Interim Results
Provexis PLC
19 December 2006
PROVEXIS plc
('Provexis' or the 'Company')
UNAUDITED INTERIM RESULTS for the SIX MONTHS ended 30 SEPTEMBER 2006
Provexis plc, the nutraceutical company that develops scientifically-proven
functional and medical foods, announces its unaudited interim results for the
six months ended 30 September 2006.
Key Financial Results
•Revenues of £428,000, in-line with expectations (2005: £128,000)
•Adjusted loss before interest, goodwill amortisation, share compensation
expense and tax of £1,374,000 (2005: loss of £959,000)
•Cash balance £1,007,000 (2005: £3,798,000)
Key Highlights
•Sirco(R) heart-health juice brand now distributed in four major UK
supermarket chains, 1,100 outlets in total
•Single-serve 250ml Sirco(R) pack launched on schedule, now in 150 Holland
& Barrett and 250 Julian Graves stores, plus a further 300 independent
health food stores
•Exclusivity Agreement signed with major global branded food business for
joint development of an advanced format of the Fruitflow(R) heart-health
technology
•Fruitflow(R) projects underway with two major international brand owners,
for juice drinks and Deep Vein Thrombosis applications
•Global scientific endorsement for clinical efficacy of Fruitflow(R) from
the highest-ranked peer-review journal in the nutrition field, The American
Journal of Clinical Nutrition
•Management restructuring - Stephen Moon, formerly Commercial Director of
Provexis, appointed Chief Executive
•Working capital - the Company has the support of key existing investors
and is working with these parties and potential new investors to raise
further working capital
Stephen Moon, Chief Executive Officer of Provexis plc, commented:
'We are pleased with the progress of the Sirco(R) brand in all channels with
1,800 total outlets, including four leading multiple grocers, exceeding our
expectations. Sales were in-line with expectations for the first half of the
year, and during the second half of the year we will continue to seek further
listings while moving the brand towards a contribution positive state during
2007. This will provide us with strategic flexibility in our future options.
The science underpinning the Fruitflow(R) technology was further endorsed by
publication of two peer-review papers in The American Journal of Clinical
Nutrition, the leading scientific journal in the nutrition field. We are
continuing to extend the scope of the technology, having filed patents for the
technology to be extended into products for the reduction of risk of Deep Vein
Thrombosis ('DVT' also known as 'economy-class syndrome') and have commenced the
development of clinical support in this claim area.
We continue to co-develop an advanced format of our patented,
scientifically-proven Fruitflow(R) heart-health technology for our global food
partner and during 2007 we will collaborate on efficacy trials specific to the
brand owner's product formats. We expect to enter into a full Licence Agreement
once we have achieved mutually-agreed project objectives. This advanced format
will provide a platform for our longer-term strategy of entering broader
healthcare sectors including dietary supplements, over-the-counter medicines
('OTC') and medical products.
We are jointly assessing the potential for a product launch with a major
international brand owner, where Fruitflow(R) will be incorporated into their
established juice brand.
We are working with a global food brand owner to assess the feasibility of the
co-development and launch of a product for DVT. It is planned that the product
would be distributed through airline catering channels.
However, the planned investment in our brand and technologies in addition to the
extended timeline for the development of the advanced format of Fruitflow(R), as
announced on 1 November 2006, has depleted the Company's working capital. Whilst
the Directors believe it is realistic to expect significant licensing revenues
by the end of the summer of 2007, the Company requires further funds to bridge
the intervening period. The Company has the support of key existing investors
and is working with these parties and potential new investors to raise further
working capital.'
For further information please contact:
Stephen Moon, Chief Executive
Provexis plc Tel: 020 8392 6631
Emma Kent/Victoria Geoghegan
Bell Pottinger Corporate & Financial Tel: 020 7861 3232
Chairman's statement
I am pleased that the Company continues to make strong progress in its
development, achieving milestones which we anticipate will unlock major global
commercial opportunities. We expect both significant Fruitflow(R) licence
revenues and Sirco(R) moving into profitability during 2007 and we are currently
in discussions to secure the working capital required to bridge the intervening
period.
The distribution of our Sirco(R) heart-health brand has steadily increased since
its launch in January 2006 and is now on sale in 1,800 retail outlets in the UK.
I am pleased with the continued progress that we are making in the
strongly-growing chilled juice category, and am delighted that our rate of sale
is competitive with several established brands owned by major juice companies.
Sirco(R) is strategically important to Provexis as a demonstrable example of the
Fruitflow(R) technology in action and has enabled us to enter into licensing
projects with major international brand owners. The progress we are making
towards moving the brand into a contribution-positive position will allow
management to assess longer-term options for this asset.
We received a major endorsement of the clinical efficacy of Fruitflow(R) from
the highest ranked peer-reviewed journal in the nutrition field, the American
Journal of Clinical Nutrition. This is another important milestone and has had a
positive impact on our marketing campaign for Sirco(R) by establishing strong
credibility in the medical and scientific communities, with resultant national
and specialist press coverage.
The Company's key business driver is the development of the Fruitflow(R)
technology and in addition to underpinning the Sirco(R) brand, the management
team believes that this patented and scientifically proven technology can be
applied over a broad range of functional food formats, and in the longer-term
can facilitate entry into the dietary supplement and medical sectors. We have
therefore been concentrating our efforts and investment in this area. I am
pleased that we have signed an Exclusivity Agreement with a major international
brand owner and expect to move to a full Licence Agreement as we deliver key
milestones in the project. We are also in dialogue with other major
international brand owners regarding products in the areas of juice drinks and
DVT.
During the period we undertook a management restructure. I was delighted to
appoint Stephen Moon, formerly our Commercial Director, to the role of Chief
Executive. Stephen Moon has been central to the strategic development of the
Company, identifying and implementing revenue generating opportunities and I
believe his skills are ideally suited to this phase of the Company's
development. Stephen Franklin stepped down as CEO and he continues to support
the development of the Company as Head of Research & Development.
The functional food sector continues to grow strongly in all major markets
worldwide and I believe that Provexis is well-positioned to capitalise on these
global opportunities. Subject to securing the necessary funding, we look forward
to making yet further progress during the next year.
Dawson Buck
Chairman
Management review
The Provexis business model is to develop functional and medical food products
from natural extracts and compounds, to develop health claims for the products
with clinical support, and to secure the Intellectual Property ('IP') rights for
those technologies. The products are commercialised via a combination of new
brand development and licensing to major food brand owners and healthcare
companies.
During the six months to 30 September 2006 we have continued to make progress
with our commercial strategy. We have extended distribution of our Sirco(R)
heart-health juice into four of the five largest multiple grocers, with 1,100
outlets in total. We have also launched a single-serve pack in 700 high street
and independent health outlets. Management is on track to move the brand into a
contribution-positive state during 2007, and this will provide the maximum
strategic flexibility for the future including the options of further,
profitable growth or the potential divestment of this asset.
Significant progress has been made in partnering with global brand owners with
our Fruitflow(R) technology, and we are engaged with a significant international
brand owner in a major co-development project, as well as being in discussion
with two major global brand owners regarding potential international launches in
the juice and DVT categories. In addition to this core activity we have
continued to extend Fruitflow(R) claim areas and have made progress in the
development of our patented technology for the treatment of Crohn's Disease.
As a result of the planned investment in our brand and technologies, together
with the extended timelines for the co-development of the new Fruitflow(R)
format, we have depleted our working capital reserves. The Company believes it
is reasonable to expect significant licence-related revenues in the late summer
of 2007, however further working capital is required to bridge the intervening
period. The Company has the support of key existing shareholders and at present
the Directors are in discussion with these parties and potential new investors
to secure funds to meet this requirement.
Financial Review
Total turnover for the period ended 30 September 2006 was £428,000 (2005:
£128,000).
Administration expenses for the period ended 30 September 2006 were £1,879,000.
This comprised of £754,000 of marketing and selling expenses in connection with
the Sirco brand, £206,000 of research and development costs in relation to
Fruitflow(R) development, £615,000 of central overheads and £304,000 of non cash
expense comprising goodwill amortisation of £242,000 and share option
compensation expense of £62,000. (2005: £1,567,000 comprising sales and
marketing £251,000, research and development £147,000, central overheads,
£576,000 and non cash expense of £593,000 comprising goodwill amortisation
£120,000 and share compensation expense of £473,000).
Operating loss before interest, taxation, share option expense and amortisation
of goodwill for the period ended 30 September 2006 totalled £1,374,000 (2005:
£959,000).
Cash at bank as at 30 September 2006 was £1,007,000 (2005: £3,798,000 as at 30
September 2005).
While the Company secured a £3 million Standby Equity Distribution Agreement
with a capital provider during the period, this facility has not been utilised
due to low trading volumes, and management will review the ongoing need for this
facility after new working capital facilities have been secured.
Sirco(R) heart health juice
The Company's Sirco(R) heart-health juice brand, the first to address platelet
aggregation (the cause of blood clots which can cause heart attack, stroke and
DVT) was launched in January 2006.
During the six months ended 30 September 2006 we extended major multiple grocer
distribution of Sirco(R), securing a listing in 235 Morrisons outlets, in
addition to the existing 600 Tesco and Waitrose supermarkets. We also launched
the 250 ml single-serve pack during the summer with distribution secured in 150
Holland & Barrett high street outlets, together with 300 independent health-food
stores. Following the period end we secured a distribution agreement with Asda,
bringing the total major multiple distribution base to 1,100 outlets. In
November 2006 we also secured 250 Julian Graves high street stores, bringing
total distribution to 1,800 outlets.
We have made substantial investment in advertising and marketing throughout the
period, with our press advertising having been seen at least 8 times by an
estimated 10 million target consumers. In addition, we have continued to market
to medical professionals both directly and through medical conferences. We have
also invested substantially at store-level, with price promotions taking place
in all major retailers, together with sampling and other educational campaigns.
Sirco(R) has performed well in rate of sale terms against other heart-health
juice and dairy products, as well as broader health-focused juice brands.
Sales were in line with expectations in the period. During 2007 we intend to
move the brand into a contribution-positive state and are making good progress
towards this. This will provide the Company with the broadest range of strategic
options for the future, including profitable growth of the brand, or a
divestment.
Fruitflow(R) - licensing and development of the technology
The Company is implementing a global licensing strategy for the Fruitflow(R)
technology, initially targeting food and beverage and DVT sectors, with a
longer-term strategy of targeting broader market opportunities including the
dietary supplement, OTC and medical sectors.
A significant milestone during the period was securing a major international
scientific endorsement of Fruitflow(R) and the supporting science, via the
publication of two peer-review publications in the world's highest ranked
journal in the field of nutrition, the American Journal of Clinical Nutrition.
During the period, the European Union introduced new legislation to govern
health claims. We have made significant progress in meeting this new
legislation, and furnishing the supporting data and as such believe that
Fruitflow(R) is in a strong position. Equally, our Generally Regarded As Safe
submission to the Federal Drug Authority for the US market is now well into the
approval process and we hope to have clearance early in 2007.
During the six month period to 30 September 2006 we signed a twelve month
Exclusivity Agreement with a major global branded food business for the joint
development of a new concentrated format of Fruitflow(R) for use in a broader
range of food and beverage applications, in addition to exclusive rights to our
patented Fruitflow(R) technology world-wide in a range of food and beverage
formats. In 2007 we will collaborate on efficacy trials specific to our
partner's product formats and when we have achieved these important milestones,
we expect to move to a full Licence Agreement. Success in this project, in
addition to leading to significant licence revenues in its own right, will
provide the platform for Fruitflow(R) to enter into broader healthcare sectors
including dietary supplements, OTC and medical products.
We are working with a major international beverage brand owner to assess the
feasibility of the launch of a Fruitflow(R)-containing juice product, and work
is accelerating on this project.
We have identified a Fruitflow(R) mode of action for the reduction of risk of
DVT and have subsequently filed international patents in this application area.
Our scientists are developing the scientific substantiation for this application
and this programme will accelerate in 2007. We have commenced a co-development
project with a major global food brand owner for a product to be distributed via
airline catering channels and during 2007 we will focus on developing the
product, in addition to commencing a substantial clinical trial programme.
New product development
While the emphasis is firmly on the development of Fruitflow(R), given the
advanced nature of the technology and its potential for revenue generation, we
have continued to progress the development of the patented plantain extract for
the treatment of Crohn's Disease and potential broader application in the
treatment of Inflammatory Bowel Disease. We have developed in conjunction with
our partner (a leading medical food company) a product format for use in
forthcoming clinical trials. It is expected that these trials will commence in
January 2007 in two medical centres in the North West of England. This patented
technology is an important element in underpinning our pipeline.
Our relationship with a leading UK technology transfer company, Plant Bioscience
Limited, continues and we are exploring routes to more fully realise the value
in their relationship with the Institute of Food Research, the developers of a
high-glucosinolate broccoli strain with scientifically-proven cancer risk
reduction properties.
Outlook
In summary, the Company continues to make good progress. Sales and distribution
of Sirco(R) are on track and we hope to further extend distribution early in
2007. We have a number of licensing and co-development activities in place with
major international corporations, and we expect to begin to generate revenues
from this area in 2007. The functional food market is worth $73bn globally and
is growing at twice the rate of the conventional food and beverage market, and
we believe that technologies with strong claims and in-depth scientific proof,
such as our Fruitflow(R) brand, will be successful in the sector.
Stephen Moon
Chief Executive Officer
Consolidated profit and loss account
for the six months ended 30 September 2006
Note Six months
ended
30-Sep-06
(unaudited)
Continuing Discontinued Total
£ £ £
Turnover 428,277 0 428,277
Cost of Sales (194,746) 0 (194,746)
-------------------------------------
Gross Profit 233,531 0 233,531
Distribution Costs (33,513) 0 (33,513)
Administrative Expenses
Share option costs (62,099) 0 (62,099)
Re-organisation costs 0 0 0
Other administrative expenses (1,816,450) 0 (1,816,450)
--------------------------------------
(1,878,549) 0 (1,878,549)
--------------------------------------
Operating Loss (1,678,531) 0 (1,678,531)
Provision for loss on disposal
of discontinued operations
--------------------------------------
Loss on ordinary activities before
interest (1,678,531) 0 (1,678,531)
Interest receivable 23,223
Interest payable and similar charges (90,000)
--------------
Loss on ordinary activities before
and after taxation 4 (1,745,308)
Loss for the period (1,745,308)
==============
Loss per ordinary share
Basic and diluted, p 5 (1.0)
Discontinued activities relate to the Altu food-bar business
All recognised gains and losses in the current and prior periods are included in
the profit and loss account.
Consolidated profit and loss account
for the six months ended 30 September 2006
Note Six months
ended
30-Sep-05
(unaudited)
Continuing Discontinued Total
£ £ £
Turnover 0 127,688 127,688
Cost of Sales 0 (100,091) (100,091)
------------------------------------
Gross Profit 0 27,956 27,956
Distribution Costs 0 (14,299) (14,299)
------------------------------------
Administrative Expenses
Share option costs (473,311) 0 (473,311)
Re-organisation costs (119,850) 0 (119,850)
Other administrative expenses (821,085) (152,545) (973,630)
------------------------------------
(1,414,246) (152,545) (1,566,791)
------------------------------------
Operating Loss (1,414,246) (139,248) (1,553,494)
Provision for loss on disposal
of discontinued operations (33,676) (33,676)
------------------------------------
Loss on ordinary activities before interest (1,414,246) (172,924) (1,587,170)
Interest receivable 52,020
Interest payable and similar charges (6,500)
-----------
Loss on ordinary activities before and
after taxation 4 (1,541,650)
Loss for the period (1,541,650)
===========
Loss per ordinary share
Basic and diluted, p 5 (1.0)
Discontinued activities relate to the Altu food-bar business
All recognised gains and losses in the current and prior periods are included in
the profit and loss account.
Consolidated profit and loss account
for the six months ended 30 September 2006
Note Year ended
31-Mar-06
(unaudited)
Continuing Discontinued Total
£ £ £
Turnover 139,972 127,688 267,660
Cost of Sales (75,707) (100,091) (175,798)
---------------------------------------
Gross Profit 64,265 27,597 91,862
Distribution Costs (10,968) (14,299) (25,267)
Administrative Expenses
Share option costs (522,593) 0 (522,593)
Re-organisation costs (119,850) 0 (119,850)
Other administrative expenses (2,824,386) (152,545) (2,976,931)
---------------------------------------
(3,466,829) (152,545) (3,619,374)
Operating Loss (3,413,532) (139,247) (3,552,779)
---------------------------------------
Provision for loss on disposal
of discontinued operations (32,756) (32,756)
---------------------------------------
Loss on ordinary activities before interest (3,413,532) (172,003) (3,585,535)
Interest receivable 113,918
Interest payable and similar charges (6,500)
----------
Loss on ordinary activities before
and after taxation 4 (3,478,117)
Loss for the period (3,478,117)
===========
Loss per ordinary share
Basic and diluted, p 5 (2.0)
Discontinued activities relate to the Altu food-bar business
All recognised gains and losses in the current and prior periods are included in
the profit and loss account.
Consolidated balance sheet
as at 30 September 2005
Note As at As at As at
30-Sep-06 30-Sep-05 31-Mar-06
(unaudited) (unaudited)(unaudited)
£ £ £
Fixed Assets
Intangible assets 6,659,837 7,144,189 6,902,013
Tangible assets 15,846 9,399 16,517
----------------------------------
6,675,683 7,153,588 6,918,530
Current Assets
Stocks 50,870 55,634 17,963
Debtors 347,758 300,958 554,102
Cash at bank and in hand 10 1,007,483 3,797,636 2,166,243
----------------------------------
1,406,111 4,154,228 2,738,308
Creditors: amounts falling due within one year
Other (825,405) (578,939) (807,240)
-----------------------------------
(825,405) (578,939) (807,240)
Net current assets 580,706 3,575,289 1,931,068
-----------------------------------
-----------------------------------
Total assets less current liabilities 7,256,389 10,728,877 8,849,598
-----------------------------------
Capital and reserves
Called up share capital 2,510,386 2,496,284 2,500,010
Share premium account 5,391,867 5,308,062 5,312,243
Merger reserve 6,273,909 6,273,909 6,273,909
Share option reserve 934,043 908,345 871,944
Profit and loss account (7,853,816) (4,257,723) (6,108,508)
------------------------------------
Shareholders' funds 7,256,389 10,728,877 8,849,598
------------------------------------
Consolidated cash flow statement
for the six months ended 30 September 2005
Note Six months Six months Year
ended ended ended
30-Sep-06 30-Sep-05 31-Mar-06
(unaudited) (unaudited) (unaudited)
£ £ £
Net cash outflow from operating 8 (1,182,092) (1,010,298) (2,741,662)
activities
Returns on investments and servicing of
finance
Interest received 23,332 58,083 119,981
Interest paid on convertible loan notes 0 (6,500) (6,500)
-------------------------------------
Net cash inflow from returns on investment
and servicing of finance 23,332 51,583 113,481
Capital expenditure
Purchase of tangible fixed assets 0 (2,977) (16,264)
Acquisitions and disposals
Purchase of subsidiary undertakings 0 (39,745) (39,745)
Cash acquired with subsidiary undertakings 0 763,956 763,956
Cash received on disposal of business 0 0 43,455
------------------------------------
Cash outflow before financing (1,158,760) (724,211) (1,876,779)
Financing
Issue of ordinary share capital 0 3,775,744 3,775,744
Exercise of share options 0 0 3,725
Costs of share issues 0 (845,694) (841,514)
Capital element of finance lease rental payments 0 (622) (622)
------------------------------------
0 2,929,428 2,937,333
------------------------------------
Decrease increase in cash in the period 9 (1,158,760) 2,691,947 1,060,554
------------------------------------
Notes to the consolidated accounts
For the six months ended 30 September 2006
1. Financial information
The interim financial information for the six months ended 30 September 2006
and the six months ended 30 September 2005 are unaudited and do not
constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985.
All of the accounting policies applied for this interim information are as
for the prior year with the exception of FRS 20 'Share based payment'. In
preparing these financial statements the group has adopted for the first
time FRS 20. FRS 20 requires the recognition of share based payments at fair
value at the time of grant. Prior to the adoption of FRS 20, the group
recognised the financial effect of the share based payment in the following
way: when shares and share options were awarded to employees a charge was
made to the profit and loss account based on the difference between the
market value of the Company's shares at the date of grant and the option
exercise price in accordance with UITF Absract 17 (revised 2003) 'Employee
Share Schemes'.
The credit entry for this charge was taken to the share option reserve and
reprted in the reconciliation of movements of shareholders' funds. In
accordance with transitional provisions of FRS 20, the standard was applied
retrospectively to all grants of equity instruments after 7 November 2002
that were unvested at 1 April 2006 and to liabilities for share based
transactions at 1 April 2006. The adoption of FRS 20 has resulted in the
retained profit reserve carried forward for the year ended 31 March 2006 and
the six months ended September 30 2006 being decreased by £67,147 and
£129,246 respectively.
The figures for the year ended 30 September 2005 have been extracted from
the statutory accounts which have been reported on the company's auditors
and were delivered to the Registrar of Companies. The auditors' report did
not contain any statements under Section 237(2), (3) or (4) of the Companies
Act 1985.
The directors approved the financial information on 18 December 2006. A copy
of this report will be sent to shareholders and copies of this statement are
available on the company's website and from the Company at 20 Mortlake High
Street, London SW14 8JN.
2. Accounting Policies
The interim accounts have been prepared using the accounting policies set
out in the 2006 published statutory accounts. The results of the Company and
its subsidiaries have been consolidated using the acquisition method. Where
share options are awarded to employees, the fair value of the options at the
date of grant is charged to the income statement over the vesting period.
Non -market vesting conditions are taken into account by adjusting the
number of equity instruments expected to vest at each balance sheet date so
that, ultimately, the cumulative amount over the vesting period is based on
the number of options that eventually vest. Market vesting conditions are
factored into the fair value of the options granted. As long as all other
vesting conditions are satisfied , a charge is made irrespective of whether
the market conditions are satisfied. The cumilative expense is not adjusted
for the failure to achieve a market vesting condition. Where the terms and
conditions of options are modified before they vest, the increase in the
fair value of the options, measured immediately before and after the
modification, is also charged to the income statement over the remaining
vesting period.
3. Dividend
The directors do not recommend the payment of a dividend
4. Taxation
Based on the results of the group, there is no tax charge/(credit) for the
period
5. Loss per ordinary share
The calculation of basic loss per ordinary share is based upon the loss
after taxation for the period of £1,745,308 (2005 : loss £1,541,650 ; year
ended 31 March 2006 : loss £3,478,117) and the weighted average number of
ordinary shares, as adjusted for the 2 for 1 share split effected 23 June
2005, in issue during the period of 250,561,393 (2005 : 151,475,184 ; year
ended 31 March 2006 : 200,292,337).
As at As at As at
6. Share Capital 30 30 31
September September March
2006 2005 2006
Unaudited Unaudited Unaudited
Number £ Number £ Number £
In issue at the start
of the period 250,000,864 2,500,010 16,609,194 332,184 16,609,194 332,184
Share split 2 for 1
to adjust nominal
value to 1p - - 16,609,194 - 16,609,194 -
Issue of shares for
loan conversions - - 37,327,381 373,274 37,327,381 373,274
Issue of shares for
acquisition of
Provexis Limited - - 111,658,555 1,116,586 111,658,555 1,116,587
Issue of shares via
placing - - 67,424,000 674,240 67,424,000 674,240
Exercise of share
options - - - - 372,540 3,725
Issue of shares for
SEDA implementation
fee 1,037,608 10,376 - - - -
---------------------------------------------------------------------------
In issue at end of
period 251,038,472 2,510,386 249,628,324 2,496,284 250,000,864 2,500,010
===========================================================================
7. Reserves Share Share Profit
Premium Merger Option and loss
Account Reserve Reserve Account
£ £ £ £
As at 1 April 2006 5,312,243 6,273,909 871,944 (6,108,508)
Premium on shares issued in relation to
SEDA fee 79,624 - - -
Loss for the period - - - (1,745,308)
Fair value of unvested share options - - 62,099 -
---------------------------------------------
As at 30 September 2006 5,391,867 6,273,909 934,043 (7,853,816)
=============================================
8. Reconciliation of operating loss to net cash outflow from operating activities
Six months Six months Year
ended ended ended
30-Sep-06 30-Sep-05 31-Mar-06
(unaudited) (unaudited) (unaudited)
£ £ £
Operating loss (1,678,531) (1,553,494) (3,552,779)
Depreciation and amortisation 248,857 131,530 379,876
UITF 17 charge - 469,577 469,576
FRS 20 share option comensation charge 62,099 17,865 67,147
(Increase)/ decrease in stocks (32,907) (8,391) (46,931)
Decrease/ (increase) in debtors 206,344 48,847 (204,296)
(Decrease)/ increase in creditors 12,046 (116,233) 145,745
----------------------------------------
Net cash outflow from operating activities (1,182,092) (1,010,298) (2,741,662)
========================================
9. Reconciliation of net cash flow to movement in net funds
Six months Six months Year
ended ended ended
30-Sep-06 30-Sep-05 31-Mar-06
(unaudited) (unaudited) (unaudited)
£ £ £
(Decrease) increase in cash in the
period (1,158,760) 2,691,947 1,060,554
(Decrease) increase in debt - 622 622
---------------------------------------
Change in net funds resulting from
cash flows (1,158,760) 2,692,569 1,061,176
Decrease in debt - non cash - 400,000 400,000
Opening net funds 2,166,243 705,067 705,067
--------------------------------------
Closing net funds 1,007,483 3,797,636 2,166,243
======================================
10. Analysis of net funds
At Cash Other At
01-Apr-06 flow non-cash 30-Sep-06
changes
£ £ £ £
Cash at bank and in hand 2,166,243 (1,158,760) - 1,007,483
--------------------------------------------------
Total 2,166,243 (1,158,760) - 1,007,483
==================================================
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