Interim Results
Evolutec Group PLC
28 September 2005
For immediate release 28 September 2005
EVOLUTEC GROUP PLC
('Evolutec' or the 'Company')
INTERIM FINANCIAL RESULTS
Evolutec Group plc (AIM: EVC), a biopharmaceutical company developing small
protein therapeutics for allergy, inflammation and auto-immune diseases, is
pleased to announce its interim results for the 6 month period to 30 June 2005.
Highlights to date
• rEV131 - Positive Phase II result announced ahead of schedule in
allergic rhinitis (hay fever)
• rEV131 - Significantly reduced (p<0.05) rhinitis symptoms with rapid
onset of action
• rEV131 - Good progress by Cambrex Inc ('Cambrex') on developing a
current Good Manufacturing Practice ('cGMP') process
• rEV576 - Exciting preclinical result in myasthenia gravis
• Vaccine technology - Merial has obtained encouraging results from its
initial testing. Merial intends to continue to evaluate the technology
against tick-borne diseases.
Financial Highlights
• Raised £9.5 million (net of expenses) in April 2005
• Operating loss for the 6 month period ended 30 June 2005 of £2.1
million (2004: operating loss of £0.6 million)
• Cash and short-term investments of £12.2 million at 30 June 2005 (2004:
£(0.1) million)
• £0.35 million foreign exchange gain on US dollar deposits
Mark Carnegie Brown, Evolutec's Chief Executive, said: 'This has been a period
of substantial progress for the business and I am pleased to report that
advances have been made in the development of the technology, the funding, and
the infrastructure of Evolutec.'
Webcast
Evolutec will host a live audio webcast of the interim results at 10.30am on
Wednesday 28 September 2005. To connect to the webcast, please go to the
Company's website, http://www.evolutec.co.uk, approximately 10 minutes (10.20am)
before the start of the briefing. The webcast will be available for replay
shortly after the presentation concludes.
For further information:
Evolutec + 44 (0) 118 922 4480
Mark Carnegie Brown, Chief Executive Officer
Nicholas Badman, Chief Financial Officer
www.evolutec.co.uk
Robert W. Baird +44 (0) 20 7488 1212
Shaun Dobson/Xavier de Mol
Buchanan Communications +44 (0) 20 7466 5000
Mark Court/Tim Anderson/Mary-Jane Johnson
Notes for Editors:
About Evolutec
Evolutec, which is based in Reading, UK, is a clinical stage biopharmaceutical
company with a focus on allergy, inflammation and auto-immune diseases.
The Company has just completed a positive 112 patient proof of concept Phase II
clinical trial with rEV131, its lead product, in allergic rhinitis. The Company
had previously demonstrated clinical activity against the symptoms of rhinitis
when rEV131 was delivered as an eye drop. Evolutec intends to carry out
additional proof of concept Phase II trials with rEV131 in post-cataract surgery
and dry eye. Positive preclinical data has also been generated in asthma.
rEV131 is a histamine binding protein and is understood to be the only product
currently in clinical trials that impacts the recently discovered H4 receptor, a
receptor implicated in many forms of inflammatory disease.
The Company has a further two molecules in preclinical development. rEV576, a
complement inhibitor that was very effective in a preclinical model of
myasthenia gravis, and rEV598, which is being evaluated in carcinoid syndrome
and CINV (chemotherapy-induced nausea and vomiting). Evolutec is working with
Merial to develop anti-tick and anti-tick borne disease vaccines.
Evolutec was founded in 1998 to exploit research carried out by the Natural
Environment Research Council. Evolutec's drugs were first isolated from the
saliva of ticks but are now manufactured by bacterial fermentation procedures.
The tick remains undetected by its hosts, including humans, by injecting an
array of molecules into the skin that suppresses normal defence mechanisms.
These stealth molecules have evolved over millions of years to enable the tick
to take a blood meal from its host. Evolutec employs the tick's evolutionary
stealth technology to offer the potential of treating human diseases.
Safe Harbour statement: this news release may contain forward-looking statements
that reflect the current expectations of the Company regarding future events.
Forward-looking statements involve risks and uncertainties. Actual events could
differ materially from those projected herein and depend on a number of factors
including the success of the Company's research strategies, the applicability of
the discoveries made therein, the successful and timely completion of clinical
studies, the uncertainties related to the regulatory process, the successful
integration of completed mergers and acquisitions and achievement of expected
synergies from such transactions, and the ability of the Company to identify and
consummate suitable strategic and business combination transactions.
CHAIRMAN'S STATEMENT
During the period, Evolutec has made considerable operational progress on a
number of fronts including:
• Building and developing its clinical development pipeline;
• Recruiting an experienced development team;
• Increasing exposure of the Group's technology to the international
pharmaceutical and biotechnology community to prepare for licensing/
marketing arrangements; and
• Building a strong and well motivated team at our new headquarters in Green
Park, Reading.
The fieldwork for a 112 patient allergic rhinitis trial of rEV131, the Group's
leading biopharmaceutical product candidate, was completed ahead of schedule and
positive results were announced on 20 September 2005. The observation that
rEV131 showed good safety and efficacy against the symptoms of allergic rhinitis
is particularly important since it clearly demonstrates the potential utility of
tick derived proteins in treating human diseases. This result will underpin the
Group's development both in terms of further clinical programmes as well as
commercial opportunities.
The Group encountered a delay in the production of drug product for the
post--cataract surgery clinical trial. We now expect to deliver the
post-cataract trial result and a dry eye result in 2006.
In April, Evolutec raised £9.5 million (net of expenses) through a share placing
to institutions. As a result, the Group ended the period under review with net
cash of about £12.2 million. This additional funding allows Evolutec to begin to
diversify its development portfolio, an important aspect of risk management.
A significant portion of the placing proceeds was converted into US dollars to
provide certainty to meet the clinical and manufacturing costs that were
anticipated in the business plan in North America. This resulted in a
significant currency gain following the decline of the pound sterling against
the dollar. More importantly, the Group's business plan is not adversely
impacted because of this change since the appropriate funds are available in
dollars. Merial's initial vaccine trial shows that our tick vaccine
candidate significantly reduced tick infestation in cattle. Merial has decided
to continue development work and evaluate our vaccine technology against
tick-borne diseases of economic importance.
First preclinical results with the complement inhibitor, rEV576, are extremely
promising especially when compared to similar antibody products. Importantly, it
is effective in a preclinical model of the autoimmune disease, myasthenia
gravis, by injection. This highlights the potential of rEV576 in the treatment
of severe diseases, which include cardio-pulmonary bypass (heart bypass
surgery), myocardial infarction (heart attack), and rheumatoid arthritis. The
Group will now push ahead with the further development of this molecule.
During the past six months Evolutec has completed its move to Green Park,
Reading, and made a number of key recruits. The first phase of development of
the infrastructure of the Group is now nearing completion, although we expect to
add individuals in the business development area. Evolutec remains committed to
its model of out-sourcing activities wherever possible in order to control its
cost base.
At the time of listing on AIM, it was anticipated that I would change my
position to Non-Executive Chairman of Evolutec. Terms for my appointment to this
position have been agreed with effect from 2 August 2005.
I would like to thank the staff of Evolutec for their hard work during the
recent period and to acknowledge the support of the shareholders in allowing us
to carry out this exciting work.
David Bloxham
Chairman
28 September 2005
CHIEF EXECUTIVE'S REPORT
• The clinical study with rEV131 in allergic rhinitis was completed ahead
of schedule and the results were reported on 20 September 2005. The primary
endpoint was met and rEV131 demonstrated a rapid onset of activity. This is an
exceptional outcome for the Group and will be the foundation for further
clinical work and partnering of the molecule.
• In April 2005, the Group raised £9.5 million (net of expenses) via an
institutional placing improving the funding of the Group and enabling ongoing
investment in the development of rEV131 and a degree of diversification in the
product portfolio.
• rEV576 has shown exciting preclinical results in myasthenia gravis
which suggest potential in acute and chronic inflammatory diseases. Therefore,
the strategy of diversification has begun to deliver results.
• Initial vaccine results from the Merial cattle trial have shown a
significant reduction in tick infestation. Merial has decided to continue
development work and evaluate Evolutec's vaccine technology against tick-borne
diseases.
• A delay was encountered in the preparation of rEV131 drug product for
the planned post-cataract surgery clinical trial. We now expect to submit this
Investigational New Drug ('IND') in early 2006.
• We have successfully recruited staff in the product development,
research and finance functions.
rEV131
Allergic rhinitis
The most important event for the development of our technology has been the
positive Phase II clinical result for rEV131 in seasonal allergic rhinitis (hay
fever). Evolutec had three objectives for rEV131 in the undertaking of this 112
patient Phase II study:
1. A proof of concept in the lead clinical indication
2. The selection of the optimum dose for further clinical studies
3. The demonstration of safety via this new route of administration
In addition to accomplishing all 3 objectives, the results show that rEV131 has
an onset of action of 45 minutes or less - quicker than steroid nasal sprays
which have an onset of action of approximately 8 hours. Furthermore, the main
effects of rEV131 were against congestion and mucus production, symptoms that
patients find the most troublesome and which are not well addressed by oral
antihistamines. The rapid onset of action and efficacy against congestion and
mucus underpin the potential commercial advantages of rEV131 making this an
exceptional result.
This Phase II dose-ranging nasal allergen challenge study of rEV131 administered
as a nasal spray was undertaken at two centres in San Antonio, Texas, under the
leadership of Dr Paul Ratner. The trial was conducted in accordance with the
Food & Drug Administration's Guidance for Industry recommendations.
The trial comprised four cohorts of 20 patients (16 active, 4 placebo), with the
active patients on ascending single doses of rEV131, followed by a fifth cohort
of 32 patients (16 active, 16 placebo) at the optimum dose. The ragweed pollen
extract was administered 30 minutes after dosing.
The trial met its primary endpoint, a statistically significant difference (p<
0.05) in the mean sum of symptom scores at 15 minutes post allergen challenge
versus placebo in the patients who completed the trial according to the
protocol. rEV131 showed a dose dependent drug effect enabling Evolutec to select
the optimum dose for further work.
There were no significant adverse events and rEV131 was comfortable and
well-tolerated.
The result highlights the potential of rEV131 in the $6 billion allergic
rhinitis market. The Group will now undertake additional multi-dose Phase II
studies to define further the onset and duration of action which will guide
commercial positioning and facilitate a partnering deal for rEV131.
The result also emphasises the potential of molecules sourced from the salvia of
ticks and supports the need to prime the pipeline in terms of further molecule
research.
The metabolism programme, device selection and formulation studies on rEV131 are
underway and will deliver results in 2006. Good progress has been made with the
process development work on the manufacture of rEV131 to cGMP standard. Large
scale engineering runs are on track to enable cGMP drug substance to be
manufactured in 2006. This process will be suitable for commercialisation of the
product and underpins future Phase III trials.
The Group has maintained its partnering activities in Europe and the US.
Evolutec will seek to partner rEV131 as a means of funding, risk sharing and
accelerating the development of an increasingly diverse portfolio.
Dry eye
The anti-inflammatory effects of rEV131, its effect on adhesion molecules and
downstream cytokines provide a good rationale for the selection of dry eye as a
third indication. In the US, dry eye is a $1 billion market with substantial
unmet need because the majority of products provide only transient relief from
the condition. Restasis(TM), the first and only prescription product for dry eye,
achieved $100m sales in 2004, its first full year after launch. Dry eye is a
good fit with Evolutec's intention to retain the marketing rights in
ophthalmology.
Post-cataract
The drug product prepared for the post--cataract clinical trial failed a release
assay and this has meant that all product from the same batch has had to be
abandoned. Accelerated stability tests have identified that the bottle tips and
not the drug substance were the source of this problem. Alternative tips have
been tested and will now be used for future drug product preparation. Inevitably
this has delayed the submission of the planned IND in post-cataract surgery. A
new batch of drug substance has been commissioned to replace that originally
prepared and packed for the study. It is anticipated that the IND will be
submitted early in 2006. This means that a clinical result will now be delivered
in 2006.
rEV576
Exciting preclinical results have been generated with rEV576. This molecule is a
complement inhibitor, a new class of drugs which target the complement system.
Over stimulation of the complement system is implicated in a range of acute and
chronic inflammatory conditions including cardio-pulmonary bypass (heart
bypass), acute myocardial infarction (heart attack) and rheumatoid arthritis.
Results have confirmed the high affinity of rEV576 for C5 in the complement
system and shown that half life of the molecule is of the order of 30 hours. In
an acute model of the chronic disease myasthenia gravis, a single injection of
rEV576 completely prevented onset of clinical symptoms. The mechanism of action
of this molecule and these pronounced results suggest potential in both acute
and chronic conditions. A clear track to the clinic in several major and minor
indications exists for rEV576. A product in these therapeutic areas would
represent a substantial commercial opportunity and diversify the risk in
Evolutec's portfolio. Our current plan is to progress rEV576 into the clinic in
the next 12 to 18 months.
Vaccine Technology
Merial have completed the initial anti-tick screen against Boophilus in cattle
and showed that the vaccine significantly reduced the level of tick infestation.
A research programme to evaluate the vaccines against tick-borne diseases is
under definition and a new agreement will be drawn up to cover this work. This
proof of concept trial is encouraging and the Group intends to further
investigate potential in the human vaccine area.
Funding
The progress made by the Group in its clinical and preclinical programmes
facilitated the institutional placing in April 2005. Evolutec raised £9.5
million (net of expenses) and the demand generated at the time of the placing
enabled 3i, Evolutec's original venture capital backer, to sell its share
holding. Some 80 percent of the Company's shares are now held by institutional
investors. This placing allows us to expand our investment in the cGMP
manufacture of rEV131, undertake a clinical study in dry eye, contribute towards
a further Phase II clinical study in allergic rhinitis and invest in preclinical
programmes with rEV576 and rEV598.
Infrastructure
The Group's move from Oxford to Reading was successful and we have recruited new
research, development and finance staff in line with the business plan. We are
currently seeking to recruit business development staff to support the
partnering activities described previously. David Bloxham moved from Executive
to Non-Executive Chairman in August. I should like to thank him for his work as
an executive of the Company and wish him every success in his new role as
Non-Executive Chairman.
Mark Carnegie Brown
Chief Executive Officer
28 September 2005
FINANCIAL REVIEW
Financial and operating strategy
The Group's financial and operating strategy continues to be to maintain a small
number of employees providing core skills and to sub-contract the clinical and
preclinical development, research and manufacturing work. As of 28 September
2005, Evolutec had 8 full-time employees. This outsourcing strategy means that
Evolutec can be more efficient as it has lower in-house operating costs and is
able to leverage world class expertise and services at the most competitive
market rates globally.
CAPITAL STRUCTURE
Share capital
The Company had 17.3 million 10p ordinary shares outstanding at 30 June 2005.
The 48.0 million deferred shares (which arose at the time of the Company's
initial public offering in 2004) were bought back for nil consideration and
cancelled during the financial period.
Net cash position and funding
The Group had net cash and short-term investments of £12.2 million as at 30 June
2005 compared with net debt of £(0.1) million at 30 June 2004. The increase in
cash and cash equivalents reflects a £9.5 million (net of expenses) placing in
April 2005 and a £5.1 million (net of expenses) placing upon the Company's
admission to AIM in August 2004. The net cash outflow before the management of
liquid resources and financing was £1.2 million (June 2004: £0.4 million).
The Group had no borrowings during the period (June 2004: £0.1 million).
Treasury
As at 30 June 2005 the Group had £11.9 million on treasury deposit. The Group's
treasury policy is to split its deposits between at least two banks each with a
minimum credit rating of F1/A. The objective is to derive the maximum interest
consistent with flexibility to undertake ongoing activity and safeguarding the
asset.
The Group does not engage in speculative transactions or derivatives trading in
respect of cash balances held.
The Group is exposed to US Dollar and Euro currency exchange rate movements. A
significant proportion of the Group's expenditure is US dollar denominated. The
Group monitors these exposures on a frequent basis and has taken appropriate
steps to mitigate large exposures. Management converted £5.0 million of the
funds raised in April 2005 into US dollars at an average rate of 1.91 in order
to provide certainty about the cash cost of certain US dollar denominated
clinical trial and manufacturing expenses. At 30 June 2005, the sterling US
dollar rate was 1.79 and, as a result, Evolutec recorded an unrealised foreign
currency gain of £0.35 million.
Cash flow
Net cash outflow from operating activities in the period was £1.4 million (June
2004: £0.4 million). This includes a milestone payment of £0.1 million to the
Natural Environment Research Council, the originator of certain of the Group's
intellectual property and technology. The cash outflow is lower than the
operating loss for the period mainly due to accruals made to reflect work
carried out but not invoiced in respect of the rhinitis clinical trial and the
cGMP manufacture of rEV131.
The other significant cash flow items during the period were interest received
of £0.1 million, the R&D tax credit received in respect of the 18 month period
ended 31 December 2004 of £0.2 million, and the cash expenses relating to the
equity placing in April of £0.5 million.
PROFIT & LOSS
Revenue
Evolutec is a clinical stage biopharmaceutical company and as such has no source
of direct revenue.
Research and development
Research and development expenditure of £1.6 million (June 2004: £0.1 million)
is up on a like for like basis due to the increased level of development
activity, principally the rEV131 rhinitis clinical trial but also some costs
associated with the post-cataract development programme, as well as the
commencement of work on developing a cGMP manufacturing process with Cambrex.
Administrative expenses
Administrative expenses of £0.6 million (£0.9 million before currency gain)
(June 2004: £0.4 million) are up on a like for like basis primarily due to the
recruitment of additional staff and the increased professional fees resulting
from the Company's admission to AIM.
Taxation
The Group's research and development tax credit of £0.2 million (June 2004:
£48,000) is higher on a like for like basis reflecting the increased level of
qualifying research and development expenditure.
Relocation to Green Park
During the period, the Group relocated its operational headquarters to Green
Park, Reading. Reading has excellent road and rail links. The total cost of the
office move was £79,000, the majority of which relates to capital items such as
the office refurbishment and the purchase of new equipment and furniture.
Nicholas Badman
Chief Financial Officer
28 September 2005
Evolutec Group plc
Unaudited consolidated profit and loss account
For the six-month period ended 30 June 2005
Audited
Unaudited eighteen
Unaudited six months months
six ended 30 ended 31
months June 2004 December
ended 30 2004
June 2005
£000 £000 £000
Turnover - 14 28
Cost of sales - - -
Gross profit - 14 28
Research and development expenditure (1,555) (146) (993)
Administrative expenses (578) (436) (1,543)
Total administrative expenses (2,133) (582) (2,536)
Operating loss on ordinary activities (2,133) (568) (2,508)
before interest and taxation
Interest receivable and similar income 149 3 94
Loss on ordinary activities before (1,984) (565) (2,414)
taxation
Tax credit on loss on ordinary activities 170 48 177
Loss for the period (1,814) (517) (2,237)
Basic and diluted loss per share - pence (14.0) (9.7) (33.6)
Continuing operations
All the activities of the Group are classed as continuing operations
Statement of recognised gains & losses
There are no recognised gains and losses other than the losses above, and therefore no
separate statement of total recognised gains and losses is presented.
Evolutec Group plc
Unaudited consolidated balance sheet
As at 30 June 2005 Audited
Unaudited Unaudited eighteen
six months six months months
ended 30 ended 30 ended 31
June 2005 June 2004 December
2004
£000 £000 £000
Fixed assets
Tangible assets 67 13 11
Investments - - -
67 13 11
Current assets
Debtors 288 119 255
Short-term deposits and investments 11,941 - 3,761
Cash 287 - 113
12,516 119 4,129
Current liabilities
Creditors: amounts falling due within one year (959) (458) (367)
Net current assets 11,557 (339) 3,762
Net assets/(liabilities) 11,624 (326) 3,773
Capital and reserves
Share capital 1,734 5,338 5,824
Share premium account 13,412 1,943 4,622
Merger reserve 3,734 1,440 3,734
Capital redemption reserve 4,804 - -
Other reserves 161 100 -
Profit and loss account (12,221) (9,147) (10,407)
Total shareholders' funds 11,624 (326) 3,773
Evolutec Group plc
Unaudited consolidated cash flow statement
For the six-month period ended 30 June 2005
Unaudited six Unaudited six Audited Eighteen
months ended months ended months ended 31
30 June 2005 30 June 2004 December 2004
£000 £000 £000
Reconciliation of operating loss to operating cash flows
Operating loss (2,133) (568) (2,508)
Depreciation 8 1 16
Decrease/(increase) in debtors (66) (2) (69)
Increase/(decrease) in creditors 673 179 261
Shared based payment charge 80 - -
Net cash outflow from operating activities (1,438) (390) (2,300)
Cash flow statement
Net cash outflow from operating activities (1,438) (390) (2,300)
Returns on investments and servicing of finance
Interest received 149 3 94
Net cash inflow from investments and servicing of finance 149 3 94
Taxation
R&D tax credit received 203 - 86
Net cash inflow from taxation 203 - 86
Capital expenditure
Purchase of tangible fixed assets (64) (13) (13)
Net cash outflow from capital expenditure (64) (13) (13)
Net cash outflow before management of liquid resources (1,150) (400) (2,133)
and financing
Management of liquid resources
(Increase)/decrease in short-term deposits with bank (8,180) 450 (3,586)
Net cash outflow from management of liquid resources (8,180) 450 (3,586)
Financing
Issue of shares 10,000 - 6,067
Conversion of warrants - - 300
Costs of share issue (496) (251) (587)
Net cash inflow from financing 9,504 (251) 5,780
Increase/decrease in cash in the period 174 (201) 61
Reconciliation of net cash flow to movement in net cash/
(debt)
Increase in cash in the period 174 (201) 61
Movement in net funds in the period 174 (201) 61
Net funds/(debt) at start of the period 113 74 52
Net funds/(debt) at end of the period 287 (127) 113
Notes to the unaudited financial information
For the six-month period ended 30 June 05
1. BASIS OF PREPARATION
The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory financial statements for
the year ended 31 December 2004 with the exception that FRS 20 'Share Based
Payments' has been adopted in the interim financial statements. The comparative
figures have not been restated as there is no material effect.
Previously the Group accounted for awards under employee share schemes under
UITF Abstract 17, whereby the value of an award was based on its intrinsic value
at grant date. However, FRS 20 requires a fair value measurement basis, taking
account of the time value of money and the protection offered by options against
volatility of the share price or value.
These interim financial statements do not constitute statutory financial
statements within the meaning of section 240 of the Companies Act 2005. Results
for the periods ended 30 June 2005 and 30 June 2004 have not been audited. The
results for the period ended 31 December 2004 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies and upon which the auditors reported without qualification.
Copies of the interim results for the six months ended 30 June 2005 are being
sent to all shareholders. Details can also be found on the Company's website at
www.evolutec.co.uk. Further copies of the interim results and copies of the full
financial statements can be obtained by writing to the Company Secretary at
Evolutec Group plc, 250 South Oak Way, Green Park, Reading, Berkshire, RG2 6UG.
2. FOREIGN CURRENCIES
As at 30 June 2005, Evolutec Group plc had an unrealised exchange gain of
£351,000 (six months ended 30 June 2004 - £Nil; eighteen months ended 31
December 2004 £4,000) on its US Dollar denominated cash deposits. This
unrealised gain is based on a Sterling - US Dollar exchange rate of 1.79 at the
close of business on 30 June 2005.
The effect of this unrealised gain on the profit and loss account and balance
sheet is shown below.
Unaudited six Unaudited six Audited eighteen
months ended months ended months ended 31
30 June 2005 30 June 2004 December 2004
£000 £000 £000
Administrative expenses
Administrative expenses before gain (929) (436) (1,547)
Foreign exchange gain 351 - 4
Administrative expenses after gain (578) (436) (1,543)
Unaudited six Unaudited six Audited eighteen
months ended months ended months ended 31
30 June 2005 30 June 2004 December 2004
£000 £000 £000
Short-term deposits and investments
Short-term deposits and investments/(debt) before gain 11,590 (127) 3,757
Foreing exchange gain 351 - 4
Short-term deposits and investments/(debt) after gain 11,941 (127) 3,761
3. SHARE BASED PAYMENTS
FRS 20 'Share Based Payments' has been adopted in the interim fiancial
statements. Previously the policy was in accordance with Urgent issues Task
Force Abstract 17 'Employee Share Schemes'. The FRS 20 'Share Based Payments'
charge is £12,000 higher for the six months ended 30 June 2005 than the UITF 17
charge (30 June 2004 £Nil, 31 December 2004 £Nil).
4. LOSS PER SHARE
Unaudited six Unaudited six Audited eighteen
months ended months ended months ended 31
30 June 2005 30 June 2004 December 2004
£000 £000 £000
Attributable loss (1,814) (517) (2,237)
Weighted average number of shares in issue 13,000 5,338 6,660
Loss per share (basic and diluted) pence (14.0) (9.7) (33.6)
The calculation of loss per share is based on the weighted average number of
ordinary shares in issue during the period.
5. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Called-up Share Merger Capital Other Profit & Total
share premium reserve redemption reserves loss
capital account reserve account
£000 £000 £000 £000 £000
Balance at 1 January 5,824 4,622 3,734 - - (10,407) 3,773
2005
Issue of ordinary shares 714 9,286 - - - - 10,000
on 20 April 2005
Expenses of issue of - (496) - - - - (496)
ordinary shares
Cancellation of deferred (4,804) - - 4,804 - - -
shares
Loss for the period - - - - - (1,814) (1,814)
Fair value of share - - - - 161 - 161
based payments
Balance at 30 June 2005 1,734 13,412 3,734 4,804 161 (12,221) 11,624
The deferred shares were acquired for nil consideration in an off-market purchase on 4 May 2005
and were subsequently cancelled. A transfer of £4,804,000 was made to the capital redemption
reserve at that date.
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