20th Jan 2005 07:00
Henderson Morley PLC20 January 2005 FOR IMMEDIATE RELEASE 20 JANUARY 2005 HENDERSON MORLEY PLC (AIM) INTERIM RESULTS FOR THE SIX MONTHS TO 31 OCTOBER 2004 Chairman's Statement Financial Summary The Board of Henderson Morley plc ("Henderson Morley" or "the Company"), the AIMlisted Drug Discovery Company, announces its Interim results for the six monthsto 31 October 2004. Turnover for the period was £3,120 (2003: £4,004), whichafter expenses, showed a pre-tax loss of (£391,331) (2003: (£377,365)). Cash atBank at 31 October 2004 was £476,600. Business Review On 14 October, we announced the appointment of Daniel Kirchherr as a BusinessDevelopment Consultant. Daniel is assisting with the licensing of ICVT, theCompany's anti viral treatment. He has excellent credentials, having beenBusiness Development Director at Johnson & Johnson. The effect of Daniel's work with the Board has already resulted in a number ofnew potential partner meetings and we look forward to continuing to work withhim in this respect. At the same time, we also announced that a further fund raising of £250,875 hadbeen completed and these funds will provide additional working capital for theCompany. Dr Ian Pardoe, the Company's chief executive, increased his shareholding in theCompany to 15.62% with the purchase of an additional 6,458,240 Ordinary sharesin the Company and this underlines your Board's continued commitment to thebusiness. As anticipated, notification of the grant of the USA Patent for ICVT wasreceived, which followed on from the grant of the European patent earlier in theyear. Both patents run until 2020. The Phase II trial for the eye application of ICVT continues in the six centresin Austria and Slovakia. We are obviously disappointed at the length of timebeing taken to complete this study and, as a result, Dr Pardoe and I visitedCroma in Austria to discuss the situation. Following that visit, certain changeshave been made to the recruitment criteria for the trial, which we trust willexpedite the process. We remain confident that Croma, who remain totallycommitted to the ICVT programme, will endeavour to get the trial completed asquickly as possible. --ENDS-- Copies of this announcement will be available free of charge to the public atthe Company's registered office at Metropolitan House, 2 Salisbury Road,Moseley, Birmingham, B13 8JS and at the offices of Brewin Dolphin SecuritiesLtd, 34 Lisbon Street, Leeds LS1 4LX for 14 days. Enquiries: HENDERSON MORLEY PLC Tel: 0121 442 4600Andrew Knight, Chairman BREWIN DOLPHIN SECURITIES LTD Tel: 0113 241 0126Neil Baldwin H-B CORPORATE Tel: 020 7538 1166Jon Levinson BISHOPSGATE COMMUNICATIONS LTD Tel: 020 7430 1600Maxine Barnes Mobile 07860 489571Dominic Barretto HENDERSON MORLEY PLCCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE SIX MONTHS ENDED 31 OCTOBER 2004 6 months to 6 months to Year Ended 31 October 31 October 30 April 2004 2003 2004 (Unaudited) (Unaudited) (Audited) £ £ £ TURNOVER 3,120 4,004 7,623 Cost of sales (2,516) (2,476) (5,607) --------- --------- --------GROSS PROFIT 604 1,528 2,016 Administrative expenses (198,629) (201,445) (488,858)Research and development (184,966) (166,104) (268,661)Amortisation of goodwill (7,370) (7,370) (14,740) --------- --------- --------OPERATING LOSS (390,361) (373,391) (770,243) Interest (net) (970) (3,974) (3,660) --------- --------- --------LOSS ON ORDINARY ACTIVITIES BEFORETAXATION (391,331) (377,365) (773,903) Tax on loss on ordinary activities 28,218 27,398 60,280 --------- --------- --------RETAINED LOSS FOR THE PERIOD (363,113) (349,967) (713,623) ========= ========= ======== Loss per Ordinary ShareBasic and Diluted (0.14)p (0.18)p (0.36)p HENDERSON MORLEY PLCCONSOLIDATED BALANCE SHEETAS AT 31 OCTOBER 2004 As at As at As At 31 October 31 October 30 April 2004 2003 2004 (Unaudited) (Unaudited) (Audited) £ £ £ FIXED ASSETSIntangible assets 134,194 148,934 141,565Tangible Assets 52,246 90,680 82,476 186,440 239,614 224,041 CURRENT ASSETSStocks 14,013 17,109 15,013Debtors 194,935 205,281 97,396Cash at bank 476,600 354,094 87,690 685,548 576,484 200,099 CREDITORS:Amounts falling due withinone year (78,439) (122,114) (100,643) --------- --------- ---------TOTAL ASSETS LESS CURRENTLIABILITIES 793,549 693,984 323,497 CREDITORS:Amounts falling due aftermore than one year - (16,872) (10,044) --------- --------- --------- 793,549 677,112 313,453 ========= ========= ========= CAPITAL AND RESERVESCalled up share capital 358,320 261,500 261,500Share Premium Account 3,288,333 2,541,944 2,541,944Profit and Loss Account (2,853,104) (2,126,332) (2,489,991) --------- --------- ---------EQUITY SHAREHOLDERS FUNDS 793,549 677,112 313,453 ========= ========= ========= HENDERSON MORLEY PLCSUMMARISED CONSOLIDATED CASH FLOW STATEMENTFOR THE SIX MONTHS ENDED 31 OCTOBER 2004 6 months 6 months to Year to 31 October Ended 31 October 30 April 2004 2003 2004 (Unaudited) (Unaudited) (Audited) £ £ £ Net cash outflow from operatingactivities (434,029) (402,617) (720,140)(Note 1) Returns on investments and servicingof finance (970) (3,974) (3,660) Taxation - - 46,883 Capital expenditure 15,394 (9,505) (16,766) FinancingIssue of ordinary share capital 843,209 780,460 780,460Loans and Hire Purchase (15,566) (7,714) (15,660) ---------- --------- --------Increase/(Decrease) in cash 408,038 356,650 71,117 ========== ========= ======== Reconciliation of net cash flow tomovement in net debt Increase/(Decrease) in cash 408,038 356,650 71,117Cash outflow from finance leases 15,566 7,714 15,660 ---------- --------- --------Movement in net debt in the period 423,604 364,364 86,777Net funds/(debt) at beginning ofperiod 45,414 (41,363) (41,363) ---------- --------- --------Net funds/(debt) at end of period 469,018 323,001 45,414 ========== ========= ======== Note1 Reconciliation of operating lossto cash outflow from operatingactivities.Operating Loss (390,361) (373,391) (770,243)Depreciation and amortisation charges 17,101 21,010 43,843Profit on sale of fixed assets 5,105 - -Decrease in stocks 1,000 1,300 3,396(Increase)/decrease in debtors (69,320) (70,898) 22,984Increase/(decrease) in creditors 2,446 19,362 (20,120) ---------- --------- --------Net cash outflow from operatingactivities (434,029) (402,617) (720,140) ========== ========= ======== NOTES TO THE INTERIM RESULTS 1. The interim financial statements have been prepared on the basis of the accounting policies set out in the audited statutory accounts for the year ended 30th April 2004. 2. The calculation of loss per share is based on the loss after tax for the period and on 263,240,084 (30 April 2004 - 200,381,168 and 31 October 2003 - 191,705,779) ordinary shares, being the weighted average number of shares in issue during the period. 3. By an ordinary resolution passed at the Company's Annual General Meeting held on 28 September 2004 the authorised share capital of the Company was increased from £375,000 to £750,000 by the creation of 300,000,000 ordinary shares of 0.125 pence each. 4. On 12 May 2004 the company issued 55,155,555 ordinary shares of 0.125p at 1.125p per share for cash. On 14 October 2004 the Company issued 22,300,000 ordinary shares of 0.125p at 1.125p per share for cash. 5. This statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The statutory accounts for the period to 30 April 2004, upon which the auditors issued an unqualified report, have been filed with the Registrar of Companies. 6. This interim report is being sent to all shareholders and is available to the public from the company's registered office at Metropolitan House, 2 Salisbury Road, Moseley, Birmingham B13 8JS. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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