Interim Results

Byotrol PLC 29 November 2007 Byotrol plc (the 'Company') Unaudited interim results for the six months ended 30 September 2007 Chairman's Statement The six month period has seen the Company make satisfactory progress across its target market sectors. The company is developing Byotrol as a globally trusted brand in the field of microbial control and the core focus of the past six months has been to harness and commercialise the outstanding accreditation and certification work that has been undertaken to date in a number of our key markets. The Company now has a total of six key market sectors where sales, marketing and operational resource is being focused; Consumer Products, Healthcare, Food & Beverage, Industrial & Technical, Hospitality & Leisure and Agriculture. The Board is very aware that the Company's financial results have yet to reflect the progress we have made since the AIM flotation, albeit revenues have increased to £214,995 from £116,814 over the same period last year. As part of its development strategy, the Company has engaged the services of a number of key advisers to maintain the pace of development as well as enhancing our levels of knowledge of specific market segments. During the period we appointed Adrian Smith as a Non-Executive Director of the Company. Adrian brings a combination of corporate and plc experience with specific expertise in the areas of sales, marketing and brand management gained through 24 years working with two leading global providers in our key market sectors. I am also pleased to be able to announce that the Company has enlisted the services of the Rt. Hon Lord Warner of Brockley as a special adviser to the healthcare sector. As a former Minister for Health, Norman Warner brings unprecedented levels of understanding of healthcare delivery in the UK as well as a distinguished track record across the wider public sector and his knowledge and insight will play a key role in our drive to promote adoption of Byotrol technology across the NHS. Finally we would like to express our thanks to all staff, partners and suppliers who have all played a vital role in the progress we have made in the first six months of this financial year. Prospects Our progress in the short time since IPO in 2005 has yet to be reflected in our financial results. The Board is very satisfied with the opportunities now available to the Group and remains confident of the significant benefits of the adoption of Byotrol's technology, albeit that we must of course remain cautious in our optimism. Wesley Devoto OBE Chairman 29 November 2007 Chief Executive's Report I am pleased to be able to provide shareholders with an update across each of our core target market sectors. Consumer Products Byotrol Consumer Products ('BCP'), our joint venture with What If Ventures established in July 2007, provides the Company with an appropriate structure to pursue its aim of entering the consumer products market. BCP's strategy is to target a limited number of high value distribution and licensing deals with global FMCG companies in sectors where Byotrol technology is at its most efficacious. The Board is very pleased with progress so far by BCP, in that BCP has met with several FMCG companies, and believes it to be on schedule to deliver revenues on the timescales envisaged in July. The Board is extremely encouraged by the response generated thus far. However this must inevitably be tempered by the often long lead times associated with the development and launch of new consumer products. Healthcare In 2006 the Company announced it had signed a technology licence agreement with Synergy Healthcare plc to provide a route to market for Byotrol technology to the healthcare sector and specifically the National Health Service. Following the completion of this agreement in November 2006, a range of products for hospitals was launched in May 2007 under the Assure Plus brand. Supply to the NHS can be frustratingly slow and following this product launch, progress has indeed been slow. I am pleased, however, to report that since September Synergy has made encouraging progress and the product has been adopted by Bradford Primary Care Trust in two community hospitals and is in line to be taken up by others. In the care home market which was also licensed to Synergy: Care UK, a leading care home operator has completed the deployment of more than 4000 dispensers containing Byotrol in a hand mousse. I was also delighted with a recent Rapid Review Panel report on Assure Plus which confirmed that we are able to pursue immediate sales into hospitals and more importantly has assisted in the finalisation of some critical studies that are in process in a number of hospitals across North West England. Outside the UK, the Company is pleased to be able to report modest sales of Byotrol products into the healthcare system in North America. These sales have been achieved following a successful trial and evaluation of Byotrol technology conducted at Monroe Hospital, Indiana. Food and Beverage Steady progress is being made within this market sector although the timescale required to move from initial dialogue with potential users to full roll out is proving longer than originally anticipated. The primary driver for this extended timescale is the fact that the majority of food processing companies wish to conduct their own independent product efficacy trials before committing to Byotrol technology. The Company remains confident in the opportunity for Byotrol within this sector and I am pleased to be able to announce that during this trading period Pennine Foods (a subsidiary of Northern Foods plc) has completed a successful trial of Byotrol technology and will now use it on an ongoing basis as part of its hygiene regime. I am also pleased to be able to announce that H J Heinz in Kendal has recently completed a successful trial of Byotrol and is currently reviewing its hygiene control strategy in the light of the outcome. Industrial and Technical Progress continues in this area and a recent trial of the Company's Intersphere product conducted in Venice has shown it is well suited the removal of green algae from buildings. The work undertaken in Venice also demonstrated that Byotrol technology is suitable for use on historic buildings and does not damage or degrade surfaces. The Company is working to drive adoption of Intersphere as a cleaner of choice for organisations involved in preservation and cleaning of historic structures. In the field of office hygiene the launch of the Fellowes office hygiene range Virashield throughout Europe has been pleasing to the company and our partner. In September our partner in the pet care products based on Byotrol exhibited at the international GLEE exhibition and passed a small but significant milestone of having sold 500,000 units of pet care products containing Byotrol. Hospitality and Leisure Within the trading period the Company has launched a range of cleaning products targeted at the marine leisure market. The launch of the Stayclean range of products in the North American market was undertaken at the Newport International Boat Show and the Company plans to roll out this product set in the UK during the next trading period. Also in the leisure market, the company has launched the Clearway range of products in the UK. These have been developed for leisure users to allow them to remove algae and growth from a wide range of surfaces including buildings and caravans as well as pathways and decking. These products are currently being sold into garden centres and DIY stores across the UK Agriculture Following launch in May 2007, the Agrisphere range of products is starting to be adopted by dairy farmers across the UK. In light of the recent outbreak of foot and mouth disease, the Company is currently seeking DEFRA approval for Byotrol technology to become an approved disinfectant for use against this disease. Based on our test work we are confident that Byotrol technology is effective against the foot and mouth virus and formal ratification by DEFRA is awaited. Within North America the crop trial being conducted in Florida is still underway and an interim report has shown favourable results in combating the spread of citrus canker which represents a major economic threat to farmers of citrus crops. The Company believes that, assuming a successful outcome of the trial, a significant opportunity exists within this area. Intellectual Property and Quality Management Byotrol maintains very high quality standards that are regularly audited by the TuV. Our processes are administered by two highly experienced professionals Dr Ricky Chapman & Dr Ulrich Schwarz. Our ISO 13485 certification was confirmed in July this year. The protection of the Company's intellectual property is a high priority and during the period two new significant technology patents were filed to protect innovations and increase protection of the products based on our technology. Patent applications are important, both to increase security but also to demonstrate the Company's ongoing research and development credentials. However granted patents are, if anything, even more important as they clearly evidence the unique nature of the Company's technology. A very significant acceptance of the patent was made by the European Patent Office. This can now be translated into grants of patents throughout the EU in the second quarter of 2008. Also the Australian patent agency accepted the patent and the Singapore authorities issued a grant. David McRobbie Chief Executive 29 November 2007 Enquiries Byotrol plc 0161 277 9518 Stephen Falder, Deputy Chairman 07767 404629 David McRobbie, Chief Executive 07739 549 226 Richard Bell, Finance Director 07825 204110 Charles Stanley Securities, Nominated Adviser 020 7149 6457 Philip Davies / Carl Holmes Rawlings Financial John Rawlings 01756 770376 Byotrol plc UNAUDITED CONSOLIDATED INCOME STATEMENT for the period ended 30 September 2007 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ Revenue 214,995 116,814 673,542 Cost of sales (81,533) (66,798) (194,703) Gross profit 133,462 50,016 478,839 Administration expenses excluding share scheme (1,494,076) (978,531) (2,215,041) charges Share scheme charges (162,493) - (94,231) Operating loss (1,523,107) (928,515) (1,830,433) Finance income 85,846 17,743 87,865 Finance costs (330) (185) (1,572) Loss before taxation (1,437,591) (910,957) (1,744,140) Taxation - - - Loss after taxation (1,437,591) (910,957) (1,744,140) Minority interest - 137 236 Loss for the period attributable to equity (1,437,591) (910,820) (1,743,904) shareholders Loss per share Basic per share (pence) (3.26) (2.61) (4.56) Diluted per share (pence) (3.26) (2.61) (4.56) The loss for the period arises from the group's continuing operations Byotrol plc UNAUDITED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE for the period ended 30 September 2007 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ Exchange differences on translation of foreign 21,543 21,923 46,678 operations 21,543 21,923 46,678 Loss for the period (1,437,591) (910,820) (1,743,904) Total recognised income and expense for the (1,416,048) (888,897) (1,697,226) period Byotrol plc UNAUDITED CONSOLIDATED BALANCE SHEET as at 30 September 2007 Restated Restated 30 September 30 September 31 March 2007 2006 2007 £ £ £ ASSETS NON CURRENT ASSETS Intangible assets 37,333 9,333 39,083 Software intangibles 19,737 28,822 23,117 Property, plant and equipment 46,754 30,195 46,792 Investments 23,814 5,000 - 127,638 73,350 108,992 CURRENT ASSETS Inventories 104,035 40,194 46,173 Trade and other receivables 621,258 174,793 690,048 Tax debtor 40,710 52,578 37,017 Cash and cash equivalents 2,662,980 256,825 3,553,038 3,428,983 524,390 4,326,276 TOTAL ASSETS 3,556,621 597,740 4,435,268 LIABILITIES CURRENT LIABILITIES Trade and other payables 387,441 428,161 250,597 Tax payable 28,559 14,777 26,951 TOTAL LIABILITIES 416,000 442,938 277,548 EQUITY Share capital 111,655 87,182 109,073 Share premium account 7,875,773 2,945,529 7,640,752 Merger reserve 1,064,712 1,064,712 1,064,712 Retained earnings (5,911,519) (3,943,867) (4,657,964) EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF 3,140,621 153,556 4,156,573 BYOTROL plc Minority interest - 1,246 1,147 TOTAL EQUITY 3,140,621 154,802 4,157,720 TOTAL EQUITY AND LIABILITIES 3,556,621 597,740 4,435,268 Byotrol plc UNAUDITED CONSOLIDATED CASH FLOW STATEMENT for the period ended 30 September 2007 30 September 30 September 31 March 2007 2006 2007 £ £ £ Net cash outflow from operating activities (1,176,549) (914,842) (2,387,966) Returns on investments and servicing of finance Interest received 85,846 17,743 87,865 Interest paid (330) (185) (1,572) Net cash inflow from returns on investments and 85,516 17,558 86,293 servicing of finance Taxation - - - Cash flows from investing activities Purchase of tangible fixed assets (10,228) (8,639) (33,966) Purchase of intangible fixed assets - - (30,000) Purchase of software (2,586) (11,305) (11,490) Purchase of investment (23,814) - - Net cash outflow from investing activities (36,628) (19,944) (75,456) Net cash outflow before use of liquid resources and (1,127,661) (917,228) (2,377,129) financing Cash flows from financing activities Issue of ordinary share capital 237,603 - 5,107,428 Expenses of share issue - - (390,314) Net cash inflow from financing 237,603 - 4,717,114 (Decrease)/increase in cash (890,058) (917,228) 2,339,985 Byotrol plc UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY as at 30 September 2007 Share Share Merger Minority Retained Capital Premium Reserve Interest Earnings Total £ £ £ £ £ £ Balance at 1 April 2006 87,182 2,945,529 1,064,712 1,383 (3,054,969) 1,043,837 Exchange difference - - - - 21,922 21,922 Loss for the period - - - (137) (910,820) (910,957) Balance at 30 September 87,182 2,945,529 1,064,712 1,246 (3,943,867) 154,802 2006 Placing of shares 20,850 4,983,150 - - - 5,004,000 Placing costs - (390,314) - - - (390,314) Conversion of warrants 1,041 102,387 - - - 103,428 Share scheme charges - - - - 94,231 94,231 Exchange difference - - - - 24,756 24,756 Loss for the period - - - (99) (833,084) (833,183) Balance at 31 March 2007 109,073 7,640,752 1,064,712 1,147 (4,657,964) 4,157,720 Conversion of warrants 2,582 235,021 - - - 237,603 Minority interest - - - (1,147) - (1,147) Share scheme charges - - - - 162,493 162,493 Exchange difference - - - - 21,543 21,543 Loss for the period - - - - (1,437,591) (1,437,591) Balance at 30 September 111,655 7,875,773 1,064,712 - (5,911,519) 3,140,621 2007 1 This interim statement for the period to 30 September 2007 is unaudited and was approved by the Directors on 29 November 2007. The information set out does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2 Accounting policies Basis of preparation The Group's previous financial statements have been prepared under UK Generally Accepted Accounting Principles (UK GAAP). For the financial year ended 31 March 2008, the Group will prepare its annual consolidated financial statements in accordance with IFRS as adopted by the European Union (EU) and implemented in the UK. The Group's date of transition to IFRS was 1 April 2006 at which date the Group prepared its opening IFRS balance sheet. The financial information for the six months ended 30 September 2007 has been prepared in accordance with the Group's accounting policies based on IFRS standards that are expected to apply for the financial year ending on 31 March 2008. The financial information for the six months ended 30 September 2006 has been restated under IFRS. An explanation of how the transition from UK GAAP to IFRS has affected the Group's financial statements for the relevant periods is set out in note 8. Basis of consolidation The group financial information consolidates the financial information of Byotrol plc and all its subsidiary undertakings drawn up to 3 September 2007. Going concern The directors have prepared cash flow forecasts for the Group that reflect the Group's forecast revenues and costs. It is envisaged by the directors that these forecast revenue streams will provide adequate funds for Byotrol plc and all its subsidiary companies for the foreseeable future. In the event that the Group is unable to achieve its forecast revenues, further funding would be required. The directors have reviewed the availability of debt and equity funding and anticipate being able to raise additional funds should this be necessary. As a result, the directors have formed a view that adequate funds will be available for Byotrol plc and all its subsidiary companies for at least the next year. The financial information has therefore been prepared on a going concern basis. The financial information does not contain any adjustments which would result if the Group does not generate sufficient revenue and free cash flows from its trading activities or if any future fund raising exercise was not successful. Revenue Revenue represents the amounts received and receivable in the period for product delivered in the period, and licence fees and royalties earned during the period. Intangible assets Software is classified as an intangible asset and is stated at historical cost. Amortisation is provided on all intangible assets at rates of 10% and 5%, as appropriate, calculated to write each asset down to its estimated residual value evenly over its expected useful life. Property, plant and equipment Property, plant and equipment are stated at historical cost. Depreciation is provided on all assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows: Leasehold property 33 1/3% per annum Office equipment, plant and equipment 20% per annum Computer equipment 33 1/3% per annum Motor vehicles 25% per annum Investments Investments are stated at cost. Provision is made for any impairment in the value of fixed asset investments. Inventories Inventories are valued at the lower of cost and net realisable value on bases consistent with previous years. Cost represents expenditure incurred in the ordinary course of business to bring inventories to its present condition and location and includes appropriate overheads. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Capital accounts are translated using the historic exchange rate as at the date of issue of capital units. Exchange differences arising on trading transactions are taken into the profit and loss account for the period. Exchange differences arising on retranslation of capital balances are shown as a movement on reserves. Operating lease commitments Rentals paid under operating leases are charged to the profit and loss account as incurred. Research and development Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from the Group's business development is recognised only if all of the following conditions are met: • an asset is created that can be identified (such as software and new processes); • it is probable that the asset created will generate future economic benefits; • the development cost of the asset can be measured reliably; • the product or process is technically and commercially feasible; and • sufficient resources are available to complete the development and to either sell or use the asset. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Patents and trademarks Patents and trademarks are measured initially at purchase cost and amortised on a straight-line basis over their estimated useful lives. (10 to 15 years) Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax with the following exceptions: • Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be appropriate taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Pensions The Group operates a defined contribution scheme whereby contributions are charged to the profit and loss account as incurred. Financial instruments Financial instruments and their derivatives are categorised as held for trading or held as hedges. The fair value of all instruments held for trading is recognised in the balance sheet and all unrealised profits and losses are taken to operating profit. All hedging instruments are matched with their underlying hedged item. Each instrument's gain or loss is brought into the profit and loss account and its fair value into the balance sheet, at the same time and in the same place as is the matched underlying asset, liability, income or cost. For foreign exchange and commodity instruments this will be in the operating profit matched against the relevant purchase or sale, and for interest rate instruments within interest payable or receivable over the life of the instrument or relevant interest period. The profit or loss on an instrument may be deferred if the hedged transaction is expected to take place or would normally be accounted for in a future period. Differences arising from the movement in exchange rates during the period from the translation to sterling of the foreign currency borrowing and similar instruments used to finance long-term foreign equity investments are taken direct to distributable reserves and reported in the statement of recognised income and expense. Changes in the fair value of most financial instruments or the underlying hedged item are not recognised in the income statement. All premiums or fees, paid or received, in respect of a financial instrument are accounted for over the life of the matched underlying asset, liability, income or cost, even if the instrument has been sold. If the matched underlying asset, liability, income or cost ceases to exist, or is no longer considered likely to exist in the future, the hedging instrument is sold. Any profit or loss on the sale is recognised in the income statement as part of operating profit. Share-based payments The Group has applied the requirements of IFRS 2 Share-based Payments. The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is expensed on a straight line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. The corresponding credit is made direct to retained earnings. Fair value is measured by use of the Black Scholes model. The expected life used in the model has been adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations. A liability equal to the portion of the goods or services received is recognised at the current fair value determined at each balance sheet date for cash-settled share based payments. 3 Revenue Revenue and loss before taxation were all derived from the Group's principal activities. The analysis of revenue by source is: 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ Product sales 204,181 116,814 471,025 Licence fees 10,345 - 200,000 Royalties 469 - 2,517 214,995 116,814 673,542 The directors consider that the business generates revenues from the above three distinct sources. The three streams have a shared and largely inseparable cost base, and thus the directors consider that there is only one business segment The geographical analysis of revenue is: 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ UK 165,908 43,700 206,157 North America 25,784 13,675 434,712 Rest of World 23,303 59,439 32,673 214,995 116,814 673,542 4 The interim financial information contained in this statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The accounts for the year ended 31 March 2007, upon which the auditors issued an unqualified opinion and which did not contain a statement under s237 (2) or (3) Companies Act 1985, have been delivered to the Registrar of Companies. 5 Loss per ordinary share The loss per ordinary share is based on the losses for the period of £1,437,591 (six months ended 30 September 2006: £910,957 loss; twelve months ended 31 March 2007 £1,744,140 loss) and the weighted average number of ordinary shares in issue during the period of 44,151,980 (six months ended 30 September 2006: 34,872,849; twelve months ended 31 March 2007: 38,242,833). 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 2007 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. 6 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 2008. 7 Cashflows Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ Loss before tax (1,437,591) (910,957) (1,744,140) Interest received net of paid (85,516) (17,558) (86,293) Share scheme charges 162,493 - 94,231 Depreciation of property, plant and equipment 10,266 6,383 15,113 Amortisation of intangible assets 1,750 250 500 Amortisation of software intangibles 5,966 5,189 11,079 (Increase) in inventories (57,862) (19,014) (24,993) Decrease/(increase) in trade and other receivables 63,950 (109,194) (608,888) Increase/(decrease) in trade, other payables and 138,452 108,137 (96,253) provisions Provision against investment - - 5,000 Exchange differences 21,543 21,922 46,678 Net cash outflow from operating activities (1,176,549) (914,842) (2,387,966) Reconciliation of net cash flow to movement in Net Debt 6 Mths 6 Mths 12 Mths 30-Sep-07 30-Sep-06 31-Mar-07 £ £ £ (Decrease)/increase in cash in the period (890,058) (917,228) 2,339,985 Cash inflow from decrease in debt - - 152,262 Movement in net cash in the period (890,058) (917,228) 2,492,247 Net cash at start of period 3,553,038 1,113,491 1,060,791 Net cash at end of period 2,662,980 196,263 3,553,038 At 1 Apr Cash flow Non cash At 30 Sep 2007 movement 2007 £ £ £ £ Analysis of net debt Net cash: Cash at bank and in hand 3,553,038 (890,058) - 2,662,980 Overdraft - - - - Net cash 3,553,038 (890,058) - 2,662,980 8. The Group has only one IFRS adjustment which is to reclassify purchased software from Plant & Machinery to Software Intangibles. The tables below show the effect of the reclassification. At 31 March 2007 Original Restated Balance sheet Adjustments Balance sheet £ £ £ Fixed assets Intangible assets 39,083 (39,083) - Tangible assets 69,909 (69,909) - Investments - - - - Non current assets Intangible assets - 39,083 39,083 Software intangibles - 23,117 23,117 Property, plant and equipment - 46,792 46,792 Investments - - - Fixed assets/Non current assets 108,992 - 108,992 At 30 September 2006 Original Restated Balance sheet Adjustments Balance sheet £ £ £ Fixed assets Intangible assets 9,333 (9,333) - Tangible assets 59,017 (59,017) - Investments 5,000 (5,000) - Non current assets Intangible assets - 9,333 9,333 Software intangibles - 28,822 28,822 Property, plant and equipment - 30,195 30,195 Investments - 5,000 5,000 Fixed assets/Non current assets 73,350 - 73,350 At 31 March 2006 Original Restated Balance sheet Adjustments Balance sheet £ £ £ Fixed assets Intangible assets 9,583 (9,583) - Tangible assets 50,645 (50,645) - Investments 5,000 (5,000) - Non current assets Intangible assets - 9,583 9,583 Software intangibles - 22,706 22,706 Property, plant and equipment - 27,939 27,939 Investments - 5,000 5,000 Fixed assets/Non current assets 65,228 - 65,228 9 The interim report was issued to the Stock Exchange and the press on 29 November 2007 and will be posted to shareholders. Further copies of the interim report are available at the Company's Registered Office and a copy will be posted on the Company's website. Introduction We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the six months ended 30 September 2007 which comprises the consolidated income statement, the consolidated statement of recognised income and expense, the consolidated balance sheet, 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 interim 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, including the conclusion, has been prepared for and only for the Company for the purpose of meeting the requirements of the AIM Rules for Companies and for no other purpose. We do not, therefore, 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. Directors' Responsibilities The interim financial report, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing and presenting the interim financial report in accordance with the AIM Rules for Companies. As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards and International Financial Reporting Interpretations Committee ('IFRIC') pronouncements as adopted by the European Union. The condensed set of financial statements included in this interim financial report has been prepared in accordance with the measurement and recognition criteria of International Financial Reporting Standards and International Financial Reporting Interpretations Committee ('IFRIC') 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 interim 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 interim financial report for the six months ended 30 September 2007 is not prepared, in all material respects, in accordance with the measurement and recognition criteria of International Financial Reporting Standards and International Financial Reporting Interpretations Committee ('IFRIC') pronouncements as adopted by the European Union, and the AIM Rules for Companies. BAKER TILLY UK AUDIT LLP Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL 29 November 2007 This information is provided by RNS The company news service from the London Stock Exchange

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