,423)
Depreciation (24,995) (23,834) (46,105)
Finance income 447 541 3,685
Finance costs (237) (6) (823)
Loss before tax credit (1,380,974) (1,269,984) (2,767,318)
Tax credit - 9,680 9,680
Loss for the financial period
attributable to owners of the
parent (1,380,974) (1,260,304) (2,757,638)
OTHER COMPREHENSIVE INCOME, NET
OF TAX
Currency translation difference 4,492 (11,342) (25,250)
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR ATTRIBUTABLE TO OWNERS
OF THE PARENT (1,376,482) (1,271,646) (2,782,888)
Loss per share
Basic per share (pence) (1.25) (1.42) (2.77)
Diluted per share (pence) (1.25) (1.42) (2.77)
The loss for the period arises from the Group's continuing
operations
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2011
As at 30 As at 30 As at 31
September September March
2011 2010 2011
GBP GBP GBP
ASSETS
Property, plant and equipment 154,675 145,581 149,307
Intangible assets 463,191 412,351 425,455
617,866 557,932 574,762
Current assets
Inventories 669,915 686,929 565,365
Trade and other receivables 1,911,795 1,513,697 1,916,817
Cash and cash equivalents 475,633 3,186,887 1,273,997
3,057,343 5,387,513 3,756,179
TOTAL ASSETS 3,675,209 5,945,445 4,330,941
LIABILITIES
Current liabilities
Trade and other payables 866,862 874,958 521,207
Obligations under finance leases 6,597 - 8,190
Joint venture 582,092 138,330 205,404
1,455,551 1,013,288 734,801
Equity attributable to owners
of the parent
Share capital 276,957 276,957 276,957
Share premium account 15,959,603 15,959,603 15,959,603
Merger reserve 1,064,712 1,064,712 1,064,712
Retained earnings (15,081,614) (12,369,115) (13,705,132)
TOTAL EQUITY 2,219,658 4,932,157 3,596,140
TOTAL EQUITY AND LIABILITIES 3,675,209 5,945,445 4,330,941
Byotrol plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the 6 months ended 30 September 2011
6 mths ended 6 mths ended Year ended
30 September 30 September 31 March
2011 2010 2011
GBP GBP GBP
Cash flow from operating activities
Loss before tax for the period (1,380,974) (1,269,984) (2,767,318)
Adjustments for:
Share based payments - 158,803 334,028
Depreciation 24,995 23,834 46,105
Amortisation 26,476 22,004 47,423
Profit on disposal of fixed assets - - (2,886)
Finance income (447) (541) (3,685)
Finance costs 237 6 823
Foreign exchange gains and losses 4,492 (11,342) (24,576)
Share of loss of joint ventures 5,557 97,063 177,565
Increase in joint venture account (62,234) (88,016) (87,360)
Changes in working capital
(Increase)/decrease in inventories (104,550) (4,511) 117,053
Decrease/(increase) in trade and
other receivables 67,256 98,269 (318,935)
Increase/(decrease) in trade and
other payables 345,655 (260,745) (614,496)
Net cash used in operating activities (1,073,537) (1,235,160) (3,096,259)
Interest paid - (6) -
Income taxes received - 9,680 9,680
Net cash used in operating activities (1,073,537) (1,225,486) (3,086,579)
Cash flows from investing activities
Payments to acquire property, plant
and equipment (30,363) (9,896) (27,757)
Payments to acquire intangible assets (64,212) (79,860) (118,383)
Proceeds from sale of property,
plant and equipment - - 4,250
Receipts on behalf of joint venture 371,131 - -
Interest received 447 541 3,685
Net cash used in investing activities 277,003 (89,215) (138,205)
Cash flows from financing activities
Proceeds of issue of ordinary shares - 4,000,000 4,000,000
Share issue costs - (264,627) (264,627)
Capital element of finance lease (1,593) - (1,310)
Interest paid (237) - (823)
Net cash (outflow)/inflow from financing (1,830) 3,735,373 3,733,240
Net (decrease)/ increase in cash
and cash equivalents (798,364) 2,420,672 508,456
Cash & cash equivalents at the beginning
of the financial period 1,273,997 766,215 766,215
Effect of foreign exchange rates - - (674)
Cash & cash equivalents at the end
of the financial period 475,633 3,186,887 1,273,997
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
as at 30 September 2011
Share Share Merger Retained
Capital Premium Reserve Deficit Total
GBP GBP GBP GBP GBP
Balance at 1 April
2010 210,290 12,290,897 1,064,712 (11,256,272) 2,309,627
Placing of shares 66,667 3,933,333 - - 4,000,000
Placing costs - (264,627) - - (264,627)
Loss for the period - - - (1,260,304) (1,260,304)
Other comprehensive
income, net of
tax:
Currency translation
difference - - - (11,342) (11,342)
Total comprehensive
loss for the period - - - (1,271,646) (1,271,646)
Share based payments - - - 158,803 158,803
Balance at 30
September 2010 276,957 15,959,603 1,064,712 (12,369,115) 4,932,157
Loss for the period - - - (1,497,334) (1,497,334)
Other comprehensive
income net of
tax:
Currency translation
difference - - - (13,908) (13,908)
Total comprehensive
loss for the period - - - (1,511,242) (1,511,242)
Share based payments - - - 175,225 175,225
Balance at 31
March 2011 276,957 15,959,603 1,064,712 (13,705,132) 3,596,140
Loss for the period - - - (1,380,974) (1,380,974)
Currency translation
difference - - - 4,492 4,492
Total comprehensive
loss for the period - - - (1,376,482) (1,376,482)
Share based payments - - - - -
Balance at 30
September 2011 276,957 15,959,603 1,064,712 (15,081,614) 2,219,658
Notes to the Interim Financial Statements for the period to 30
September 2011
1 Basis of preparation
The interim financial statements have been prepared in
accordance with the AIM rules and the basis of accounting policies
set out in the accounts for the year ended 31 March 2011 and on the
basis of all International Financial Reporting Standards ("IFRS")
as adopted by the European Union that are expected to be applicable
to the Group's statutory accounts for the year ended 31 March 2012.
The interim financial statements are unaudited and were approved by
the Directors on 21 November 2011. The information set out herein
is abbreviated and does not constitute statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The results
for the year ended 31 March 2011 are in abbreviated form and have
been extracted from the published financial statements. These were
audited and reported upon without qualification by Baker Tilly UK
Audit LLP and did not contain a statement under Section 498(2) or
(3) of the Companies Act 2006. The audit report did however include
an emphasis of matter paragraph in respect of going concern.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK Groups, in the preparation of these
interim financial statements.
The company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange. The
consolidated financial information of Byotrol plc is presented in
Pounds Sterling (GBP), which is also the functional currency of the
parent.
2 Going concern
The Group has continued to incur losses in the period to 30
September 2011, but had, at the period end, cash reserves and net
assets of GBP475,633 and GBP2,219,658. After the period end, the
Company successfully strengthened its balance sheet through a
limited share placing which raised GBP2.46m gross. Associated costs
were GBP0.2m. In view of the losses sustained and the funds raised,
the directors have prepared cash flow forecasts for the Group that
reflect the Group's forecast revenues, costs and financing. It is
envisaged by the directors that these forecast cash flow streams,
together with cash reserves will provide adequate funds for Byotrol
plc and all its subsidiary companies for the foreseeable future.
The interim financial statements have therefore been prepared on a
going concern basis.
3 Segmental information
The Group has three reportable segments, being Product sales,
License fees and Royalties. This disclosure correlates with the
information which is presented to the Group's Chief Decision Maker,
the CEO. The Group's revenue, result before taxation and net assets
were all derived from its principal activities.
The joint venture is included in the product sales segment.
Segmental information is presented using Group policies.
Continuing operations
Product sales Licence fees Royalties Total
6 months ended 30 September 2011 GBP GBP GBP GBP
REVENUE
External revenue 920,511 2,873 - 923,384
Total revenue 920,511 2,873 - 923,384
RESULT
Segment result (1,378,500) 2,873 - (1,375,627)
Investment income 447 - - 447
Share of joint venture loss (5,557) - - (5,557)
Finance costs (237) - - (237)
Loss before tax (1,383,847) 2,873 - (1,380,974)
OTHER INFORMATION
Capital additions 94,575 - - 94,575
Depreciation and amortisation 51,471 - - 51,471
ASSETS
Segment assets 3,675,209 - - 3,675,209
Total assets 3,675,209 - - 3,675,209
======= ======= ======= ======= ======= ======= ====== = = ======
LIABILITIES
Segment liabilities 1,455,551 - - 1,455,551
Net assets 2,219,658 - - 2,219,658
3 Segmental information continued
Continuing operations
Product sales Licence fees Royalties Total
6 months ended 30 September 2010 GBP GBP GBP GBP
REVENUE
External revenue 891,357 26,548 4,365 922,270
Total revenue 891,357 26,548 4,365 922,270
RESULT
Segment result (1,204,639) 26,548 4,365 (1,173,456)
Investment income 541 - - 541
Share of joint venture loss (97,063) - - (97,063)
Finance costs (6) - - (6)
Loss before tax (1,300,897) 26,548 4,365 (1,269,984)
OTHER INFORMATION
Capital additions 89,756 - - 89,756
Depreciation and amortisation 45,838 - - 45,838
ASSETS
Segment assets 5,913,768 26,548 5,129 5,945,445
Total assets 5,913,768 26,548 5,129 5,945,445
======= ======= ======= ======= ======= ======= ====== = = ======
LIABILITIES
Segment liabilities 1,013,288 - - 1,013,288
Net assets 4,900,480 26,548 5,129 4,932,157
3 Segmental information (continued)
Continuing operations
Product sales Licence fees Royalties Total
Year ended 31 March 2011 GBP GBP GBP GBP
REVENUE
External revenue 1,897,899 26,548 6,766 1,931,213
Total revenue 1,897,899 26,548 6,766 1,931,213
RESULT
Segment result (2,625,929) 26,548 6,766 (2,592,615)
Investment income 3,685 - - 3,685
Share of joint venture loss (177,565) - (177,565)
Finance costs (823) - - (823)
Loss before tax (2,800,632) 26,548 6,766 (2,767,318)
OTHER INFORMATION
Capital additions 155,640 - - 155,640
Depreciation and amortisation 93,528 - - 93,528
ASSETS
Segment assets 4,330,941 - - 4,330,941
Total assets 4,330,941 - - 4,330,941
LIABILITIES
Segment liabilities 734,801 - - 734,801
Net assets 3,596,140 - - 3,596,140
3 Segmental information (continued)
Geographical segments
The Group's operations are located in the United Kingdom and the United States of America.
The following table provides an analysis of the Group's sales by geography based upon location
of the Group's customers.
United Kingdom North America Rest of the World Total
6 months ended 30 September 2011 GBP GBP GBP GBP
External revenue 561,494 87,068 274,822 923,384
Carrying amount of segment assets 3,274,926 244,279 277,004 3,675,209
United Kingdom North America Rest of the World Total
6 months ended 30 September 2010 GBP GBP GBP GBP
External revenue 464,268 266,665 191,337 922,270
Carrying amount of segment assets 5,204,646 292,830 447,969 5,945,445
United Kingdom North America Rest of the World Total
Year ended 31 March 2011 GBP GBP GBP GBP
External revenue 1,175,932 407,037 348,244 1,931,213
Segment assets 3,887,876 443,065 - 4,330,941
======= ======= ======= ======= ======= ======= ======= =======
4 Loss per ordinary share
The loss per ordinary share is based on the losses for the
period of GBP1,380,974 (six months ended 30 September 2010:
GBP1,260,304 loss; twelve months ended 31 March 2011 GBP2,757,638
loss) and the weighted average number of ordinary shares in issue
during the period of 110,783,082 (six months ended 30 September
2010: 88,974,194; twelve months ended 31 March 2011:
99,604,998).
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 2011 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.
5 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 2012.
The tax credit relates to research and development repayment
claims received from HMRC.
6 Post balance sheet event
After the period end, the Company successfully strengthened its
balance sheet through a limited share placing which raised GBP2.46m
gross. Associated costs were GBP0.2m.
7 Interim announcement
The interim report was issued to the Stock Exchange and the
press on 22 November 2011. A copy will be posted on the Company's
website.
Independent Review Report to Byotrol plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2011 which comprises the consolidated
income statement, the consolidated statement of financial position,
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 half-yearly 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 is made solely to the Company 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. Our review work has been undertaken so that we might state
to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report, is the responsibility of, and
has been approved by the directors. The directors are responsible
for preparing and presenting the half-yearly financial report in
accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards and International Financial Reporting
Interpretations Committee pronouncements as adopted by the European
Union. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
the presentation, recognition and measurement criteria of
International Financial Reporting Standards and International
Financial Reporting Interpretations Committee 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 half-yearly
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 half-yearly financial report for the six months ended 30
September 2011 is not prepared, in all material respects, in
accordance with the presentation, recognition and measurement
criteria of International Financial Reporting Standards and
International Financial Reporting Interpretations Committee
pronouncements as adopted by the European Union, and the AIM Rules
of the London Stock Exchange.
Baker Tilly UK Audit LLP
Chartered Accountants
3 Hardman Street
Manchester
M3 3HF
This information is provided by RNS
The company news service from the London Stock Exchange
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