Interim Results
Microgen PLC
19 July 2007
19 July 2007
MICROGEN plc ('Microgen')
INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2007
Microgen plc reports results for the six months ended 30 June 2007 slightly
ahead of the Board's declared operating margin target with good organic growth
in key sectors.
Highlights
• Profit before tax (excluding exceptional profit on property disposal) of
£3.1 million (H1, 2006 : £2.9 million).
• Operating margin before intangible amortisation and exceptional items remains
very strong at 17.2% (H1, 2006 : 15.1%), ahead of the Board's declared
target.
• Adjusted basic eps (excluding intangible amortisation and exceptional items)
of 2.3p (H1, 2006 : 2.1p). Basic eps of 2.4p (H1, 2006 : 2.0p).
• Good organic growth in key software businesses. Significant new customer wins
for Microgen Aptitude in financial services and commercial sectors.
• Positive operating cash flow of £2.4 million (H1, 2006 : £1.8 million)
producing cash of £11.0 million and net funds of £6.5 million as at 30 June
2007, after £5.7 million investment in shares of Trace Group plc.
• Acquisition of the Oscar software from Cronus Consultancy Limited completed
in July 2007.
• Increase in interim dividend to 0.6 pence per share (2006 : 0.5 pence per
share) reflecting the confidence of the Board in the prospects of the Group.
Contacts
Martyn Ratcliffe, Chairman 01252 772 311
David Sherriff, Chief Operating Officer
Philip Wood, Group Finance Director
Giles Sanderson, Financial Dynamics 020 7831 3113
* Throughout this statement adjusted operating profit and margin excludes
goodwill and intangible impairment/amortisation and exceptional items
19 July 2007
MICROGEN plc ('Microgen')
Interim Results for the Six Months ended
30 June 2007
Chairman's Statement
Microgen has produced a strong operating performance in the first half of 2007
with excellent operating margins and good organic growth in three of the Group's
four operating divisions. The technical and marketing investments made in
Microgen Aptitude are now delivering tangible results, while the Group continues
to reduce its exposure to the general IT consulting market. Furthermore, the
continued transition to e-billing has produced strong organic growth with
enhanced margin in Microgen's managed billing services business.
At the start of 2007, the Board defined its priorities for the coming year and
set these out in the Preliminary Announcement and Annual Report for 2006. Good
progress on these priorities has been achieved.
Group Financial Performance
In the six months ended 30 June 2007, Microgen generated adjusted operating
profit of £3.1 million (H1, 2006 : £3.0 million) from revenue of £18.1 million
(H1, 2006 : £19.6 million). The reduction in revenue is consistent with the
Board's declared intent to reduce its exposure to the general IT consulting
market, offset by the strong organic growth in the Group's software-based
businesses. Adjusted operating margin at 17.2% (H1, 2006 : 15.1%) was ahead of
the Group's defined target.
Operating profit for the period was £3.3 million (H1, 2006 : £2.8 million).
Profit before tax in the period was £3.5 million (H1, 2006 : £2.9 million).
Adjusted basic earnings per share were 2.3p (H1, 2006 : 2.1p) with a basic
earnings per share of 2.4p (H1, 2006 : 2.0p).
During the period, the Group produced positive operating cash flow of £2.4
million (H1, 2006: £1.8 million). In addition, one of the Group's long-leasehold
properties, located in London, was sold for £2.1 million of which £1.2 million
was used to reduce the loan secured on the Group's freehold and long-leasehold
properties. The disposal produced an exceptional profit of £0.4 million.
Additionally, four leases on surplus properties were terminated, with
settlements in line with previous provisions, significantly reducing the Group's
exposure to potential future liabilities. As a result, the Group continues to
have a strong balance sheet with cash of £11.0 million (H1, 2006 : £12.8
million) and net funds of £6.5 million at 30 June 2007 (H1, 2006 : £6.8
million), after investing £5.7 million in shares in Trace Group plc.
Reflecting the confidence of the Board in the future prospects for the Group,
the interim dividend has been increased by 20% to 0.6 pence per share (2006 :
0.5 pence per share). The interim dividend will be paid on 24 August 2007 to
shareholders on the register as at 27 July 2007.
Operational Overview
The organic growth derived from Microgen's software-based activities of 9%
compared to the second half of 2006 is particularly pleasing such that revenue
derived from Microgen software now accounts for 63% of Group revenue (H1, 2006 :
55%). The Group has continued to reduce its exposure to lower value general IT
consultancy and this evolution has resulted in the Group's average consultancy
fee rate in the first six months of 2007 increasing by approximately 8% compared
to the second half of 2006.
(Operating margins referred to below exclude interest, exceptional items,
goodwill & intangible amortisation and Group costs.)
The Group's Banking Division delivered a strong recovery in the first half with
revenue growth of 14% on the second half of 2006 and, with a strong sales
pipeline for the remainder of the year, the Board are optimistic regarding the
continued recovery in this division. This continued progress is expected to be
driven by Microgen Aptitude based solutions. For the period ended 30 June 2007,
the Banking division reported revenue of £4.6 million (H1, 2006 : £4.6 million)
with an operating margin of 25% (H1, 2006 : 20%).
The Asset & Wealth Management Division maintained the solid performance
delivered in 2006, reporting revenue in the period ended 30 June 2007 of £5.7
million (H1, 2006 : £5.3 million) and an operating margin of 27% (H1, 2006 :
21%). In July, Microgen acquired the Oscar software from Cronus Consultancy
Limited which will be integrated into the Asset & Wealth Management Division,
providing a cost-effective route to a next-generation Trust and Fund Management
product set.
During the period, and following successes with Microgen Aptitude based
solutions, the Board determined to combine the Group's Consultancy, Application
Management and Energy businesses into a Commercial, Public & Utilities Division.
The support of the PowerQuote customer base in the Energy sector is now managed
within the combined applications management operation. For the period ended 30
June 2007, this Division reported revenue on continuing operations of £4.2
million (H1, 2006 : £6.3 million) and an operating margin of 20% (H1, 2006 :
25%). The exit from SAP support activities is expected to be completed by
September and the Group has continued to reduce its overall exposure to the
commodity segments of the general IT consultancy market. In the future, the
Board anticipates that Microgen Aptitude will account for an increasing
proportion of the revenue from this division.
The Group's Billing & Database Management Division had a very strong performance
in the first half with strong organic revenue and margin growth driven by the
continued migration from print services to e-billing, particularly in the
telecom sector. Microgen's ability to provide multi-channel services is a key
differentiator in the migration from paper to electronic billing and, in June
2007, 22% of all documents were distributed electronically. For the period ended
30 June 2007, the division reported revenue of £3.1 million (H1, 2006 : £2.7
million) and an operating margin of 34% (H1, 2006 : 23%).
Offer for Trace Group plc
On 25 May 2007, Microgen announced a recommended cash offer for Trace Group plc
('Trace'), which was increased on 15 June 2007, following an increased competing
offer from Tulip Holdings Limited ('Tulip'). The Microgen offer of 180 pence per
Trace share values Trace at £25.6 million. Details of the Microgen offer are
available at www.microgen.com.
Microgen has acquired approximately 25.8% of the issued shares in Trace for an
average price of approximately 154.4 pence per share. In addition, as at 13 July
2007, Microgen had received acceptances for approximately 17.6% of Trace shares
and has received an undertaking from an Independent Director of Trace,
representing 10.01% of Trace shares, to accept the Microgen offer in the event
that the Tulip offer lapses or is withdrawn.
The final closing date for the offers is 31 July 2007 and further updates will
be made as appropriate.
Prospects
The Group's results reflect the success being achieved in pursuing the Board's
defined priorities. The operating margins continue to be very strong and all
development costs are fully expensed. Except for the general IT consulting
sector where the Board has made a conscious decision to maintain margins and
reduce exposure to lower end segments, the organic growth in all other areas is
a result of the investments made in products, services and marketing.
Microgen Aptitude is increasingly being recognised by customers, prospects and
technical analysts for its event-driven architecture and high transaction
processing capability. Furthermore, the Group is now working with a number of
major system integrator and/or consultancy partners on Microgen Aptitude
opportunities which have opened up larger opportunities for the product and
associated services.
The Board continues to focus on its defined priorities and expects the dynamics
experienced in the first half to continue for the rest of the year, although the
Board may increase sales and marketing investment to balance future growth with
operating margin. The strong sales pipeline for Microgen Aptitude based
solutions in the Banking Division is anticipated to enable the recovery
experienced in the first half to continue for the rest of the year. The solid
performance in the Asset & Wealth Management Division is expected to continue
and the Commercial, Public & Utilities Division is anticipated to increase the
proportion of business derived from Microgen Aptitude, offsetting the reduction
in general IT consulting. The strong performance from the Billing & Database
Management Division is anticipated to continue, although the Board expect some
pressure on margins. In summary, the Board is pleased with the performance of
the Group in the first half of the year and believes that the performance for
the year as a whole will be in line with its expectations.
Martyn Ratcliffe
Chairman
Microgen plc
GROUP INTERIM INCOME STATEMENT
For the six months ended 30 June 2007
Unaudited six months ended 30 June 2007
Note Before intangible Total
intangible amortisation
amortisation and
and exceptional
exceptional items
items
£000 £000 £000
Revenue 1 18,098 - 18,098
Operating costs (14,986) 188 (14,798)
Operating profit/(loss) 1 3,112 188 3,300
Finance income 415 - 415
Finance expenses (173) - (173)
Profit/(loss) before tax 3,354 188 3,542
Taxation 4 (1,080)
Retained profit/(loss) transferred to reserves 2,462
Earnings/(loss) per share 5
Basic 2.4p
Diluted 2.4p
Adjusted earnings per share 5
Basic 2.3p
Diluted 2.3p
Dividend per share pence £000
Proposed interim / final dividend per share 7 0.6p 616
Paid final / interim dividend per share 7 1.0p 1,027
Unaudited six months ended 30 June 2006 Audited year ended 31 Dec 2006
Note Before Intangible Total Before Goodwill Total
intangible Amortisation goodwill and
amortisation and and intangible
and exceptional intangible impairment/
exceptional items impairment/ amortisation
items amortisation and
and exceptional
exceptional items
items
£000 £000 £000 £000 £000 £000
Revenue 1 19,608 - 19,608 37,632 - 37,632
Operating costs (16,645) (162) (16,807) (31,874) (14,758) (46,632)
Operating profit/(loss) 1 2,963 (162) 2,801 5,758 (14,758) (9,000)
Finance income 270 - 270 579 - 579
Finance expenses (214) - (214) (426) - (426)
Profit/(loss) before tax 3,019 (162) 2,857 5,911 (14,758) (8,847)
Taxation 4 (863) (1,684)
Retained profit/(loss) transferred to
reserves 1,994 (10,531)
Earnings/(loss) per share 5
Basic 2.0p (10.3p)
Diluted 1.9p (10.3p)
Adjusted earnings per share 5
Basic 2.1p 4.1p
Diluted 2.1p 4.0p
Dividend per share pence £000 pence £000
Proposed interim /final dividend per
share 7 0.5p 513 1.0p 1,027
Paid final /interim dividend per share 7 - - 0.5p 513
Microgen plc
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the six months ended 30 June 2007
Unaudited Unaudited Audited
Six Six Year
months months ended
ended ended
30 June 2007 30 June 2006 31 Dec 2006
£000 £000 £000
Cash flow hedges:
- net fair value gains net of tax 74 65 82
- reclassified and reported in net profit - (56) 4
Deferred tax on share options 8 - (43)
Exchange differences on translation of foreign operations 50 (51) (117)
Net income/(expense) recognised directly in equity 132 (42) (74)
Profit/(loss) for the period 2,462 1,994 (10,531)
Total recognised income and expense for the period 2,594 1,952 (10,605)
Microgen plc
GROUP BALANCE SHEET
As at 30 June 2007
Unaudited Unaudited Audited
Note as at as at as at
30 June 30 June 31 Dec
2007 2006 2006
ASSETS £000 £000 £000
Non-current assets
Goodwill 46,880 61,892 46,980
Intangible assets 934 1,248 1,021
Property, plant and equipment 7,311 9,303 9,104
Investments 5,683 - -
Deferred tax asset 1,883 1,941 2,103
62,691 74,384 59,208
Current assets
Inventories 93 88 73
Trade and other receivables 7,833 7,346 7,801
Financial assets - derivative financial
instruments 225 80 151
Cash and cash equivalents 11,014 12,787 15,297
19,165 20,301 23,322
LIABILITIES
Current liabilities
Financial liabilities - borrowings (533) (333) (667)
Trade and other payables (14,057) (13,297) (14,445)
Current tax liabilities (1,753) (1,564) (1,476)
Provisions (39) (467) (503)
(16,382) (15,661) (17,091)
Net current assets 2,783 4,640 6,231
Non-current liabilities
Financial liabilities - borrowings (3,967) (5,667) (5,333)
Provisions (143) (808) (525)
(4,110) (6,475) (5,858)
NET ASSETS 61,364 72,549 59,581
SHAREHOLDERS' EQUITY
Ordinary shares 5,132 5,132 5,132
Share premium account 11,214 11,213 11,214
Other reserves 37,536 37,385 37,462
Retained earnings 7,482 18,819 5,773
EQUITY SHAREHOLDERS' FUNDS 8 61,364 72,549 59,581
Microgen plc
GROUP CASH FLOW STATEMENT
For the six months ended 30 June 2007
Unaudited Unaudited Audited
six months six months year ended
ended ended
30 June 2007 30 June 2006 31 Dec 2006
Note £000 £000 £000
Cash flows from operating activities
Cash generated from operations 6 2,409 1,806 5,631
Interest received 415 270 606
Interest paid (157) (178) (352)
Tax paid (549) (482) (1,143)
Net cash from operating activities 2,118 1,416 4,742
Cash flows from investing activities
Acquisition of investment (5,683) - -
Proceeds from the sale of property, plant and equipment 2,100 - -
Purchase of property, plant and equipment (253) (356) (552)
Net cash used in investing activities (3,836) (356) (552)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital - 58 59
Dividends paid (1,027) - (513)
Repayments of borrowings (1,500) - -
Net cash from financing activities (2,527) 58 (454)
Net (decrease)/increase in cash and cash equivalents (4,245) 1,118 3,736
Opening cash and cash equivalents 15,297 11,804 11,804
Effects of exchange rate changes (38) (135) (243)
Closing cash and cash equivalents 11,014 12,787 15,297
Notes to interim financial information
1. Segmental information
The segmental information below reflects the divisional operating structure of
the Group, which is the primary segmentation of the operating performance
reviewed by the Board.
Unaudited six months ended
30 June 2007
Revenue Asset & Banking Commercial, Billing & Total
Wealth Public & Database
Management Utilities Management
£000 £000 £000 £000 £000
Software based 5,693 4,556 1,064 - 11,313
Managed services - - 1,467 3,129 4,596
General consultancy - - 2,189 - 2,189
Total revenue 5,693 4,556 4,720 3,129 18,098
Operating costs (4,159) (3,437) (3,768) (2,073) (13,437)
Operating profit before group overheads, 1,534 1,119 952 1,056 4,661
intangible amortisation and exceptional
items
Group overheads (1,549)
Operating profit before intangible
amortisation and exceptional items 3,112
Divisional intangible amortisation (131) (22) (9) - (162)
Divisional operating profit 1,403 1,097 943 1,056
Group exceptional items
- Profit on sale of asset 429
- Other (79)
Total intangible amortisation and exceptional 188
items
Operating profit 3,300
Net finance income 242
Profit before tax 3,542
Taxation (1,080)
Profit for the period 2,462
1. Segmental information (continued)
Unaudited six months ended
30 June 2006
Revenue Asset & Banking Commercial, Billing & Total
Wealth Public & Database
Management Utilities Management
£000 £000 £000 £000 £000
Software based 5,326 4,581 968 - 10,875
Managed services - - 1,903 2,692 4,595
General consultancy - - 4,138 - 4,138
Total revenue 5,326 4,581 7,009 2,692 19,608
Operating costs (4,203) (3,669) (5,392) (2,063) (15,327)
Operating profit before group overheads,
intangible amortisation and exceptional
items 1,123 912 1,617 629 4,281
Group overheads (1,318)
Operating profit before intangible
amortisation and exceptional items 2,963
Divisional intangible amortisation (131) (22) (9) - (162)
Divisional operating profit 992 890 1,608 629
Total intangible amortisation and
exceptional costs (162)
Operating profit 2,801
Net finance income 56
Profit before tax 2,857
Taxation (863)
Profit for the period 1,994
1. Segmental information (continued)
Audited year ended
31 Dec 2006
Revenue Asset & Commercial, Billing &
Wealth Public & Database
Management Banking Utilities Management Total
£000 £000 £000 £000 £000
Software based 10,897 8,594 1,802 - 21,293
Managed services - - 3,732 5,605 9,337
General consultancy - - 7,002 - 7,002
Total revenue 10,897 8,594 12,536 5,605 37,632
Operating costs (8,452) (7,136) (9,753) (4,217) (29,558)
Operating profit before group
overheads, goodwill and intangible
impairment/amortisation and
exceptional items 2,445 1,458 2,783 1,388 8,074
Group overheads (2,316)
Operating profit before goodwill and
intangible impairment/amortisation and
exceptional items 5,758
Divisional intangible amortisation and
exceptional costs
- Goodwill and intangible impairment - - (14,000) - (14,000)
- Intangible amortisation (261) (44) (19) - (324)
Divisional operating profit/(loss) 2,184 1,414 (11,236) 1,388
Group exceptional items
- Goodwill adjustment (546)
- Property provision 112
Total intangible amortisation and
exceptional items (14,758)
Operating loss (9,000)
Net finance income 153
Loss before tax (8,847)
Taxation (1,684)
Loss for the year (10,531)
2. Basis of preparation
This financial information comprises the group interim balance sheet as at 30
June 2007 and 30 June 2006, related group interim statements of income, cash
flows and recognised income and expense and related notes for the six months
then ended of Microgen plc (hereinafter referred to as 'financial information').
This financial information has been prepared in accordance with the Listing
Rules of the Financial Services Authority. In preparing this financial
information management has used the principal accounting policies as set out in
the group's annual financial statements for the year ended 31 December 2006 on
pages 32 to 40.
The group has chosen not to adopt IAS 34, 'Interim financial statements', in
preparing its 2007 interim statements and, therefore, this interim financial
information is not in compliance with IFRS.
3. Cessation of business activities
The Board has previously determined that the Group's SAP support operations were
sub-scale and the investment required to achieve the necessary scale would be
unlikely to deliver a satisfactory return for shareholders. Therefore, the Board
determined to exit this activity which will be completed in the second half of
2007. The Divisional results for 2006 and the first six months of 2007 without
the SAP business would have been as follows:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 Dec 2006
30 June 2007 30 June 2006
£000 £000 £000
Revenue
Commercial, Public & Utilities 4,720 7,009 12,536
Less: SAP (515) (674) (1,288)
Commercial, Public & Utilities
excluding SAP 4,205 6,335 11,248
Operating profit before group
overheads, intangible
amortisation and exceptional
items
Commercial, Public & Utilities 952 1,617 2,783
Less: SAP (90) (43) (186)
Commercial, Public & Utilities
excluding SAP 862 1,574 2,597
4. Taxation
The tax charge of £1,080,000 is at an effective tax rate of 30.5% (H1 2006:
30.2%, 2006: (19.0%)) of the profit before tax.
5. Earnings per share
Unaudited six Unaudited six Audited year
months ended months ended ended 31 Dec
30 June 2007 30 June 2006 2006
pence pence pence
Earnings per share
Basic 2.4 2.0 (10.3)
Diluted 2.4 1.9 (10.3)
Adjusted earnings per share
Basic 2.3 2.1 4.1
Diluted 2.3 2.1 4.0
To provide an indication of the underlying operating performance the adjusted
earnings per share calculation above excludes goodwill and intangible impairment
/amortisation, exceptional items and has a tax charge based on the effective
rate.
Unaudited six Unaudited six Audited year
months ended months ended ended 31 Dec
30 June 2007 30 June 2006 2006
pence pence pence
Basic earnings per share 2.4 2.0 (10.3)
Exceptional (credit) / charge net
of tax (0.2) - 0.6
Prior years' tax charge - - (0.1)
Intangible amortisation net of tax 0.1 0.1 0.2
Goodwill & intangible impairment - - 13.7
Adjusted earnings per share 2.3 2.1 4.1
6. Cash generated from operations
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 Dec
30 June 2007 30 June 2006 2006
£000 £000 £000
Profit for the period 2,462 1,994 (10,531)
Adjusted for:
Taxation 1,080 863 1,684
Depreciation 376 405 777
(Profit)/loss on disposal of property, plant
and equipment (429) - 11
Amortisation of intangibles 162 162 324
Goodwill and intangible impairment - - 14,000
Share-based payment expense 216 150 251
Fair value adjustment to goodwill 100 - 546
Finance income (415) (270) (579)
Finance expense 173 214 426
Changes in working capital:
(Increase)/decrease in inventories (20) (13) 2
Decrease in receivables 169 1,187 655
Decrease in payables (638) (2,720) (1,559)
Decrease in provisions (827) (166) (376)
Cash generated from operations 2,409 1,806 5,631
7. Equity dividends on ordinary shares
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 Dec
30 June 2007 30 June 2006 2006
£000 £000 £000
Dividends paid:
Interim dividend - - 513
Final dividend 1,027 - -
Proposed but not recognised as a liability:
Interim dividend 616 513 -
Final dividend - - 1,027
The proposed interim dividend was approved by the Board on 18 July 2007 but was
not included as a liability as at 30 June 2007, in accordance with IAS 10
'Events after the Balance Sheet date'. This interim dividend will be payable on
24 August 2007 to shareholders on the register at the close of business on 27
July 2007.
8. Statement of changes in equity
Share Share Retained Other Total
capital premium earnings reserves
£'000 £'000 £'000 £'000 £'000
At 1 January 2007 (unaudited) 5,132 11,214 5,773 37,462 59,581
Net fair value gain on cash flow hedges net - - - 74 74
of tax
Exchange rate adjustments - - 50 - 50
Share options - value of employee service - - 216 - 216
Deferred tax on share options - - 8 - 8
Dividends - - (1,027) - (1,027)
Retained profit for the period - - 2,462 - 2,462
At 30 June 2007 (unaudited) 5,132 11,214 7,482 37,536 61,364
9. Statement by the directors
The financial information in this interim statement has been prepared in
accordance with the accounting policies set out in the 31 December 2006 annual
report.
The financial information does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. This interim statement and
the financial information contained therein, has not been audited by the
company's Auditors. Statutory accounts for Microgen plc for the year ended
2006, on which the Auditors gave an unqualified report, have been delivered to
the Registrar of Companies. The directors of Microgen plc accept responsibility
for the information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure that such is
the case) the information contained in this announcement is in accordance with
the facts and does not omit anything that is likely to affect the import of such
information.
Copies of this statement are being posted to shareholders and will also be
available on the investor relations page of our website (www.microgen.com).
Further copies are available from the Company Secretary at Fleet House, 3
Fleetwood Park, Barley Way, Fleet. GU51 2QJ.
Independent review report to Microgen plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2007 which comprises of the group interim balance
sheet as at 30 June 2007 and the related group interim statements of income,
cash flows and recognised income and expense for the six months then ended and
related notes. 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.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing Rules
of the Financial Services Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
This interim report has been prepared in accordance with the basis set out in
Note 2.
Review work performed
We conducted our review in accordance with 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 disclosed accounting policies have
been applied. 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 and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, 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.
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 six months
ended 30 June 2007.
PricewaterhouseCoopers LLP
Chartered Accountants
West London
19 July 2007
Notes:
(a) The maintenance and integrity of the Microgen plc web site is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the interim report
since it was initially presented on the web site.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation in other
jurisdictions.
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