Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Interim Results

29th Jun 2010 07:00

RNS Number : 3859O
Pursuit Dynamics PLC
29 June 2010
 



29 June 2010

Pursuit Dynamics PLC

("PDX" or the "Company')

Interim Results for the six months to 31 March 2010

PDX (AIM: PDX), the developer of the PDX® Atomiser and Reactor products and technology, is pleased to announce its results for the six months to 31 March 2010 and to update shareholders on the commercialisation of its products and technology.

 
Operational highlights
 
PDX successfully launched its Line of Business structure (“‘LOB’”) for four of its divisions; fire suppression, decontamination, brewing/food and bio-fuels operations Each LOB evaluates its product market opportunities, determines the best and most appropriate market strategy and selects the optimal partner(s). Each LOB will evolve going forwards and grow its business, leading to possible spin off, sale or joint venture transactions. The Intellectual Property and know-how of the underlying PDX technologies has been maintained and strengthened with new patent applications.
 
Financial highlights
 
Cash operating loss for the period of £2.7m (2009: £2.7m) reflects continuing strong controls over expenditure despite increased investments in the business since the arrival of the new CEO, Roel Pieper on 1st September 2009. Cash at period end of £3.7m (2009: £4.5m) reflects a fundraising of £4m (gross) on 9th September 2009 which enabled a thorough strategic review of the business.
 
Post period end
 
In early May 2010 PDX successfully raised £10m (gross) by placing 4 million shares at £2.50 each - a premium to the market price. Signed an agreement to enter into a joint venture with Kaecher Futuretech GmbH (“Kaercher”), a wholly-owned subsidiary of Alfred Kaercher GmbH, the world’s leading manufacturer of high-pressure cleaning equipment, to jointly develop, produce and market civilian and military decontamination and disinfection products for a global market. Brewing Line of Business launched subsequent to successful quality tests at one of the largest global brewing companies. The commercial launch of this LOB has progressed to include active commercial discussions with five of the top six global leaders.
 

Commenting on the results, Roel Pieper, CEO of PDX, said:

 

"The PDX Atomiser and Reactor products are genuinely exciting and unique technologies that, when fully commercialised, will drive significant shareholder value. This has been a busy and successful period for the Company. We have signed an agreement to enter into a joint venture with Kaercher to develop and market disinfection and decontamination products. We have re-entered the food and brewing market and signed a marketing agreement with Brewing Research International and we are continuing to make good progress with Tyco in the fire suppression line of business. All of these developments will deliver material revenue streams over the medium term.

 

In September 2009 and May 2010 we successfully raised equity funds and the Company now has significant cash reserves in place to support our strategy for the foreseeable future. Our strong financial footing combined with our new strategy positions us well to deliver on the very exciting opportunities that the PDX technology has opened up."

 

 

For Further Information, please contact:

 

PDX

Roel Pieper, Chief Executive Officer

Tel: +44 (0)1480 422050

Donald Bell, Chief Financial Officer

 

FD

Ben Foster / Marc Cohen

Tel: +44 (0) 20 7831 3113

 

Cenkos Securities plc

Ian Soanes/Max Hartley

Tel: +44 (0)20 7397 8900

 

Mirabaud

Rory Scott

Tel: +44 (0) 20 7878 3360

 

 

Notes to Editors

 

- PDX (AIM: PDX) owns and commercialises the PDX Atomiser and Reactor technologies that enable significant reductions in energy usage, process acceleration and result enhancement for a wide range of industrial processes and applications.

 

- The PDX business model is now organised into four Lines of Business - bio-fuels, food and brewing, decontamination and fire suppression.

 

- PDX is headquartered in Huntingdon, UK with an office in Norwalk, Connecticut, USA.

 

- Further information is available at the Company's website: www.pdx.biz 

 

- Publication quality photographs are available from FD.

 

 

CONSOLIDATED INCOME STATEMENT

for the six months ended 31 March 2010

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

Note

£

£

£

Continuing operations:

Revenue

79,080

45,225

7,286

Operating expenses

4

(2,768,482)

(5,845,014)

(2,670,747)

Operating loss before non-cash expenses

(2,689,402)

(5,799,789)

(2,663,461)

Operating non-cash expenses

Depreciation of tangible fixed assets

(83,490)

(291,534)

(99,242)

Amortisation of intangible fixed assets

(295,888)

(591,266)

(294,401)

Share option compensation charge

(588,278)

(323,223)

(98,693)

Total non-cash operating expenses

(967,656)

(1,206,023)

(492,336)

Total operating expenses

(3,736,138)

(7,051,037)

(3,163,083)

Operating loss

(3,657,058)

(7,005,812)

(3,155,797)

Finance income

20,832

83,166

71,752

Finance costs

-

(2,407)

(2,015)

Loss before taxation

(3,636,226)

(6,925,053)

(3,086,060)

Income tax credit

158,200

400,685

85,000

Loss from continuing operations

(3,478,026)

(6,524,368)

(3,001,060)

Discontinued operations:

Loss from discontinued operations

-

(550,138)

(312,930)

Loss for the period

(3,478,026)

(7,074,506)

(3,313,990)

Loss per share for loss attributable to the equity holders of the company

Loss per 1p share

- Basic and fully diluted

2

5.33 p

11.5 p

5.54 p

 

 

CONSOLIDATED BALANCE SHEET

as at 31 March 2010

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

Note

£

£

£

Non-current assets

Property, plant and equipment

214,952

283,750

463,621

Intangible fixed assets

511,085

804,370

1,100,038

726,037

1,088,120

1,563,659

Current assets

Inventories

64,840

71,787

552,860

Receivables

5

351,946

421,557

498,486

Corporation tax receivable

377,544

522,975

344,426

Cash and cash equivalents

3,686,051

5,666,496

4,479,915

Assets held for sale

-

-

516,369

4,480,381

6,682,815

6,392,056

Current liabilities

6

(677,937)

(780,572)

(1,042,516)

Liabilities directly associated with non current assets classified as held for sale

-

-

(396,338)

Net current assets

3,802,444

5,902,243

4,953,202

Net assets

4,528,481

6,990,363

6,516,861

Capital and reserves attributed to equity holders of the Company

Called up share capital

657,995

650,581

613,398

Share premium account

35,668,868

35,256,853

31,342,483

Merger reserve

4,061,185

4,061,185

4,061,185

Foreign exchange reserve

(57,804)

(66,241)

(216,251)

Profit and loss account

8

(35,801,763)

(32,912,015)

(29,283,954)

Total equity

4,528,481

6,990,363

6,516,861

 

 

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 31 March 2010

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

£

£

£

Cash flows from operating activities (see note 7)

Cash used in operations

(2,735,638)

(6,300,003)

(3,643,082)

Interest element of finance lease payments

-

(2,407)

(2,015)

Taxation received

303,631

137,801

-

Cash used in discontinued operations

-

(308,321)

(10,131)

Net cash used in operating activities

(2,432,007)

(6,472,930)

(3,655,228)

Cash flows from investing activities

Purchase of property, plant and equipment

(17,295)

(38,248)

(37,019)

Purchase of intangible assets

-

(1,200)

-

Proceeds from sale of fixed assets

-

7,500

7,500

Finance income

20,832

82,501

71,752

Cash used in investing activities on discontinued operations

-

(5,027)

-

Net cash inflow/(outflow) from investing activities

3,537

45,526

42,233

Cash flows from financing activities

Proceeds of ordinary share issue

-

4,000,000

-

Issuance cost of shares

-

(120,000)

-

Proceeds of options exercised

447,462

43,520

-

Capital element of finance lease payments

-

(31,748)

(20,280)

Net cash inflow/(outflow) from financing activities

447,462

3,891,772

(20,280)

Net (decrease)/increase in cash and cash equivalents

(1,981,008)

(2,535,632)

(3,633,275)

Cash and cash equivalents at beginning of period

5,666,496

8,202,128

8,202,128

Exchange gains/(losses) on cash balances

563

-

-

Cash and cash equivalents at end of period

3,686,051

5,666,496

4,568,853

Reconciliation of cash and cash equivalents at end of period to position stated in the balance sheet

Cash and cash equivalents at end of period

3,686,051

5,666,496

4,568,853

Cash and cash equivalents included in Assets held for sale

-

-

(88,938)

Cash and cash equivalents stated in the balance sheet

3,686,051

5,666,496

4,479,915

 

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

for the six months ended 31 March 2010

 

 

1 Basis of accounting

The interim financial statements for the period to 31 March 2010 have not been audited or reviewed and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 30 September 2009, prepared under IFRS as adopted by the EU, have been delivered to the Registrar of Companies. The report of the Auditors included in these statutory accounts was not qualified and did not contain a statement under Section 498 of the Companies Act 2006.

 

 

2. Loss per share

The calculation of basic and diluted loss per share is based on a loss on ordinary activities after tax of £3,478,026 (year ended 30 September 2009: £7,074,506 and six months ended 31 March 2009 £3,313,900) and a weighted average number of shares of 65,253,975 (30 September 2008: 61,494,124 and 31 March 2009: 59,816,347)

 

 

3. Dividend

The directors do not intend to recommend the payment of any dividends until they consider it prudent to do so, having regard to the need to retain sufficient funds to finance the development of the Group's activities.

 

 

4. Operating expenses

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

£

£

£

Cost of goods sold

20,980

136,395

154,970

Research and Development

1,360,998

3,290,017

1,366,250

Sales and Marketing

764,067

1,119,510

473,898

Administration

1,590,093

2,505,115

1,167,965

3,736,138

7,051,037

3,163,083

The following are items included in operating loss

Depreciation of property, plant and equipment

- owned

83,490

260,828

83,889

- held under finance leases

-

30,706

15,353

Amortisation of intangible fixed assets

295,888

591,266

294,401

Share based compensation charge

588,278

323,223

98,693

(Profit)/loss on disposal of fixed assets

-

(7,500)

(7,500)

Operating leases - land & buildings

151,274

296,573

147,867

- plant & machinery

23,766

82,900

26,576

 

 

5. Trade and other receivables

 

Six months ended

Year ended

Six months ended

31 March 2009

30 September 2008

31 March 2008

Unaudited

£

£

£

Trade receivables

29,414

75,922

13,621

Other receivables

165,335

207,734

218,113

Prepayments and accrued income

157,197

137,901

266,752

351,946

421,557

498,486

 

 

 

6. Trade and other payables

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

£

£

£

Trade payables

436,498

416,766

639,554

Other creditors

2,690

362

34,669

Other taxation and social security

63,405

56,426

87,274

Accruals and deferred income

175,344

307,018

281,019

677,937

780,572

1,042,516

 

 

7. Cash used in operations

for the six months ended 31 March 2010

 

Six months ended

Year ended

Six months ended

31 March 2010

30 September 2009

31 March 2009

Unaudited

£

£

£

Loss before taxation

(3,636,226)

(6,925,053)

(3,086,060)

Adjustments for:

- Depreciation of property, plant and equipment

83,490

291,534

99,242

- Amortisation of intangible fixed assets

295,888

591,266

294,401

- (Profit)/loss on disposal of fixed assets

-

(7,500)

(7,500)

- Share Option Compensation Charge

588,278

323,223

98,693

- Currency exchange differences

7,874

(15,789)

(165,798)

- Finance expense

-

2,407

2,015

- Finance income

(20,832)

(83,166)

(71,752)

Changes in working capital:

- Inventories

6,947

(16,449)

(497,522)

- Trade and other receivables

41,579

55,790

(49,172)

- Trade and other payables

(102,636)

(516,266)

(259,629)

Cash outflow from operations

(2,735,638)

(6,300,003)

(3,643,082)

 

 

8. Statement of changes in equity

 

31 March 2010

30 September 2009

31 March 2009

Unaudited

Proceeds on Ordinary share issue

-

4,000,000

-

Proceeds on Ordinary shares issued on exercise of options

419,429

71,553

-

Issuance costs of shares

-

(120,000)

-

Currency exchange differences

8,437

(15,789)

(165,799)

Loss for the financial year

(3,478,026)

(7,074,506)

(3,313,990)

Share Option compensation charge

588,278

231,148

98,693

Equity at start of year

6,990,363

9,897,957

9,897,957

Equity at 31 March 2010

4,528,481

6,990,363

6,516,861

 

 

9. Copies of report

 

Copies of the interim report will be sent to shareholders. Further copies will be available from the Company Secretary.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BVLLLBQFBBBE

Related Shares:

Gaming Realms
FTSE 100 Latest
Value8,632.33
Change89.77