Final Results

RNS Number : 0481K

Avacta Group PLC

12 December 2008

 



Avacta Group plc

Audited Results for the year to 31 July 2008

On 4 November 2008, Avacta Group plc ('Avacta', the 'Group' or the 'Company') announced its preliminary results for the year to 31 July 2008.  The preliminary results included intangible assets of £7,144,000 and an other reserve of £1,834,000 reflecting the application of reverse acquisition accounting of the transaction whereby Avacta Limited reversed into Avacta Group plc (formerly Readybuy plc) during August 2006. Upon conversion from accounting under United Kingdom Generally Accepted Accounting Practice to International Financial Reporting Standards as adopted by the European Union, it is possible to recognise a different treatment of this transaction within the financial statements, which the Directors believe to be beneficial.

There is no impact on the income statement or the cash flows of the Group in either the current or comparative accounting period. 

Accordingly, the consolidated balance sheet of the Group has been adjusted from that included within the Preliminary Announcement to reflect this revised treatment resulting in goodwill of £3,563,000 that had been previously recognised within the intangible assets of £7,144,000 now being recognised within the other reserve. The adjusted consolidated balance sheet is included within this announcement. 

There are no other changes to the Preliminary Announcement.

The Company's full Annual Report & Accounts are available on its website at www.avacta.com

Enquiries:

Avacta Group plc	087 0835 4367
Alastair Smith, Chief Executive Officer
Tim Sykes, Chief Financial Officer
Daniel Stewart & Company plc	020 7776 6550
Lindsay Mair / Charlotte Stranner
Novum Securities Limited	020 7562 4700
Henry Turcan
Haggie Financial LLP	020 7417 8989
Nicholas Nelson / Kathy Boate

   Consolidated Balance Sheet as at 31 July 2008

		2008	2007
		£000	£000
Non-current assets
Property, plant & equipment		290	148
Intangible assets		3,581	-
		-------------	------------
		3,871	148
		-------------	------------
Current assets
Trade and other receivables		92	170
Income taxes		84	-
Cash and cash equivalents		1,097	2,527
		-------------	------------
		1,273	2,697
		-------------	------------
Total assets		5,144	2,845
		-------------	------------
Current liabilities
Trade and other payables		(234)	(164)
Finance lease obligations		(11)	(11)
		-------------	------------
		(245)	(175)
		-------------	------------
Non-current liabilities
Finance lease obligations		(30)	(41)
		-------------	------------
		(30)	(41)
		-------------	------------
Total liabilities		(275)	(216)
		-------------	------------
Net assets		4,869	2,629
		-------------	------------
Equity attributable to equity holders of the Company
Called up share capital		900	856
Share premium account		6,524	4,882
Other reserve		(1,729)	(1,729)
Capital reserve		1,899	-
Retained earnings		(2,725)	(1,380)
		-------------	------------
Total equity		4,869	2,629
		-------------	------------

 

END

 

 

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