Final Results

Byotrol plc Byotrol plc (the 'Company') Byotrol is an anti microbial technology company. The patented technology has already generated a range of materials that have been extensively tested and found to safely reduce or eliminate the threats caused by micro-organisms. The Company is now engaged in the process of obtaining key regulatory approvals and developing sales channels in its target markets. Unaudited preliminary results for the fifteen month period ended 31 March 2006 HIGHLIGHTS -- Successful £3 million fundraising ahead of July 2005 AIM admission -- Initial sales of £90,000 -- Successful implementation of key customer trials -- Launched new products in healthcare market -- Commenced roll-out of food hygiene products -- Completion of initial distribution partnerships -- Filed for EPA and CE approvals in the US and Europe Commenting on the Company's performance during the period, CEO David McRobbie said: 'This has been a busy period that has moved the Company well beyond its former research and development phase and onto a solid footing as a commercially positioned operation. Our successes in implementing key customer trials, initiating early sales and distribution partnerships, filing for key regulatory approvals and prosecuting patents have all contributed significantly to this transformation.' Financial enquiries to: Stephen Falder - Deputy Chairman, Byotrol plc T: 0870 609 4480 Oli Rayner - Merchant Capital T: 020 7332 2000 Media enquiries to: Jim Rothnie - McCann Erickson T: 01625 822540 (jim.rothnie@europe.mccann.com) M: 07836 559305 CHAIRMAN AND CHIEF EXECUTIVE'S REVIEW We are delighted to present our review of the first nine months of activity following the Admission to AIM of Byotrol plc ('the Company') in July 2005. This has been a period that has seen the transformation of the Company from the research and development phase to the commercialisation phase. The admission to AIM in July 2005 was well received with £2.5 million, net of expenses, raised from a mixture of institutional and private investors. This provided the resources to develop our patented technology into a targeted range of products for our key initial markets, progress key regulatory and other approvals and strengthen our sales and marketing infrastructure. Our technology has already proven its ability to enhance the effectiveness of existing biocidal and other anti-microbial products. While we expect additional regulatory approvals and commercial trials to open up more substantial sales channels during the current year, our strategy is to take advantage of immediate revenue opportunities for products in areas that require no additional regulatory or institutional approvals. In several of these areas, we have now launched a range of own-branded products based on our technology and incorporated our technology into third party products in line with our strategy to develop Byotrol's presence as an ingredient brand. During this period we focused on the development of opportunities in the two key initial markets for our technology, Healthcare and Food, whilst continuing to take advantage of immediate revenue opportunities in areas where no additional regulatory or institutional approvals are required. We achieved a number of key commercial milestones including, in Healthcare, the launch of our Assure range of products, new products developed in partnership with Quill International Industries plc and, since the year end, the contract with Audit Diagnostics Limited. We have also commenced the roll-out of our range of food hygiene products. Progress in other markets included the specification by Southern Electric Contracting Limited for use of Byotrol-based product in the maintenance of street furniture and a licensing agreement for a range of pet care products. FINANCIAL RESULTS FOR THE PERIOD The Group made a loss in the period of £1,330,976 (2004: £535,263) which was satisfactorily in line with the anticipated position at the time of the flotation. The cash inflow was £1,254,150 (2004: £11,195) and was as expected. The balance sheet shows a net worth of £1,043,837 (2004: (£725,696)). HEALTHCARE In the healthcare market, the Directors believe that the spread of MRSA and other pathogens represents a major risk in clinical and other healthcare environments. The Company continues to pursue opportunities to demonstrate the efficacy of its products in the healthcare environment and marketing its products to key public and private customers. Success in healthcare for our business will be based on the simplicity of our technology and its ability to deliver very high quality anti-microbial performance in a manner that does not disrupt the activities of working health professionals and those in their care. To that end our early strategy is UK focused, and is to approach healthcare at both private and public (NHS) level. In November 2005 a substantial trial was commenced at the Glasgow Royal Infirmary, a leading NHS teaching hospital, to study the efficacy of the Company's technology in reducing the spread of hospital acquired MRSA. The trial is being carried out under the stewardship of Professor Curtis Gemmell, an acknowledged expert in the field of infection control and MRSA. The object of this study is to evaluate Byotrol against competing materials used in a working ward. We are aware that many of the currently available agents or processes can work as disinfectants when wards are evacuated or emptied. The Directors continue to believe that a key commercial advantage of Byotrol's product range is the ability to integrate with the existing hygiene regime without requiring capital investment, special safety measures or significant staff training, patient relocation or otherwise disrupting the day-to-day working of the clinical environment. Byotrol's combination of safety in use, residual activity and powerful action will, when scientifically demonstrated, bring a completely new set of tools to the infection control teams in hospitals. The initial phase of this trial was completed in March 2006 with encouraging preliminary results that showed significantly reduced environmental MRSA. Given the quality of these preliminary results, the scope of the trial was extended, at our request, to assess the effectiveness of Byotrol's products across a wider range of operational clinical environments. The results from the trial will be presented in detail at a major international symposium in October 2006 but we expect to be able to make a prior announcement on the key findings. We are confident that the data collected in this and other smaller studies we have commissioned will underpin our move to supply the public sector health providers with Byotrol based disinfectants and cleaners. In line with its strategy to take advantage of immediate revenue opportunities for products in areas that require no additional regulatory or institutional approvals, the Company developed a new range of sanitisation and deodorisation products specifically designed to combat the spread of a broad spectrum of micro-organisms (including MRSA) in care homes. Prior to a product launch in March 2006, the new range was presented at Europe's leading conference and exhibition for the care home sector, 'The Healthcare Event 2006' in January 2006 in Marbella, Spain. These products are being marketed under the name 'Assure' which the Company is seeking to register as a trademark. The Assure range uses Byotrol technology to tackle the practical problems that microbes cause in the care environment (such as odour and spoilage) as well as offering high performance skin sanitizers. In April we secured a significant trial of these sanitizers with Care UK plc, one of the leading companies in this field with over 100 care homes and similar facilities. We are also in discussions with a number of other major care home operators and have now identified this as a substantial market in its own right. The Company has also recently launched a range of hygiene products in conjunction with Quill International Industries plc ('Quill'), aimed at the healthcare market. These hygiene products include disposable wipes, hand sanitisers and cleaners. They are being marketed in the UK on a non-exclusive basis by Quill under the name 'Supernova' (a registered trademark of Quill) but with the Byotrol logo featuring on the label as an ingredient brand. Quill has an established customer base in the healthcare sector including the National Blood Service and Sunlight Service Group. Byotrol is also marketing the range direct to international customers and through selected distributors. Since the period end, the Company secured a major contract to supply its technology to Irish-based healthcare company Audit Diagnostics. Audit Diagnostics is a leading global supplier of diagnostic equipment and ancillary products to hospital and medical laboratories. The contract will see the Company's products used in hospital and medical laboratories worldwide. Byotrol's technology will be incorporated into a range of anti-bacterial wipes, sprays and mousses and these will be marketed under Audit Diagnostics' 'Sterl STAT' brand. The product range will also incorporate Byotrol as an ingredient brand in line with the Company's stated strategy. Reflecting the Company's transition from the research and development phase to the commercialisation phase, we announced during the year the resignation of Dr Peter Dandalides from the Board. The Board is very grateful to Dr Dandalides for the valuable role he has played in developing the Company's medical and scientific credentials and establishing the initial market opportunities for Byotrol's products in this sector including those set out above. Dr Dandalides continues to assist the Company on specific projects in a consultancy capacity in the short term. FOOD PROCESSING For potential customers in the food processing industry, Byotrol technology brings a combination of powerful anti-microbial action safety and residual performance. In order to supply the leading businesses in this field we embarked on a strategy that firstly recruited highly experienced professionals from the industry in both the UK and the USA. In the UK, Gary Hilton joined the Company in February 2006 from a global leader in hygiene products. Dr David Baker, a highly respected microbiologist and food safety expert, joined us in late 2005. Although based in the USA, he is also currently instrumental in implementing the sales and marketing plan in the UK. Our food and beverage product range includes Byotrol-based fogging materials as well as materials for personal protection and sanitisation including durable boot wash products and non-alcohol hand decontamination. These products are aimed at customers in the food processing industry and they are designed to enhance existing sanitisation and hygiene regimes in place at customer facilities in a non-disruptive fashion. During the scoping period we have been highly encouraged by both laboratory and factory trial results and the keen interest shown by prospective customers. We continue service customers in Scandinavia where our products are used in the fishing and fish processing industry. OTHER PRODUCTS Byotrol is a widely adaptable technology and the Company has a growing number of customers who are starting to use Byotrol based products in the industrial and technical field. Many of these products occupy small but significant niches and they support the Company's strategy to become a globally recognised and trusted brand associated with microbial control. In fields such as protection of municipal street furniture, pet care products and the restoration of monuments, Byotrol's technical range of materials has shown in very small niches its huge potential. An example of Byotrol's success in developing and marketing applications in specialist markets is the products developed for street furniture. Following a successful trial in Bournemouth, a Byotrol-based coating has been specified for use in the maintenance of street furniture and lampposts by Southern Electric Contracting Limited, the public lighting and maintenance contracting subsidiary of Scottish and Southern Energy plc. The addition of Byotrol's anti-microbial products was found to have considerable cost and public safety advantages. In pet care, we have entered into a licensing agreement with Byofresh Limited, who have developed a range of small animal and pet care products based on our technology. This is being marketed by Pets at Home Limited, Britain's leading pet and pet care retailer with a network of 163 stores across the UK. While these represent a less significant opportunity than those in the healthcare and food processing markets, it provides additional validation of the technology and provides early revenue while the Company continues to progress opportunities in those larger markets. DISTRIBUTION & LICENCING During this early period we have been mindful of the need to secure established and committed distribution partners. We have also balanced that need with attention to longer term freedom for the business to grow globally. We are delighted to report that we have established two regional distributors in the UK to supply customers for our technical and industrial products. Internationally we have a distribution agreement with Byotrol Scandinavia to supply the food and technical markets in Sweden, Norway and parts of Denmark, capitalising on the approvals gained in those markets. The Board believes that the Company's market segment-based strategy combining direct and indirect sales is the best way to optimise sales and profitability. We continue to develop opportunities to licence our technology to, and enter into distribution agreements with, established players in major industrial and consumer markets. REGULATION AND INTELLECTUAL PROPERTY From a regulatory perspective, the Company is highly advantaged by the nature of its technology which does not rely on the introduction of novel biocides but materially enhances the effectiveness of existing biocides. Since our products utilise biocides which are already approved by relevant regulatory authority and well known in the market place, the regulatory costs, whilst still significant, are not as excessive as those faced by some of our competitors. As previously stated, the Company considers applications to the relevant authorities for product registrations in the United States and, in particular, gaining EPA approval to be of key importance. Our product development programme resulted in the completion of scoping trials on time. These trials not only delivered highly satisfactory results against MRSA and other organisms but also showed efficacy against viruses including SARS and Norovirus simulants outside the scope of the initial registration process. The Company therefore decided to expand the scope of the EPA application to include these additional claims. While this has meant the EPA application has taken longer than originally anticipated, we are confident of success in the coming months and the expanded application with registration of these wider claims is expected to result in significantly greater opportunities. This approval will be a significant milestone and will enable us to capitalize on identified demand for Byotrol based products, in particular, from potential customers involved in food processing and food safety. In order to facilitate higher-level healthcare applications for the Company's products, during the year we also initiated the European Union's CE Marking process for safe high-performance hand cleansers and surface wipes. CE Marking on a product label is a declaration that the product complies with the essential requirements of the relevant European health, safety and environmental protection legislation. It is effectively a passport which allows products to be freely circulated within the EU single market. This approval is near completion and is expected to open up additional European healthcare opportunities. As announced on 31 August 2005, Byotrol-based products have been granted approval by Mattilsynet, the Norwegian Food Safety Authority, to be used by the Norwegian fish processing industry. Byotrol-based products are already approved in Iceland and deployed in the fishing and fish processing industries. We continue to work on the ongoing US and European Patent applications. This work progresses at a speed that is governed by the various agencies. However we are anticipating that this will be completed by the end of 2006 in both the USA and Europe. In addition to the main patent application, funds from the placing have been used to strengthen the protection we have by further experimentation and the prosecution of a patent concerning tissue preservation. CURRENT TRADING & OUTLOOK The Company has experienced increased order levels in the first few months of the current year. With regulatory approvals and the conclusion of significant commercial trials in the pipeline, the outlook for your Company is very exciting. The Company is delivering its business plan and has the resources in place to continue to develop the key initial markets for its products and build Byotrol into one of the world's most trusted brands associated with the safe control of micro-organisms. Since the admission to AIM we have also identified additional opportunities to accelerate our development which are currently under review. We look forward to the future with considerable confidence and expect to report significantly increased sales in the current year as a result of the infrastructure we have put in place this year. With its unique product platform, the Company is well placed to exploit the opportunities that have been identified and continues to identify new opportunities. In closing we would like to thank all of the investors who have chosen to become owners in Byotrol. Our team appreciates our shareholders' commitment to the Company. We would also like to thank the other directors, particularly Stephen Falder, and the rest of our staff for their hard work and commitment through a rapidly evolving period in the Company's development. Wesley Devoto David McRobbie Chairman Chief Executive 19 June 2006 Unaudited Consolidated Profit and Loss Account For the period ended 31 March 2006 Period ended Year ended 31 March 31 December 2006 2004 Notes £ £ Group turnover 2 90,014 52,226 Cost of sales (47,902) (10,478) ----------------- ------------------ Gross profit 42,112 41,748 Administrative expenses (1,424,793) (577,226) Other operating income - 5,481 ----------------- ------------------ Operating loss on ordinary activities (1,382,681) (529,997) before interest and taxation Net interest receivable/(payable) 50,215 (5,266) ----------------- ------------------ Loss on ordinary activities before taxation (1,332,466) (535,263) Taxation 3 - - ----------------- ------------------ Loss on ordinary activities after taxation (1,332,466) (535,263) Minority interest 1,490 - ----------------- ------------------ Loss for the period for the Group (1,330,976) (535,263) ----------------- ------------------ Loss per ordinary share Basic and diluted (p) 4 (5.76) (289.64) ----------------- ------------------ The loss for the period arises from the group's continuing operations. Unaudited Consolidated Statement of Total Recognised Gains and Losses for the period ended 31 March 2006 Period ended Year ended 31 March 31 December 2006 2004 £ £ Loss for the financial period (1,330,976) (535,263) Currency translation differences (42,184) 26,416 on foreign currency net investments --------------- --------------- (1,373,160) (508,847) --------------- --------------- Unaudited Consolidated Balance Sheet at 31 March 2006 As As at at 31 March 2006 31 December 2004 Notes £ £ £ £ Fixed assets Intangible assets 9,583 - Tangible assets 50,645 2,171 Investments 5,000 5,000 -------------- ---------------- 65,228 7,171 Current assets Stocks 21,180 35,518 Debtors 118,177 15,753 Cash at bank and in hand 1,213,053 5,898 -------------- ---------------- 1,352,410 57,169 Creditors Amounts falling due within one year (373,801) (158,049) -------------- ---------------- Net current assets/(liabilities) 978,609 (100,880) ----------- ----------- Total assets less current liabilities 1,043,837 (93,709) Creditors Amounts falling due after one year - (631,987) ----------- ----------- 1,043,837 (725,696) ----------- ----------- Capital and reserves Called up share capital - equity 5 87,182 - Unit holders' capital accounts 5 - 956,113 ----------- ----------- 87,182 956,113 Share premium account 6 2,945,529 - Merger reserve 6 1,064,712 - Minority interest 6 1,383 - Profit and loss account 6 (3,054,969) (1,681,809) ----------- ----------- Shareholders' funds 1,043,837 (725,696) ----------- ----------- Unaudited Consolidated Statement of Cash Flows for the year ended 31 March 2006 Period ended Year ended 31 March 31 December 2006 2004 Notes £ £ Net cash outflow from operating activities 7(a) (1,335,945) (317,617) ------------- --------------- Returns on investments and servicing of finance Interest paid (2,983) (5,266) Interest received 53,198 --------------- --------------- Net cash (outflow)/inflow from returns on investments and servicing of finance 50,215 (5,266) --------------- --------------- Capital expenditure and financial investment Payment to acquire tangible fixed assets (54,691) - --------------- --------------- Net cash outflow from capital expenditure (54,691) - --------------- --------------- Acquisitions and disposals Purchase of investments - (26,835) --------------- --------------- Net cash outflow from acquisitions and disposals - (26,835) --------------- --------------- Net cash outflow before use of liquid resources and financing (1,340,421) (349,718) --------------- ------ Financing Issue of ordinary share capital 3,119,360 Share issue costs (533,875) Cash received for units - 97,451 Increase in directors' loans 24,537 158,988 Increase in other loans 104,474 Repayment of other loans (15,451) - --------------- --------------- Net cash inflow from financing 2,594,571 360,913 --------------- --------------- Movement in cash 7(b) 1,254,150 11,195 --------------- --------------- Reconciliation of net cash flow to movement in net funds Movement in cash 7(b) 1,254,150 11,195 Cash inflow from increase in debt and lease financing 7(b) (9,086) (263,462) --------------- --------------- Change in Net Debt resulting from cash flows 7(b) 1,245,064 (252,267) Loans converted into shares 7(b) 488,811 - --------------- --------------- Movement in net funds in the year 1,733,875 (252,267) Net funds at beginning of period/year (673,084) (420,817) --------------- --------------- Net funds at end of period/year 7(b) 1,060,791 (673,084) --------------- --------------- Notes to the Preliminary Results for the period ended 31 March 2006 1. BASIS OF THE ANNOUNCEMENT The preliminary financial statements for the fifteen months ended 31 March 2006 were approved by the Board of Directors on 19 June 2006. The results are unaudited. The figures for the period ended 31 March 2006 do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2004 are not audited and those accounts are not required to be delivered to the Registrar of Companies. The preliminary announcement is prepared on the same basis as set out in the Admission document to the AIM market dated 30 June 2005. Basis of preparation The preliminary financial statements are prepared under the historical cost convention in accordance with applicable accounting standards. Comparative figures relate to the business of Byotrol LLC which was purchased by the Company on 18 May 2005. Basis of consolidation The preliminary group financial statements consolidate the financial statements of Byotrol plc and all its subsidiary undertakings drawn up to 31 March 2006. No profit and loss account is presented for Byotrol plc as permitted by section 230 of the Companies Act 1985. Under a group reconstruction on 18 May 2005 the Company acquired the whole of the issued units of Byotrol LLC in exchange for shares. The reconstruction has been accounted for in accordance with the principles of merger accounting as set out in the Financial Reporting Standard No. 6 (FRS 6) and in accordance with Schedule 4a of the Companies Act 1985. The accounts have been prepared as if Byotrol LLC had been owned and controlled by the company throughout the periods ended 31 March 2006 and 31 December 2004. 2. TURNOVER AND SEGMENTAL ANALYSIS The total turnover of the group for the year has been derived derived from its principal continuing activity. Period ended Year ended 31 March 31 December 2006 2004 £ £ Analysis by geographical area The analysis by geographical area of the turnover by destination is set out as below: United Kingdom 34,906 14,916 Rest of the World 16,082 - North America 39,026 37,310 --------------- --------------- Group turnover 90,014 52,226 --------------- --------------- Segmental analysis The segmental analysis for the period ended 31 March 2006 is shown below. There is no analysis for Byotrol LLC for the year ended 31 December 2004 as the predecessor company only made sales to industrial customers. Health Industrial Food Total Turnover £ £ £ £ 934 76,940 12,140 90,014 --------------- --------------- --------------- ------------- Segment loss (258,480) (61,465) (64,842) (384,787) --------------- --------------- --------------- Common costs (997,894) --------------- Operating loss (1,382,681) Net interest 50,215 --------------- Loss before taxation (1,332,466) --------------- Segment net assets 24,943 24,399 450 49,792 Unallocated assets 994,045 --------------- Total net assets 1,043,837 --------------- 3. TAXATION a) Tax on loss on ordinary activities There is no tax charge as the Group has made losses in both the current period and the previous year. b) Factors affecting current tax charge There is no deferred tax charge or credit in either the current or prior year. The differences between tax on the Group's loss at the standard rate of corporation tax and the actual charge are reconciled below: Period ended Year ended 31 March 31 December 2006 2004 £ £ Loss on ordinary activities before tax (1,332,466) (535,263) --------------- --------------- Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% (2004: 30%) (399,740) (160,579) Effect of: Expenses not deductible for tax purposes 8,237 - Capital allowance in excess of depreciation 1,829 - Unrelieved tax losses 389,674 160,579 --------------- --------------- Total current tax - - --------------- --------------- The unrelieved tax losses at 31 December 2004 relate to Byotrol LLC, a US company. They are not available to Byotrol plc. c) Deferred taxation and factors that may affect future tax charges There is no provision for deferred taxation. At 31 March 2006 the Group had unutilised trading losses and other timing differences of £389,674 (2004: £Nil). The deferred tax impact of these losses has not been recognised in the financial statements on the basis that there is insufficient evidence at the current time that the assets will be recoverable. Trading losses and other timing differences will only be available to offset against future interest income, income from activities as a holding Company and trading profits of Byotrol Technology Limited. 4. LOSS PER ORDINARY SHARE The loss per ordinary share is based on the losses for the period of £1,330,976 (2004: losses of £535,263). The loss per share is calculated by reference to the average number of ordinary shares in issue of 23,090,464 (2004: 184,800). There is no difference between basic and diluted loss per share, as the outstanding warrant would have had the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of FRS22. 5. SHARE CAPITAL Authorised Period ended Year ended Period ended Year ended 31 March 31 December 31 March 31 December 2006 2004 2006 2004 No. No. £ £ Ordinary shares of 0.25p each 50,000,000 - 125,000 - Units in Byotrol LLC - 9,900,000 - - Allotted, called up and fully paid Period ended Year ended Period ended Year ended 31 March 31 December 31 March 31 December 2006 2004 2006 2004 No. No. £ £ Ordinary shares of 0.25p each 34,872,849 - 87,182 - Units in Byotrol LLC - 184,800 - 956,113 On incorporation, the authorised share capital of the Company was £1,000 divided into 1,000 shares of £1 each, two of which were issued credited as fully paid to the subscribers to the Company's memorandum of association. On 16 May 2005 each ordinary share of £1 was sub-divided into 400 ordinary shares and the authorised share capital of the Company was increased from £1,000 to £88,625 by the creation of an additional 35,050,000 ordinary shares. On 29 June 2005 the authorised share capital of the Company was increased from £88,625 to £125,000 by the creation of an additional 14,550,000 ordinary shares. On 16 May 2005 the Company issued 16,000,000 ordinary shares for cash at par. On 18 May 2005 the Company issued 200,000 ordinary shares in connection with the acquisition of Byotrol LLC in consideration of the transfer to the Company of all of the issued units of Byotrol LLC by the members of that company. On 18 May 2005 the Company issued 1,629,371 ordinary shares in settlement of amounts owed by Byotrol LLC. On 30 June 2005 the Company issued warrants to subscribe for up to 4,365,875 ordinary shares to the existing members of the Company. The warrants are exercisable at 23p per ordinary share at any time from 6 January 2006 until 6 July 2008. On 6 July 2005 the Company issued 13,043,478 ordinary shares at 23p per Ordinary Share for cash raising £2.5m, net of expenses 6. SHARE CAPITAL AND RESERVES Share Share Merger Minority Profit & Share- capital premium reserve interest loss holders account account funds £ £ £ £ £ £ At 31 December 2004 956,113 - - - (1,681,809) (725,696) Merger adjustment (955,651) - 955,651 - - - Issue of units by LLC pre merger 79,360 - - - - 79,360 Merger adjustment (79,322) - 79,322 - - - Share issue for intellectual property 10,000 - - - - 10,000 Issue of shares for cash 40,000 - - - - 40,000 Capitalisation of directors' loan accounts 4,073 484,738 - - - 488,811 Capitalisation of royalties owed - 27,275 29,739 - - 57,014 Issue of shares in placing 32,609 2,967,391 - - - 3,000,000 Placing costs - (533,875) - - - (533,875) Purchase of subsidiary shares - - - 2,873 - 2,873 Loss for the period - - - - (1,330,976) (1,330,976) Exchange difference - - - - (42,184) (42,184) Minority interest - - - (1,490) - (1,490) _______ _______ _______ _______ _______ _______ At 31 March 2006 87,182 2,945,529 1,064,712 1,383 (3,054,969) 1,043,837 _______ _______ _______ _______ _______ _______ 7. CASH FLOW STATEMENT NOTES (a) Reconciliation of operating loss to net cash outflow from operating activities before exceptional items: Period ended Year ended 31 March 31 December 2006 2004 £ £ Group operating loss (1,382,681) (529,997) Depreciation 6,217 1,516 Amortisation 417 Decrease/(increase) in stocks 14,338 (33,963) (Increase)/decrease in debtors (102,424) 162,174 Increase in creditors and provisions 170,372 29,402 Provision against investment - 26,835 Exchange gain or loss (42,184) 26,416 _______ _______ Net cash outflow from operating activities (1,335,945) (317,617) (b) Analysis of net funds Year ended Period ended 31 December Non-cash 31 March 2004 Cash flow movement 2006 £ £ £ £ Cash at bank and in hand 5,898 1,207,155 - 1,213,053 Overdraft (46,995) 46,995 - - --------------- ------------------------------ --------------- (41,097) 1,254,150 - 1,213,053 Debts less than 1 year - 15,451 (167,713) (152,262) Debts after than 1 year (631,987) (24,537) 656,524 - --------------- ------------------------------ --------------- Net cash/(debt) (673,084) 1,245,064 488,811 1,060,791 --------------- ------------------------------ ---------------

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