RNS Number:1244W
Cytomyx Holdings PLC
22 December 2005
For immediate release 22 December 2005
CYTOMYX HOLDINGS PLC
("Cytomyx" or "the Company")
Interim results for the twelve-month period ended 30 September 2005
Cytomyx Holdings plc (AIM: CYX), a provider of drug discovery products and
services, is pleased to announce its interim results for the twelve-month period
ended 30 September 2005. These results reflect the recently announced change in
the Company's year end to 31 March, bringing the Company's year end in line with
many other companies in this sector.
CHAIRMAN'S STATEMENT
The first twelve months of the financial period ending 31 March 2006 have seen
considerable commercial activity and restructuring. The Board has been
considering a number of strategic options with the aim of optimising shareholder
value and at the time of these results we can report that interest has been
expressed by a number of third parties in acquiring either part or all of the
Group.
Throughout the period continued emphasis has been placed on developing an
infrastructure to focus on our core business of the provision of novel products
and services for the drug discovery industry.The formation of Cytomyx LLC as the
US hub for all future Cytomyx commercial activities in the US has proved
successful and both revenues and operations for the biorepository business are
becoming well-established.
New ion channel cell lines and out ion channel screening service for the
pharmaceutical industry are also evolving well and significant commercial
interest is being received from major international players. We now offer more
customised cell lines than any other company worldwide and continue to expect
significant growth in this area. These products are important new tools in drug
discovery, used both to discover new drugs and to predict potential toxicity
problems with drugs in development.
On 28 February 2005 we sold the business assets of Cytocell Technologies Limited
to a management buy out team for a cash payment of #605,315. We acquired this
business in March 2003 and it had exciting medium term prospects. However these
required significant further investment to bring to fruition and the business
itself no longer fitted out long-term strategy for the group as a whole. The
sale yielded a profit of #288,380.
During the period under review, Cytomyx reported the divestment of Cambridge
Bioscience which was deemed to be non-core to our business. This has allowed us
to focus on developing our main business of services and products for the
pharmaceutical and life science industries.
Trading, profitability and cash in the Group have proved challenging in the year
to date, and restructuring in the Group both in the UK and USA has addressed
this going forward. Turnover was #3.76 million compared with #5.66 million for
the same period in 2004. Gross profit was #2.00 million (2004: #3.38 million)
and our operating loss before amortisation of goodwill (note 4) was #3.68
million (2004: loss of #0.80 million).
Dr Bill Mason
Chairman
22 December 2005
Introduction
We have been instructed by the company to review the financial information for
the twelve months ended 30 September 2005 which comprises the profit and loss
account, the statement of total recognised gains and losses, the balance sheet,
the cash flow statement and related notes 1 to 4. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.
This report is made solely to the company, in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our 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 interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are also responsible for ensuring that the accounting policies and presentation
applied to the interim figures are consistent with those applied in preparing
the preceding annual accounts except where any changes, and the reasons for
them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Going concern
In forming our review opinion we have considered the adequacy of disclosures
made in note 1 of the interim report concerning the directors' plans for
operating within available cash resources and the uncertainty over its future
revenues and funding. In view of the significance of these uncertainties, we
consider that these disclosures should be drawn to your attention, but our
opinion is not qualified in this respect.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the twelve months
ended 30 September 2005.
Deloitte & Touche LLP
Chartered Accountants
Cambridge
England
22 December 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Twelve months ended 30 September 2005
2005 2004
(unaudited) (audited)
Notes # #
TURNOVER
Exisiting operations 1,207,642 5,664,252
Acquisitions 358,646 -
Turnover - continuing operations 1,566,288 5,664,252
Turnover - discontinued operations 2,193,472 -
Turnover 3,759,760 5,664,252
Cost of sales (1,763,855) (2,280,393)
Gross profit 1,995,905 3,383,859
Distribution costs (125,494) (137,300)
Administrative expenses (5,832,209) (4,218,815)
OPERATING LOSS
Existing operations (3,207,565) (972,256)
Acquisitions (807,796) -
Discontinued operations 53,563 -
Operating loss (3,961,798) (972,256)
Profit on sale of discontinued operation -
Cytocell Limited 288,380 -
Loss on disposal of discontinued operation
- Cambridge Bioscience Limited (769,521) -
LOSS ON ORDINARY ACTIVITIES BEFORE
INTEREST (4,442,939) (972,256)
Interest receivable and similar income 4,851 22,124
Interest payable and similar charges (250,572) (46,960)
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (4,688,660) (997,092)
Tax on loss on ordinary activities 73,470 81,431
LOSS FOR THE FINANCIAL PERIOD (4,615,190) (915,661)
Loss per ordinary share (pence) 2 (9.62) (2.42)
Diluted loss per ordinary share (pence) 2 (9.62) (2.42)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Twelve months ended 30 September 2005
2005 2004
(unaudited) (audited)
# #
Loss for the year (4,615,190) (915,661)
Currency translation difference (86,069) (8,432)
TOTAL GAINS AND LOSSES RECOGNISED IN THE
YEAR (4,701,259) (924,093)
CONSOLIDATED BALANCE SHEET
30 September 2005
2005 2004
(unaudited) (audited)
# #
FIXED ASSETS
Intangible assets 3,639,282 4,479,363
Tangible assets 985,959 1,615,138
4,625,241 6,094,501
CURRENT ASSETS
Stocks 2,173,890 477,815
Debtors - Due after more than one year 60,600 60,600
Debtors - Due with one year 902,421 964,402
Short term investments - 450,000
Cash at bank and in hand 123,008 387,553
3,259,919 2,340,370
CREDITORS: amounts falling due
within one year (2,248,161) (1,330,278)
NET CURRENT ASSETS 1,011,758 1,010,092
TOTAL ASSETS LESS CURRENT LIABILITIES
5,636,999 7,104,593
CREDITORS: amounts falling due
after more than one year (2,412,407) (880,194)
NET ASSETS 3,224,592 6,224,399
CAPITAL AND RESERVES
Called up share capital 1,546,457 1,044,809
Share premium account 6,834,389 5,107,518
Share capital to be issued 148,750 675,817
Merger reserve 2,089,460 2,089,460
Foreign exchange reserve (94,501) (8,432)
Profit and loss account (7,299,963) (2,684,773)
EQUITY SHAREHOLDERS' FUNDS 3,224,592 6,224,399
CONSOLIDATED CASH FLOW STATEMENT
Twelve months ended 30 September 2005
2005 2004
(unaudited) (audited)
# #
Net cash outflow from operating activities (2,369,853) (122,629)
Returns on investments and servicing of finance (56,172) (24,836)
Taxation 81,430 58,338
Capital expenditure and financial investment (295,765) (617,755)
Acquisitions and disposals (301,180) (243,003)
Net cash outflow before management of liquid resources
and financing (2,941,540) (949,885)
Management of liquid resources 450,000 (450,000)
Financing 2,226,995 1,372,909
Decrease in cash in the year (264,545) (26,976)
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2005 2004
(unaudited) (audited)
# #
Operating loss (3,961,798) (972,256)
Depreciation charge 349,858 260,389
Loss on disposal of fixed assets 1,500 1,150
Amortisation of goodwill and intangibles 315,439 204,953
Decrease in debtors 500,312 333,737
Decrease/(Increase) in stocks 40,431 (102,016)
Increase in creditors 384,405 151,414
Net cash outflow from operating activities (2,369,853) (122,629)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
Twelve months ended 30 September 2005
1. BASIS OF PREPARATION
These interim financial statements for the twelve months ended 30 September
2005 are unaudited and do not constitute statutory financial statements within
the meaning of section 240 of the Companies Act 1985. The results for the year
ended 30 September 2004 have been extracted from the statutory financial
statements, which have been filed with the Registrar of Companies and upon which
the auditors reported without qualification.
These interim financial statements comply with relevant accounting standards and
have been prepared on a consistent basis using accounting policies set out in
the 2004 Annual Report.
The accounting period of the group has been changed from 30 September to 31
March.
Going concern
Following considerable commercial activity and restructuring the Cytomyx
Holdings plc group has been loss making during the first twelve months of the
eighteen month period ending 31 March 2006. The group is forecasting growing
sales and plans to be producing positive cash flows within the next 12 months.
New ion channel cell lines and the group's ion channel screening service for the
pharmaceutical industry are evolving well and significant commercial interest is
being received from major international players.
The directors have prepared projected cash flow information for at least 12
months from the date of approval of these financial statements, which indicate
that the group will have adequate resources to meet its working capital
requirements and that further funding should not be required. In preparing the
projections, the directors have assumed revenue growth, which the directors
believe will be achievable.
The Board has also been considering a number of strategic options with the aim
of optimising shareholder value and generating positive cashflow. At the time of
these results interest has been expressed by a number of third parties in
acquiring either part or all of the group. The directors acknowledge that there
is some uncertainty as to the timing and extent of the assumed revenue growth
and the completion of certain strategic options and extent of any related cash
inflows.
The directors will endeavour that, in the event that projected revenues are not
achieved and further funding is not obtained, the group's operations will be
managed such that cash flows are restricted to within the available resources
and the group will be able to continue trading and pay its creditors.
On the basis described above, the directors believe it is appropriate for these
financial statements to be prepared on the going concern basis. Accordingly,
the financial statements do not include any adjustments that would result if the
company did not continue trading.
2. LOSS PER ORDINARY SHARE
The loss per share is based on the weighted average number of shares and is
presented as if the share consolidation had happened at the beginning of the
first period presented within these interim financial statements.
The calculations of basic and diluted loss per ordinary share are based on a
loss of #4,615,190 (30 September 2004 - #915,661) and on 47,991,682 (30
September 2004 - 37,878,653) ordinary shares being the weighted average number
of ordinary shares in issue during the period.
3. RELATED PARTY TRANSACTIONS
On 15 September 2005 the group sold 100% of its holding in Cambridge Bioscience
Limited to A Seeley (a former director) for the exchange of #164,034 of cash and
the cancellation of loans amounting to #727,975, which were payable to A Seeley.
The loss on disposal created by the sale of Cambridge Bioscience Limited
amounted to #769,521.
4. OPERATING LOSS BEFORE AMORTISATION OF GOODWILL
2005 2004
(unaudited) (audited)
# #
Operating loss (3,961,798) (972,256)
Goodwill amortisation 281,881 176,671
Operating loss before amortisation of
goodwill (3,679,917) (795,585)
For further information, please contact:
Cytomyx Holdings plc 01223 508191
Mike Kerins, Chief Executive
Buchanan Communications 020 7466 5000
Mary-Jane Johnson
Notes to editors
About Cytomyx Holdings plc
Cytomyx Holdings plc (www.cytomyx-holdings.com) is a life science company based
in Cambridge, UK. Its two operating subsidiaries - Cytomyx Ltd and Cytomyx LLC -
develop and market technologies designed to improve the effectiveness of drug
discovery research within the pharmaceutical industry. Cytomyx listed on the
London Stock Exchange's Alternative Investment Market in 2001.set Company_Name
"CYTOMYX HOLDINGS PLC "CYTOMYX HOLDINGS PLC set Date_Year "30 September 2002"30
September 2002
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