Half Yearly Report

Cientifica PLC

("Cientifica" or "the Company")

Unaudited Interim Results

Cientifica (AIM: CTFA.L) (formerly called Avia Health Informatics Plc), announces its unaudited interim results for the six months ended 30 September 2014. The comparative figures relate to the six months ended 30 September 2013 which was prior to the restructuring of the Company and the disposal of its operating subsidiary. In October 2013 the Company changed its name to Cientifica PLC and became a Rule 15 Investing Company (as defined under the AIM Rules for Companies).

Cientifica's investing strategy is to invest in and/or acquire businesses making use of emerging technologies. The initial target businesses were those making use of applications in graphene technology.

On 24 October 2014 the Company's ordinary shares were suspended from trading on AIM as the Company had failed to implement its investing strategy within one year of it becoming an Investing Company. In the event that the Company is not able to implement its investing strategy before 23 April 2015 the listing of its ordinary shares on AIM will be cancelled at 7.30 am on 24 April 2015.

 Financial results during the six months ended 30 September 2014

· Operating loss and loss before tax for the period of £156,033 (H1 2013: £73,892)

· Loss per ordinary share for the period was 0.5p (H1 2013 loss: 1.24p)

Chairman's Statement

Following the failure to implement the Company's investing policy within 12 months of the Company becoming an Investing Company, the Company's ordinary shares were suspended from trading on AIM. In accordance with Rule 15 of the AIM Rules for Companies the Company's ordinary shares will remain suspended from trading on AIM until such time as the Company has sufficiently implemented its investing strategy or undertaken a reverse takeover. Any proposed reverse takeover would be subject to the approval of the Company's shareholders.

Given that the Company has largely spent its cash without fully implementing its investing policy it is likely that the Board will pursue one of a number of reverse takeover opportunities being currently evaluated. In consideration of this the Board is currently also in discussions with regards to the sale of its existing investments in companies utilising graphene technology. If the Company's investing policy has not been implemented or a reverse takeover has not been completed by 23 April 2015 (being six months from the date of its shares having been suspended), then admission of the Company's ordinary shares to trading on AIM will be cancelled at 7.30 am on 24 April 2015.

The Company's financial position at the time of the interim results was constrained and this remains the case. with creditors exceeding the Company's cash balances. The Board has undertaken steps to substantially reduce the Company's overheads and is in discussions with a number of shareholders and creditors. The Company has secured support from one of the Company's major shareholders should there be a requirement for short term working capital to implement the investing strategy.

Tim Godwin, Executive Chairman

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Financial report

The consolidated results for the six month period to 30 September 2014 showed revenues of £10,000 (H1 2013: nil) and an operating loss and loss before tax of £156,033 (H1 2013: £73,892)

The loss per share for the period was 0.5p (H1 2013 loss: 1.24p).

At 30 September 2014 the cash balance in the Group stood at £21,840 (30 September 2013: £2,179). The Company had no borrowings. 

Current trading, going concern and outlook

Cientifica is an AIM quoted Investing Company focussed on the acquisition of businesses making use of advanced materials, in particular graphene, and emerging technologies.

Following the failure to implement the Company's investing policy within 12 months of the resumption of trading as an Investment Company on 23 October 2013 the Company's ordinary shares were suspended from trading on AIM on 24 October 2014.

If the Company's investing policy has not been implemented or a reverse takeover has not been completed by 23 April 2015 (being six months from the date of its ordinary shares having been suspended), then admission of the Company's ordinary shares to trading on AIM will be cancelled at 7.30 am on 24 April 2015.

Unaudited financial results for the six month period ended 30 September 2014

These results are unaudited and, as such, may be subject to material change. Both the audited results for the financial year ended 31 March 2014 and the unaudited results for the first half of the current financial year are prepared on the going concern basis, which assumes the Group will have sufficient resources to enable it to continue trading for the foreseeable future. The Company's financial position at the time of the interim results and at the current date was and remains constrained, with its creditors exceeding its cash holding.

The Board has undertaken steps to substantially reduce the Company's overheads and is in discussions with a number of shareholders and creditors and has secured support from one of the Company's major shareholders should there be a requirement for short term working capital to implement the Company's strategy.

Notes to the Interim Report

1. Basis of Preparation and accounting policies

These condensed interim statements have been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the European Union on a basis consistent with International Financial Reporting Standards (IFRS). They do not contain all of the information required for full financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2014. These interim financial statements do not constitute statutory accounts within the meaning of the Companies Act 2006.

The interim financial information was approved by the Board of Directors on 17 December 2014.

The information relating to the six month periods to 30 September 2014 and 30 September 2013 is unaudited. The reader's attention is drawn to the text above under the heading beginning "Unaudited Financial Results for the six month period ended 30 September 2014".

The information relating to the year ended 31 March 2014 is extracted from the audited Financial Statements of the Company which were published on 30 September 2014

The accounting policies applied by the Group in these interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended and as at 31 March 2014. 

2. Earnings per share

3. Segmental Information 

A segment is a distinguishable component of the Group that is engaged in providing services in a particular economic environment which have different potentials for future development. The Group operates in only one segment and though there is export revenue this is all within Europe and the Company classifies its operations as a single segment.

4. Statement of Compliance

The financial information set out above does not constitute the Company's statutory report and accounts for the year ended 31 March 2014. Statutory Accounts for 2014 have been delivered to the Registrar of Companies. The auditor's report in respect of the 2014 accounts was unqualified and did not contain a statement under section 489(2) or 498(3) of the Companies Act 2006. It did, however, indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern, which the auditor drew attention by way of an emphasis of matter.

5. Directors' Responsibility Statement 

The interim report is the responsibility of, and has been, approved by the Directors. The Directors are responsible for preparing the interim financial statements in accordance with the AIM Rules for Companies.

ENDS