Final Results

RNS Number : 4405O
Oncimmune Holdings PLC
07 November 2016
 

                                                                                                 

 

 

7 November 2016

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Oncimmune Holdings plc

("Oncimmune" or the "Company")

 

Final results for the year ended 31 May 2016

 

Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, today announces full year results for the year ended 31 May 2016.

 

Financial highlights

 

·    £12.2m raised by the issue of equity in the year.

·    £4.2m of convertible loan notes were converted.

·    Revenues for the year were £0.43m (2015: £1.36m)

·    Operating costs before share based charges and exceptional items were £3.83 million (2015: £2.7m)

·    Cash balance at the year-end was £10.2m (2015: £1.3m)

 

Corporate and operational highlights

 

·    Corporate progress

o In May 2016, AIM IPO raising gross proceeds of £11.0 million

o In September 2015, acquisition of dedicated commercial testing facility for EarlyCDT®-Lung from Health Diagnostic Laboratory, Inc, with a net cash benefit of £1.56m

·    Developing the Board and Senior Management

o In November 2015, appointment of Dr Jim Jett as Chief Medical Officer

o In September 2015, appointment of Meinhard Schmidt as Non-Executive Chairman

·    EarlyCDT® platform progress

o In September 2015, encouraging early results based on 9,654 patients out of the 12,000 patient NHS Lung Cancer Screening Trial using EarlyCDT®-Lung test

o In May 2016, successful patent claim covering Oncimmune's "panel assay" method for detection of cancer-related autoantibodies; portfolio consists of 275 patents in eight patent families

·    EarlyCDT®-Lung distributor agreements covering majority of US market

o Distributors increased from three to eight in the period and subsequently this has increased to 14

 

Post-period highlights

 

·    In July 2016, research agreements were signed with Egybiotech and Aarhus University Hospital in ovarian and liver cancer to validate panels of autoantibodies as diagnostic tests

·    In July 2016, CE mark for the reagents used in EarlyCDT®-Lung was obtained

·    In August 2016, following the death of Robert Page, Andrew Millet was appointed as an Executive Director and Chief Financial Officer

·    In September 2016, new data was published in the Journal of Thoracic Oncology on the effectiveness of the EarlyCDT®-Lung distinguishing between malignant and benign lung nodules

·    In June 2016, appointment of Julian Hirst as Non-Executive Director

·    In September 2016, appointment of Maarten Brusse as Chief Commercial Officer Asia Pacific

·    In October 2016, appointment of Carsten Schroeder as Non-Executive Director

 

 

Geoffrey Hamilton-Fairley, CEO of Oncimmune, commented: "The last year has been transformational for Oncimmune with the period culminating in our listing on AIM and fundraising £11.0 million. With this funding in place we are continuing to deliver on the strategy set out at the time of our IPO.

"We have a Board with broad expertise in medical devices and public markets, distributor agreements signed giving us full coverage of the US for our EarlyCDT®-Lung test. In addition, the foundations have been laid for the commercial panel for the EarlyCDT®-Liver test, which is targeted to be complete in the second half of 2017, with EarlyCDT®-Ovarian thereafter. We are confident that we are well placed to deliver value from the strength our platform in early cancer diagnosis.  We look forward to updating the market on the NHS Lung Cancer Screening Trial in December, the transformation of our test from a central lab test to a "kit" and further product and commercial advances."

In accordance with AIM Rule 20, electronic copies of the Company's Annual Report and Accounts for the year ended 31 May 2016 together with the Notice of Annual General Meeting and Form of Proxy are available from the Company's investor relations website at www.oncimmune.com/investors. Hard copies of the 2016 Annual Report and Accounts, Notice of Annual General Meeting and Form of Proxy will be posted to shareholders today.

The Company's Annual General Meeting will be held at 10:00 a.m. on Wednesday, 30 November 2016 at the offices of Peachey & Co LLP, 95 Aldwych, London, WC2B 4JF.

 

 

 

 

 

For further information:

 

Oncimmune Holdings plc

Geoffrey Hamilton-Fairley, Chief Executive Officer

contact@oncimmune.co.uk

 

Zeus Capital Limited (Nominated Adviser and Broker)

Phil Walker, Giles Balleny, Dominic Wilson

+44 (0) 203 829 5000

 

Media enquiries:

Consilium Strategic Communications

Chris Gardner, Mary-Jane Elliott, Matthew Neal, Lindsey Neville

oncimmune@consilium-comms.com

+44 (0) 20 3709 5708

 

About Oncimmune

Oncimmune is a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology. Oncimmune has pioneered the development of autoantibody tests that can detect cancer up to four years earlier than other methods and can be applied to a very wide range of solid tumour types. The Company's first product, EarlyCDT®-Lung, was launched in 2012, as a CLIA test in the USA and since then over 145,000 commercial tests have been sold. EarlyCDT®-Lung is available through physicians in the US and also privately in the UK and other regions. EarlyCDT®-Lung is being used in the largest ever randomised trial for the early detection of lung cancer using biomarkers, the National Health Service (NHS) Scotland ECLS study of 12,000 high-risk smokers. EarlyCDT® tests for liver and ovarian cancer are in development.

 

Oncimmune, headquartered in Nottingham, United Kingdom with testing facilities in the US, joined AIM in May 2016 under the ticker ONC.L. For more information visit www.oncimmune.com

 

 

Chairman and Chief Executive's Review

 

Oncimmune's goal is to be a leader in early cancer detection and the financial year to 2016 was an exceptional year for the Company in moving towards this goal. Despite what continued to be challenging macroeconomic conditions around the world, we delivered on our strategy and we successfully completed an IPO on AIM in May this year. On behalf of the Board of Oncimmune Holdings plc, we are pleased to present the inaugural Annual Report & Accounts for year ended 31 May 2016 and provide an update on progress since the Company's IPO.

 

Overall, our performance in the year to 31 May was heavily influenced by our focus on completing our fundraising and IPO just before year end. Having successfully raised our target funds, we were able to accelerate the plans which are progressing well.

 

Notwithstanding the timing of the fundraising, on the operational side we made significant progress in meeting both our near and longer term strategic goals over the year and have continued post IPO.

 

In the US, following the loss of our exclusive distributor HDL, due to their financial situation, we set about appointing new distributors. Using our existing commercial relationships and previous experience of commercialising the EarlyCDT®-Lung test in the US, we are pleased to say that we now have 14 distributors in place, with all 14 expected to be fully operational by January 2017, covering practically all areas of the US market. We are in the process of training the distributors' sales teams and we aim to see sales build in the next half year. In the US, with regard to price strategies and insurance, we have made every effort to protect ourselves by having fixed price contracts with each distributor on a per test basis. This leaves the distributors to collect the insurance payments, saving us considerable overhead. We believe we have pitched this at a level where there is sufficient margin for the distributor whilst still producing a good margin per test for Oncimmune.

 

At the IPO, we stated that a key priority was to build our commercial capabilities, particularly in Asia, in order to implement a commercial strategy in the region for the Company. We recently announced that Maarten Brusse will take on the role of Chief Commercial Officer, Asia Pacific. He has extensive previous experience in the territory having led sales programmes for Abbott Molecular and distribution for Luminex in Asia Pacific.

 

Key to this expansion into Asia is the transformation of the test from a central lab test (CLIA in the US) to a "kit" which can be run on-site, in nearly all hospital labs around the world and on machines that are already installed. We are pleased to report that the kit development is progressing well and we have just commenced the final validation programme that will meet regulatory requirements. In July 2016, we announced the receipt of a CE marking, in the EU, for the reagents of the EarlyCDT®-Lung test, which complements our ISO 13485 registration which we achieved in August 2015. These accreditations should both be readily transferable to the "kit". We anticipate CE mark for the kit programme to be received in the first half of 2017 with manufacturing commencing in the second half of the year.

 

At IPO, we also highlighted development of the liver and ovarian cancer tests as a key priority, providing further market opportunities. We have recently announced a large prospective blood sample collection agreement. This will give us sufficient samples to finalise the validation of our commercial panel for the EarlyCDT®-Liver test, which we have targeted to be completed in the second half of 2017. Our work on an ovarian cancer test, EarlyCDT®-Ovarian, continues and we also anticipate validation of the second generation test (the autoantibody "fingerprint") later in 2017. This test has the potential to be highly accurate as it enables each person to act as their own control and thus bring personalised medicine to the field of early diagnostics. Furthermore, we are expecting to announce the addition of several markers to the current EarlyCDT®-Lung test that will further enhance its sensitivity (detection rate) whilst maintaining our excellent specificity (low false positive rate) by the first quarter of 2017. Introducing tests of increasing performance over time adds further commercial protection beyond our extensive existing IP, should any significant competitor appear.

 

EarlyCDT®-Lung is being used in the world's largest randomised trial for the early detection of lung cancer using biomarkers ever conducted, the National Health Service (NHS) Scotland ECLS study of 12,000 high-risk smokers. The trial will report further interim results in December at the World Conference for Lung Cancer (WCLC) in Vienna in addition to the interim results announced at the WCLC last year in Denver. The health economics for using the test as an initial screening tool for high-risk patients are compelling and should the study complete as we hope after two years' follow-up on the last patient in June 2018, our aim will be to commence screening high-risk lung cancer patients in new international markets.

 

Finally, and of note, Oncimmune is conducting a number of "companion diagnostic" studies which are aimed at determining whether certain autoantibodies can help triage cohorts of patients who will react positively (or not) to the treatment being trialed. Having a simple tailor-made autoantibody test that is already commercial and can be run in a hospital lab at relatively negligible cost will be attractive. We believe, from the data we have already, that this will be a significant commercial opportunity for the Company.

 

Organisational Review

 

Since becoming a public company, we have instigated a review of our processes in order to ensure they continue to be of the highest standard. The board commissioned two specific pieces of work; an independent HR review and an independent review of our US operations. Both of these reported favourably and endorsed the current modus operandi, whilst at the same time contributing some interesting new ideas and suggestions, which are being acted upon. Concurrently, we have instigated a number of changes in our operating and reporting procedures.

 

On the corporate governance side, we are pleased to announce that we have extended the Board by two new appointments of non-executive Directors. In June this year, Julian Hurst, who brings with him a wealth of corporate finance experience in the sector, joined the Board. Carsten Schroeder, who joined in October, has held senior positions in some of the largest diagnostic companies. With these appointments we believe the Board is now well balanced and their active support is greatly appreciated.

 

As reported at the time, CFO Robert (Bob) Page died suddenly in June. Bob had dedicated himself to Oncimmune with gusto and expertise for many years and we miss him and his wise counsel. Andrew Millet has taken over the role of CFO and it is a testament to Bob's professionalism that this has been a seamless process. We would like to record here, as we did at the time of his death, the Company's unreserved gratitude for all his work and our sincerest sympathies for his family.

 

The team of people working at Oncimmune is one of the keys to our success. A great number of the team have been working with us for over 10 years and many under the leadership of our Chief Operational Scientist, Andrea Murray, to whom we owe continued thanks. The passion and dedication that our personnel show is truly exceptional, and without their outstanding efforts over such a long period of time it would not have been possible to achieve what we have to date. They are vital to making the future plans a reality and the Board is immensely grateful to them. In recognition of this, it is our intention that every employee in the Company has share options, giving them real ownership.

 

Strategic overview & Outlook

 

The Company's strategy is to maximise the value of its extensive IP and its in-house know-how in the field of cancer specific autoantibody detection. Ultimately, licensing products on a worldwide basis as they are developed represents an ideal business model for Oncimmune. However, the commercial reality is that one often has to first establish the commercial and clinical bona fides of a product in order to secure a licence of sufficient value. That said, we expect that as we build partnerships in various territories, we will be able to partner new tests earlier thereby reducing the time expense to the Company of establishing them and accelerating each test's penetration of the market. As indicated at the IPO, we continue to explore areas of potential long term strategic cooperation with larger multinationals.  

 

The outlook for Oncimmune is very promising; we have a number of products in a growing multibillion dollar market and we have established performance, clinical need and commercialisation. The Company's clear objective is to grow its presence in these markets over the next few years. We are well positioned in the US market, having widened our distributor base for our commercial EarlyCDT®-Lung test. The development of the kit version of our EarlyCDT® tests is important for our ability to expand our geographical reach and we expect to make significant progress on this in the coming period. Finally, we also plan to expand EarlyCDT® to other cancer types and into personalised medicine.

 

With cancer being an ever increasing focus for mankind and the early detection of cancer being a key element of reducing mortality and cost, we believe we are well positioned to generate significant value.

 

Meinhard Schmidt and Geoffrey Hamilton-Fairley

Non-Executive Chairman and Chief Executive Officer

 

Financial review

 

Revenue in the year ended 31 May 2016 was £430,000 (2015: £1.36m).   In the current year this revenue represented the sale of commercial tests that were performed from our own laboratory in Kansas, USA. In the previous year the revenue was largely derived from USA licence fees for EarlyCDT®-Lung test, however, as result of Health Diagnostics Laboratory, Inc, then the Company's exclusive distributor, filing for Chapter 11 in June 2015, revenues in the year to 31 May 2016 fell while new distribution deals were being secured. We expect all 14 distributors that we now have agreements with to be fully operational by January 2017.      

 

Operating expenses before share based charges and exceptional items in the year ended 31 May 2016 were £3.83m (2015: £2.7m).  The increase of costs reflects the additional running cost of operating the commercial laboratory in Kansas, USA.

 

Net loss for the year was £4.6m (2015: £1.9m) before any exceptional items.

 

Exceptional items that were known and disclosed in the Admission Document relate to:

 

•    During the year the Company took the cost of £4.1m to the profit and loss account, representing the difference of the fair value of an embedded derivative relating to the conversion option of the convertible loan notes at the time of conversion compared to the fair value at the time of inception. This is an IFRS requirement that has no impact on cash or net assets.

•    During the year the Company benefited from the waiver of a loan from Health Diagnostics Laboratory, Inc to the value of £1.56m.

•    During the year the Company incurred £1.2m relating to IPO associated costs.

 

After the above exceptional items the Company incurred a net loss of £8.4m (2015: £1.9m).

 

£108,000 of research and development costs have been capitalised in the year (2015: £35,000).  The decision to capitalise these costs was made on the basis that these were the direct costs relating to the work that went in to the application of the CE Mark that was successfully obtained immediately following the year end.

 

The Company raised £1.2m in January 2016 issuing 1.3 million shares, and the successful IPO in May 2016, raised £11m (£9.8m net of expenses), the Company issuing 8.4 million shares at a price of £1.30.  The cash balance at the end of the year was £10.2m (2015: £1.3m). 

 

As part of the IPO restructuring in May 2016, the Company issued 34 million shares in exchange for 100% of Oncimmune Ltd, and, in addition, the Company converted the convertible loans and accrued interest to 6.4 million shares, extinguishing £4.2m of liability. 

 

Financial Outlook

 

The Company's cash position was £10.2m at year end and the cash burn since has been managed carefully whilst implementing our growth plans. As such the management are confident that its cash resources are sufficient for the foreseeable future.

 

Andrew Millet

Chief Financial Officer

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

Year to

 31 May

Year to

 31 May

Year to

 31 May

Year to

 31 May

 

 

2016

2016

2016

2015

 

 

£'000

£'000

£'000

£'000

 

Notes

Before exceptional items

Exceptional items (note 5)

Total

 

 

 

 

 

 

 

Revenue

 

430

-

430

1,345

Cost of sales

 

(147)

-

(147)

(3)

 

 

 

 

 

 

Gross profit

 

283

-

283

1,342

 

 

 

 

 

 

Administrative expenses

5

(3,043)

(1,226)

(4,269)

(2,082)

Research and development expenses

 

(789)

-

(789)

(616)

Share based payment charges

 

(939)

-

(939)

(25)

 

 

(4,771)

(1,226)

(5,997)

(2,723)

 

 

 

 

 

 

Operating loss

 

(4,488)

(1,226)

(5,714)

(1,381)

 

 

 

 

 

 

Gain arising on debt settlement

5

-

1,564

1,564

-

Finance costs on derivative liabilities

5

-

(4,126)

(4,126)

-

Finance income

9

5

-

5

15

Finance expense

9

(737)

-

(737)

(646)

 

 

 

 

 

 

Loss before income tax

 

(5,220)

(3,788)

(9,008)

(2,012)

Income tax

10

566

-

566

-

 

 

 

 

 

 

Loss for the financial year

 

(4,654)

(3,788)

(8,442)

(2,012)

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss, net of tax

 

 

 

 

 

Currency translation differences

 

24

-

24

46

 

 

 

 

 

 

 

 

 

 

 

 

Loss after tax and total comprehensive income for the year attributable to equity holders

 

 

(4,630)

(3,788)

 

(8,418)

 

(1,966)

 

 

 

 

 

 

Basic and diluted loss per share

25

(12.97p)

 

(23.54p)

(8.67p)

 

 

 

 

 

 


 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

31 May

31 May

 

 

2016

2015

 

 

£'000

£'000

 

Notes

 

 

ASSETS

 

 

 

Non-current assets

 

 

 

Intangible assets

12

131

30

Property, plant and equipment

11

253

48

 

 

 

 

 

 

384

78

 

 

 

 

Current assets

 

 

 

Inventories

14

188

-

Trade and other receivables

13

339

528

Current tax assets

 

100

 

Cash and cash equivalents

15

10,197

1,344

 

 

 

 

 

 

10,824

1,872

 

 

 

 

Total assets

 

11,208

1,950

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Equity

 

 

 

Capital and reserves attributable to the equity holders

 

 

 

Share capital

19

510

7

Share premium

 

16,273

30,729

Merger reserve

 

30,787

-

Other reserves

 

2,113

1,103

Own shares

 

(1,926)

(1,926)

Foreign currency translation reserve

 

(53)

(77)

Retained earnings

 

(37,973)

(33,656)

 

 

 

 

Total equity

 

9,731

(3,820)

 

 

 

 

Non-current liabilities

 

 

 

Derivative financial instruments

 

-

71

Convertible Loans

17

-

1,828

Other Loans

17

395

2,230

 

 

 

 

 

 

395

4,129

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

16

529

1,079

Current tax liabilities

 

57

-

Other loans

17

496

562

 

 

 

 

 

 

1,082

1,641

 

 

 

 

 

 

Total liabilities

 

1,477

5,770

 

 

 

 

Total equity and liabilities

 

11,208

1,950


 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

Share

capital

Share

premium

Other
reserves

Merger

reserve

Foreign currency translation reserve

Own Shares

Retained earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

As at 1 June 2014

7

30,729

1,077

-

(123)

(1,926)

(31,644)

(1,880)

-

-

-

-

-

-

(2,012)

(2,012)

 

 

 

 

 

 

 

 

Currency translation differences

-

-

-

-

46

-

-

46

Total comprehensive income

-

-

-

-

46

-

(2,012)

(1,966)

 

 

 

 

 

 

 

 

 

Transactions with owners:

 

 

 

 

 

 

 

 

-

 

26

-

 

-

-

26

Total transactions with owners

-

-

26

-

-

-

-

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 31 May 2015

7

30,729

1,103

-

(77)

(1,926)

(33,656)

(3,820)

 

 

 

 

 

 

 

 

 

-

-

-

-

 

-

(8,442)

(8,442)

 

 

 

 

 

 

 

 

Currency translation differences

-

-

-

-

24

 

-

24

Total comprehensive income

-

-

-

-

24

-

(8,442)

(8,418)

 

 

 

 

 

 

 

 

 

Transactions with owners:

 

 

 

 

 

 

 

 

348

(348)

-

-

-

-

-

-

(7)

7

 

 

 

 

 

-

 

(30,787)

 

30,787

 

 

 

-

162

20,798

-

-

-

-

-

20,959

 

 

939

 

 

 

 

939

-

(4,126)

71

 

 

 

4,126

71

Total transactions with owners

503

(14,456)

1,010

30,787

-

-

4,126

21,969

 

 

 

 

 

 

 

 

 

As at 31 May 2016

510

16,273

2,113

30,787

(53)

(1,926)

(37,973)

9,731

 

 CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

Year to

 31 May

Year to

 31 May

 

 

2016

2015

 

 

£'000

£'000

 

Notes

 

 

Cash flows from operating activities

 

 

 

Loss after income tax

 

(8,442)

(2,012)

 

 

 

 

Adjusted by:

 

 

 

Depreciation and amortisation

 

78

37

Share based payment charge

 

939

26

Gain arising on debt settlement

 

(1,564)

 

Loss on derivative financial instrument

 

4,126

-

Settlement of costs via equity shares

 

1,142

 

Interest received

 

(5)

(15)

Interest expense

 

737

646

Inventory

 

(8)

-

Trade and other receivables

 

(304)

320

Trade and other payables

 

133

(358)

Taxes received

 

(566)

-

Exchange movement

 

(11)

(40)

 

 

 

 

Cash generated from operations

 

(3,745)

(1,396)

Interest paid

 

-

(124)

Income tax received

 

566

-

 

 

 

 

Net cash generated from operating activities

 

(3,179)

(1,520)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of property, plant and equipment

 

(64)

(17)

Development expenditure capitalised

 

(108)

(35)

Interest received

 

5

15

 

 

 

 

Net cash used in investing activities

 

(167)

(37)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from share issue

 

11,448

-

Repayment of long term borrowings

 

(423)

(203)

New other loans

 

1,250

1,449

 

 

 

 

Net cash(used in)/generated from financing activities

 

12,275

1,246

 

 

 

 

Movement in cash attributable to foreign exchange

 

(76)

87

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

 

8,929

(224)

 

 

 

 

Cash and cash equivalents at the beginning of the year

 

1,344

1,568

 

 

 

 

Cash and cash equivalents at the end of the year

15

10,197

1,344

 

 

 

 

 

 

 

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

1.     General information

Oncimmune Holdings Plc (the 'Company') is a limited company incorporated and domiciled in England and Wales. The registered office of the company is Clinical Sciences Building, City Hospital, Hucknall Road, Nottingham, NG5 1PB. The registered company number is 09818395.

The Group's principal activity is that of cancer diagnosis.

Oncimmune Holdings Plc are responsible for the financial information and contents of the financial information. This is the first financial statements to be prepared by the Group under International Financial Reporting Standards.

2.      Accounting policies

Basis of preparation

The Company was incorporated on 9 October 2015 and was re-registered as a public limited company on 14 December 2015. On 23 November 2015, a group re-organisation was completed, by means of a share for share exchange, as result of which the newly incorporated company, Oncimmune Holdings Plc, became the parent company of the Group.

 

The companies involved in the above share for share exchange have not previously been presented in the consolidated financial statements of a single legal entity. However, the underlying business was ultimately controlled and managed by the same parties before and after the share for share exchange and that control was not transitory. The transactions outlined above, therefore, meet the definition of a common control transaction in accordance with IFRS 3 Business Combinations.

 

IFRS does not provide any specific guidance on accounting for common control transactions and IFRS 3 excludes common control transactions from its scope; therefore the Directors have selected an accounting policy in accordance with paragraphs 10-12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The consolidated entity meets the definition of a group reconstruction under FRS 102 19,27 and has therefore been accounted for under the principals of merger accounting as outlined in FRS 102, paragraphs 19.29 - 19.33, merger accounting. The consolidated financial statements have therefore been prepared as if Oncimmune Limited and its subsidiaries had been held by Oncimmune Holdings Plc from inception and therefore the results and position of Oncimmune Limited have been reflected in the comparatives.

 

Standards, amendments and interpretations to existing standards

Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Group in these financial statements.

At the date of authorisation of the financial statements, certain new standards, amendments and interpretations to existing standards have been published but are not yet effective. The Group has not early adopted any of these pronouncements. The new standards, amendments and interpretations that are expected to be relevant to the Group's financial statements in the future are as follows:

Standard/interpretation

Content

Applicable for financial years beginning on/after

IFRS 9

1 January 2018*

IFRS 15

1 January 2018*

IAS 16 and IAS 38 (amendment)

Clarification of Acceptable Methods of Depreciation and Amortisation

1 January 2016

IFRS 10 and IAS 28 (amendment)

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

1 January 2016

All

Annual improvements to IFRS 2012-2014 Cycle

1 January 2016

IAS 1

Disclosure Initiative: Amendments to IAS 1 Presentation to Financial Statements

1 January 2016

IFRS 16

1 January 2019*

 

 

 

*Not yet adopted by the EU.

The Directors do not expect the adoption of these standards and interpretations to have a material impact on the consolidated financial statements in the period of initial adoption.

Revenue

The amount shown as revenue in the statement of comprehensive income comprises royalties received and receivable and, in addition, amounts received and receivable in respect of the provision of medical testing services, in the US and other markets, including the UK.

Revenue is recognised at the fair value of the consideration received or receivable and excludes intra-group sales, value added tax and trade discounts.

Revenue is recognised when the amount can be reliably measured and it is probable that future economic benefits associated with the transaction will flow to the entity.

Royalty income is recognised when the tests to which the royalty licences relate are completed by third parties. Amounts receivable in respect of the provision of medical testing services are recognised when these services are delivered.

 

 

Research and development

Development expenditure, where it meets certain criteria (given below), is capitalised and amortised on a straight-line basis over its useful life. Asset lives are subject to regular review and an impairment exercise carried out at least once a year. Where no internally-generated intangible asset can be recognised, development expenditure is written-off in the period in which it is incurred.

-       the product is technically feasible and marketable;

-       the Company has adequate resources to complete the development of the product;

-       it is probable that the asset created will generate future economic benefits; and

-       the development cost of the asset can be allocated and measured reliably

The Group has reviewed research and development expenditure, to determine whether any of that spend could qualify as development expenditure which satisfies the requirements for capitalisation set out above.  As a result, £108,000 (2015: £35,000) of development expenditure has been capitalised.

Property, plant and equipment

Property, plant and equipment is stated at historic cost, including expenditure that is directly attributable to the acquired item, less accumulated depreciation and impairment losses.

Depreciation is calculated on a straight line basis over the deemed useful life of an asset and is applied to the cost less any residual value. The asset classes are depreciated on a straight line basis over the following periods:

 

The carrying value of the property, plant and equipment is compared to the higher of value in use and the fair value less costs to sell. If the carrying value exceeds the higher of the value in use and fair value less the costs to sell the asset then the asset is impaired and its value reduced by recognising an impairment in profit or loss.

Impairment testing of non-current assets

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).  As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Those intangible assets not yet available for use and goodwill are tested for impairment at least annually.  All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

 

An impairment loss is recognised for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount.  The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an internal discounted cash flow evaluation. All assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist.

 

Inventories

Inventory is carried at the lower of cost or net realisable value after making due allowance for obsolete and slow moving stock.

 

Net realisable value is calculated based on the revenue from sale in the normal course of business less any costs to sell.

 

 

 

Leased assets

In accordance with IAS 17 Leases, the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards related to the ownership of the leased asset. The related asset is then recognised at the inception of the lease at the fair value of the leased asset or, if lower, the present value of the minimum lease payments plus incidental payments, if any.

All other leases are treated as operating leases. Payments on operating lease agreements are recognised as an expense on a straight-line basis. Associated costs, such as maintenance and insurance, are expensed as incurred. Lease incentives received are recognised in the consolidated statement of comprehensive income on a straight-line basis over the lease term.

Taxation

Income tax on the profit or loss for the year comprises current and deferred tax.

 

Current tax is the expected tax payable on the taxable income for the year, using current rates, and any adjustments to the tax payable in respect of previous years. In so far as group companies are entitled to UK tax credits on qualifying research and development expenditure, such amounts are recognised when received. 

 

Deferred taxation is provided on all temporary differences between the carrying amount of the assets and liabilities in the financial statements and the tax base. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax is determined using the tax rates that have been enacted or substantially enacted by the balance sheet date, and are expected to apply when the deferred tax liability is settled or the deferred tax asset is realised.

 

Deferred tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

 

Tax is recognised in profit or loss, except where it relates to items recognised directly in equity, in which case it is recognised in equity.

 

Share based  compensation

Equity-settled share-based payments are recognised as an expense in profit or loss, based on the fair value of the option at the date of grant. Such costs are spread over the vesting period,adjusted for the best available estimate of the number of share options expected to vest, with a corresponding credit to equity, net of deferred tax where applicable. Such adjustments are only made in respect of non-market performance vesting conditions. No adjustment is made to the expense recognised in prior periods if fewer share options ultimately are exercised than originally estimated. Vesting conditions relate to continuing employment.

 

Where the granting of share options has coincided with the issue of shares, for cash, to third party investors, the fair value of such options is based on the issue price for those shares which is considered to be an arm's length value.

 

Employee benefit trust

Assets, other than shares, held by the Oncimmune Limited's Employee Benefit Trust (EBT) are included in the group's balance sheet under the appropriate heading. Shares in the company held by the EBT are disclosed as a deduction from shareholder's funds and dividend income is excluded in arriving at profit before tax and deducted from aggregate dividends paid and proposed. Reflecting the substance of these arrangements any amounts which the trustees of the EBT may resolve, pursuant to their discretionary powers, to pay to any beneficiaries of the EBT are charged to the profit or loss account only when paid, subject to statutory deductions.

Segmental reporting

 

Exceptional items

Government grants

 

Financial instruments

Financial assets

less any provision for impairment, based on the receivable ageing, previous experience with the debtor and known market intelligence. Any change in their value is recognised in the income statement.

Financial liabilities

initially recognised at the fair value of the consideration received net of issue costs. After initial recognition borrowings are measured at amortised cost using the effective interest method. All interest-related charges are included in the income statement line item "finance expense". Financial liabilities are derecognised when the obligation to settle the amount is removed.

Convertible loan notes

-       the "host" debt instrument being a non-convertible debt. The host contract is recognised at fair value and subsequently measured at amortised cost using the effective interest rate;

-       an embedded derivative representing the conversion feature.

Warrants to purchase shares

Cash and cash equivalents

Equity

·        Share premium

·        Own shares and other reserves

 

Foreign currencies

3.      Accounting estimates and judgements

•       Useful lives of depreciable assets

Management reviews the useful lives of depreciable assets at each reporting date. At the reporting date management assesses that the useful lives represent the expected utility of the assets to the Group.  Actual results, however, may vary due to unforeseen events.

•       Inventory provision

Inventory provisions are based on an estimate of the realisable value of the inventory items.

•       Impairment

An impairment loss is recognised for the amount by which the asset's or cash generating unit's carrying amount exceeds its recoverable amount. To determine the recoverable amount, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances.  In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors.

•       Capitalisation of development costs

Development expenditure, where it meets certain criteria (given below), is capitalised and amortised on a straight-line basis over its useful life. Asset lives are subject to regular review and an impairment exercise carried out at least once a year. Where no internally-generated intangible asset can be recognised, development expenditure is written-off in the period in which it is incurred. Development expenditure is only recognised when all of the criteria set out in IAS 38 are met. Management applies judgement in making this assessment and in determining attributable costs for each project.

•       Measurement of derivative liabilities carried at fair value through profit and loss

Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes are not available). This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may differ from the actual prices that would be achieved in an arm's length transaction at the reporting date. See notes 23 and 24.

 

4.      Segmental information

:

Revenue

31 May 2016

31 May 2015

 

£'000

£'000

 

 

 

Class of business

 

 

 

 

 

Distribution of testing products

262

77

Royalties

168

1,268

 

 

 

Total revenues

430

1,345

 

 

 

Geographical analysis by destination

 

 

 

 

 

United Kingdom

133

76

North America

294

1,268

Rest of the world

3

1

 

 

 

Total revenues

430

1,345

 

 

 

Geographical analysis by origin

 

 

 

 

 

United Kingdom

-

-

North America

427

1,344

Rest of the world

3

1

 

 

 

Total revenues

430

1,345

 

 

 

 

 

 

 

 

UK

USA

Holdings

Consolidated

 

£'000

£'000

£'000

£'000

 

 

 

 

 

Revenue

304

126

-

430

 

 

 

 

 

Cost of sales

-

(147)

-

(147)

 

 

 

 

 

Gross margin

304

(21)

-

283

 

 

 

 

 

Operating loss

(2,748)

(801)

(2,165)

(5,714)

 

 

 

 

 

Net finance and other costs

 

 

 

(3,294)

Loss before tax

 

 

 

(9,008)

 

 

 

 

 

Taxation

 

 

 

566

 

 

 

 

 

 

 

 

 

(8,442)

 

UK

USA

Consolidated

 

£'000

£'000

£'000

 

 

 

 

Revenue

1,344

1

1,345

 

 

 

 

Cost of sales

-

(3)

(3)

 

 

 

 

Gross margin

1,344

(2)

1,342

 

 

 

 

Operating loss

(1,277)

(104)

(1,381)

 

 

 

 

Net finance costs

 

 

(631)

Loss before tax

 

 

(2,012)

 

 

 

 

Taxation

 

 

-

 

 

 

 

 

 

 

(2,012)

 

 

5.         Exceptional items

 

May 2016

May 2015

 

£'000

£'000

Exceptional items in the year comprise the following:

 

 

 

 

 

Costs associated with the IPO

 

 

Charged in profit or loss

1,226

-

Charged directly to equity

8

-

 

 

 

Gain on debt waiver (note 16)

(1,564)

-

Fair value loss on derivatives (Note 24)

4,126

-

 

 

 

6.         Loss before income tax

 

May 2016

May 2015

 

£'000

£'000

Loss before taxation has been arrived at after charging:

 

 

 

 

 

Depreciation of owned property, plant and equipment

71

34

Amortisation of intangible assets

7

3

Research and development

789

615

Share based payments expense

939

25

 

 

 

Employee costs (Note 8)

2,828

925

 

 

 

Operating lease rentals

 

 

51

-

-

-

 

 

 

Audit and non-audit services:

 

 

Fee payable to the company's auditor:

 

 

Fee for the audit of the parent company

 

 

Fees payable to the Company's auditor and its associates for other services:

15

-

The audit of the Company's subsidiaries pursuant to legislation

23

17

Tax compliance services

6

3

Tax advisory services

22

-

Fees for other assurance services - accounting

17

-

Fees for other assurance services - reporting accountant

150

-

 

 

 

7.         Remuneration of key personnel

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Share based payments expense

850

-

Salary, fees, bonuses and other short term emoluments

670

226

Social security costs

87

29

 

1,607

255

 

8.         Employees

 

May 2016

May 2015

 

£'000

£'000

 

 

 

 

 

 

 

33

19

 

May 2016

May 2015

 

£'000

£'000

 

 

 

 

 

 

Wages and salaries

1,739

823

Social security costs

150

76

Pension cost

-

-

Share based payments

939

26

 

 

 

 

2,828

925

9.         Net finance costs

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Finance revenue

5

15

Fair value loss on embedded derivatives (note 24)

(4,126)

-

Finance costs (convertible loan and other loans)

(737)

(646)

 

 

 

 

(4,858)

(631)

 

 

 

 

 

 

 

 

 

10.  Income tax credit

 

May 2016

May 2015

 

£'000

£'000

Current tax:

 

 

UK corporation tax credit at rates: 2016 - 20% 2015 -20.83%

(566)

-

Prior period adjustment

-

-

 

(566)

-

 

 

 

 

 

 

Tax recoverable for the period

(566)

-

 

 

 

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Loss before income tax

(9,008)

(2,012)

 

 

 


Loss for the year multiplied by the standard rate of corporation tax

 

(1,801)

 

(426)

 

 

 

Expenses not deductible for tax purposes

1,414

25

Adjustment in respect of prior periods

(1)

-

Income not assessable for tax

(313)

-

Tax uplift in R&D expenditure

(281)

(231)

Losses surrendered for R&D claims

136

-

Losses carried forward

280

632

 

 

 

 

(566)

-

 

 

 

 

 

11.  Property, plant and equipment

 

 

Laboratory Equipment

Computer Equipment

Office Equipment

Total

 

 

£'000

£'000

£'000

£'000

Cost

 

 

 

 

 

At 31 May 2015

 

704

18

30

752

Additions

 

276

-

-

276

 

 

 

 

 

 

At 31 May 2016

 

980

18

30

1,028

 

 

 

 

 

 

Depreciation

 

 

 

 

 

At 31 May 2015

 

659

15

30

704

Charge for the year

 

70

1

-

71

 

 

729

16

30

775

At 31 May 2016

 

 

 

 

 

 

 

 

 

 

 

Net book values

 

 

 

 

 

At 31 May 2016

 

251

2

0

253

At 31 May 2015

 

45

3

0

48

 

 

 

 

 

 

12.  Intangible Assets

 

Intangible Assets

 

£'000

Cost

 

At 31 May 2015

35

Additions

108

Disposals

 

 

 

At 31 May 2016

143

 

 

Depreciation

 

At 31 May  2015

5

Charge for the year

7

 

 

At 31 May 2016

12

 

 

Net book values

 

At 31 May 2016

131

At 31 May 2015

30

 

 

 

13.  Trade and other receivables

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Trade receivables

116

265

Other debtors

142

152

Prepayments and accrued income

81

111

 

 

 

 

339

528

 

 

 

14.  Inventories

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Diagnostic testing materials

188

-

 

 

 

 

188

-

Inventory is stated net of a £509,000 provision (2015: £nil).

 

15.  Cash and cash equivalents

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Cash and cash equivalents per statement of financial position

10,197

1,344

 

 

 

Cash per statement of cash flows

10,197

1,344

 

 

 

 

16.  Trade and other payables

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Trade payables

379

200

Other taxation and social security

-

18

Other creditors

69

22

Accruals and deferred income

81

839

 

 

 

 

529

1,079

 

 

 

17.  Borrowing

 

May 2016

May 2015

 

£'000

£'000

Non-current

 

 

Convertible loans

-

1,899

Other loans

395

2,230

 

 

 

 

395

4,129

 

 

 

Current

 

 

Other loans

496

562

 

 

 

 

496

562

 

 

 

 

 

 

 

At 31 May 2015 convertible loan notes due after more than one year totalled £1,899,000, comprising both principal amounts and accrued interest. In October 2015, the Group obtained a further £1,250,000 of funding in the form of convertible loan notes. Upon successful completion of the IPO, these loan notes converted to equity shares at 0.66p per share. Refer to note 24 for further details.

 

 

 

18.  Lease commitments

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Land and buildings

 

 

Operating leases which expire:

 

 

Within one year

51

-

In two to five years

21

-

In over five years

-

-

 

 

 

 

72

-

 

 

 

 

 

19.  Share capital

 

May 2016

May 2015

 

Shares

£

Shares

£

Authorised:

 

 

 

 

Ordinary shares of £0.01 each

57,115,594

571,155

648,000

 6,480

Preference shares of £0.01 each

-

-

257,000

 2,570

A Preference shares of £0.01 each

-

-

95,000

950

 

 

 

 

 

 

 

571,155

1,000,000

10,000

 

 

 

 

 

Allotted, called up and fully paid:

 

 

 

 

Ordinary shares of £0.01 each

51,024,404

510,244

464,072

  4,641

Preference shares of £0.01 each

-

-

231,714

2,317

 

 

 

 

 

 

51,024,404

510,244

695,786

6,958

 

 

 

 

 

·     34,789,300 shares were issued at par value of £0.01 in a share for share exchange to obtain control of Oncimmune Limited as part of a group reconstruction

·     in January 2016, the company issued 1,379,310 Ordinary shares of £0.01 for a consideration of £0.87 per share

·     In May 2016, 6,394,255 Ordinary shares were issued under the terms of the conversion option in respect of loan liabilities and accrued interest of £4,243,739 at £0.66 per share.

·     On listing, 8,461,539 shares of £0.01 were issued at £1.30 per share

 

 

20.  Share based payments

·     the scheme is limited to eligible persons, being employees, officers, SAB members and consultants of the Group;

·     the scheme provides for options to be granted to eligible persons to subscribe for ordinary shares of 0.01p each in the capital of Oncimmune Holdings Plc;

·     the scheme was limited to options over 14,500 ordinary shares in Oncimmune Limited (now 725,000 options over Ordinary shares of Oncimmune Holdings Plc), all of which have been granted and options may be issued under the Enterprise Management Incentive (EMI) rules or as unapproved options;

·     no option may be exercised later than the tenth anniversary of the date of grant, extended to 20 years for certain option holders;

·     each option issued under the scheme had a vesting period commencing for employees, officers and consultants on the first anniversary of the date of the grant and expiring on the fourth anniversary of the date of grant and for SAB members commencing on the second anniversary and expiring on the fourth anniversary of the date of grant;

·     options issued under the scheme are non-transferable;

·     vested options must be exercised (i) within 24 months of an option holder's death; (ii) within 3 months of an option holder ceasing to hold office for reasons of disability, redundancy or retirement (unless otherwise agreed by the Directors); and (iii) within 6 months of an option holder's resignation (if an employee, officer or consultant of the Operating Group) and within 24 months of an option holder's resignation (if an SAB member), or in each case the options shall lapse

·     If an option holder shall leave the Operating Group for any reason, options granted to that option holder shall only be exercisable in the Directors' discretion;

·     on 'takeover' of Oncimmune Holdings Plc where a general offer is made to acquire the whole of the issued share capital of Oncimmune Holdings Plc (or any class of share capital of Oncimmune Holdings Plc), the acquiring company may make a  'rollover' offer to the option holders, which the option holders shall be deemed to accept, such that their options shall rollover into options in the acquiring company upon the same terms; and

·     Oncimmune Holdings Plc may at any time add to or vary the scheme rules provided that this does not affect the liabilities of any option holder.

·     the scheme was limited to an additional 25,029 (increased to 68,056 options over ordinary shares in Oncimmune Limited and which rolled over 3,402,800 options over Ordinary Shares), of which 23,511 options over ordinary shares in Oncimmune Limited (rolled over into 1,175,550 options over Ordinary Shares of Oncimmune Holdings Plc) have been granted;

·     the vesting period for all options issued under the scheme commenced on the first anniversary of the date of grant and expired on the third anniversary of the date of grant, and;

·     vested options must be exercised (i) within 12 months of an option holders death; (ii) within 3 months of an option holder ceasing to hold office for reasons of disability, redundancy or retirement (unless otherwise agreed by the Directors) and (iii) on or before an option holders resignation, or in each case the options shall lapse.

 

 

 

 

May 2016

May 2015

 

 

Number of options

Number of options*

 

 

 

 

Options in grant

 

1,825,550

36,511

 

 

 

 

Weighted average exercise price

 

£0.83

£37

Weighted average life remaining  in years

 

 

3.0

 

7.30

 

 

 

 

 

 

 

 

 

May 2016

May 2015

 

 

 

Deemed market value at date of grant

£0.87

£41.48

Option exercise price

£0.82

£41.48

Expected life of options

3

3

Volatility

12%

45%

Dividend yield

0%

0%

Risk free rate

1%

3%

Discount factors

0%

0%

 

 

 

·     The option life is assumed to be at the end of the allowed period

·     Historical staff turnover is taken into account when determining the proportion of granted options that are likely to vest by the end of the period

·     Following the application of the vesting probability assumptions, there are no further vesting conditions other than remaining in employment with the Company during the vesting period

·     No variables change during the life of the option (e.g. dividend yield)

·     Volatility has been estimated as there is no history of the Company's share price.

 

WAEP

May 2016

WAEP

May 2015

Expiry date

 

Number

 

Number

 

 

 

 

 

Outstanding at 1 June

37.00

36,511

36.00

34,511

Granted

-

-

41.48

2,000

Lapsed

 

 

-

-

Modified

(36.17)

1,789,039

 

 

Exercised

 

 

-

-

Outstanding at 31 May

0.83

1,825,550

37.00

36,511

 

 

 

 

 

Weighted average remaining contractual life in years

 

3.0

 

7.30

 

 

 

 

 

21.  Related party transactions

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Costs incurred

138

165

Accrued at year end

20

10

 

 

 

 

 

 

22.  Categories of financial instruments

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Current financial assets

 

 

Loans and receivables

258

418

Loans and receivables - cash and cash equivalents

10,197

1,344

 

 

 

Total financial assets

10,445

1,762

Non-financial assets

81

110

 

 

 

Total

10,536

1,872

 

 

 

Non-current financial liabilities

 

 

At amortised cost  - borrowings

395

4,129

 

 

 

Current financial liabilities

 

 

At amortised cost  - borrowings

496

562

At amortised cost  - payables

529

222

 

 

 

Total current financial liabilities

1,025

784

Non financial liabilities

57

857

 

 

 

Total current liabilities

1,082

1,641

 

 

 

 

23.  Fair Value Measurement

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Embedded derivatives

-

71

 

 

 

24.  Convertible loan note

- on a relevant fund raising the holder may convert at, a price per share being a 20% discount to the price per share of the class of share being issued and paid by investors on that relevant fund raising;

- on a change of control, a price per share being a 20% discount to the price per A Preference share received in connection with the acquisition of shares on the change of control;

- on a voluntary conversion at the voluntary conversion price.

 

- a host instrument, held at amortised cost

- a single compound embedded derivative that comprises multiple embedded derivatives (comprising the various prepayment options and the conversion option) that expose Oncimmune Ltd to inter-related risks. The compound embedded derivative has been recognised separately as a derivative financial instrument at fair value through profit and loss.

 

 

 

May 2016

May 2015

Fair value of net proceeds

£'000

£'000

 

 

 

Net proceeds

-

1,824

Embedded derivative

-

71

Liability component

-

1,753

 

-

1,824

 

 

 

Liability component

-

1,753

Interest charge for the year

402

285

 

 

 

 

402

2,038

 

 

 

25.  Loss per share

 

May 2016

May 2015

 

 

 

 

 

 

Earnings

 

 

Loss on ordinary activities for the purposes of basic and fully diluted loss per share (£'000)

(8,442)

(2,012)

Loss on ordinary activities for the purposes of basic and fully diluted loss per share (£'000) (before highlighted items)

(4,654)

(2,012)

Number of shares

 

 

Weighted average number of shares for calculating basic and fully diluted earnings per share

35,866,356

23,203,600

Loss per share

 

 

Basic and fully diluted loss per share

23.54p

8.67p

 

 

 

Basic and fully diluted loss per share (before exceptional items)

12.97p

8.67p

 

 

 

 

26.  Financial risk management

Market risk - Foreign exchange risk

Market risk - Interest rate risk

Price risk

Credit risk

Liquidity risk

2016

Within 1 year

One to five years

 

£'000

£'000

 

 

 

Trade payables

496

-

Other taxation and social security

57

-

Other creditors

69

-

Accruals and deferred income

81

-

Convertible loans

-

-

Other loans

496

395

 

 

 

2015

Within 1 year

One to five years

 

£'000

£'000

 

 

 

Trade payables

562

-

Accruals

200

-

Other taxation and social security

18

-

Other creditors

22

-

Accruals and deferred income

839

-

Convertible loans

-

1,899

Other loans

-

2,230

 

 

 

 

 

 

Capital risk management

The Group' s capital management objectives are:

·        to ensure the Group's ability to continue as a going concern; and

·        to provide an adequate return to shareholders

by pricing products and services commensurate with the level of risk.

The Group monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of the statement of financial position.

 

May 2016

May 2015

 

£'000

£'000

 

 

 

Total equity

9,731

(3,818)

Cash and cash equivalents

10,197

1,344

 

 

 

Capital

19,928

(2,474)

 

 

 

 

 

 

Total financing

 

 

Borrowings

891

4,620

 

 

 

Overall financing

891

4,620

 

 

 

 

 

 

Capital to overall financing ratio

2236.6%

(53.5%)

 

 

 

 

27.  Events after the balance sheet date

28.  Subsidiaries consolidated

Company

 

 

Holding

 

Country of incorporation

Class of share capital held

Direct

%

Indirect

%

United Kingdom

Ordinary

100

 

United States of America

Ordinary

 

100

 

29.   Final Results Announcement

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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