Interim Results
Angle PLC
31 January 2007
For Immediate Release 31 January 2007
ANGLE plc
('ANGLE' or the 'Company')
Interim Results for the Six Months Ended 31 October 2006
ANGLE plc, the intellectual property and technology commercialisation company,
announces its unaudited interim results for the six months ended 31 October
2006.
Key Points
• Further progress with the existing controlled investments(1)
portfolio. In particular, Geomerics and Synature made progress
towards revenue generation.
• Geomerics launched its leading edge computer graphics product
and has been invited to join Microsoft's X-Box 360 Tools
Program.
• Synature launched its internet personalisation product,
securing beta customers in social networking and internet
retailing.
• Measured expansion of controlled investments portfolio. Two new
companies were established during the half year, Kaloptics in the
field of computer animation special effects and Parsortix in the
field of prenatal diagnostics.
• Loss before tax £4.9 million (2005: £0.8 million) after:
• expenditure on controlled investments in the half year was
increased by 82% to £1.4 million (2005: £0.8 million).
• operating costs to establish, develop and create value in
Progeny(R) companies were increased by 43% to £1.4 million
(2005: £1.0 million).
• a decrease in fair value of non-controlled investments(2) of
£1.9 million (2005: profit £1.2 million).
• 20 year Progeny(R) Partnership signed in July 2006 with
the University of Reading giving ANGLE the exclusive rights to
commercialise intellectual property developed by the University.
• Board strengthened with the appointment of Garth Selvey as
a Non Executive Director on 8 September 2006.
• ANGLE is also pleased to announce today that:
• Gary Lewis, recently Chief Operating Officer of Take Two, a
leading worldwide publisher, developer and distributor of
interactive entertainment software and accessories, has joined
Geomerics as Chief Executive.
• Although not yet concluded, Novocellus' interim clinical
trials analysis supports the pilot study evidence that its
technology has the potential to increase the success rates of
IVF treatment.
• Synature has secured its first commercial contract with a
leading player in the package holidays market.
1 Controlled investments are Progeny(R) companies where the Group
owns a controlling equity position. Under IFRS, these are consolidated. The
costs of this investment are charged to the income statement and the resultant
fair value is not placed on the balance sheet.
2 Non-controlled investments are Progeny(R) companies where the
Group does not own a controlling equity position and include those that have
progressed to quoted status.
Hance Fullerton, Chairman, commented:
'ANGLE has made further progress in the development of its Progeny(R) companies
during the first half of the year and a number of the companies are now
maturing. The major focus now is on realising the value created in the
controlled investments portfolio.'
Enquiries:
ANGLE plc 01483 295830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Buchanan Communications 020 7466 5000
Richard Darby, Suzanne Brocks, James Strong
A presentation for analysts will take place today at 10.00am at the offices of
Buchanan Communications, 45 Moorfields, London, EC2Y 9AE. Please call Buchanan
Communications for more details.
Notes to Editors
Founded in 1994, ANGLE is an international venture management and consulting
group focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology
businesses on its own behalf and for its clients. ANGLE is listed on AIM
(AGL.L); further information can be found on www.ANGLEplc.com
ANGLE PLC
CHAIRMAN'S STATEMENT
Introduction
ANGLE has continued to invest in the development of its Progeny(R) company
portfolio. The portfolio now comprises eleven companies, seven of which are
controlled, within technology sectors ranging from medical sciences to software.
We believe that the portfolio offers the potential for substantial returns on
our investment.
Results
During the half year ended 31 October 2006, we have significantly increased the
level of investment in expanding and developing the controlled investments(1)
portfolio. As a result the portfolio has matured and increased in value.
The loss before tax for the half year of £4.9 million (2005: £0.8 million), a
loss per share of 17.5p (2005: 4.8p), is as a result of:
• expenditure on controlled investments in the half year increasing
by 82% to £1.4 million (2005: £0.8 million). Cumulative
expenditure on controlled investments at 31 October 2006 was £3.9
million (2005: £1.0 million);
• operating costs to establish, develop and create value in
Progeny(R) companies increasing by 43% to £1.4 million
(2005: £1.0 million);
• a decrease in fair value of non-controlled investments(2) of
£1.9 million (2005: profit £1.2 million);
• a loss on the consulting and management business of £0.1 million,
unchanged from 2005, as a result of poor performance in the UK.
Progeny(R) companies
During the half year, increased expenditure on controlled investments delivered
progress against commercial milestones for existing portfolio companies and
allowed the establishment of two new companies. ANGLE now has a portfolio of
eleven companies developed using our Progeny(R) process.
Our objective is to realise value from the existing portfolio of Progeny(R)
companies to generate profits for the Group and provide financial resources for
development of future Progeny(R) companies.
1 Controlled investments are Progeny(R) companies where the Group
owns a controlling equity position. Under IFRS, these are consolidated. The
costs of this investment are charged to the income statement and the resultant
fair value is not placed on the balance sheet.
2 Non-controlled investments are Progeny(R) companies where the
Group does not own a controlling equity position and include those that have
progressed to quoted status.
Board Appointment
Garth Selvey was appointed to the Board as a Non Executive Director with effect
from 8 September 2006. Mr Selvey is a technology industry executive with over
twenty years of senior management experience. From 1996 to 2006, he was Chief
Executive of Comino Group plc prior to its acquisition by Civica plc.
Outlook for the full financial year
We will work with our existing Progeny(R) companies to deliver further
commercial progress, whilst seeking to realise value from our existing
investments.
Hance Fullerton
Chairman
30 January 2007
ANGLE PLC
OPERATIONS SUMMARY
Introduction
During the half year, ANGLE focused on the development of its controlled
investments(1) portfolio through the establishment of two new companies and the
further investment in the existing portfolio.
Non-controlled investments
It was disappointing that, during the half year, the value of ANGLE's quoted
non-controlled investments(2) in Corpora plc and Provexis plc fell to £3.0
million (2005: £3.8 million). ANGLE holds these AIM-listed investments
following their successful development under the Progeny(R) process. The market
for small cap stocks has been weak during the period and the share prices of
both companies have fallen notwithstanding the fact that they have announced
progress in their businesses.
The fair value of ANGLE's unquoted non-controlled investments, Acolyte Biomedica
and NeuroTargets increased to £1.7 million (2005: £1.5 million).
Controlled investments
Whilst their fair value is not shown on ANGLE's balance sheet, the majority of
the value of the ANGLE portfolio is within the controlled investments, which
comprises majority stakes in seven companies. Expenditure on controlled
investments in the first half increased by 82% to £1.4 million (2005: £0.8
million), with cumulative expenditure on controlled investments at 31 October
2006 at £3.9 million (2005: £1.0 million). In-house expenditure to establish,
develop and create value in Progeny(R) companies was also increased by 43% to
£1.4 million (2005: £1.0 million).
New portfolio investments
This increased level of investment represents a sustained effort to build value
in the portfolio. During the half year, two new companies were founded:
• Kaloptics is commercialising technology from New York University
utilising a patent-pending kaleidoscope and software system that
enables the rapid capture and recreation of photo-realistic
surface images. The technology has a wide range of commercial
applications in high value industries, including special effects,
animation, computer gaming and medical devices.
1 Controlled investments are Progeny(R) companies where the Group
owns a controlling equity position. Under IFRS, these are consolidated. The
costs of this investment are charged to the income statement and the resultant
fair value is not placed on the balance sheet.
2 Non-controlled investments include those that have progressed to
quoted status and are Progeny(R) companies where the Group does not own a
controlling equity position.
• Parsortix is the first company resulting from our preferred
commercialisation partner agreement with Ben Franklin Technology
Partners of Southeastern Pennsylvania (BFTP/SEP). Parsortix has
secured intellectual property that has the potential to change the
$600 million global market for prenatal diagnostics by eliminating
the need for invasive procedures during maternity. Early
definitive diagnosis for chromosomal abnormalities such as spina
bifida and Down's syndrome, as well as other disorders due to
genetic abnormalities, can help physicians better care for both
the mother and the foetus during pregnancy.
Existing portfolio update
Good progress was made in developing the existing companies and notable
milestones were:
• Aberro evaluated its software testing product with beta customers
during the half year and identified a number of enhancements,
which would be attractive to a larger population of customers.
The relevant development work is in progress and the enhanced
product range is expected to be launched in the Summer.
See www.aberrosoftware.com for product details.
• Geomerics developed its radiosity product during the half year,
which utilises its technology to provide rapid computation of
light reflection and refraction in computer animation. This
provides greater realism in computer games. A demonstration can
be seen on www.geomerics.com. The radiosity product has been well
received by the market and Geomerics is in discussions with a wide
range of potential customers and has been invited to join
Microsoft's X-Box 360 Tools program.
• Novocellus progressed its clinical trials process during the half
year to test the effectiveness of its embryo viability testing
technology. A number of challenges were faced during the clinical
trials process but these have now been addressed. It is expected
that Novocellus' technology will improve current IVF rates by at
least a third which will facilitate the move to routine single
embryo transfer and thereby prevention of multiple births. Since
the half year end, Novocellus has announced interim results from
the trials. Further progress with the study will be necessary for
statistical significance, nevertheless the interim data broadly
confirms the pilot study findings regarding the effectiveness of
Novocellus' technology.
• Synature launched its internet personalisation products during the
half year. These have been adopted by beta customers in social
networking and internet retailing. Since the half year end,
Synature has announced its first commercial sale of product to a
leading player in the package holidays market, who are using the
product to make holiday recommendations to customers of their web
site. See www.synature.com for more information.
Pipeline and Partnerships
The pipeline of new companies remains strong and there are several new companies
under consideration. ANGLE continues to be highly selective in the companies it
develops and the rate of establishment of new Progeny(R) companies is carefully
controlled in accordance with the investment capital available.
At ANGLE's Showcase of its IP and Development Pipeline at the University of
Reading on 28 November 2006, the Company updated the audience on ANGLE's 20 year
strategic partnership with the University of Reading as announced on 27 July
2006. The University of Reading is a top 200 world university and a top 10 UK
research-intensive university with £162 million income in 2006/07, 17,500
students and 4,000 staff.
Work is under way to expand the number of relationships with major technology
partners. In particular, ANGLE is in discussions with a number of other UK
universities, with whom further long term exclusive Progeny(R) Partnerships may
be established.
The consulting and management business is a platform for our ventures activity,
providing access through consulting relationships to IP opportunities as well as
providing market credibility with IP owners. The fee income of £1.8 million for
the half year (2005: £2.0 million) contributes to the Group's infrastructure
costs enabling ventures activities to be more cost effective. The UK consulting
division has under-performed and we are reviewing its positioning to determine
how best it may support our venturing activity in the future.
Outlook
The market for the commercialisation of IP remains strong. The concentration of
the ANGLE business model on the provision of experienced management is well
differentiated and yields many opportunities for the Company going forward.
ANGLE PLC
CONSOLIDATED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
Note Six months ended Year ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
£ £ £
Turnover 3 1,799,113 2,016,036 4,092,867
Investments
Change in fair value 6 (1,891,088) 1,226,768 2,377,772
Operating costs
Consulting and Management (1,862,293) (2,058,582) (3,995,530)
Ventures (1,399,779) (978,832) (2,471,626)
Controlled investments (1,417,592) (777,957) (2,217,568)
Share based payments (222,241) (173,120) (381,884)
Restructuring charges - (200,221) (203,740)
_________ _________ _________
(4,901,905) (4,188,712) (9,270,348)
Operating profit / (loss) (4,993,880) (945,908) (2,799,709)
Net finance income 122,354 110,539 131,969
_________ _________ _________
Profit / (loss) before tax (4,871,526) (835,369) (2,667,740)
Loss before controlled investments (3,454,448) (57,412) (460,946)
and tax
Controlled investments (1,417,078) (777,957) (2,206,794)
Tax 4 131,777 43,297 142,023
_________ _________ _________
Profit / (loss) for the period (4,739,749) (792,072) (2,525,717)
========== ========== ==========
Earnings / (loss) per share 5
Basic and Diluted (pence per share) (17.47) (4.75) (14.36)
ANGLE PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2006
Note Six months ended Year ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
£ £ £
ASSETS
Non-current assets
Non-controlled investments 6 1,732,831 1,465,749 1,642,051
Property, plant and equipment 140,750 165,228 147,414
Intangible assets 7,713 3,875 3,575
_________ _________ _________
Total non-current assets 1,881,294 1,634,852 1,793,040
Current assets
Non-controlled investments 6 2,976,989 3,787,629 4,868,077
Trade and other receivables 7 1,474,108 1,112,285 1,224,658
Cash and cash equivalents 4,327,383 3,266,363 8,234,853
_________ _________ _________
Total current assets 8,778,480 8,166,277 14,327,588
_________ _________ _________
Total assets 10,659,774 9,801,129 16,120,628
========== ========== ==========
EQUITY AND LIABILITIES
Equity
Issued capital 2,713,293 1,670,648 2,713,293
Share premium account 13,701,935 7,381,864 13,701,935
Share based payment reserve 1,141,117 710,112 918,876
Other reserves 2,553,356 2,553,356 2,553,356
Translation reserve (99,499) (14,377) (73,159)
Retained earnings (10,052,704) (3,579,310) (5,312,955)
ESOT shares (370,000) (20,000) (20,000)
_________ _________ _________
Total equity 9,587,498 8,702,293 14,481,346
_________ _________ _________
Liabilities
Non-current liabilities
Obligations under finance leases 13,681 36,485 27,363
Current liabilities
Trade and other payables 1,040,165 1,041,666 1,592,362
Obligations under finance leases 18,430 20,685 19,557
_________ _________ _________
Total current liabilities 1,058,595 1,062,351 1,611,919
_________ _________ _________
Total liabilities 1,072,276 1,098,836 1,639,282
_________ _________ _________
Total equity and liabilities 10,659,774 9,801,129 16,120,628
========== ========== ==========
ANGLE PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
Six months ended Year ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
£ £ £
Operating activities
Operating profit / (loss) (4,993,880) (945,908) (2,799,709)
Depreciation of property, plant and equipment 29,227 21,308 49,294
Amortisation of intangible assets 1,898 1,707 1,707
(Profit) / loss on disposal of property 429 - 1,059
Exchange differences (50,268) 28,210 (30,295)
(Increase) / decrease in trade and other receivables (199,415) 47,473 (431)
Increase / (decrease) in trade and other payables (438,481) 307,635 855,183
Change in fair value of non-controlled investments 1,891,088 (1,226,768) (2,377,772)
Share based payments 222,241 173,120 381,884
________ ________ ________
Net cash from operating activities (3,537,161) (1,593,223) (3,919,080)
Investing activities
Purchase of property, plant and equipment (24,755) (50,155) (61,242)
Purchase of intangible assets (5,188) (820) (820)
Purchase of non-controlled investments - (592,016) (698,018)
Provision of convertible loans (90,780) (100,000) (100,000)
Purchase of ESOT shares (350,000) (20,000) (20,000)
Net interest received 129,478 91,600 136,312
________ ________ ________
Net cash used in investing activities (341,245) (671,391) (743,768)
Financing activities
Net proceeds from issue of share capital (14,255) - 7,376,972
Capital elements of finance lease contracts (14,809) (3,911) (14,159)
________ ________ ________
Net cash from financing activities (29,064) (3,911) 7,362,813
Net increase / (decrease) in cash & cash equivalents (3,907,470) (2,268,525) 2,699,965
Cash and cash equivalents at start of period 8,234,853 5,534,888 5,534,888
________ ________ ________
Cash and cash equivalents at end of period 4,327,383 3,266,363 8,234,853
========= ========= =========
ANGLE PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
Attributable to equity holders of the Group
Share based
Issued Share payment Other Translation Retained ESOT Total
capital premium reserve reserves reserve earnings shares equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
£ £ £ £ £ £ £ £
At 1 May 2005 1,670,648 7,381,864 536,992 2,553,356 (42,990) (2,787,238) - 9,312,632
For the period to 31
October 2005
Consolidated profit 28,613 (792,072) (763,459)
/ (loss)
Share based payments 173,120 173,120
ESOT shares (20,000) (20,000)
________ ________ ________ ________ ________ ________ ________ ________
At 31 October 2005 1,670,648 7,381,864 710,112 2,553,356 (14,377) (3,579,310) (20,000) 8,702,293
For the period to 30
April 2006
Consolidated profit (58,782) (1,733,645) (1,792,427)
/ (loss)
Share based payments 208,764 208,764
Issue of share 1,042,645 6,320,071 7,362,716
capital (net)
________ ________ ________ ________ ________ ________ ________ ________
At 1 May 2006 2,713,293 13,701,935 918,876 2,553,356 (73,159) (5,312,955) (20,000) 14,481,346
For the period to 31
October 2006
Consolidated profit (26,340) (4,739,749) (4,766,089)
/ (loss)
Share based payments 222,241 222,241
ESOT shares (350,000) (350,000)
________ ________ ________ ________ ________ ________ ________ ________
At 31 October 2006 2,713,293 13,701,935 1,141,117 2,553,356 (99,499) (10,052,704) (370,000) 9,587,498
========== ========== ========== ========== ========= =========== ========== ==========
Share based payment reserve
The share based payment reserve account is used for the corresponding entry to
the share based payments charged through the income statement. Transfers are
made from this reserve to retained earnings as the related share options are
exercised, lapse or expire.
Translation reserve
The translation reserve account comprises cumulative exchange differences
arising on consolidation from the translation of the financial statements of
international operations. Under IFRS this is separated from retained earnings.
ESOT shares
These relate to shares purchased by the ANGLE Employee Share Ownership Trust.
ANGLE PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
1 Basis of preparation and accounting policies
The interim financial information in this document does not constitute statutory
financial statements for the purposes of s240 of the Companies Act 1985. The
statutory financial statements for the year ended 30 April 2006 ('Report and
Accounts 2006') have been filed with the Registrar of Companies. The auditor's
report on those financial statements, which were prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU), was unqualified and did not contain statements under section 237(2)
or 237(3) of the Companies Act 1985.
This interim financial information is the unaudited interim consolidated
financial statements (the 'Interim Financial Statements') of ANGLE plc, a
company incorporated in Great Britain and registered in England and Wales, and
its subsidiaries (together referred to as the 'Group') for the six month period
ended 31 October 2006 (the 'interim period'). The interim financial statements
are unaudited but have been reviewed by the Auditors in accordance with Auditing
Practices Board Bulletin 1999/4 'Review of Interim Financial Information' by the
auditors.
The Interim Financial Statements have been prepared in accordance with
International Accounting Standard 34 Interim Financial Reporting ('IAS 34'), as
adopted by the EU, and on the basis of the accounting policies set out in the
Report and Accounts 2006. The presentation of the Interim Financial Statements
is consistent with the Report and Accounts 2006. Where necessary, comparative
information has been reclassified or expanded from the previously reported
Interim Financial Statements to take into account any presentational changes
made in the Report and Accounts 2006.
The Interim Financial Statements were approved by the Board and authorised for
issue on 30 January 2007.
Critical accounting estimates and judgements
The preparation of the Interim Financial Statements requires the use of
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates and
assumptions are based on management's best knowledge of the amount, event or
actions, actual results ultimately may differ from those estimates.
The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities relate to
the valuation of the non-controlled unquoted investments which are held at fair
value in accordance with IAS39 and on the basis of the accounting policies in
the Report and Accounts 2006.
2 Summary segmental analysis
The Group operates in one principal area of activity - technology
wealth creation through the commercialisation of intellectual property and the
development of technology industry.
The primary business segments are:
• Consulting and Management - provision of consulting and
management services to clients including research
organisations, corporate and governmental organisations on a
fee-for-service basis. This business segment provides a
platform for the Ventures activities.
• Ventures - activities to establish, develop and create value in
technology companies. The Group uses a proprietary Progeny(R)
process to develop these companies, which are referred to as
Progeny(R) companies. ANGLE's unique business model involves
ANGLE founding new companies which it controls during the
critical early stages of development, before securing third
party funding.
Under IFRS, the accounting for Progeny(R) companies divides
into controlled investments and non-controlled investments.
o Controlled investments - Progeny(R) companies where
the Group has control, typically as a result of owning
in excess of 50% of the equity. These are consolidated
and the Group's investment costs are expensed in the
Income Statement.
o Non-controlled investments - Progeny(R) companies
where the Group does not have control. These
investments are held on the balance sheet at fair
value, with changes in fair value passing through the
Income Statement.
The nature of these operations is significantly different. The primary format
and segmentation by class of business has been provided on the face of the
Consolidated Income Statement.
3 Turnover
The breakdown of turnover by business segment is set out below.
Six months ended Year ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
£ £ £
Turnover
Consulting and Management 1,792,290 1,965,152 4,022,092
Ventures 6,308 50,884 60,000
Controlled investments 515 - 10,775
_________ _________ _________
1,799,113 2,016,036 4,092,867
========== ========== ==========
Turnover from Consulting and Management represents fees received from clients
for consulting and management services. Turnover from Ventures represents fees
received from the non-controlled investments for accounting and other services
provided by the Company until those companies take those activities in-house.
Turnover from controlled investments represents the turnover of those
businesses, which is consolidated prior to the company becoming non-controlled.
4 Tax
The Group is eligible for the substantial shareholdings relief UK corporation
tax exemption. This results in the gain from any disposals of UK investments
where the Group has an equity stake greater than 10%, subject to certain other
tests, being free of corporation tax. Tax is therefore based on the profits in
the Consulting and Management businesses as relieved by losses incurred in the
establishment and development of new Ventures.
Controlled investments undertake research and development activities. In the UK
these activities qualify for tax relief and result in tax credits.
5 Earnings / (loss) per share
The basic and fully diluted earnings / (loss) per share is calculated
on an after tax loss of £4.7 million (6 months to 31 October 2005: loss £0.8
million, year to 30 April 2006: loss £2.5 million).
The basic and fully diluted earnings / (loss) per share are based on
27,132,934 weighted average ordinary 10p shares (6 months to 31 October 2005:
16,688,884, year to 30 April 2006: 17,584,521). Share options are non-dilutive
for the period.
6 Non-controlled investments
The Group's investment portfolio comprises investments in Progeny(R)
companies.
Where the Group has control of a Progeny(R) company (typically owning
more than 50% of the equity), these are controlled investments and are
consolidated as subsidiaries. At the point control no longer exists, a deemed
profit arises and the non-controlled investment is held at fair value on the
consolidated balance sheet In the six months to 31 October 2006 costs relating
to controlled investments of £1.4 million (2005: £0.8 million) were charged to
the income statement.
Where the Group does not control a Progeny(R) company (typically owning
less than 50% of the equity), these are defined as non-controlled investments
and held on the balance sheet at fair value, as set out in the table below:
Total
Non-current assets Current assets Non-controlled
Unquoted Quoted Investments
(Unaudited) (Unaudited) (Unaudited)
£ £ £
At 1 May 2005 2,515,517 818,819 3,334,336
Investments 192,250 500,024 692,274
Reclassifications (1,041,219) 1,041,219 -
Change in fair value (200,799) 1,427,567 1,226,768
_________ _________ _________
At 31 October 2005 1,465,749 3,787,629 5,253,378
Investments 105,746 - 105,746
Change in fair value 70,556 1,080,448 1,151,004
_________ _________ _________
At 1 May 2006 1,642,051 4,868,077 6,510,128
Investments 90,780 - 90,780
Change in fair value - (1,891,088) (1,891,088)
_________ _________ _________
At 31 October 2006 1,732,831 2,976,989 4,709,820
========== ========== ==========
7 Trade and other receivables
During the half year there was a default on the repayment of a £239,570
loan note due to the Group. Action is being taken to recover the debt and the
Board do not consider that a provision is required.
8 Shareholder communications
The announcement is being sent to all shareholders on the register on 31 January
2007. Copies of this announcement are posted on the Company's website
www.ANGLEplc.com and are available from Buchanan Communications and the
Company's registered office: 20 Nugent Road, Surrey Research Park, Guildford,
GU2 7AF.
ANGLE PLC
INDEPENDENT REVIEW REPORT TO ANGLE PLC
FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
Introduction
We have been instructed by the company to review the financial information set
out on pages 8 to 14 for the six months ended 31 October 2006 and we have read
the other information contained in the interim statement and considered whether
it contains any apparent misstatements or material inconsistencies with the
financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of their interim statement and for no other purpose. We
do not, therefore in producing this report, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
Directors' Responsibilities
The interim statement, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the Interim Statement in accordance with the
Alternative Investment Market Rules which require that the accounting policies
and presentation applied to the interim figures must be consistent with those
that will be adopted in the company's annual accounts.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2006.
BAKER TILLY
Chartered Accountants
Guildford
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