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Summit Corporation PLC (SUMM)

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Tuesday 12 October, 2010

Summit Corporation PLC

Half-yearly report






Summit Corporation plc
("Summit plc" or "the Company")


INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2010

Oxford, UK, 12 October 2010, Summit (AIM: SUMM), a UK drug discovery Company
with an innovative Seglin(TM) technology platform and a portfolio of programme
assets, today announces its interim results for the six months ended 31 July
2010.

Highlights

Programme Assets
  * SMT 19969 targeting C. difficile shown to be superior to existing therapies
    in non-clinical efficacy studies (see today's separate announcement)
  * SMT C2100 confirmed as potential treatment for malignant melanoma following
    new findings from independent in vivo studies
  * Positive results generated in diabetes programme with proof of concept
    established for SMT 14224 in in vivo studies
  * Strategy to progress SMT C1100 in-place following decision by former partner
    to return all commercial rights


Seglin(TM) Technology Platform
  * Further validation of the power of Seglin(TM) technology as a potential
    source of new medicines following identification of hits against intractable
    targets including NS3 helicase (hepatitis C)
  * Multiple active compounds identified targeting range of other high-value
    therapy areas including Alzheimer's disease and rare diseases


Commercial
  * Seglin(TM) technology showcased at international conference resulting in
    potential collaborators evaluating and assessing platform and programme
    assets
  * The Board is targeting the completion of a commercial deal in H1 2011 and a
    second deal in H2 2011


Financial
  * Operational expenditure in-line with expectations with cash resources until
    at least December 2011, beyond the expected receipt of payments from new
    deals
  * Cash position at 31 July 2010: £4.5m (31 January 2010: £6.1m)
  * Net loss for six months ended 31 July 2010 reduced to £1.8 m (31 July 2009:
    £3.0m)



Commenting on the results, Steven Lee, PhD, Chief Executive Officer at Summit
said: "The business has made good progress during the first half of the year in
seeking to exploit the commercial potential of both our programme assets and
Seglin(TM) technology platform.  We look forward to being able to deliver the
commercial success required to create a sustainable business for the benefit of
all stakeholders."

                                    - END -


For more information, please contact:

 Summit

 Steven Lee, PhD

 Richard Pye, PhD                             Tel: +44 (0)1235 443 939



 Singer Capital Markets (Nominated Adviser)

 Shaun Dobson / Claes Spång                   Tel: +44 (0)20 3205 7500



 Peckwater PR

 Tarquin Edwards                              Tel: +44 (0)7879 458 364
                                              tarquin.edwards@peckwaterpr.co.uk



Notes to Editors

About Summit plc

Summit is an Oxford, UK based drug discovery company with an innovative
technology platform called Seglins(TM) for the discovery of new medicines, a
portfolio of partner funded drug programme assets and a commercial strategy of
signing multiple early-stage deals

Seglin(TM) technology is using new chemistry to access biological drug targets
that cannot be exploited by conventional drug discovery approaches.  Summit's
internal research is currently focussed in the high-value therapy areas of
metabolic and infectious diseases and the Company will further exploit the
technology's wider potential through strategic alliances.  Summit's programme
portfolio consists of a number of drug programmes which require no further
investment from the Company but have the potential to deliver future upside for
the business.

Summit's commercial strategy focuses on signing multiple early-stage drug
programme and technology platform deals that generate upfront cash, remove
development costs from the Company, and retain valuable upside potential.

Summit is listed on the AIM market of the London Stock Exchange and trades under
the ticker symbol SUMM.  Further information is available at www.summitplc.com.


CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

INTRODUCTION

We are pleased to report the technical and commercial advances made by Summit
during the period under review.  The Board believes that your Company has taken
significant steps towards achieving the objectives of delivering tangible
commercial results over the coming months for the benefit of all stakeholders
and to help create a sustainable business.


A DIFFERENTIATING STRATEGY

Summit's differentiating strategy for creating value for our investors focuses
on actively targeting multiple early-stage programme and technology based deals.
 These deals will generate upfront cash, remove future development costs from
the Company, while crucially retaining valuable upside potential through
development and regulatory milestone payments and sales royalties.

By focusing on the early-stages of the drug discovery process, Summit aims to
mitigate the risks traditionally associated with only advancing one or two
programmes through to late-stage clinical development.

The Board believes that Summit's drug programme assets and innovative Seglin(TM)
technology platform could form the basis for multiple new commercial
transactions with major drug companies that are seeking novel approaches to
unmet medical needs.  To underline this belief, your Board is targeting the
completion of one commercial deal in both the first half and second half of
2011.


REVIEW OF DRUG PROGRAMME ASSETS

During the period under review, good progress has been made with a number of our
drug programme assets.

Infectious diseases: SMT 19969 for C. difficile
As announced separately today, Summit's C. difficile programme, which is funded
by a prestigious Wellcome Trust grant, has made excellent progress with positive
results generated from non-clinical efficacy studies.  In summary, these
findings show SMT 19969 displays superiority to existing treatment options and
has the potential to become a differentiated front-line antibiotic.

Cancer: SMT C2100 for malignant melanoma
We are pleased to be able to report new findings with our preclinical
development candidate, SMT C2100, showing positive therapeutic effect in a
malignant melanoma model.  Melanoma is the most dangerous form of skin cancer
and is responsible for approximately 80% of skin cancer related deaths.  With
only limited treatment options available, it remains an area of high unmet
medical need.

During the period, this immunomodulator was independently assessed in in vivo
studies and preliminary results have indicated that it is effective in
preventing the development of tumours.  These results both supplement and
support a strong data package that has been generated from previous work.

Metabolic diseases: SMT 14224 for diabetes
Our main programme in metabolic diseases targets type II diabetes, an area of
high unmet medical need with a global market in excess of $30 billion per annum.
 The lead compound in our diabetes programme is SMT 14224 and positive results
from a number of in vivo and in vitro studies were announced during the period.
 These results demonstrated that SMT 14224 has the ability to increase levels of
insulin via a glucose dependant mechanism to potentially enable diabetic
patients to better control their blood-glucose levels.  Further studies intended
to increase the value of this programme are on-going.

Rare diseases: SMT C1100 for Duchenne Muscular Dystrophy
The risk mitigating element of our differentiating strategy was demonstrated
following the decision by our former partner BioMarin Pharmaceuticals Inc.,
('BioMarin') to discontinue their development of our clinical candidate SMT
C1100 targeting the fatal genetic disease Duchenne Muscular Dystrophy ('DMD').
 The decision was taken after completion of a BioMarin funded Phase I trial in
healthy volunteers, and from which no safety issues or adverse events were
reported.  Summit benefited from an original payment of $7 million from BioMarin
following the licensing, in 2008, of the rights to SMT C1100, and since their
decision, all intellectual property and programme rights have been returned to
Summit.

Summit remains committed to working in DMD as the Board believes that SMT C1100
still has significant potential and that an appropriate formulation of it may
produce a viable medicine.  Therefore, Summit is actively seeking both
commercial and charitable partners to progress SMT C1100 into further clinical
studies.


SEGLIN(TM) TECHNOLOGY: Identifying medicines from new chemistry space

Underpinning our business strategy is our innovative Seglin(TM) technology
platform.  The development of Seglins has accelerated during the period, while
the profile and understanding of the technology platform's potential as a source
of new medicines has also risen significantly within the wider pharmaceutical
industry.

Seglins are Second Generation Leads from Iminosugars and they have the potential
to access many drug targets in major therapy areas that cannot be explored using
traditional drug discovery approaches.  This potential was exemplified during
the period following multiple Seglin hits being identified against NS3 helicase,
a hepatitis C target that has proved intractable for over a decade despite the
efforts of the pharmaceutical industry.

In addition to this progress, a number of other early-stage opportunities have
been identified that target commercially attractive therapy areas.  This
includes identification of Seglin hits against the Alzheimer's disease target
OGA, an area that is currently generating significant interest with major
pharmaceutical companies.  A second exciting area is rare or orphan diseases and
Summit has identified a number of Seglins targeting different diseases including
Cystic Fibrosis.  We look forward to reporting more data from these and other
on-going activities in the near future.

The profile of the Seglin platform received a boost from the technology being
showcased at an international conference in June 2010, and also from the recent
acceptance of a number of articles into leading industry and scientific
journals, including 'Drug Discovery Today' and 'Innovations in Pharmaceutical
Technology'.  This has stimulated further interest from potential collaborators.
A number of these are assessing the technology platform against targets
identified by Summit and/or their own proprietary targets and also evaluating
specific Summit programme assets.


FINANCIAL REVIEW: Expenditure in-line with expectations

The Group's financial results for the period were in-line with our expectations.
 Further reductions in overheads were realised following the disposal in the
2009/10 financial year of non-core activities.

The Group's cash position at 31 July 2010 was £4.5 million (31 January 2010:
£6.1 million).

The business remains funded until at least the end of 2011, beyond the expected
receipt of milestone payments from new licensing agreements.  It is important to
comment that the decision to return the commercial rights to our DMD programme
had no impact on our current cash life.

Revenue for the six months ended 31 July 2010 increased to £0.43 million (31
July 2009: £0.11 million).  This increase was due to recognition of £0.37
million of the grant from the Wellcome Trust for work completed on the C.
difficile programme.

Investment into our research and development activities for the six months ended
31 July 2010 was £1.2 million (31 July 2009: £1.2 million) and related to
advancing our C. difficile, diabetes and hepatitis C programmes, as well as
additional work to identify early-stage opportunities for our Seglin technology
in other therapy areas.  General and administrative expenses were £0.9 million
(31 July 2009: £1.5 million).  Loss for the period from continuing operations
after tax fell to £1.8 million from £3.0 million in the corresponding period
last year.

Total cash burn from operational activities for the six month period ended 31
July 2010 was as expected at £1.5 million (31 July 2009: £2.6 million). Total
cash burn included research and development tax credits received in respect of
the year ended 31 January 2010 of £0.35 million.

In light of the figures reported today, and the projected cash life of the
Group, these results have been prepared on a going concern basis.


SUMMARY

The business has made good progress during the first half of the year as we seek
to exploit the commercial potential of both our programme assets and innovative
Seglin(TM) technology platform.  With the potential of Seglins as a source of
new medicines increasingly being recognised by the wider industry, the Board is
confident of being able to deliver the commercial success required to create a
sustainable business for the benefit of all stakeholders.

On behalf of the Board, we thank our staff for their continuing hard work and
commitment.  Finally, we thank all our shareholders for their continuing support
of the business that we anticipate will have an exciting period ahead of it.


Barry Price, PhD           Steven Lee, PhD
Chairman                        Chief Executive Officer

11 October 2010



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
For the six months ended 31 July 2010


                                                Six months Six months
                                                     ended      ended       Year
                                                   31 July    31 July      ended
                                                      2010       2009 31 January
                                                                            2010

                                                     £000s      £000s      £000s
--------------------------------------------------------------------------------
Revenue                                                432        108        189



Cost of sales                                            -          -          -
--------------------------------------------------------------------------------
Gross profit                                           432        108        189



Other operating income                                   2        104        196



Administrative expenses
--------------------------------------------------------------------------------
  Research and development                         (1,219)    (1,182)    (2,302)

  General and administration                         (911)    (1,535)    (2,863)

  Depreciation and amortisation                      (243)      (472)      (826)

  Accelerated depreciation of leasehold                  -    (1,361)    (1,361)
improvements

  Share-based payment                                 (49)         31        (4)

  Release of loan                                        -      1,211      1,211

Total administrative expenses                      (2,422)    (3,308)    (6,145)
--------------------------------------------------------------------------------
Operating loss                                     (1,988)    (3,096)    (5,760)



Finance income                                           8          7          8

Finance costs                                          (2)       (46)       (67)
--------------------------------------------------------------------------------
Loss before taxation                               (1,982)    (3,135)    (5,819)



Taxation                                               201        183        372
--------------------------------------------------------------------------------
Loss for the period from continuing operations     (1,781)    (2,952)    (5,447)

(Loss) / profit  for the period from                     -      (232)         28
discontinued operations
--------------------------------------------------------------------------------
Loss and total comprehensive income and expense    (1,781)    (3,184)    (5,419)
for the period
--------------------------------------------------------------------------------


Basic and diluted loss per Ordinary share for      (1.07)p    (5.20)p    (8.13)p
continuing operations
--------------------------------------------------------------------------------
Basic and diluted (loss)/ profit per Ordinary            -    (0.41)p      0.04p
share for discontinued operations
--------------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
As at 31 July 2010


                                                     31 July  31 July 31 January
                                                        2010     2009       2010

                                                       £000s    £000s      £000s
--------------------------------------------------------------------------------
ASSETS

Non-current assets

Intangible assets                                      4,396    4,650      4,535

Property, plant and equipment                            227      534        335
--------------------------------------------------------------------------------
                                                       4,623    5,184      4,870

Current assets

Inventories                                                -      227          -

Trade and other receivables                              167      317        246

Current tax                                              129      886        306

Cash and cash equivalents                              4,544      861      6,082

Assets of disposal group classified as held-for-           -    1,341          -
sale
--------------------------------------------------------------------------------
                                                       4,840    3,632      6,634
--------------------------------------------------------------------------------
Total assets                                           9,463    8,816     11,504
--------------------------------------------------------------------------------


LIABILITIES

Current liabilities

Trade and other payables                               (826)    (619)    (1,104)

Borrowings                                                 -     (15)          -

Liabilities of disposal group classified as held-          -    (401)          -
for-sale
--------------------------------------------------------------------------------
Total current liabilities                              (826)  (1,035)    (1,104)



Non-current liabilities

Provisions                                           (1,180)  (1,180)    (1,180)

Deferred tax                                           (915)    (970)      (942)
--------------------------------------------------------------------------------
Total non-current liabilities                        (2,095)  (2,150)    (2,122)
--------------------------------------------------------------------------------
Total liabilities                                    (2,921)  (3,185)    (3,226)
--------------------------------------------------------------------------------
Net assets                                             6,542    5,631      8,278



EQUITY

Share capital                                          6,910    5,830      6,910

Share premium account                                 29,629   25,867     29,633

Share-based payment reserve                            1,208    1,123      1,159

Merger reserve                                       (1,943)   12,654    (1,943)

Retained earnings                                   (29,262) (39,843)   (27,481)
--------------------------------------------------------------------------------
Equity attributable to the equity shareholders of      6,542    5,631      8,278
the parent



CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
For the six month ended 31 July 2010


                                                Six months Six months       Year
                                                     ended      ended      ended
                                                   31 July    31 July 31 January
                                                      2010       2009       2010

                                                     £000s      £000s      £000s
--------------------------------------------------------------------------------
Cash flows from operating activities

 Loss before tax from continuing activities        (1,982)    (3,135)    (5,819)

 (Loss)/profit before tax from discontinued              -      (232)         28
activities
--------------------------------------------------------------------------------
Total loss before tax                              (1,982)    (3,367)    (5,791)



Adjusted for:

Finance income                                         (8)        (7)        (8)

Finance cost                                             2         48         69

Foreign exchange loss                                    3         22         22

Depreciation                                           100      1,811      2,045

Amortisation of intangible fixed assets                142        181        323

Loss/(Profit) on disposal of assets                      9      (357)          7

Remeasurement of assets in disposal group                -        503          -

Cancellation of loan                                     -    (1,211)    (1,211)

Share-based payment                                     49       (53)       (18)
--------------------------------------------------------------------------------
Adjusted loss from operations before changes in    (1,685)    (2,430)    (4,562)
working capital and provisions



Decrease in trade and other receivables                 79        646        923

(Increase)/decrease in inventories                       -       (50)        181

(Decrease) in trade and other payables               (281)      (806)      (451)
--------------------------------------------------------------------------------
Cash used by operations                            (1,887)    (2,640)    (3,909)


--------------------------------------------------------------------------------
Taxation received                                      351         75        815

Net cash used in operating activities              (1,536)    (2,565)    (3,094)



Investing activities

Proceeds from disposal of discontinued                   -          -      1,507
operations

Proceeds from disposal of assets                         -        525          8

Purchase of property, plant and equipment              (1)       (22)       (48)

Purchase of intangible assets                          (3)       (16)       (40)

Interest received                                        8          7          8
--------------------------------------------------------------------------------
Net cash generated from investing activities             4        494      1,435



Financing activities

Proceeds from issue of share capital                     -        315      5,706

Transaction costs on share capital issued              (4)          -      (552)

Repayment of debt during the period                      -       (45)       (53)

Repayment of finance lease costs                         -        (7)        (8)

Interest paid                                          (2)       (48)       (69)
--------------------------------------------------------------------------------
Net cash (used in)/received from financing             (6)        215      5,024
activities

Net (decrease)/increase in cash and cash           (1,538)    (1,856)      3,365
equivalents

Cash and cash equivalents at beginning of            6,082      2,717      2,717
period



Cash and cash equivalents at end of period           4,544        861      6,082
--------------------------------------------------------------------------------





CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
For the six months ended 31 July 2010

Six months ended 31 July 2010

                                                                       Total



                                           Share-
                                 Share      based
                      Share    premium    payment    Merger   Retained
                    capital    account    reserve   reserve   earnings
Group                 £000s      £000s      £000s     £000s      £000s     £000s
--------------------------------------------------------------------------------
At 1 February         6,910     29,633      1,159   (1,943)   (27,481)     8,278
2010

Loss for the
period from               -          -          -         -    (1,781)   (1,781)
continuing
operations
--------------------------------------------------------------------------------
Total
comprehensive             -          -          -         -    (1,781)   (1,781)
income and
expense

Transaction
costs on prior            -        (4)          -         -          -       (4)
share capital
issued

Share-based               -          -         49         -          -        49
payment
--------------------------------------------------------------------------------
At 31 July 2010       6,910     29,629      1,208   (1,943)   (29,262)     6,542
--------------------------------------------------------------------------------

Twelve months ended 31 January 2010

                                                                       Total



                                          Share-
                                 Share     based
                      Share    premium   payment     Merger   Retained
                    capital    account   reserve    reserve   earnings
Group                 £000s      £000s     £000s      £000s      £000s     £000s
--------------------------------------------------------------------------------
At 1 February         5,597     25,785     1,176     12,654   (36,659)     8,553
2009

Loss for the
year from                 -          -         -          -    (5,447)   (5,447)
continuing
operations

Profit for the
year from                 -          -         -          -         28        28
discontinued
operations
--------------------------------------------------------------------------------
Total
comprehensive             -          -         -          -    (5,419)   (5,419)
income and
expense

New share             1,313      4,400         -          -          -     5,713
capital issued

Transaction
costs on share            -      (552)         -          -          -     (552)
capital issued

Transfer
following
realisation on            -          -         -   (14,597)     14,597         -
disposal of
discontinued
operations

Share-based               -          -      (17)          -          -      (17)
payment
--------------------------------------------------------------------------------
At 31 January         6,910     29,633     1,159    (1,943)   (27,481)     8,278
2010
--------------------------------------------------------------------------------

Six months ended 31 July 2009

                                                                       Total



                                           Share-
                                 Share      based
                      Share    premium    payment    Merger   Retained
                    capital    account    reserve   reserve   earnings
Group                 £000s      £000s      £000s     £000s      £000s     £000s
--------------------------------------------------------------------------------
At 1 February         5,597     25,785      1,176    12,654   (36,659)     8,553
2009

Loss for the
period from               -          -          -         -    (2,952)   (2,952)
continuing
operations

Loss for the
period from               -          -          -         -      (232)     (232)
discontinued
operations
--------------------------------------------------------------------------------
Total
comprehensive             -          -          -         -    (3,184)   (3,184)
income and
expense

New share               233         82          -         -          -       315
capital issued

Share-based               -          -       (53)         -          -      (53)
payment
--------------------------------------------------------------------------------
At 31 July 2009       5,830     25,867      1,123    12,654   (39,843)     5,631
--------------------------------------------------------------------------------



NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31 July 2010

1. Basis of accounting

The interim accounts, which are unaudited, have been prepared on the basis of
the accounting policies expected to apply for the financial year to 31 January
2011 and have been prepared in accordance with the principles of International
Financial Reporting Standards ('IFRSs') as endorsed by the European Union and
implemented in the UK.

The IFRSs that will be effective in the financial statements for the year to 31
January 2011 are still subject to change and to the issue of additional
interpretation(s) and therefore cannot be determined with certainty.
 Accordingly, the accounting policies for that annual period that are relevant
to this interim financial information will be determined only when the IFRS
financial statements are prepared at 31 January 2011.

The interim financial statements do not include all of the information required
for full annual financial statements and do not comply with all the disclosures
in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the interim
statements have been prepared in accordance with IFRS they cannot be construed
as being in full compliance with IFRS.

The financial information for the year ended 31 January 2010 does not constitute
the full statutory accounts for that period. The Annual Report and Accounts for
31 January 2010 have been filed with the Registrar of Companies. The Independent
Auditors' Report on the Annual Report and Accounts for 2010 was unqualified and
did not include references to any matters to which the auditors drew attention
by way of emphasis without qualifying their report and did not contain
statements under Section 498(2) or 498 (3) of the Companies Act 2006.



2. Loss per share calculation

The loss per share has been calculated by dividing the loss for each period for
both the loss attributable to the continuing activities and also the loss
attributable to the discontinued operations where relevant by the weighted
average number of shares in issue during the six month period to 31 July
2010: 166,249,806 (for the six month period ended 31 July 2009: 56,779,928; for
the year ended 31 January 2010: 67,010,402).

Since the Group has reported a net loss, diluted loss per share is equal to
basic loss per share.


Forward Looking Statements

This document contains "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates", "intends", "plans",
"seeks", "believes", "estimates", "expects" and similar references to future
periods, or by the inclusion of forecasts or projections.

Forward-looking statements are based on the Company's current expectations and
assumptions regarding our business, the economy and other future conditions.
Because forward-looking statements relate to the future, by their nature, they
are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. The Company's actual results may differ materially
from those contemplated by the forward-looking statements. The Company cautions
you therefore that you should not rely on any of these forward-looking
statements as statements of historical fact or as guarantees or assurances of
future performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements and regional, national,
global political, economic, business, competitive, market and regulatory
conditions.


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