Preliminary Results

RNS Number : 4192K

Clinical Computing PLC

20 April 2010

 



CLINICAL COMPUTING PLC

2009 PRELIMINARY RESULTS

Clinical Computing Plc (the "Company" or the "Group"), the international developer of clinical information systems and project and resource management software, announces its preliminary results for the year ended 31 December 2009.  During 2009 the Group traded through four operating subsidiaries: Clinical Computing UK Limited in the United Kingdom and Europe, Clinical Computing, Inc. in the United States, Clinical Computing Pty Limited in Australia and Hydra Management Limited ("Hydra") in the United Kingdom and Europe.

Financial Overview

·      Total revenue increased 12.5% to £3,179,365 (2008: £2,825,032)

·      Recurring maintenance revenues increased to £1,716,862 (2008: £1,515,615)

·      Operating costs decreased 6.6% to £3,399,050 (2008: £3,637,376)

·      Loss from operations reduced to £219,685 (2008: £812,344)

·      EBITDA loss of £61,118 (2008: loss of £737,384)

·      Profit after tax of £220,394 (2008: loss £731,477) principally as a result of receiving £453,026 in research and development tax credits for development project undertaken in 2006, 2007 and 2008   

·      Earnings per share of 0.2p (2008: loss 0.7p)

·      Operations generated £219,502 of cash (2008: operations used £742,523)

·      Second half 2009 results showed a profit before tax of £14,771

Business Review

·      Clinicalvision V web-based clinical information live in Canadian market

·      Clinicalvision iPhone application in beta testing

·      Six customers currently implementing Clinicalvision V one of which is a French Canadian system

·      Clinical business delivering a clinical analytics module

·      Hydra secured seven new customers during 2009

·      Hydra released new reporting solution in version 6.1

·      Significant developments efforts have been completed in both businesses

Commenting on Outlook, Howard Kitchner, Chairman of Clinical Computing, said:

"The Group is in a position with both of its business units where it has completed the majority of the significant development efforts for its primary product lines.  The Clinical business will be impacted by its ability to meet the evolving government initiatives in its key geographic markets which its customers will be required to comply with over the coming years.

The Hydra business is expected to continue to deliver stable results as companies continue to require tools to manage projects effectively and show accountability to management.  The Group will continue to manage its cost structure in line with opportunities across both business lines."     

Contacts:
Clinical Computing plc	http://www.ccl.com
Joe Marlovits, Chief Executive	020 3006 7536
Cairn Financial Advisers Limited
Simon Sacerdoti	020 7148 7904
James Caithie	020 7148 7902

Chairman's Statement

Business overview

We are pleased to report that the positive trends announced with our first half results continued through the second half of 2009.

The following are some of the key improvements for the year under review:

·      Revenue for the full year 2009 of £3,179,365  has increased 12.5% over 2008 (£2,825,032)

·      Operating results improved in the second half over what we reported in the first half with revenues increasing 8% and operating costs decreasing 7% when comparing the consecutive six month periods

·      A first half loss of £234,356 and an operating profit of £14,771 in the second half resulted in a full year operating loss of  £219,685 (2008: loss £812,344)

·      Full Year EBITDA loss of £61,118 ( 2008: loss of £737,384)

·      Full year after tax profit of £220,394 (2008: loss £731,477)

·      Operations generated £219,502 of cash (2008: operations used £742,523)

·      Implementation and upgrade projects for clinicalvision V are underway in our three primary geographic markets:  United States, Canada and United Kingdom 

·      Hydra secured seven new customer projects during the year under review 

Clinical business

2009 was the first twelve month period following the release of our web-enabled clinicalvision electronic medical record system.  With this release the Clinical business realigned its resources to focus on project delivery and securing new business for this product.  From a marketing perspective the business continues to focus its efforts in the United Kingdom, United States, Canada and Australia with the sales efforts in the Canadian and Australia markets being delivered through a partner organisation. 2009 was the first year in which the Clinical business generated revenues from the Canadian market.   

During the year under review the Clinical business generated revenues from 85 customers of which seven are currently using or implementing the latest version of the clinicalvision product. 

We are now beta testing our clinicalvision iPhone application and plan to release a clinical analytics module during 2010.  This will provide clinical dashboard capabilities allowing customers to track and analyse key clinical performance indictors by patient, by location or care provider. This new module will permit our customers to easily isolate risks in the care process and monitor the quality of care against local and national standards.  We continue to add data exchange protocols to support interaction with other clinical and administrative systems to ensure that the clinicalvision system is the primary clinical information system used by our customers.     

There are a number of government initiatives in the United States, Canada and the United Kingdom that are driving innovation in the electronic medical record market.  These initiatives require specific clinical data to be collected and reported to governmental entities to determine quality of care and future reimbursement and funding levels.  This creates both risk and opportunity for our business and we believe that our investment in clinicalvision will enable us to respond accordingly.  

Hydra business

As businesses continue to focus on driving efficiencies and optimising resource utilisation, Hydra has secured a number of new opportunities from current and new customers. During 2009 Hydra version 6.1 and Hydra Reporter, which provides comprehensive management information regarding programmes, projects and resources were released to all Hydra users and have been well received by customers and assisted in securing new sales during the year.

During the year under review Hydra retained nearly all existing customers under maintenance agreements and secured revenue from 53 customers.

Results

Group revenue increased by 12.5% to £3,179,365 (2008: £2,825,032) with the revenue mix by business as follows:

-     Clinical Business 76% of Group revenue at £2,428,354 ( 2008: 69.1% and £1,951,743)

-     Hydra Business   24% of Group revenue at £751,011 (2008: 31.9% and £873,289)

Group Operating costs have decreased 6.6% from the prior year to £3,399,050 (2008: £3,637,376). The costs were attributed as follows:

-     Clinical Business 76% of Group operating costs at  £2,596,642 (2008: 73% and £2,581,530)

-     Hydra Business   18% of Group operating costs at £ 616,619 (2008: 21% and £770,868)

-     Parent Company costs  of 6% of Group operating costs at £185,789 (2008: 8% and £284,978)

Loss from operations reduced by £592,659 to £219,685 (2008: £812,344).

-     Clinical business operating loss £168,288 (2008: loss £629,792)

-     Hydra business operating profit £134,392  (2008: profit £102,421)

-     Parent Company operating loss £185,789 (2008: loss £284,978)

The Group is reporting a profit after tax of £220,394 which has arisen principally as a result of receiving £453,026 in research and development tax credits covering development undertaken in 2006, 2007 and 2008.  The after tax profit of £220,394 equates to an earnings per share for the year of £0.2p (2008: loss after tax of £731,477 or £0.7p per share).

Products and product development

During 2009 the Group focused its development efforts around three main areas for its clinicalvision technology:

- localising clinicalvision V for the Canadian market including localised English and French versions;

- developing new interfaces to load information electronically into clinicalvision V or send information to other systems, thus aiding the workflow process of our customers; and

 - enhancing the clinicalvision V reporting and analytical capabilities to extend the products ability to deliver relevant operating information to support both clinical and business decisions.

Likewise, the Hydra product was updated to simplify its deployment and use and in the second half of the year we released an upgraded reporting solution to improve the management information and reporting capabilities available to customers.

Our development efforts for both product lines were focused on improving specific competitive advantages which we hope to exploit with new opportunities, particularly in the areas of data analysis and ad hoc reporting.  

The Group is not anticipating any increases to its development costs in 2010 with the majority of development activities focused on specific project requirements and changing market requirements based on government regulations. 

Registered Office

The Company moved its corporate headquarters to 17 - 19 Bedford Street, London WC2E 9HP.

Going concern

The Group forecasts and projections, which take into account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current banking facilities which have both been renewed for a further twelve month period.  As a consequence, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and thus continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Outlook

The Group is in a position with both of its business units where it has completed the majority of the significant development efforts for its primary product lines.  The Clinical business will be impacted by its ability to meet  evolving government initiatives in its key geographic markets which its customers will be required to comply with over the coming years.  The directors believe that the investment made in our new clinicalvision technology will permit this business to win new business and migrate current customers forward to this technology while meeting these regional requirements.  The Hydra business is expected to continue to deliver stable results as companies continue to require tools to manage projects effectively and show accountability to management.  The Group will continue to manage its cost structure in line with opportunities across both business lines.     

H Kitchner

Chairman

20 April 2010

Finance Review

Results for the year

The Group derived its revenue from approximately 85 healthcare organisations that license one of the following products: PROTON, di-PROTON, RENLStar and clinicalvision and 53 organisations licensing the Hydra software.

Total revenues for 2009 increased 12.5% to £3,179,365 (2008: £2,825,032).  The revenues from the Clinical business generated 76% of the Group's revenues and 24% are derived from the Hydra business.  Across the Group maintenance revenues for the year was £1,716,862 or 54% of revenue (2008: £1,515,615 or 53.6%).  The increase in maintenance revenue for the year was generated from owning the Hydra business for 12 months in 2009 compared to 10 months in 2008 and the effect of Sterling weakening against the US dollar. 

Of the 12.5% increase in Group revenue for the year, 3.3% was from increased sales and 9.2% was from the weakening of Sterling against the other currencies in which the Group transacts business, primarily the US and Australian dollar.  72.0% of the Clinical business revenues were derived from the US market (2008: 69.3%) and across the Group 55.0% of revenues was derived from the US market (2008: 47.9%).   

The Group's total operating costs for the year were £3,399,050 (2008: £3,637,376) or a reduction of 6.6%.    The costs for the Clinical business were 76% of the total operating costs with the Hydra business accounting for 18% of the costs and the parent company accounting for 6% of the operating costs of the Group.  Costs across the Group, on a constant exchange rate with the prior year, would have decreased by a further 5.6% when compared to the prior year.

The Group EBITDA improved from a loss of £737,384 in 2008 to a loss of £61,118 primarily due to the increases in revenue and the reduction to costs noted above.     

Operations generated a loss of £219,685 (2008: loss £812,344).  The loss before tax and tax credits improved to a loss of £232,632 (2008: loss £773,386). The Group is reporting a profit for the year after tax of £220,394 or £0.2p per share (2008: loss of £731,477 or £0.7p per share). 

Cash flow and debt

During the year cash generated by operations was £219,502 (2008: £742,523 used by operations).

The Group actively uses one of its two working capital facilities and is reporting an increase in borrowings for the year of £53,909.  Outstanding debt at the end of the year is £726,755 (2007: £672,755).

At 31 December 2009 the Group had two debt facilities which in total provided approximately £956,000 of working capital facilities with £726,755 borrowed.  The larger of the two facilities (£800,000) is provided by Brown Shipley on normal commercial terms, and is backed by personal guarantees from the chairman and two shareholders.  A further £156,000 facility ($250,000) is provided by Fifth Third Bank in the US and is secured by the assets of the Company.

The Fifth Third facility has been extended to 29 April 2011 and the Brown Shipley facility extended to 31 October 2011.   

Capital structure and finance

The Group's consolidated equity position at 31 December 2009 was a deficit of £282,959 (2008: deficit £507,925).  The change to the equity position was impacted primarily by the Group's results for the year and the impact of foreign currency translation of foreign owned subsidiaries. 

The Company's current issued shares and voting capital consists of 110,883,694 1p ordinary shares. 

Software development

During the year under review the development teams delivered a number of projects to enhance our current technologies.  None of the costs associated with these projects were capitalised during the year as the projects were specific to new markets or general enhancements to the products which would not be separately licensed to customers or identified as separate assets.  

The Company has previously capitalised development costs associated with its clinicalvision V web based chronic disease product and the clinicalvision transplant module.  The amortisation expense for previously capitalised development costs during the year was £93,871, (2008: £15,609) which is included in the Group's research and development expense for the year of £1,341,838 (2008: £1,444,404).  

Group risk factors

As with all businesses, the Group is affected by certain risks, not wholly within its control, which could have a material impact on its performance or could cause actual results to differ materially from historic results. Some of the risk factors affecting the Group are inherent risks based on the type of businesses we operate as well as other external factors predominately beyond our control.  Likewise, risks also impact non-financial aspects such as reputation and time to market.  Below are the principal inherent risks that the Group faces

International factors

As an international organisation, the Group faces challenges from economic, political and business factors unique to the differing healthcare systems in the countries in which its potential customers are based.  The Group has operations in the United States and United Kingdom to mitigate the majority of this risk, however, the variety of local regulatory requirements and changes to healthcare policies are examples of specific risks associated with managing this business.  Any failure to maintain compliance with changes in local regulations or failure to adapt to market local requirements could have a material, adverse impact on our business.  As we expand our geographical coverage, we continually review all relevant requirements to ensure appropriate policies are developed for each market.

Competitive environment

The market for healthcare applications and business management software solutions are both highly competitive.  Competition continues to increase, particularly in the SME market where barriers to entry are relatively low, which attracts more companies on a local level into the market.  Companies with which we compete may have greater local knowledge, more human resources, a stronger financial position or more marketing resources than we do.  The Group mitigates this risk through a commitment to customer service and strategic partnering to meet local market requirements. 

Technology change

Technology in the software industry is constantly changing and in order to be successful, companies and its employees must be able to adapt to changing technologies.  Changing technology also creates unexpected demands and new market requirements.  The Group's ability to develop new products and stay up to date with new technologies is determined by the quality of its employees and their ability to work with industry partners.  We encourage our staff to experiment with new technologies and seek to maintain an up to date knowledge of our industries and technology in general to ensure, where possible, a proactive response to the market.   

Intellectual property

The Group relies on intellectual property laws, including laws on copyright, trade secrets and trademarks, to protect its products.  Measures are in place to ensure that our product source code is secure and only available to a limited number of staff throughout the Group.

Foreign currency risk

The Company's US trading subsidiary trades in its local currency, the US dollar, and no hedging activity between sterling and the US dollar is undertaken.  This subsidiary generated 55.0% of the Group's total revenue or £1,747,973 against 25.3% of its operating costs or £859,575 in US dollars.  During the year this subsidiary was cash generative, and this surplus is subject to foreign currency risk.     

Additionally, the Company has a subsidiary in Australia.  Receipts and payments are in the local currency and no hedging activity is undertaken.  During the year this subsidiary was also cash generative, and this surplus is subject to foreign currency risk.

Administrative expenses are offset by positive effects of foreign currency transactions which for the year were £34,715 (2008: £83,072). 

Going Concern Risk

The borrowing facilities are subject to annual renewals and there are risks associated with generating sufficient cash from operations if these facilities are not renewed.  

Taxation

The Company and all subsidiaries have sufficient tax losses such that no income tax expense has been recognised during the year.  For the year under review, the Group, through its two UK trading subsidiaries has filed research and development ("R&D") tax credit claims with respect to activities undertaken in 2008 on various components of the clinicalvision and Hydra products.   An election was made, under the terms of the current United Kingdom R&D tax credit regime, for a percentage of the R&D expenditure to be settled in cash.  A tax credit in the amount of £260,056 has been reported in 2009 based on 2008 activities.  Also during the year under review the Group filed amended R&D claims for tax years 2006 and 2007 which resulted in a further cash settlement of £192,970.  Total cash settlements for R&D tax credits in 2008 were £453,026 (2008: £41,909).

Consistent with prior years, R&D tax credit/claims for activities undertaken in 2009 will be accounted for when received in 2010. 

J Marlovits

Director

20 April 2010

Consolidated Income Statement

For the year ended 31 December 2009

	Notes	Unaudited	Audited
		2009	2008
		£	£
Continuing Operations
Total revenue	2	3,179,365	2,825,032
Cost of sales		805,487	(834,691)
		__________	__________
Gross profit		2,373,878	1,990,341
Distribution costs		(330,578)	(328,705)
Administrative expenses
Research and development		(1,341,838)	(1,444,404)
Other		(921,147)	(1,029,576)
Total administrative expenses		(2,262,985)	(2,473,980)
		__________	__________
Loss from operations		(219,685)	(812,344)
Finance income		1,506	66,489
Finance expense		(14,453)	(27,531)
		__________	__________
Loss before tax		(232,632)	(773,386)
Income tax credit		453,026	41,909
		__________	__________
Loss for the  year attributable to equity holders of the company		220,394	(731,477)
		__________	__________
Basic earnings/(loss) per share	3	0.2p	(0.7p)
Diluted earnings/(loss) per share	3	0.2p	(0.7p)
		__________	__________

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2009

		Unaudited	Audited
		2009	2008
		£	£
Profit/(loss) for the year		220,394	(731,477)
Other comprehensive income:
Exchange difference on translating foreign operations		(22,522)	(130,699)
		__________	__________
		(22,522)	(130,699)
		__________	__________
Total comprehensive income for the year		(197,872)	(862,176)
		__________	__________

Consolidated Balance Sheet

As at 31 December 2009

		Unaudited	Audited
		2009	2008
		£	£
Non-current assets
Intangible assets		309,426	413,466
Goodwill		157,658	157,658
Property, plant and equipment		78,269	125,988
		__________	__________
		545,353	697,112
		__________	__________
Current assets
Trade and other receivables		450,574	437,149
Cash and cash equivalents		551,404	299,188
		__________	__________
		1,001,978	736,337
		__________	__________
Total assets		1,547,331	1,433,449
		__________	__________
Current liabilities
Trade and other payables		(1,103,626)	(1,268,619)
Borrowings		(726,664)	(672,755)
		__________	__________
		(1,830,290)	(1,941,374)
		__________	__________
Net liabilities		(282,959)	(507,925)
		_________	_________
Equity
Share capital		(2,433,251)	2,433,251
Share premium account		7,750,957	7,750,957
Share option reserve		124,661	97,588
Translation reserve		5,623	28,144
Retained earnings		(10,597,471)	(10,817,865)
		__________	__________
Shareholders' funds - deficit		(282,959)	(507,925)
		_________	_________

Consolidated Cash Flow Statement

For the year ended 31 December 2009

	Notes	Unaudited	Audited
		2009	2008
		£	£
Net cash outflow from operating activities	4	219,502	(742,523)
		__________	__________
Investing activities
Interest received		1,506	66,489
Acquisition of business operations		-	(56,750)
Expenditure on intangible assets		-	(171,541)
Proceeds from sale of property, plant and equipment		-	606
Purchases of property, plant and equipment		(12,203)	(38,353)
		__________	__________
Net cash used in investing activities		(10,697)	(199,549)
		__________	__________
Financing activities
VAT recovery from equity issue		-	89,037
Proceeds from equity issue		-	545,000
Costs of equity issue		-	(34,813))
Increase in bank loan		53,909	451,075
		__________	__________
Net cash from financing activities		53,909	1,050,299
		__________	__________
Net increase in cash and cash equivalents		262,714	108,227
Cash and cash equivalents at beginning of year		299,188	164,365
Effect of foreign exchange rate changes		(10,498)	26,596
		__________	__________
Cash and cash equivalents at end of year		551,404	299,188
		__________	__________

Consolidated Statement of Changes in Equity

For the year ended 31 December 2009

	Share capital	Share premium  account	Share option reserve	Translation  reserve	Retained earnings	Shareholders' funds
	£	£	£	£	£	£
At 1 January 2008	2,258,851	7,326,133	71,375	158,843	(10,086,388)	(271,186)
Share option charge	-	-	26,213	-	-	26,213
Exchange difference on translation of foreign operations	-	-	-	(130,699)	-	(130,699)
Issue of equity shares	174,400	370,600	-	-	-	545,000
Expenses from issue of equity shares	-	(34,813)	-	-	-	(34,813)
Recovery of VAT		89,037				89,037
Loss for the year	-	-	-	-	(731,477)	(731,477)
	_________	__________	__________	__________	__________	__________
At 31 December 2008	2,433,251	7,750,957	97,588	28,144	(10,817,865)	(507,925)
	_______	__________	__________	__________	__________	__________
Share option charge	-	-	27,093	-	-	27,093
Exchange difference on translation of foreign operations	- -	- -	-	(22,521)	-	(22,521)
'Profit for the year	-	-	-	-	220,394	220,394
	________	__________	__________	__________	__________	__________
At 31 December 2009 - Unaudited	2,433,251	7,750,957	124,681	5,623	(10,597,471)	(282,959)
	_______	__________	__________	__________	__________	__________

Notes
1.	Basis of preparation The unaudited preliminary announcement has been prepared under the historical cost convention, on a going concern basis and consistent with applicable International Financial Reporting Standards and IFRIC interpretations ("IFRS") as adopted by the EU.   The preliminary announcement has been prepared on the basis of the same accounting policies as published in the statutory accounts for the year ended 31 December 2008.   The financial information set out in this preliminary announcement was approved by the board on 20 April 2010 and does not constitute statutory financial statements as defined by the Companies Act 2006.  The statutory accounts for the year ended 31 December 2009 have not yet been delivered to the Registrar of Companies and no audit report has yet been given on the statutory financials statements.  Statutory accounts for the year ended 31 December 2008 have been delivered to the Registrar of Companies.  The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237 (3) of the Companies Act. The Annual Report and Accounts for the year ended 31 December 2009 will be posted to shareholders in due course and will be available at the Company's registered office and on the Company's website simultaneously with posting.

2.     Revenue

An analysis of the Group's revenue is as follows:

	Unaudited	Audited
	2009	2008
	£	£
Software licenses	1,016,954	825,155
Maintenance	1,716,862	1,515,615
Services and other revenue	445.549	484,262
	__________	__________
Revenue	3,179,365	2,825,032
	__________	__________

3. Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

	Unaudited	Audited
	2009	2008
	£	£
Earnings
Earnings/(loss) for the purposes of basic and diluted earnings per share	220,394	(731,477)
	__________	__________
Number of shares
	Number	Number
Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share	110,883,694	108,446,872
Dilutive share options for the purpose of diluted earnings per share	1,149,833	-
	__________	__________
Earnings per share
Basic earnings per share	0.2p	(0.7p)
Diluted earnings per share	0.2p	(0.7p)

The calculations of basic and diluted losses per share for 2008 does not include share options because the effect of including share options would be anti-dilutive and are excluded from the calculation per IAS 33.

4.  Notes to the cash flow statement

	Unaudited	Audited
	2009	2008
	£	£
Loss from operations	(219,685)	(812,344)
Adjustments for:
Depreciation of property, plant and equipment	54,527	58,780
Amortisation of intangible assets	104,040	16,180
Share option charges	27,093	26,213
	__________	__________
Operating cash flows before movements in working capital	(34,025)	(711,171)
Increase in receivables	(23,828)	(42,408)
Decrease in payables	(161,218)	(3,322)
	__________	__________
Cash used by operations	(219,071)	(756,901)
Interest paid	(14,453)	(27,531)
Tax credit received	453,026	41,909
	__________	__________
Net cash from operating activities	219,502	(742,523)
	__________	__________

5. Business and geographical segments

For management and legal purposes, the Group consists of four operating companies and the parent company.  These companies are the basis on which the Group reports its primary segment information.  The operating companies provide software, maintenance and related services to around the clinical and programme management software products.  There is no significant difference between risk and return on the software and services offered between the operating companies.  The geographic segmental information presented below excludes any intra-group revenue or expense.

	Clinical	Clinical	Clinical	Hydra	Parent
	US	UK	Australia	UK	UK	Total
	£	£	£	£	£	£
2009 - Unaudited
Revenue
Total Revenue	1,747,973	602,916	77,465	751,011	-	3,179,365
	__________	__________	_______	_________	__________	__________
Segment result
Operating profit/(loss)	888,398	(1,114,943)	58,257	134,392	(185,789)	(219,685)
						__________
Finance income						1,506
Finance expense						(14,453)
						__________
Loss before tax						(232,632)
Income tax credit						453,026
						__________
Income for the year attributable to equity holders of the company						220,394
						__________
Balance Sheet
Segment assets	328,878	384,854	8,166	761,899	63,534	1,547,331
						__________
Segment liabilities	280,957	298,385	6,664	446,545	71,075	1,103,626
Current borrowings	-	726,664	-	-	-	726,664
						__________
Total liabilities						1,830,290
Other Information						__________
Capital Expenditure	7,941	4,262	-	-	-	12,203
Depreciation	22,405	31,506	-	616	-	54,527
Amortisation	-	93,871	-	10,169	-	104,040

	Clinical	Clinical	Clinical	Hydra	Parent
	US	UK	Australia	UK	UK	Total
	£	£	£	£	£	£
2008
Revenue
Total Revenue	1,351,826	568,508	31,409	873,289	-	2,825,032
	__________	__________	_______	_________	__________	__________
Segment result
Operating profit/(loss)	427,346	(1,147,089)	14,956	102,421	(209,978)	(812,344)
						__________
Finance income						66,489
Finance expense						(27,531)
						__________
Loss before tax						(773,386)
Income tax credit						41,909
						__________
Loss for the year attributable to equity holders of the company						(731,477)
						__________
Balance Sheet
Segment assets	280,496	1,033,182	4,211	479,039	115,560	1,433,449
Segment liabilities	(476,558)	(712,960)	(2,026)	(258,870)	(77,075)	(1,268,619)
Current borrowings	-	(672,755)	-	-	-	(672,755)
						__________
Total liabilities						(1,941,374)
Other Information
Capital Expenditure	27,219	182,675	-	-	-	209,894
Depreciation	23,554	35,226	-	438	-	58,780
Amortisation	-	15,609	-	571	-	16,180

 

END

 

 

FR DMGMDDLZGGZM