TIDMTMZ
RNS Number : 4670A
Toumaz Limited
29 September 2015
29 September 2015
Toumaz Limited
Half year results
Toumaz Limited (AIM: TMZ, 'Toumaz', or the 'Group'), a pioneer
in low-power, wireless semiconductor technologies for digital audio
and healthcare, has published its results for the six months ended
30 June 2015.
Financial highlights
-- Revenues up 30% at GBP14.0m (H1 2014: GBP10.8m)
-- Gross profit up 40% to GBP6.3m (H1 2014: GBP4.5m)
-- EBITDA loss at GBP5.5m (H1 2014: loss GBP5.6m)
-- R&D expenditure: GBP6.2m (H1 2014: GBP5.1m)
-- As at 30 June 2015, the cash balance was GBP5.5m
Frontier Silicon - Digital Audio
Digital Audio revenues increased by 34% to GBP13.8m (H1 2014:
GBP10.3m), since April, the business has been EBITDA positive. The
Board expects a strong performance in the second half of 2015, with
record shipments in August.
The Group has a leading global position in the DAB market and
gross margins which reflect this. The connected audio business is
growing rapidly from a small base, driven in particular by global
demand for streaming services, such as Spotify and Apple Music.
The prospects for 2016 are good. In June Toumaz signed an
agreement to include Google Cast technology in its next generation
connected audio solution, due to ship in mid-2016.
This business unit is expected to be cash generative and EBITDA
positive in 2016.
Sensium Healthcare - Patient Monitoring
The Group now has a system that demonstrably works having
resolved all the technical issues from its initial trials in 2014.
This enhanced version of SensiumVitals(R) is now deployed into NHS
hospitals as well as internationally. Although the system is well
received as an improvement in patient care, it is taking longer
than expected for the economic case to be made conclusively, i.e.
that the costs of installing the system and its operation are
outweighed by the benefits of earlier intervention in the treatment
of deteriorating patient health.
The Board is now conducting a detailed review of the business
model adopted to date, using internal resources and external
advisers. This will establish in the near future the optimum way
for Toumaz to secure value from the intellectual property behind
the SensiumVitals(R) system.
Financing
At the end of June 2015, the Group had GBP5.5m in cash. Cash
burn is seasonally significantly higher in the first half of the
year than the second half. The Board has implemented an overhead
reduction plan and R&D spend has peaked.
The Group expects to be able to fund its operations to the point
of cash generation, without recourse to a further equity raise as a
result of the review into the Sensium Healthcare business, the
continued good performance in Digital Audio and the prospective
availability of a modest debt facility.
Anthony Sethill, CEO of Toumaz, commented:
"Our Digital Audio business - Frontier Silicon - is performing
well. The development of the Sensium Healthcare business is slower
than envisaged.
"Accordingly, the Board is reviewing its options to best exploit
the SensiumVitals(R) system and its IP.
"We expect to be cash generative from the middle of 2016. We are
fully focussed on optimising shareholder value."
Enquiries:
Toumaz Limited +44 (0)20 7391 0630
Anthony Sethill, Chief Executive Officer
Jonathan Apps, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and
Broker) +44 (0)20 7418 8900
Richard Kauffer/Euan Brown
Instinctif Partners +44 (0)20 7457 2020
Adrian Duffield/Chantal Woolcock
About Toumaz (www.toumaz.com)
Toumaz Limited is a pioneer in low-power, wireless semiconductor
and software technologies for digital audio and healthcare. The
company has two divisions, Frontier silicon and Sensium Healthcare.
Frontier Silicon provides chips, modules and software for digital
radio and connected audio devices. Sensium Healthcare develops
wireless solutions for patient monitoring.
Overview
The Group's results have been largely driven by a strong
performance in Digital Audio. Group revenues were up 30% at
GBP14.0m (H1 2014: GBP10.8m), with a 34% increase in Digital Audio
revenues at GBP13.8m (H1 2014: GBP10.3m).
Gross profit improved 40% to GBP6.3m (H1 2014: GBP4.5m) while
Group EBITDA loss remained flat at GBP5.5m (H1 2014: loss
GBP5.6m).
Digital Audio has benefitted from strong growth in digital radio
and connected audio. In both lines of business, the Group has
secured significant design wins which augur well for the rest of
this year and 2016. In June, the Group announced that its next
generation connected audio solution would support Google's Cast
technology.
R&D expenditure on Digital Audio has now peaked and is
expected to reduce in the second half of 2015 and into 2016. In
March, the Group completed development of its 4th generation
digital radio chip. In connected audio, the Group has decided no
longer to develop its own silicon chip and instead will base its
next generation solution on 3(rd) party silicon.
This new approach delivers significant savings on R&D cash
expenditure and also fits well with Google's preferred way of
working. Following this decision, the Group is making a non-cash
impairment of GBP3.0m of capitalised licensed IP costs for assets
that no longer have value to the company.
As a discrete business unit, Digital Audio has been EBITDA
positive since April. Looking forward, the business is expected to
deliver robust profits and cash generation in a rapidly expanding
market.
The Healthcare business is focused on securing trials in major
hospitals in key territories in order to deliver data which
demonstrate the benefits of the system and which can be published
in peer-reviewed journals. The business is making solid progress in
securing these reference sites and is currently undertaking trials
in two major NHS teaching hospitals - Queen Elizabeth Hospital
Birmingham and St James's University Hospital Leeds. The intention
is to publish results from these trials in order to accelerate
commercial deployments in 2016.
In light of the slower than expected commercial uptake, the
Group has scaled back its product development plans and has reduced
its Healthcare R&D budget.
The Board is also conducting a detailed review of the business
model adopted to date, using internal resources and external
advisers. This will establish the optimum way for Toumaz to secure
value from the intellectual property behind the SensiumVitals
system.
Current trading and outlook
Group full year revenues for 2015 are expected to be lower than
originally forecast, primarily due to slow progress in
Healthcare.
The Group is expecting Digital Audio to show double digit
revenue growth and product margins after record shipments in
August, in line with Board expectations. With careful cash
management, EBITDA losses for the full year 2015 should be reduced
from those reported in 2014.
The prospects for the Digital Audio business in 2016 are good.
The agreement to include Google Cast technology in its next
generation connected audio solution is due to ship in mid-2016.
This business is expected in 2016 to be cash generative and
profitable at the EBITDA level.
At the end of June 2015, the Group had GBP5.5m in cash and is
expected to be cash generative from H2 2016.
Frontier Silicon - Digital Audio
Frontier Silicon, the Group's digital audio division, has
performed strongly in the first half of 2015. In digital radio, the
business retains its strong leadership position in a market
delivering positive growth. The introduction of the Group's 4(th)
generation digital radio chip enables the business to maintain
product margins at healthy levels.
The Group is using its expertise in radio and internet
technologies as a platform from which to expand its position in the
rapidly emerging connected audio sector. In June, the Group
announced it was working with Google on a next generation solution,
due for release in mid-2016.
Digital Radio
In digital radio, revenues in the first half of 2015 were up 17%
to GBP8.7m (H1 2014: GBP7.4m).
The Group has maintained its strong market leadership position -
with sales boosted by the continuing international adoption of DAB,
especially in Germany, Netherlands and Norway. In April, Norway
became the first country in the world to set a firm date for the
switch from analogue to digital (2017) - and Switzerland is
expected to follow in 2020-24.
The Group completed the development of its 4(th) generation
digital radio chip ("Kino 4") in March; and has made its first
shipments to customers. Volumes are growing quickly and products
incorporating the new chip, from brands including Sony, Yamaha and
Denon, will be on retail shelves in Q4 this year.
At the IFA consumer electronics show in Berlin in September, the
Group launched a new solution, based on Kino 4, which will enable
manufacturers more easily to develop DAB digital radios with colour
screens - significantly reducing the costs (and increasing expected
volumes) for this product category. These devices will be shipping
in the first half of 2016.
Connected Audio
The connected audio business saw an 80% jump in revenues to
GBP5.1m (GBP2.8m in H1 2014) - driven by market growth and a strong
competitive performance of the Group's existing connected audio
solution. The Group is seeing the benefits of its relationship with
Spotify and its investment in additional functionality, such as
hybrid radio (combining DAB and IP in a single device), multi-room
technologies and new smartphone apps.
In June, the Group announced it was one of a small number of
solution providers to be selected to incorporate Google's Cast
technology within its next generation connected audio platform.
This new solution is expected to ship in mid-2016 (later than
previously anticipated following the inclusion of the Google
technology and associated changes to product design).
R&D Expenditure
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The development costs associated with the completion in March of
the 4(th) generation digital radio chip and the ongoing investment
in connected audio development contributed to a higher R&D
spend in H1 2015. With the business no longer developing its own
connected audio silicon, and Kino 4 completed, R&D expenditure
will be reduced from H2 2015.
Sensium Healthcare
Q1 saw two significant developments for the Healthcare business.
In February, the Group regained the North American distribution
rights for SensiumVitals(R) ; and in March, following field trials
in 2014, a programme to improve the robustness and usability of the
system was completed.
Both of these developments are essential building blocks
required to secure the long term commercial value of the system.
The first small scale trial of the new enhanced system began in Q2
at Clinimark, an FDA-approved facility for the clinical testing of
medical devices.
The business is concentrating on securing trials with major
academic hospitals with a view to publishing clinical and
healthcare economic results in peer-reviewed journals. These
results should provide the necessary evidence to encourage those
hospitals to roll-out the system more broadly and allow them to act
as reference sites for other potential accounts. The Group's key
territories are the UK, France, Germany and North America.
Since March, five new trials have started using the new enhanced
system. These trials include two high profile NHS hospitals: Queen
Elizabeth Hospital, Birmingham and St James's University Hospital,
Leeds - both of which will be undertaking studies to ascertain the
impact of the system.
The division has reduced expenditure on product development -
focusing only on incremental enhancements which will facilitate
earlier adoption of the system.
Financial Review
Group H1 revenues were up 30% to GBP14.0m (2014 GBP10.8m) with
gross margin up 40% to GBP6.3m (2014: GBP4.5m). The growth in Group
revenue follows a similar growth in the first half of 2014 of 32%.
Frontier Silicon (Digital Audio) revenues grew by 34% to GBP13.8m
from GBP10.3m in the first half of 2015.
Digital radio revenue growth (17% year on year) was primarily
due to growth in the German, Dutch and Scandinavian markets, Norway
having announced definitive dates for a switch off of the analogue
signal in 2017.
Connected audio revenues increased by 80% to GBP5.1m (H1 2014:
GBP2.8m) primarily due to the uptake of the Group's solutions for
Spotify Connect and Internet Radio.
Healthcare revenues of GBP0.2m (H1 2014: GBP0.5m) included
revenues from the North American distributor which, following the
termination of that agreement in early 2015, will not recur.
Revenues in 2015 derive from sales of SensiumVitals(R) patches and
bridges together with grant income.
Overall gross margins are 44.8% (2013: 42.1%), and gross profit
has increased by GBP1.7m.
EBITDA loss can be calculated as:
Six months to 30 June Six months to 30 June
2015 2014
GBP'000 GBP'000
Revenue 14,027 10,788
Cost of sales 7,736 6,244
Gross profit 6,291 4,544
Research and development 6,239 5,133
Sales and admin expenses 5,517 4,962
EBITDA (loss) (5,465) (5,591)
Research and development costs are expensed where possible and
mainly reflect the final spend on bringing the fourth generation
digital radio solution to market (which now shipping in quantity),
and the development of the next generation connected audio
solutions.
The Board believes that the research and development expenditure
of the Group has peaked and will reduce in absolute terms from that
seen to date
Sales and admin expenses have increased due to the planned
growth in SensiumVitals(R) sales and marketing and sales support
personnel numbers.
EBITDA has remained broadly unchanged.
Other non-trading costs included in the full profit and loss
account primarily comprise the non-cash employee share based
payments and amortisation and depreciation.
The Board took the decision in Q2 2015 to end its development of
its own silicon platform and to use commercially available silicon
to support its immediate next generation connected audio solutions.
This decision has resulted in an impairment of the carrying value
of intangible assets - in this case, certain of the licensed IP
purchased by the Group to enable it to design and build the silicon
wafers.
In developing its own silicon, the Group had sub-contracted with
Imagination Technologies plc for certain of the elements of design.
An agreement was signed in August 2015 whereby Imagination
Technologies was granted rights to certain of these licences to
allow them to continue development of the chip. When Imagination
Technologies brings the solution to market, the Group will receive
a volume based royalty.
The impairment charge booked reflects the Board's estimate of
the assets affected offset by the fair value of the future royalty
revenue streams. Accordingly, a non-cash impairment charge of
GBP3.0m has been taken. This charge falls below EBITDA.
Group pre-tax loss was GBP10.7m (2014: loss GBP7.5m) with a loss
per share of 0.61p (2014: loss 0.46p). The increase in loss is
largely attributable to the impairment charge.
Cash and cash equivalents at 30 June 2015 were GBP5.5m (31 Dec
2014: GBP12.5m) and the balance at 31 August 2015 was GBP4.6m.
Historically, the Group has a cyclical business whereby cash is
consumed primarily in the first half of the year with the second
half showing only a modest decline. The Board expects that trend to
continue in 2015. The Group is in advanced discussions to complete
a modest debt facility which will give it greater resilience on its
cash position.
Unaudited Interim Results for the six month period ended 30 June
2015
Statement of Comprehensive Income
for the period ended 30 June 2015
Unaudited Six Unaudited Six Audited
months months Year ended
Ended Ended 31 December
Note 30 June 2015 30 June 2014 2014
GBP'000 GBP'000 GBP'000
Revenue 14,027 10,788 26,238
Cost of sales (7,736) (6,244) (14,800)
------------------------------------- ---- ------------- ------------- ------------
Gross profit 6,291 4,544 11,438
------------------------------------- ---- ------------- ------------- ------------
Amortisation of intangible
assets (1,355) (1,269) (2,456)
Impairment 6 (3,016) - -
Depreciation (230) (210) (419)
Share based payment (678) (375) (825)
Research & development (6,239) (5,133) (11,750)
Sales & administrative expenses
- other (5,517) (4,962) (9,452)
------------------------------------- ---- ------------- ------------- ------------
Total administrative expenses (17,035) (11,949) (24,902)
------------------------------------- ---- ------------- ------------- ------------
Loss from continuing operations (10,744) (7,405) (13,464)
Finance income 12 49 68
Finance charges - (118) (119)
------------------------------------- ---- ------------- ------------- ------------
Loss before taxation (10,732) (7,474) (13,515)
Taxation 436 (95) 1,273
------------------------------------- ---- ------------- ------------- ------------
(10,296) (7,569) (12,242)
Other comprehensive (expense)/income
Items that will be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations (11) (18) 22
Other comprehensive income/(expense)
for the period (11) (18) 22
------------------------------------- ---- ------------- ------------- ------------
Total comprehensive loss for
the period (10,307) (7,587) (12,220)
------------------------------------- ---- ------------- ------------- ------------
Basic and diluted loss per
share attributable to owners
of the parent 4 (0.61)p (0.46)p (0.74)p
------------------------------------- ---- ------------- ------------- ------------
Consolidated Statement of Financial Position
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at 30 June 2015
Unaudited Unaudited Audited
Note 30 June 2015 30 June 2014 31 December 2014
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 5 19,118 19,118 19,118
Other intangible assets 6 14,271 18,011 17,260
Property, plant and equipment 737 612 578
34,126 37,741 36,956
------------------------------ ------ ------------- ------------- -----------------
Current assets
Inventories 2,935 3,045 1,564
Tax receivable - 1,709 1,500
Trade and other receivables 7 4,796 3,657 4,141
Cash and cash equivalents 5,521 13,173 12,513
------------------------------ ------ ------------- ------------- -----------------
Total current assets 13,252 21,584 19,718
------------------------------ ------ ------------- ------------- -----------------
Total assets 47,378 59,325 56,674
------------------------------ ------ ------------- ------------- -----------------
Liabilities
Current liabilities
------------------------------ ------ ------------- ------------- -----------------
Trade and other payables 8 9,134 7,330 8,863
Total liabilities 9,134 7,330 8,863
------------------------------ ------ ------------- ------------- -----------------
Equity
Share capital 9 4,257 4,189 4,195
Contingent consideration - 109 -
Share premium 115,251 115,082 115,251
Share based payment reserve 4,003 2,942 3,325
Foreign exchange reserve (105) (134) (94)
Retained earnings (85,162) (70,193) (74,866)
Total equity 38,244 51,995 47,811
------------------------------ ------ ------------- ------------- -----------------
Total equity and liabilities 47,378 59,325 56,674
------------------------------ ------ ------------- ------------- -----------------
Consolidated Statement of Changes in Equity
for the period ended 30 June 2015
Share
based Foreign
Share Contingent Share payment Retained exchange Total
Capital consideration premium reserve earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2015 4,195 - 115,251 3,325 (74,866) (94) 47,811
Share-based payments - - - 678 - - 678
Contingent shares
issued - - - - - - -
Issue of share
capital 62 - - - - - 62
Transactions with
owners 62 - - 678 - - 740
-------- -------------- -------- -------- ---------- ---------- ------------
Loss for the period - - - - (10,296) - (10,296)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - (11) (11)
Total comprehensive
loss - - - - (10,296) (11) (10,307)
-------- -------------- -------- -------- ---------- ---------- ------------
At 30 June 2015 4,257 - 115,251 4,003 (85,162) (105) 38,244
======== ============== ======== ======== ========== ========== ============
Share
based Foreign
Share Contingent Share payment Retained exchange Total
capital consideration premium reserve earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2014 4,101 318 114,881 2,567 (62,624) (116) 59,127
Share-based payments - - - 375 - - 375
Contingent shares
issued 8 (209) 201 - - - -
Issue of share
capital 80 - - - - - 80
Transactions with
owners 88 (209) 201 375 - - 455
-------- -------------- -------- -------- ---------- ---------- ----------
Loss for the period - - - - (7,569) - (7,569)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - (18) (18)
Total comprehensive
loss - - - - (7,569) (18) (7,587)
-------- -------------- -------- -------- ---------- ---------- ----------
At 30 June 2014 4,189 109 115,082 2,942 (70,193) (134) 51,995
======== ============== ======== ======== ========== ========== ==========
Share
based
Share Contingent Share payment Retained Foreign exchange
capital consideration premium reserve earnings reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2014 4,101 318 114,881 2,567 (62,624) (116) 59,127
Share-based payments - - - 825 - - 825
Issue of share
capital 83 - 63 - - - 146
Cost of share - - -
issue - - - -
Deferred consideration
- retention element - - - (67) - - (67)
Contingent shares
issued 11 (318) 307 - - - -
Transactions with
owners 94 (318) 370 758 - - 904
-------- -------------- -------- -------- --------- ---------------- ------------
Loss for the period - - - - (12,242) - (12,242)
Other comprehensive
losses
Exchange differences
on translating
foreign operations - - - - - 22 22
Total comprehensive
loss - - - - (12,242) 22 (12,220)
-------- -------------- -------- -------- --------- ---------------- ------------
At 31 December
2014 4,195 - 115,251 3,325 (74,866) (94) 47,811
======== ============== ======== ======== ========= ================ ============
Consolidated Cash Flow Statement
For the period ended 30 June 2015
UnauditedSix UnauditedSix
months months Audited
ended 30 June ended 30 June Year ended
2015 2014 31 December2014
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (10,732) (7,474) (13,515)
Amortisation 1,355 1,269 2,456
Depreciation 230 210 419
Impairment of prepayments 3,016 - -
Share based payments 678 375 825
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Net interest (received)/ paid (12) 69 51
(Increase)/ decrease in inventories (1,371) (1,570) (89)
Decrease/(increase) in trade
and other receivables (622) 582 817
(Decrease)/ increase in trade
and other payables 271 (929) 604
Foreign exchange movements (11) (18) 22
Tax (paid)/ refund 1,999 916 1,722
Net cash outflow from operating
activities (5,199) (6,570) (6,638)
--------------------------------------- -------------- -------------- ----------------
Cash flow from investing activities
Purchase of property, plant
and equipment (399) (185) (356)
Purchase on intangible assets (1,385) (1,555) (1,991)
Interest (paid)/ received (12) (69) (51)
Acquisition of subsidiaries,
net of cash - - -
Net cash used in investing activities (1,796) (1,809) (2,398)
--------------------------------------- -------------- -------------- ----------------
Cash flow from financing activities
Proceeds from issue of share
capital - 3 -
Share issue costs - - -
Net cash inflow from financing
activities 3 3 -
--------------------------------------- -------------- -------------- ----------------
Net change in cash and cash
equivalents (6,992) (8,376) (9,036)
--------------------------------------- -------------- -------------- ----------------
Cash and cash equivalents at
beginning of period 12,513 21,549 21,549
Cash and cash equivalents at
end of period 5,521 13,173 12,513
--------------------------------------- -------------- -------------- ----------------
Notes to the Interim Report
For the period ended 30 June 2015
1. Nature of operations and general information
Toumaz Limited and subsidiaries' ('the Group') principal
activity is that of commercial exploitation of wireless
technologies with commercial propositions for the digital audio and
healthcare sectors.
Toumaz Limited is the Group's ultimate parent company. It is
incorporated in the Cayman Islands. The address of Toumaz Limited's
registered office is Elgin House, 119 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands. Toumaz Limited's shares are listed on
the Alternative Investment Market of the London Stock Exchange.
Toumaz Limited's consolidated interim financial statements are
presented in Pounds Sterling (GBP), which is also the functional
currency of the parent company.
The financial information set out in this interim report does
not constitute statutory accounts. The Group's statutory financial
statements for the year ended 31 December 2014 are available from
the Group's website. The auditor's report on those financial
statements was unqualified.
2. Accounting Policies
Basis of Preparation
These interim condensed consolidated financial statements are
for the six months ended 30 June 2015. They have been prepared
following the recognition and measurement principles of IFRS. They
do not include all of the information required for full annual
financial statements, and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
31 December 2014.
These financial statements have been prepared on the going
concern basis and under the historical cost convention. The Group
reported cash on the balance sheet at 30 June 2015 of GBP5.5m and
the Board believes that when the underlying performance and recent
initiatives are taken into account (as set out below), that the
going concern basis of preparation is appropriate.
-- the seasonal nature of the Group's cash burn
-- research and development spend has peaked
-- overhead spend has been restricted
-- the outcome of the review into the healthcare business
-- the strong trading performance of Frontier Silicon
-- the realistic prospect of a debt facility
These condensed consolidated interim financial statements have
been prepared in accordance with the accounting policies adopted in
the last annual financial statements for the year to 31 December
2014.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
condensed consolidated interim financial statements.
3. Revenue by sector
Audited
Unaudited Unaudited 31 December
30 June 2015 30 June 2014 2014
GBP'000 GBP'000 GBP'000
Digital Radio 8,685 7,444 18,020
Connected Audio 5,105 2,835 7,472
Healthcare 237 509 746
Revenue 14,027 10,788 26,238
---------------- ------------- ------------- ------------
4. Loss per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period. The impact of
the share options and share warrant on the loss per share is
anti-dilutive.
Basic loss per share
Unaudited Six months ended Unaudited Six months ended Audited Year ended 31
30 June 2015 30 June 2014 December 2014
Loss for the period
attributable to equity
shareholders GBP10,296,000 GBP7,569,000 GBP12,242,000
Weighted average number of
0.25p ordinary shares 1,702,925,947 1,675,547,064 1.677.866.400
(Loss) per share - basic and
diluted (0.61)p (0.46)p (0.74)p
5. Goodwill
Frontier
Silicon Toumaz Healthcare Toumaz Microsystems Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2014 8,536 10,582 5,951 25,069
Additions - - - -
-------- ----------------- ------------------- -------
At 30 June 2014 8,536 10,582 5,951 25,069
Additions - - - -
-------- ----------------- ------------------- -------
At 31 December 2014 8,536 10,582 5,951 25,069
Additions - - - -
At 30 June 2015 8,536 10,582 5,951 25,069
======== ================= =================== =======
Impairment
At 1 January 2014 - - 5,951 5,951
Charge in period - - - -
-------- ----------------- ------------------- -------
At 30 June 2014 - - 5,951 5,951
Charge in period - - - -
-------- ----------------- ------------------- -------
At 31 December 2014 - - 5,951 5,951
Charge in period - - - -
At 30 June 2015 - - 5,951 5,951
======== ================= =================== =======
Net book amount at 30 June
2015 8,536 10,582 - 19,118
======== ================= =================== =======
Net book amount at 30 June
2014 8,536 10,582 - 19,118
======== ================= =================== =======
Net book amount at 31 December
2014 8,536 10,582 - 19,118
======== ================= =================== =======
Toumaz Healthcare
Goodwill relating to Toumaz Healthcare results from the
acquisition of Toumaz Healthcare Limited (formerly Toumaz UK
Limited ) on 3 November 2005.
Toumaz Microsystems
Goodwill relating to Toumaz Microsystems results from the
acquisition of Future Waves UK Limited and Toumaz Asia on 20 May
2009.
Frontier Silicon
Goodwill relating to Frontier Silicon results from the
acquisition of Frontier Silicon Ltd on 20 August 2012.
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