Interim Results
Oxford Biomedica PLC
28 August 2002
28 August 2002
For further information, please contact:
Oxford BioMedica plc:
Professor Alan Kingsman, Chief Executive
Tel: +44 (0)1865 783 000
City/Financial Enquiries:
Mike Wort, James Chandler: Beattie Financial
Tel: +44 (0)20 7398 3300
Scientific/Trade Press Enquiries:
Sue Charles, Katja Stout: Charles Consultants
Tel: +44 (0)20 7321 3870
OXFORD BIOMEDICA PLC ('BIOMEDICA')
INTERIM RESULTS FOR
THE SIX MONTHS ENDED 30 JUNE 2002
Half Year Highlights
• Cash and liquid resources £26.4 million at 30 June. Cash reserves
sufficient to meet funding requirement to Q3 2004.
• Clinical success in Phase I/II cancer trials:
o TroVax(R): positive results from all patients. Phase II trial planning
in progress.
o MetXia(R): BC1 trial completed successfully. BC2 trial in progress.
Results suggest broader market potential.
• New clinical programmes for USA under way:
o TroVax(R)-DC: Phase I/II trial by end of 2002.
o ProSavin(R): Phase I/II trial discussions with FDA.
• Preclinical progress & new programmes have extended the product
portfolio beyond cancer:
o Renurex(TM) (nerve repair) progress in spinal injury models. Stroke/wound
healing gene target validated.
o New programmes in Motor Neuron Disease (supported by US ALS
Association); Retinopathy (collaboration with Inst. of Ophthalmology),
Haemophilia (factor VIII), RepoxygenTM (anaemia).
• Good progress in Wyeth & IDM collaborations. New collaboration with
Arius to generate further tumour antigen opportunities.
• US subsidiary fully operational.
Commenting on the Interim Results, Dr Peter Johnson, Chairman of Oxford
BioMedica, said:
'Oxford BioMedica has made considerable progress in the first half of 2002 in
advancing its clinical pipeline and in extending its product portfolio beyond
cancer. We have also built a strong operational base in the USA. We believe
that this has enhanced the Group's commercial potential and risk profile. At the
same time we have achieved operational economies that have extended the Group's
working capital outlook. We look forward to a successful future.'
-Ends-
Notes to Editors
1. Oxford BioMedica plc
Established in 1995 as a spin out from Oxford University, Oxford BioMedica
is an international biotechnology company with a diverse portfolio of
products and technology, specialising in gene-based products and technology
in the areas of cancer, neurological disease, cardiovascular disease and
blood disorders. This is underpinned by over 70 patent families, about
quarter of which are issued. Oxford BioMedica plc was floated on the
Alternative Investment Market of the London Stock Exchange in December
1996, and was promoted to the United Kingdom Listing Authority Official
List in April 2001 following a successful £35.5 million fund-raising.
Oxford BioMedica is headquartered in Oxford, UK and has a wholly-owned
subsidiary in San Diego, USA.
Currently Oxford BioMedica has corporate collaborations with Amersham,
Arius, Aventis, IDM, Valentis, Virbac and Wyeth. BioMedica has two
products in Phase I/II clinical trials: MetXia(R) for late-stage breast
cancer, and TroVax(R) for late-stage colorectal cancer.
2. World Wide Web
Further information is available on the World Wide Web at
http://www.oxfordbiomedica.co.uk
Chairman and Chief Executive's Report
The first half of 2002 has brought considerable clinical success and an improved
outlook on cash reserves.
In the current market conditions one of the most important aspects of a biotech
company is its working capital reserves. The full-year results for 2001,
published in February of this year, showed that Oxford BioMedica had cash
reserves, in the absence of any income from any source, sufficient to fund the
business until Q4 of 2003. Since then the position has improved significantly
with the current cash being sufficient to run until Q3 2004. This has been
achieved in a number of ways but without any adverse effect on our key
programmes including the clinical development of MetXia(R) and TroVax(R).
Firstly positions that were earmarked to move from Oxford to our San Diego
facility have been moved earlier without a need to have overlap between the two
locations. This has been possible because of the speed with which the San Diego
operation has got up-and-running and the progress that has been made in
developing the LentiVector(R) production technology. As a consequence we have
been able to reduce the headcount in Oxford.
Secondly, the success achieved in the MetXia(R) and TroVax(R) trials has meant
that there is less need to drive the broader cancer product portfolio as
aggressively as anticipated. For example, both BetOvac(R) and ProCaStat(R) are
close to completing their preclinical programmes successfully and on schedule
but their clinical development will now come second to the development of MetXia
(R) and TroVax(R), unless they become the subject of commercial collaborations
that fund the trials. As a result the clinical development costs of BetOvac(R)
and ProCaStat(R) will be deferred.
Finally, with the increased focus on our clinical programmes, several
exploratory projects that were some way from clinical or commercial development
have been put on hold.
Despite these changes the Company has been able to continue its strategic drive
to extend the product portfolio beyond cancer. During the past few months we
have added a candidate product for motor neuron disease to the neurobiology
programme and there are new programmes in retinopathy, anaemia and haemophilia.
In addition the first product programmes in angiogenesis and stroke have emerged
from our gene discovery activities. The management team believes that the
product portfolio has an appropriate risk profile and is now a sufficiently
strong platform from which to take the Company towards sustainable
profitability. In the future, our activities will be focused on the clinical
development of these products and commercial arrangements with late stage
development and marketing partners.
Progress in the Clinic
In February 2002 BioMedica presented new data from the MetXia(R) and the TroVax
(R) Phase I/II trials that showed that the condition of some patients in both
trials improved during the trials and that these improvements were correlated
with measurable molecular consequences of administering the products. Further
data from the mid and high dose groups in the TroVax(R) trial were reported in
July 2002 and they supported the earlier conclusions from the low dose group.
Because the numbers of patients that are permitted to be included in Phase I/II
cancer trials are small these data cannot be conclusive but they have encouraged
us to proceed with the clinical development of both products. The status of
these products is as follows:
MetXia(R): The BC2 trial using an enhanced form of MetXia(R) is in progress.
Data will be accumulated during the next few months. In the first trial, we
observed reductions in tumour size when the tumours were injected with MetXia
(R). However, MetXia(R) also appeared to induce an anti-tumour immune response
in some patients. This was somewhat surprising although there are reports in the
literature of broadly similar products inducing immune responses. This is
potentially a very important additional benefit because it means that by
injecting one tumour, with MetXia(R) a specific immune response may be generated
that acts against other remote tumours in the same patient. This would broaden
the market potential of MetXia(R) because it could be used as a systemic therapy
rather that just a local therapy. Therefore, as part of the BC2 study we are
monitoring the immune status of the patients very closely.
TroVax(R): All of the colorectal cancer patients in the Phase I/II study of
TroVax(R) have now received the full course of treatment. The last items of data
are being analysed and we are continuing to monitor the mid and high dose
groups. There has been a 100% success rate in TroVax(R) inducing an appropriate
immune response to the OBA1 tumour antigen at all dosage levels. There have been
no safety issues at any dose and we have seen some anecdotal clinical benefit
to patients. As a result, TroVax(R) is on course for the next phase of clinical
testing, the precise protocol for which will be announced within the next few
months. The simplest trial strategy, that would provide the fastest route to
market would be a trial that positions TroVax(R) alongside current
chemotherapeutic strategies using 5-fluorouracil and irinotecan. If successful
this could lead to an initial product registration for a market of $0.5-1.0
billion.
First Trials in the USA
A prime reason for establishing an operating facility in the USA was to
establish a close working relationship with the FDA and with major clinical
centres in the world's largest pharmaceutical market. This is already bearing
fruit.
We had a very successful formal pre-IND meeting with the FDA to discuss the
trial of TroVax(R) administered directly to a patient's dendritic cells (TroVax
(R)-DC) at the Arizona Cancer Center. Dendritic cells can be extracted from the
patient's blood and then primed with TroVax(R)-DC to stimulate them to produce
antibodies to the tumour when re-introduced to the patient. There are only minor
regulatory issues to address before the trial commences later this year. TroVax
(R)-DC is designed to enhance a patient's immune response to the OBA1 tumour
antigen particularly in those cancer patients whose immune systems are
compromised by chemotherapy or radiotherapy. This product strategy is part of
BioMedica's collaboration with IDM of Paris.
In a second, informal meeting with the FDA, ProSavin(R), the Company's
Parkinson's disease (PD) product was reviewed. This was an important meeting
because it was the first time that one of the Company's LentiVector(R) products
had been presented to the FDA. BioMedica presented the product composition, an
outline clinical protocol and a manufacturing process, all pioneered by the
Company. The meeting was extremely successful in that no major issues were
raised. The directors are optimistic, therefore, that, subject to full and
formal approval by the FDA and further preclinical testing, ProSavin(R) is on
course for a Phase I/II study in late stage PD patients. We are in discussion
with clinical centres in the USA to conduct the trial.
Preclinical Progress and New Candidate Products
From its broad technology base, BioMedica has concluded a number of exploratory
research programmes over the past six months and brought several new products
into preclinical development. It is not the Company's intention to progress all
of these into the clinic without a partner but to establish strong preclinical
proofs of principle as drivers for commercial collaborations. The new candidate
products are for the following conditions: motor neuron disease (market
potential $100 million); diabetic retinopathy and age-related macular
degeneration, the most common causes of blindness in the developed world (market
potential $3 billion); haemophilia (market potential $2.4 billion); anaemia
(market potential $1 billion). The motor neuron disease programme has already
been the subject of a grant from the American ALS Association.
Established preclinical programmes are going to plan. The development of
ProSavin(R) has moved entirely to San Diego where the final phase of preclinical
studies is being carried out. Renurex(TM), the nerve repair product, has shown
excellent results in vitro and is now being evaluated in industry-standard
models for spinal injury. ImmStat(R), the AIDS product, is under evaluation by a
potential partner.
Research
The Company is now focusing on only two areas of research. These are in tumour
antigens and antibodies, and selected output from our gene discovery activity.
BioMedica announced in July 2002 its collaboration with Arius Research Inc.
whereby BioMedica would gain access to a pipeline of anti-tumour antibodies.
BioMedica and Arius will then seek to identify cognate antigens and develop
products based on these molecules. The programme makes use of BioMedica's
leading technology in tumour immunology and is designed to exploit the expanding
appetite in the pharmaceutical industry for anti-tumour antibodies and
immunotherapies. It has been estimated that the therapeutic antibody market
alone will have grown to $4 billion by the end of this year and is set to rise
steadily over the next 10 years.
The Company's gene discovery activities have yielded a validated target for a
small molecule drug development programme in the field of angiogenesis.
Potential products against this target could be used in wound healing (market
potential >$100 million), stroke (market potential $400 million) and
cardiovascular disease (market potential >$1 billion). The Company is seeking a
chemistry partner for this programme.
Collaborations
Oxford BioMedica's major collaboration with Wyeth in the field of immunotoxins
is proceeding according to plan with Wyeth having made a continuation payment to
the Company early in the year. Further preclinical data are expected later this
year.
The Company's collaborations with Virbac S.A. for the veterinary form of TroVax
(R) and with Amersham for tumour imaging have made progress during the last six
months. The TroVax(R) programme has been granted Eureka status under the EC
Eureka grant scheme and this may lead to substantial funding for this programme
from government sources. The cardiovascular collaboration with Aventis/Gencell
remains in place.
The slow down in commercial activity in the pharmaceutical industry seen towards
the end of last year now show signs of abating, and the Company is in
discussions with a number of potential partners. The commercial climate remains
challenging, however.
Patents
The intellectual property portfolio continues to underpin the Company's
fundamental value. Nine new filings were made in the first six months of this
year and seven patents were granted.
Financial
The Group has continued to manage its finances prudently, and the net loss for
the period was within budget. Having regard to the general economic climate, the
state of the equity markets and the level of the Group's income, we have slowed
the expansion that we started in 2001. We are continuing the strategic
investment in our San Diego, USA subsidiary, but as described above, we have cut
back some programmes at Oxford, and have accelerated the transfer of others to
San Diego.
Revenue of £172,000 in the first half of 2002 arose from the Group's immunotoxin
collaboration with Wyeth. By comparison, in the first half of 2001, in addition
to revenue from Wyeth, the Group had revenue from collaborations with Aventis,
Modex (this collaboration ended in October 2001), Virbac, and Amersham.
Operating expenses for the first half of 2002 were £6.7 million, of which £1.2
million was in the USA. Overall, operating expenses were 34% higher than the
first half of 2001 as a result of planned expansion. However, compared to the
second half of 2001, when operating expenses were £6.4 million (UK costs £5.7
million, USA costs £0.7 million), total Group operating expenses were just 4%
higher, and UK operating costs were 3% lower as a result of cost containment
measures. Group research and development costs were £5.1 million (first half
2001: £3.8 million, full year 2002: £8.6 million).
An increasing part of the Group's activity is now based in the USA. The Group
headcount at June 2002 was 81, of which 63 were in the UK and 18 were in the
USA. As a result of the cost containment measures at Oxford, the UK headcount
was lower in June 2002 than in either June 2001 (UK headcount: 67) or December
2001 (UK headcount: 79).
Interest receivable on cash deposits was £0.6 million in the first half of 2002,
the same amount as in the first half of 2001 (full year 2001 was £1.5 million).
This reflects cash balances that were at their peak following the share issue in
April 2001, coupled with falling interest rates, in both the UK and the USA.
The tax credit for the first half of 2002 of £0.6 million (first half 2001: £0.4
million, full year 2001: £1.2 million) in the profit and loss account is the
amount receivable under the UK R&D tax credit, net of tax payable in the USA.
The Group received a tax credit payment of £0.4 million in the first half of
2002.
As a consequence of the above, the loss after tax for the first half of 2002 was
£5.3 million (30 June 2001: £3.6 million, 31 December 2001: £8.4 million).
Capital expenditure of £0.9 million (first half 2001: £1.5 million, full year
2001: £3.2 million) related mainly to equipping the US subsidiary's new
facilities.
The bank balance at 30 June 2002 was £26.4 million (30 June 2001: £39.9 million,
31 December 2001: £32.6 million). The net cash outflow before management of
liquid resources and financing (the 'cash burn') was £6.2 million for the first
half of 2002. This is a reduction of £1.1 million compared to the second half of
2001, attributable principally to lower capital expenditure. The issue of shares
on exercise of employee share options in 2002 raised £0.1 million.
We estimate that the cash position at 30 June 2002 taken with the reduction in
planned expenditure described above has extended the Group's cash reserves by
over six months. On a worst-case view, that the Group has no further income or
new funding from any source, current cash resources are sufficient to fund the
business until Q3 2004.
Changes to the Board
On 1 May 2002 Peter Nolan replaced Dr Paul Durrands as Senior Vice President for
Commercial Development. Peter has been a senior member of the Company since its
foundation, and is a director of the UK BioIndustry Association. Prior to
joining BioMedica, he was head of the Biotechnology Unit at the UK Department of
Trade & Industry. He has overall responsibility for the Company's patent
portfolio, strategic in-licensing and technology acquisition activities, and
analysis of merger and acquisition opportunities. Paul Durrands resigned from
the Board in order to pursue other opportunities in the biotech sector, and we
wish him well in his new ventures and we thank him for his contributions to the
Company.
Conclusion
Over the past six months the Company has added to the therapeutic focus of its
product pipeline and met its commitment to extend the product portfolio beyond
cancer to widen the potential for commercial deals. This is an important
strategic move as we believe that many of the non-cancer products should be
easier to partner than cancer products. The emphasis of the Company has made a
natural progression towards product development, with only a small fraction of
the overall resource now being spent on product research. In the coming months
we will use the strength of our product pipeline to bring additional revenue
into BioMedica.
We are optimistic for the long term. The Company is in a strong cash position
and our focus on the development of the clinical pipeline means we are poised
for ongoing commercial growth.
We would like to thank our loyal and hard working staff for their dedication to
the Group and our shareholders for their continued support in these difficult
times.
Dr Peter Johnson Chairman
Prof. Alan Kingsman Chief Executive Officer
Consolidated profit and loss account
for the six months ended 30 June 2002
Notes Six months Six months Year ended
ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Turnover 2 172 347 373
Research and development costs (5,088) (3,755) (8,570)
Administrative expenses (1,619) (1,236) (2,859)
Operating expenses (6,707) (4,991) (11,429)
Other operating income: government grants 19 14 29
receivable
Net operating expenses (6,688) (4,977) (11,400)
Operating loss (6,516) (4,630) (11,027)
Interest receivable 612 610 1,486
Loss on ordinary activities before 2 (5,904) (4,020) (9,541)
taxation
Tax credit on loss on ordinary activities 614 435 1,152
Loss for the period (5,290) (3,585) (8,389)
Basic loss and diluted loss per ordinary 3 (2.2p) (1.8p) (3.8p)
share
The results for the periods above are derived entirely from continuing
operations.
There is no difference between the loss on ordinary activities before taxation
and the loss for the periods stated above, and their historical cost
equivalents.
Statement of group total recognised gains and losses
Notes Six months Six months Year ended
ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss for the financial period (5,290) (3,585) (8,389)
Currency translation differences on 7 (150) - (2)
foreign currency net investments
Total recognised losses for the period (5,440) (3,585) (8,391)
Consolidated balance sheet
at 30 June 2002
Notes 30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Intangible assets 209 258 234
Tangible assets 4 3,936 2,445 3,647
Investments 26 26 26
4,171 2,729 3,907
Current assets
Debtors 5 3,069 1,622 2,712
Cash at bank and in hand 26,446 39,853 32,645
29,515 41,475 35,357
Creditors: amounts falling due within 6 (1,539) (2,059) (1,756)
one year
Net current assets 27,976 39,416 33,601
Net assets 32,147 42,145 37,508
Capital and reserves
Called-up share capital 2,388 2,374 2,382
Share premium account 58,762 58,528 58,689
Other reserve 711 711 711
Profit and loss account (deficit) (29,714) (19,468) (24,274)
Equity shareholders' funds 7 32,147 42,145 37,508
Consolidated cash flow statement
for the six month ended 30 June 2002
Notes Six months Six months Year ended
ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Net cash outflow from continuing operating a (6,513) (3,969) (9,846)
activities
Returns on investments and servicing of
finance
Interest received 772 520 1,120
Taxation
Tax credit received 394 - -
Overseas tax paid - - (2)
394 - (2)
Capital expenditure
Purchase of tangible fixed assets (855) (1,151) (3,182)
Net cash outflow before management of liquid (6,202) (4,600) (11,910)
resources and financing
Management of liquid resources
Transfer to deposit accounts (6) (43,282) (32,190)
Transfer to current accounts 6,984 14,679 10,886
6,978 (28,603) (21,304)
Financing
Issue of ordinary shares 79 35,909 36,108
Expenses of share issue - (3,091) (3,186)
Net cash inflow from financing 79 32,818 32,922
Increase/(decrease) in cash in the period b 855 (385) (292)
Notes to the consolidated cash flow statement
for the six months ended 30 June 2002
(a) Reconciliation of operating loss to net cash outflow Six months Six months Year ended
from operating activities ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Continuing activities
Operating loss (6,516) (4,630) (11,027)
Amortisation of intangible fixed assets 25 25 49
Depreciation of tangible fixed assets 577 318 840
Loss on disposal of fixed assets - 1 1
(Increase)/decrease in debtors due after more than one year (330) 37 37
Decrease/(increase) in other debtors and other tax 34 (5) 16
receivable
Increase in prepayments and accrued income (2) (60) (163)
(Decrease)/increase in trade creditors (210) 146 216
(Decrease)/increase in other taxation and social security (85) (30) 58
Increase in accruals and deferred income 2 229 127
Exchange rate differences (8) - -
Net cash outflow from continuing operating activities (6,513) (3,969) (9,846)
(b) Reconciliation of net cash flow to movement in net funds
Six months Six months Year ended
ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net funds at 1 January 32,645 11,635 11,635
Movement on deposit accounts (6,978) 28,603 21,304
Increase/(decrease) in cash in the period 855 (385) (292)
Exchange movements (76) - (2)
Net funds at 30 June/31 December 26,446 39,853 32,645
(c) Analysis of net funds At 1 January Exchange At 30 June
2002 Cash flow movements 2002
£'000 £'000 £'000 £'000
Cash 249 855 (76) 1,028
Liquid resources 32,396 (6,978) - 25,418
Net funds/cash at bank and in hand 32,645 (6,123) (76) 26,446
Liquid resources relate to bank deposits which are not immediately accessible within 24 hours
without financial penalty.
Notes to accounts
1 Basis of preparation
The interim financial information has been prepared in accordance with the
accounting policies set out in the Group's Report and Accounts for the year
ended 31 December 2001, with the exception that the Group has adopted FRS 19 '
Deferred Tax' which became effective for years ending on or after 23 January
2002, in order to comply with the latest United Kingdom accounting standards.
This has had no effect on the current period or prior periods.
These interim financial statements do not constitute statutory financial
statements within the meaning of s240 of the Companies Act 1985. Results for the
six month periods ended 30 June 2002 and 30 June 2001 have not been audited nor
reviewed by the auditors. The financial information for the year ended 31
December 2001 is derived from the statutory accounts for that year which have
been delivered to the Registrar of Companies. The report of the auditors on
those accounts was unqualified.
Copies of the interim results for the six months ended 30 June 2002 are being
sent to all shareholders. Details can also be found on the Company's website at
www.oxfordbiomedica.co.uk. Further copies of the interim results and copies of
the full report and accounts for the year ended 31 December 2001 can be obtained
by writing to the Company Secretary, Oxford BioMedica plc, Medawar Centre,
Oxford Science Park, Oxford, OX4 4GA.
This announcement was approved by the Board of Oxford BioMedica plc on 27 August
2002.
2 Turnover and loss on ordinary activities before taxation
The Group's turnover and loss on ordinary activities before taxation are derived
entirely from its principal activity. In 2001 the Group commenced the operation
of BioMedica Inc., a wholly-owned subsidiary in San Diego, USA.
Six months ended Six months ended Year ended
30 June 2002 30 June 2001 31 December 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Turnover by Turnover Turnover by Turnover Turnover by Turnover
Turnover destination by origin destination by origin destination by origin
Geographical analysis £'000 £'000 £'000 £'000 £'000 £'000
United Kingdom - 172 42 347 67 373
Rest of Europe - - 35 - 35 -
North America 172 - 270 - 271 -
172 172 347 347 373 373
Loss on ordinary activities before Six months Six months Year ended
taxation ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Geographical analysis
United Kingdom 4,727 3,967 8,770
North America 1,177 53 771
5,904 4,020 9,541
Net assets 30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Geographical analysis
United Kingdom 4,554 2,309 4,352
North America 1,147 (17) 511
Net operating assets 5,701 2,292 4,863
Cash at bank and in hand 26,446 39,853 32,645
32,147 42,145 37,508
3 Basic loss and diluted loss per ordinary share
The basic loss per share has been calculated by dividing the loss for the period
by the weighted average number of shares of 238,525,915 in issue during the six
months ended 30 June 2002 (six months ended 30 June 2001: 200,765,989; year
ended 31 December 2001: 219,196,867).
The Company had no dilutive potential ordinary shares in either period which
would serve to increase the loss per ordinary share. There is therefore no
difference between the loss per ordinary share and the diluted loss per ordinary
share.
4 Tangible fixed assets
Office
Short equipment,
leasehold fixtures Computer Laboratory
improvements and fittings equipment equipment Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2002 1,874 211 921 2,459 5,465
Additions 513 34 54 323 924
Disposals - - (1) - (1)
Exchange differences (27) (3) (3) (28) (61)
At 30 June 2002 2,360 242 971 2,754 6,327
Depreciation
At 1 January 2002 541 97 288 892 1,818
Charge for the period 167 20 152 238 577
Eliminated on - - (1) - (1)
disposals
Exchange differences - - - (3) (3)
At 30 June 2002 708 117 439 1,127 2,391
Net book amount at
30 June 1,652 125 532 1,627 3,936
2002
Net book amount at 31 1,333 114 633 1,567 3,647
December 2001
5 Debtors
30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Amounts falling due after more than one year
Other debtors - rent deposit 308 - -
Amounts falling due within one year
Other debtors 412 226 531
Corporation tax receivable 1,804 828 1,560
Other tax receivable 117 243 193
Prepayments and accrued income 428 325 428
2,761 1,622 2,712
Total debtors 3,069 1,622 2,712
6 Creditors: amounts falling due within one year
30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Trade creditors 456 627 638
Overseas taxation 35 - 13
Other taxation and social security 96 93 181
Accruals and deferred income 952 1,339 924
1,539 2,059 1,756
7 Reconciliation of movements in Group shareholders' funds
Six months Six months Year ended
ended ended 31 December
30 June 2002 30 June 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss for the year (5,290) (3,585) (8,389)
New share capital issued 79 35,909 36,108
Expenses of share issue - (3,156) (3,186)
Exchange differences (150) - (2)
Net movement in shareholders' funds (5,361) 29,168 24,531
Opening shareholders' funds 37,508 12,977 12,977
Closing shareholders' funds 32,147 42,145 37,508
This information is provided by RNS
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