Final Results

RNS Number : 1312L

Scientific Digital Imaging Plc

27 July 2011

 



27 July 2011

SCIENTIFIC DIGITAL IMAGING PLC

("SDI" or "the Group")

Final Results for the year ended 30 April 2011

 

The Board of Scientific Digital Imaging is pleased to announce its final results for the year ended 30 April 2011.  SDI designs, builds and sells scientific instruments based on digital imaging technology, predominantly for applications in the life sciences industry.

Financial Highlights

·      Revenue increased by 1.4% to £7.3m (2010: £7.2m)

·      Operating loss for the year was £66k (2010: profit £342k) before currency losses of £28k (2010: £23k)

·      Basic loss per share was 1.14p pence per share (2010: earnings 1.67p)

·      Expenditure on research and development in the current year was £368k, representing 5.1% of Group sales (2010: £452k representing 6.3% of Group sales)

Operational Highlights

·      Development of a new software product, GeneSys for the Syngene range of products

·      Atik making several Original Equiptment Manufacturer ("OEM") relationships

·      Seeing growth from Emerging Markets of India and China

Board Changes

·      Mike Creedon, who joined SDI as Chief Financial Officer in May 2010, has been appointed as Acting Managing Director of SDI, following the resignation of Dr Phil Atkin as CEO

·      This will be effective as of 31^st August but Phil Atkin will continue to advise the Company as a consultant

Commenting on the results, Harry Tee CBE, Chairman of SDI said;

 "The Board is cautious in the near term but confident that our products are "best in class" and that customers will return to more normal spending patterns when budgets are restored. The company's new products, particularly in the gel documentation field, show commitment to innovation and we believe they will capture a larger share of that market."

-ENDS-

FOR FURTHER INFORMATION

Scientific Digital Imaging plc                                01223 727144

Harry Tee CBE, Chairman

Mike Creedon, Acting Managing Director

www.scientificdigitalimaging.com

Bishopsgate Communications                                020 7562 3350

Deepali Schneider/ Natalie Quinn

[e-mail]

finnCap Ltd.                                                         020 7600 1658

Sarah Wharry

Note to Editors

Scientific Digital Imaging Plc

Scientific Digital Imaging Plc (SDI) is focused on the application of digital imaging technology to the needs of the scientific community. Its principal subsidiary is Synoptics Limited, which designs and manufactures special-purpose instruments for use mainly in the life sciences, supplying customers in the academic and research sectors.  In October 2008 SDI acquired the entire share capital of Artemis CCD Limited and Perseu Comercio De Equipamento Para Informatica E Astronomia SA (Perseu) (now marketed under the brand Atik), companies that design and manufacture high-sensitivity cameras for both astronomical and life sciences applications and whose products are used in instruments manufactured by Synoptics Limited.

Chairman's statement

Despite very difficult trading conditions in which our customers have tended to reduce their spending on higher-value products, Group revenues were relatively flat but margins came under severe pressure as a result of the change in mix.  This resulted in the company returning a disappointing operating loss for the year.

Financial results

Turnover for the period rose marginally to £7.3m (2010: £7.2m), an increase of 1.4%. In particular sales into the emerging markets of India and China showed good growth albeit at lower margins, resulting in a material change in product mix.

The operating loss for the year was £94k (2010: profit £319k) inclusive of currency losses. Basic loss per share and diluted loss per share was 1.14p compared with 2010 which reported basic earnings per share of 1.67p and diluted earnings per share of 1.46p.

Operating activities resulted in a cash outflow (which included a payment of deferred commissions to an overseas agent) of £187k (2010: cash inflow £331k).  The liability component of the convertible loan stock, issued to fund the Group's admission to AIM, stood at £360k at the end of the period, and total borrowings stood at £529k (2010: £422k).  Cash and cash equivalents were £158k at the end of the period (2010: £762k).  The Group's net cash position was reduced to a negative position of £371k during the year. (2010: positive cash position £340k).

Despite the trading difficulties, SDI has continued to invest in the future with research and development spending £368k (2010: £452k).  Research and development spend was 5.1% of sales revenue compared to 6.3% in 2010. These investments will bring benefits in future years.

Strategy

It is disappointing to report no successful acquisition completions during the year despite a great deal of effort and getting very close to completing two transactions in the period. Both these transactions were terminated after our due diligence was complete.   The Board continues to believe that there are many small businesses operating within the market that present an ideal opportunity for consolidation, and that the 'buy and build' strategy is in the best interests of shareholders in the long term.  However, market trends and trading results mean that our efforts must now be focused on returning the Group to solid profitability, and consequently we do not anticipate being able to complete any transactions in the near term.  We will nevertheless continue to establish and build the long-term relationships required, so that these can be capitalised upon when trading conditions recover. 

Reorganisation

In the light of the trading performance and current market conditions, the Board has carried out a thorough review of the operations and structures of the group. Among other changes, Dr Phil Atkin, who was a founder of the company, has stepped down and Mike Creedon has been appointed Acting Managing Director of the operating company.  The primary focus is to return the company to profitability and improve the cash position.

Current Trading and Outlook

The global economic climate remains uncertain. For some time the Group's markets have remained relatively stable but in recent periods the effects of reduced government spending and consequent reductions in grants and research budgets have begun to take effect - a possibility of which we warned last year. The exceptions seem to be the developing markets of India and China where our margins have been historically lower; a matter that is being addressed.  At Synoptics, customers are largely choosing to buy less expensive instruments, where competition is greater, with the consequential impact on margins.  Atik, the camera company, has continued to grow its share of the amateur astronomy market and this success has offset the downturn in consumer spending.

Currency exchange rates can have a significant impact on our performance due to the wide geographical distribution of our markets.  Prices to our distributors outside the US are generally denominated in Pounds Sterling, but local exchange rates can nevertheless affect the competitiveness of our products in those markets.

The Board is cautious in the near term but confident that our products are "best in class" and that customers will return to more normal spending patterns when budgets are restored.  The company's new products, particularly in the gel documentation field, show commitment to innovation and we believe they will capture a larger share of that market.

Staff

On behalf of the Board I would like to sincerely thank our staff all of whom have worked diligently and with great commitment during a very difficult period. In particular I would like to thank Phil Atkin for his service to SDI since the company's inception.

H L Tee CBE

Chairman

OPERATING REPORT

Synoptics

Synoptics designs and manufactures scientific instruments based on digital imaging technology, mainly for the life science markets.

Synoptics offers its products under three marketing brands, each targeting a different scientific discipline:

Syngene

Syngene provides instruments, software and systems for documenting and analysing 'gels' used by molecular biologists in genomic and proteomic studies and is the largest of the three Synoptics businesses.   Almost all research in the biological sciences involves an understanding of the underlying molecular processes involving DNA, RNA and proteins, and gel electrophoresis is a fundamental process in many laboratories working in this area.

Whilst the range of applications addressed by Syngene is an essential part of almost every life sciences facility, the market has noticeably shifted its emphasis towards the lower end of the cost spectrum.  Unfortunately, competition is more intense in this arena, with a consequent negative impact on the margins we can command.

The complexity of the instrumentation has increased steadily over the years, to the point where considerable expertise has been required to operate it.  Syngene's new GeneSys capture software, however, requires the scientist to specify only the application - the software configures and controls the instrument automatically to suit that application.  It contains a large database of dyes, lights and filters, and can optimise the configuration of all these elements according to the experiment being performed.  GeneSys, along with an enhanced range of G:Box darkroom and camera systems, was introduced to great acclaim at the Syngene international dealer meeting in September 2010.

Our new products are particularly strong in the area of imaging multiple fluorescent dyes, especially in the Infra-Red spectrum.  Our equipment has been found to perform as well as other laser-based technologies and is more flexible in application, and we anticipate growing sales in this market. 

Our performance in the Asia market has remained encouraging, and the Middle East region is also performing well.  Europe and the UK, however, showed no growth.  In the US we are pleased with the results of our continuing efforts to build the Syngene brand there, but recent cutbacks in government stimulus spending have had an impact on customer funding and consequently sales.  We have strengthened our representation in the California region, where a number of our competitors are based.

Syncroscopy

The Syncroscopy division provides digital imaging software to microscope users.  Its main product, a software package that allows customers to overcome the severely limited depth of field in an optical microscope, is principally sold by Leica Microsystems, a leading microscope manufacturer.  The software is offered as an option, as part of Leica's LAS software suite.  During the period the software was significantly enhanced and improved, and released as part of a major update of LAS.  Customers have been surprised and delighted by the improvement in the results and the reduced effort necessary to achieve them.

A long-term customer, the AntWeb project based at the California Academy of Sciences, has the ambition to collect images of every known species of ant.  Brian Fisher, project leader, provided us with some excellent publicity information that was featured by the BBC and in the national press.

Synbiosis

The Synbiosis division of Synoptics provides instruments and systems for microbiologists.  In particular, it makes a range of instruments for counting and measuring the results of microbiological tests for the food, water and pharmaceutical markets.  These instruments bring benefits to the customer in the form of reduced labour costs, more repeatable interpretations of the results, and by facilitating the automatic recording of samples for audit purposes - the latter becoming increasingly important as microbiological testing becomes more regulated.

During the year the principal instrument, ProtoCOL 2, was enhanced through the addition of simpler, more 'intelligent' counting functions that make it even easier to set up and start counting, as well as introducing facilities supporting a wider range of sample types and the audit trails required for using the instrument in a regulated environment.  These enhancements have had a positive impact on the sales channels and consequently on sales.

We have experienced increased demand from the zone measurement applications supported by ProtoCOL 2.  In particular, sales to pharmaceutical laboratories in Asia for testing of antibiotic and vaccine efficacy have increased, and we are seeking to replicate this success elsewhere.

New developments

We have begun testing of new instruments that exploit our core technologies of fluorescence imaging and image analysis in a new area outside our traditional markets.  We are working in partnership with University-based researchers to combine their IP with our own to address a significant hospital-based testing market.  Preliminary results are encouraging.

Atik

Atik, formed by the combination of the Artemis and Perseu companies following their acquisition in October 2008, designs and manufactures high-sensitivity cameras for deep-sky astronomical and life science imaging. It was acquired because of its strategic fit with the goals of SDI, the chance to achieve supply-chain integration of a key component of the Synoptics business, and because of its potential for growth in its astronomy market thanks to the quality of the principals. 

Initially the cameras were designed with the needs of the amateur astronomer in mind: high sensitivity and low noise for imaging faint objects in the night sky.  However, these criteria also make the cameras suitable for low-light applications in other scientific applications and they were chosen by Synoptics in 2007 to provide cameras for the high-end Syngene systems.

Atik grew well again this year, although this was not achieved without difficulties.  In particular, the new high resolution, low cost camera introduced towards the end of last year proved difficult to manufacture and had to be withdrawn from sale for a period to minimise customer dissatisfaction.  The problem was resolved successfully and the solution tested thoroughly before shipments resumed.  The backlog of orders was cleared by the end of the period and the camera is now the best-selling unit of the range.

Significant work has been done in Quality Assurance by automating the process of testing cameras in production to reduce the time taken, remove subjectivity and increase the statistical and individual information retained.

Several new OEM relationships were established during the period.  These generally have a long gestation period but some regular shipments of modified cameras have begun.

Summary

At Synoptics, the Syngene has introduced new, innovative software for image capture and instrument automation.  However, difficult trading conditions are affecting profitability and we are taking steps to address this.

Atik has made an increasing contribution to the Group thanks to both intra-group revenues to Synoptics and to growth in its amateur astronomy market.

Mike Creedon

Acting Managing Director

Financial Review

Group Summary

Group revenue for the year increased by 1.4% to £7.3m (2010: £7.2m).

Gross profit reduced by 4.7% to £4.1m (2010: £4.3m) due to customers purchasing lower end product due to restricted budget spend. Additionally the Group sales mix changed towards the emerging markets of India and China markets producing strong sales growth but at a lower margin.

Operating loss for the year was £66k (2010: profit £342k) before currency losses of £28k (2010: £23k)

Investment in R&D

Expenditure on research and development in the current year was £368k, representing 5.1% of Group sales (2010: £452k representing 6.3% of Group sales). Under IFRS we are required to capitalise certain development expenditure and in the year ending 30 April 2011 £252k of cost capitalised and added to the balance sheet. This expenditure represents the Group's investment in new product development. The amortisation charge for 2011 was £198k (2010: £104k). The carrying value of the capitalised development at 30 April 2011 was £460k (2010: £406k) to be amortised over three years.  

Earnings per Share

Basic loss per share for Group were 1.14p (2010: earnings 1.67p), diluted loss per share for the Group were 1.14p (2010: earnings 1.46p).   

Finance Costs and Income

Net financing expense was £68k (2010: £62k).  Loan stock interest charges for the year were £34k (2010: £34k).  Loan stock of £379k was issued in July 2008.

Taxation

The tax expense of £40k is due to deferred tax expenses in the Group and the additional deduction for R & D expenditure.

Cash Flow

At the year end the Group had a cash balance of £158k (2010: £762k).

Currency Translation

The results for the Group's overseas businesses are translated into Pounds Sterling at the average exchange rates for the relevant year as rates had not fluctuated significantly. The balance sheets of overseas businesses are translated into Pounds Sterling at the relevant exchange rate at the year end. Any exchange gains or losses from translating these items from one year to the next are recorded in other comprehensive income.

As with a majority of international companies, the Group's UK and overseas businesses purchase goods and services, and sell some of their products, in non-functional currencies. Where possible, the Group nets such exposures or keeps this exposure to a minimum. The Group's principal exposure is to US Dollar and Euro currency fluctuations.

Funding and Deposits

The Group utilises short-term facilities to finance its operations. The Group has one principal banker with an invoice discounting facility of up to £500k. At the year end the Group had cash on the balance sheet. Surplus funds are placed on short-term deposit.

 

Summary

For the fifth consecutive year the Group has increased its revenues and continues to invest in the future with research and development spend continuing at 2010 levels at £368k (2010: £452k).

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2011

					2011		2010
					£000		£000
Revenue					7,287		7,186
Costs of sales					(3,197)		(2,894)
Gross Profit					4,090		4,292
- currency exchange (losses)				(28)		(23)
- administrative expenses				(4,156)		(3,950)
Total administrative expenses					(4,184)		(3,973)
Operating (loss)/profit					(94)		319
Finance income				-		3
Finance payable and similar charges				(68)		(65)
Net financing expenses					(68)		(62)
(Loss)/Profit before tax					(162)		257
Income tax expense/ (credit)					40		(19)
(Loss)/Profit for the year					(202)		276

Earnings per share
Basic (loss)/earnings per share					(1.14p)		1.67p
Diluted (loss)/earnings per share					(1.14p)		1.46p

All activities of the Group are classed as continuing.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2011

					2011	2010
					£000	£000
(Loss)/Profit for the period					(202)	276
Other comprehensive income
Exchange differences on translating foreign operations					(55)	(12)
Total comprehensive (loss)/ income for the period					(257)	264

CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 30 APRIL 2011

				2011	2010
Assets				£000	£000
Intangible assets				764	742
Property, plant and equipment				416	325
Deferred tax asset				113	154
				1,293	1,221
Current assets
Inventories				781	680
Trade and other receivables				1,404	1,377
Cash and cash equivalents				158	762
				2,343	2,819
Total assets				3,636	4,040
Liabilities
Non-current liabilities
Borrowings				397	402
Deferred tax liability				148	122
				545	524
Current liabilities
Trade and other payables				1,054	1,306
Provisions for warranty				17	13
Borrowings				132	20
Current tax payable				-	39
				1,203	1,378
Total liabilities				1,748	1,902
Net assets				1,888	2,138
Equity
Share capital				187	180
Merger reserve				2,606	2,606
Share premium account				260	187
Own shares held by Employee Benefit Trust				(85)	(85)
Other reserves				176	264
Foreign exchange reserve				(52)	3
Retained earnings				(1,204)	(1,017)
Total Equity				1,888	2,138

H L Tee CBE                                                                                       M J Creedon
Chairman                                                                                           Acting Managing Director

CONSOLIDATED STATEMENT OF CASHFLOW

FOR THE YEAR ENDED 30 APRIL 2011

		2011	2010
		£000	£000
Operating activities
(Loss)/Profit for the year		(202)	276
Depreciation and amortisation		379	295
Profit on sale of property, plant and equipment		-	(5)
Finance costs and income		68	62
Taxation (credit)/expense in the income statement		40	(19)
Decrease/ (increase) in inventories		(101)	(178)
Increase in provisions		4	-
Exchange difference		(24)	(5)
Employee share based payments		7	15
Operating cash flows before movement in working capital		171	441
Changes in trade and other receivables		(14)	(142)
Changes in trade and other payables		(252)	140
Cash generated from operations		(95)	439
Interest paid		(60)	(53)
Income taxes (paid) / received		(32)	(55)
Cash generated from operating activities		(187)	331
Investing activities
Capital expenditure		(342)	(168)
Expenditure on development		(252)	(176)
Sale of property, plant and equipment		102	54
Interest received		-	3
Net cash used in investing activities		(492)	(287)
Financing activities
Capital element of finance leases		(17)	(41)
Bank borrowing proceeds		116	-
Issues of shares and warrants		-	2
Net cash from financing		99	(39)
Net changes in cash and cash equivalents		(580)	5
Cash and cash equivalents, beginning of year		762	757
Foreign currency movements on cash balances		(24)	-
Cash and cash equivalents, end of year		158	762

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2011

	Share Capital	Merger Reserve	Foreign exchange	Share premium	Own shares held by EBT	Other Reserves	Retained earnings	Total
	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 30 April 2010	180	2,606	3	187	(85)	264	(1,017)	2,138
Shares issued as deferred payment	7	-	-	73	-	(80)	-	-
Deferred tax on options	-	-	-	-	-	(15)	15	-
Share based payments	-	-	-	-	-	7	-	7
Transactions with owners	7	-	-	73	-	(88)	15	7
Loss for the year	-	-	-	-	-	-	(202)	(202)
Foreign exchange on consolidation of subsidiaries	-	-	(55)	-	-	-	-	(55)
Total comprehensive income for the period	-	-	(55)	-	-	-	(202)	(257)
Balance at 30 April 2011	187	2,606	(52)	260	(85)	176	(1,204)	1,888

	Share Capital	Merger Reserve	Foreign exchange	Share premium	Own shares held by EBT	Other Reserves	Retained earnings	Total
	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 30 April 2009	167	2,606	15	38	(85)	399	(1,293)	1,847
Shares issued as deferred payment	13	-	-	147	-	(160)	-	-
Deferred tax on options	-	-	-	-	-	10	-	10
Share based payments	-	-	-	-	-	15	-	15
Share options exercised	-	-	-	2	-	-	-	2
Transactions with owners	13	-	-	149	-	(135)	-	27
Profit for the year	-	-	-	-	-	-	276	276
Foreign exchange on consolidation of subsidiaries	-	-	(12)	-	-	-	-	(12)
Total comprehensive income for the period	-	-	(12)	-	-	-	276	264
Balance at 30 April 2010	180	2,606	3	187	(85)	264	1,017)	2,138

1         SEGMENT REPORTING

Management consider that there is a single operating segment being the supply of digital imaging equipment, encompassing Syngene, Synbiosis, Syncroscopy and Atik therefore business segmental analysis is not relevant. 

The geographical analysis of revenue by destination and non-current assets (excluding deferred tax) by location is set out below:

Revenue by destination of external customer	2011	2010
	£000	£000
United Kingdom (country of domicile)	701	678
Germany	571	546
Rest of Europe	1,756	1,790
America	2,457	2,349
Hong Kong	679	580
Rest of Asia	909	966
Rest of World	214	277
	7,287	7,186

Non-current assets by location	2011	2010
	£000	£000
United Kingdom	927	893
Portugal	74	115
America	179	59
	1,180	1,067

2          TAXATION

		2010	2009
		£000	£000
Corporation tax:
Corporation tax due		4	84
Current year R & D claim		(13)	-
Prior year R & D claim		(11)	-
		(20)	84
Deferred tax expense/(credits)		60	(103)
Income tax charge/ (credit)		40	(19)

Reconciliation of effective tax rate

		2011	2010
		£000	£000
(Loss)/ Profit on ordinary activities before tax		(162)	257
(Loss)/ Profit on ordinary activities multiplied by standard rate of Corporation tax in the UK of 28% (2010: 28%)		(45)	72
Effects of:
Expenses not deductible for tax purposes		42	10
Additional deduction for R&D expenditure		(49)	(44)
R & D tax credits		(24)	-
Transferred (from) / to tax losses		114	(57)
Adjustment to tax charge in respect of previous period		2	-
		40	(19)

The Group takes advantage of the enhanced tax deductions for Research and Development expenditure in the UK and expects to continue to be able to do so.

3          DEFERRED TAX

			2011		2010
		`	Deferred tax asset	Deferred tax liability	Deferred  tax asset	Deferred  tax liability
			£000	£000	£000	£000
At 1 May 2010			154	(122)	23	(111)
Deferred tax on capitalised R & D			-	(32)	-	-
Tax losses utilised			(3)	-	101	-
Short term temporary differences			(17)	(2)	10	(20)
Charge on intangibles recognised on acquisition			-	8	-	9
Share based payments			(21)	-	20	-
At 30 April 2011			113	(148)	154	(122)

			2011			2010
			Asset	Liability	Asset		Liability
			£000	£000	£000		£000
Deferred tax on capitalised R & D			-	(115)	-		(83)
Other temporary differences			7	(10)	24		(8)
Deferred tax on acquisition intangibles			-	(23)	-		(31)
Trading losses recognised			98	-	101		-
Share based payments			8	-	29		-
			113	(148)	154		(122)

Deferred tax assets are recognised for tax losses available for carrying forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. The Group did not recognise deferred tax assets  of £444k (2010: £396k) in respect of losses. Total losses (provided and unprovided) totalled £2.2m (2010: £2.0m).

There were no unrecognised temporary differences.

4          BORROWINGS

Borrowings are repayable as follows:

		2011	2010
		£000	£000
Within one year
Bank finance		116	-
Finance leases		16	20
		132	20
After one and within five years
Loan stock		360	352
Finance leases		27	32
		387	384
Over five years
Finance leases		10	18
Total borrowings		529	422

The proceeds of £379,000 from the issue of the loan stock are stated after adjustment in accordance with the accounting treatment required under IAS 32. Certain rights that are attached to the Company's loan stock result in it having characteristics of both equity and liabilities. Therefore the loan stock is considered to be a compound instrument.

The value of the liability component has been calculated based on the present value of the future cash flows in respect of payments the Company is obliged to make to holders of its loan stock. A value of £40,986 included within equity under the heading 'Other reserve' is the residual amount.

The loan stock is unsecured, bears interest at 9% per annum and can be converted at any time prior to 30 April 2013 at a rate of one ordinary share for every £0.70 nominal amount of loan stock. Any unconverted loan stock is due for repayment on 13 July 2013.

Subscribers to the loan stock also received warrants to subscribe for one ordinary share at a price of £0.70 for each £4.00 of loan stock subscribed for. The warrants are valid until 31 July 2013, except that this period may be extended by the Company at its sole option. The total number of warrants issued by the Company was 94,750.

5              (LOSS)/Earnings per share

The calculation of the basic earnings per share is based on the profits attributable to the shareholders of Scientific Digital Imaging Plc divided by the weighted average number of shares in issue during the year, excluding shares held by the Synoptics Employee Benefit Trust.  All earnings per share calculations relate to continuing operations of the Group.

			(Loss)/ Profits attributable to shareholders	Weighted average number of shares	Basic earnings per share amount in pence
			£000
Year ended 30 April 2011			(202)	17,662,215	(1.14)
Year ended 30 April 2010			276	16,523,554	1.67

The calculation of the diluted earnings per share is based on the profits attributable to the shareholders of Scientific Digital Imaging Plc divided by the weighted average number of shares in issue during the year, as adjusted for dilutive share options, dilutive deferred consideration and shares held by the Synoptics Employee Benefit Trust. 

					Diluted (loss)/ earnings per share amount in pence
Year ended 30 April 2011					(1.14)
Year ended 30 April 2010					1.46

The reconciliation of average number of ordinary shares used for basic and diluted earnings is as below:

	2011	2010
Weighted average number of ordinary shares used for basic earnings per share	17,662,215	16,523,554
Weighted average number of shares held by Synoptics Employee Benefit Trust	711,528	711,528
Weighted average number of ordinary shares used as deferred consideration	666,500	1,333,000
Weighted average number of ordinary shares under option	456,402	374,365
Weighted average number of ordinary shares used for diluted earnings per share	19,496,645	18,942,447

6        FINANCIAL INFORMATION

The financial information set out above, which has been extracted from the annual report and accounts for the year ended 30 April 2011 does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.

The annual report and accounts will shortly be sent to shareholders and will be available on the Company's website, www.scientificdigitalimaging.com

The Company's Annual General Meeting is due to take place at Francis House, 112 Hills Road, Cambridge CB2 1PH on 1 September 2011 at 11:00 am.

 

END

 

 

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