Information  X 
Enter a valid email address

ViaLogy PLC (VIY)

  Print      Mail a friend       Annual reports

Friday 13 June, 2014

ViaLogy PLC

Final Results

RNS Number : 5350J
ViaLogy PLC
13 June 2014
 



13 June 2014

ViaLogy Plc

("Company")

 

Final Results

 

 

ViaLogy plc is pleased to announce its final results for the year ended 31 March 2014.

 

 

Our strategy and business review

The last 18 months have been dominated by a major step change in the strategy and direction of your company. In the spring and summer of 2013, it became increasingly obvious to the then Board of Directors that the Company's lack of commercial progress, due in the main to prolonged difficulties in gaining acceptance by major oil and gas companies for its core technologies, was a cause for serious concern. The incumbent board therefore decided that it was necessary, and in the best interests of shareholders, to restructure and refocus the operational organisation of the business.

 

At a general meeting of the Company in December 2013, I accepted the position of Chairman of ViaLogy with a remit to spearhead a completely new direction for the organisation. In a letter to shareholders I made it clear that the future investing policy would involve the acquisition of, or merger with, companies unrelated to ViaLogy's previous activities and chosen for their abilities to add strong shareholder value to the overall business. I am therefore delighted to inform you that today we announced a proposal, which is subject to shareholder approval, to (inter alia) acquire the entire issued share capital of a biotechnology company, Premaitha Health Limited ("Premaitha").

 

Premaitha employs next generation sequencing technology to develop, manufacture and sell molecular diagnostic products intended to have a major beneficial impact on human health. Its first product - the IONA® test - is designed to take advantage of a very significant change in the field of pre-natal medicine which is creating a multi-billion pound market for improved pre-natal screening tests. Subsequent products are expected to address other important health challenges such as cancer screening and monitoring and personalised healthcare. Further information about Premaitha can be found at www.premaitha.com.

 

As far as our oil and gas services business is concerned, I have to report that it is taking longer than anticipated to secure a suitable partner for ViaLogy Energy Company (VEC), where we have a 75% holding. To this end the board has decided to provide against the assets of VEC to reflect the fact that, as at the balance sheet date, no suitable partner had been found. The founder of the company, Dr. Sandeep Gulati, continues to pursue various avenues on our behalf and to enable him to concentrate on our US activities he has agreed to resign from the main Board of the Company.

 

Financials

For the year ending 31 March 2014, the consolidated financial statements accounts show a net loss of £4.9 million (2013: loss £4.7 million). The loss after tax and after adding back the non-cash items, depreciation and amortisation charge, share based payment expense and impairment of assets was £1.4 million (2013: £1.9 million).

 

In January 2014, ViaLogy raised a total of £1,620,000 (before expenses) through the placing of 1,619,820,122 ordinary shares at a price of 0.1p each with existing and new investors.

 

 

Adam Reynolds

Chairman 

 

 

Enquiries:

 

ViaLogy Plc

Mark Collingbourne

 

 

+44 1620 810 183

 

Cairn Financial Advisers LLP

Nomad

Liam Murray

Avi Robinson

 

 

 

+44 20 7148 7900

 

Panmure Gordon (UK) Limited

Broker

Robert Naylor

Freddy Crossley

 

 

+44 20 7886 2500

 

 

 

 

Consolidated income statement for the year ended 31 March 2014

 



2014

2013

 

 

 

 


£

£

Revenue


62,106

257,681

 

 

Cost of  sales


(194,383)

(555,156)

 



--------

--------

 

Gross loss


(132,277)

(297,475)

 

Share based payments


51,319

528,182

 

Depreciation and amortisation


243,180

2,203,657

 

Impairment of tangible fixed assets


192,108

-

 

Impairment of intangible fixed assets


828,264

-

 

Impairment of goodwill


2,252,731

-

 

Other administrative expenses


1,234,833

1,931,708

Total  administrative expenses


(4,802,435)

(4,663,547)

 

 



--------

--------

 

Loss from operations


(4,934,712)

(4,961,022)

 

Finance income


1,269

2,014

 



--------

--------

Loss for the year before  taxation


(4,933,443)

(4,959,008)

 



--------

--------

 

 





 

Taxation


-

294,822

 

 



--------

--------

 

Loss for the year


(4,933,443)

 

(4,664,186)

 

 



 

 



--------

--------

 

Attributable to:

Owners of the parent

Non-controlling interests







(4,933,443)

-

--------

(4,933,443)

--------


(4,664,186)

-

--------

(4,664,186)

--------

 

Loss per share




 

Basic  and diluted (pence)


(0.245)

(0.506)

 

 



2014

2013

 

 



£

£

Loss after taxation


(4,933,443)

(4,664,186)

 

 

 

Other comprehensive income

  Exchange differences on translating foreign operations


 

 

(35,829)

 

 

22,677

 



--------

--------

 

Total other comprehensive income for the year


(4,969,272)

22,677

 



--------

--------

 

Total comprehensive loss for the year


(4,969,272)

(4,641,509)

 



--------

--------

 

Attributable to:




 

Owners of the parent


(4,969,272)

(4,641,509)

 

Non-controlling interests


-

-

 



--------

--------

 



(4,969,272)

(4,641,509)

 



--------

--------

 

 

Consolidated statement of changes in equity for the year ended 31 March 2014

 


Share

Share

Warrant

Foreign

Non

Retained

Total


capital

premium

reserve

exchange

controlling

deficit




account

account

translation

interest







reserve





£









At 1 April 2013

10,391,069

22,733,906

225,000

1,637,611

-

(32,354,126)

2,633,460









Total loss for the year

 

-

 

-

 

-

 

-

 

-

 

(4,933,443)

 

(4,933,443)

Lapse of warrants

-

225,000

(225,000)

-

-

-

-

Other

comprehensive income

 

 

-

 

 

-

 

 

-

 

 

(35,829)

 

 

-

 

 

-

 

 

(35,829)

Issue of shares

1,655,154

1,333

-

-


-

1,656,487

Share issue expenses

-

(146,474)

-

-


-

(146,474)

Acquisition of subsidiary

 

-

 

-

 

-

 

-

 

2,253,596

 

 

 

2,253,596

Write-off

NCI

 

-

 

-

 

-

 

-

 

(2,253,596)

 

2,253,596

 

-

Share options expense

 

-

 

-

 

-

 

-

 

-

 

49,589

 

49,589


--------

--------

--------

--------

--------

--------

--------

Balance at 31 March 2014

12,046,223

22,813,765

-

1,601,782

-

(34,984,384)

1,477,386


--------

--------

--------

--------

--------

--------

--------










Share

Share

Warrant

Foreign

Retained

Total


capital

premium

reserve

exchange

deficit




account

account

translation







reserve











At 1 April 2012

8,519,551

21,475,505

-

1,614,934

(28,218,122)

3,391,868








Total loss for the year

-

-

-

-

(4,664,186)

(4,664,186)

Other comprehensive income

-

-

-

22,677

-

22,677








Issue of shares

1,871,518

1,363,151

-

-

-

3,234,669

Share issue expenses

-

(104,750)

-

-

-

(104,750)

Share options expense

-

-

-

-

528,182

528,182

Issue of warrants

-

-

225,000

-

-

225,000









--------

--------

--------

--------

--------

--------

Balance at 31 March 2013

10,391,069

22,733,906

225,000

1,637,611

(32,354,126)

2,633,460


--------

--------

--------

--------

--------

--------








 

Consolidated statement of financial position as at 31 March 2014

Company number 3971582


2014

2013

 

 



£

£

 

Assets




 





 

Non-current assets




 

   Intangible assets


-

1,022,054

 

   Property, plant and equipment


103,763

359,165

 



--------

--------

 



103,763

1,381,219

 



--------

--------

 

Current assets




 

   Trade and other receivables


89,656

153,876

 

   Cash and cash equivalents


1,363,973

1,304,729

 



--------

--------

 



1,453,629

1,458,605

 



--------

--------

 

Total assets


1,557,392

2,839,824

 



--------

--------

 

Equity and liabilities attributable to equity




 

holders of the parent company




 

   Share capital


12,046,223

10,391,069

 

   Share premium


22,813,765

22,733,906

 

   Warrant reserve


-

225,000

 

   Foreign exchange translation reserve


1,601,782

1,637,611

 

   Retained deficit


(34,984,384)

(32,354,126)

 





 



--------

--------

 

Total equity


1,477,386

2,633,460

 



--------

--------

Liabilities




 

 

Current liabilities




 

   Trade and other payables


80,006

206,364



--------

--------

 

 



80,006

206,364

 



--------

--------

 



--------

--------

 

Total equity and liabilities


1,557,392

2,839,824

 



--------

--------

 

 

Consolidated statement of cash flows for the year ended 31 March 2014



2014

2013

 

 



£

£

 

Cash flow from operating activities




 

  Loss  before tax


(4,933,443)

(4,959,008)

 





 

  Adjustments for :




 

          Finance income


(1,269)

(2,014)

 

          Depreciation


49,390

77,273

 

          Amortisation


193,790

2,126,384

 

          Share option expense


51,319

528,183

 

          Foreign exchange movements


3,758

22,677

 

          Impairment of tangible fixed assets


192,108

-

 

          Impairment of intangible fixed assets


828,264

-

 

          Impairment of goodwill


2,252,731

-

 

          Director's fees prepaid


-

27,656

 



--------

--------

 

Cash flow from operating activities before changes in working capital


(1,363,352)

(2,178,849)

 





 

  Decrease in trade and other receivables


64,220

3,255

 

  Increase in trade and other payables


(144,858)

1,856

 



--------

--------

 

Net cash flows from operating activities


(1,443,990)

(2,173,738)

 





 

Investing activities




 

   Internally generated intangible asset


-

(341,222)

 

   Purchase of property, plant and equipment


(3,421)

(25,361)

 

  Interest received


1,269

2,014

 



--------

--------

 

Net cash used in investing activities


(2,152)

(364,569)

 





 

Financing Activities




 

    Cash inflow from issue of new shares


1,656,486

3,459,669

 

    Share issue costs


(146,474)

(104,750)

 



--------

--------

 

Net cash from financing activities


1,510,012

3,354,919

 





 

Increase/(Decrease) in cash and cash equivalents


63,870

816,612

  Foreign exchange differences on translation of cash and cash equivalents


(4,626)

(67,250)

 

 

  Cash and cash equivalents at beginning of  year


1,304,729

555,367



--------

--------

 

 

Cash and cash equivalents at end of year


1,363,973

1,304,729

 



--------

--------

 

 

Notes

1     Loss per share

Basic

 

Basic loss per share is calculated by dividing the loss after tax attributable to the equity holders of the parent company for the year of £4,933,443 (2013: loss £4,664,186) by the weighted average number of ordinary shares in issue during the year 2,014,231,609 (2013: 921,224,058).

 

Diluted

 

Diluted earnings per share dilute the basic earnings per share to take into account share options and warrants.  The calculation includes the weighted average number of ordinary shares that would have been issued on the conversion of all the dilutive share operations and warrants into ordinary shares.  261,916,546 options (2013: 125,535,913) and nil (2013: 38,693,654) warrants have been excluded from this calculation as the effect would be anti-dilutive.

 

2     This announcement does not constitute full accounts within the meaning of section 434 of the Companies Act 2006 but is derived from the audited accounts for the year ended 31 March 2014 for which an unqualified audit report has been received.  The statutory accounts for the year ended 31 March 2014 will be delivered to the Registrar of Companies.

 

3     The Annual General Meeting (AGM) of ViaLogy plc will take place at a later date and the Notice of the AGM and related papers, including the statutory accounts, will be sent to shareholders at least 21 working days before the meeting.

 

4     While the information included within this announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), it does not in itself contain sufficient information to comply with IFRS.

 

 

 


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

a d v e r t i s e m e n t