10th May 2005 07:01
BTG PLC10 May 2005 BTG plc: Close Period Statement - Update London, UK, 10 May 2005: BTG plc (LSE: BGC), the IP and technologycommercialisation company, provides the following update to the Close Periodannouncement issued on 1 April 2005, reflecting progress with the Group'sstrategy review and material events occurring after that date. The Group has reassessed its future property needs and lease obligations in thelight of current, more difficult property market conditions, and has increasedexceptional provisions for lease impairments relating to its UK and US officesby approximately £5 million to approximately £7 million. The Group has alsoconducted a post-year-end evaluation of its equity portfolio following materialdevelopments with portfolio companies, and has made provisions for the yearended 31 March 2005 of around £3 million. The impact of these adjustments isthat BTG now expects the loss before tax to be approximately £35 million (ratherthan around £26 million as previously estimated). As previously announced, Preliminary Results for the year ended 31 March 2005and full details of the strategy review will be published on 26 May 2005. - Ends - For further information contact: BTG Financial DynamicsAndy Burrows, Director of Investor Relations Ben Atwell/Lucy Briggs +44 (0)20 7575 1741 +44 (0)20 7831 3113 About BTG BTG creates value by investing in intellectual property and technologydevelopment, and in early stage ventures. We realise value through technologylicensing, patent assertion and sale of equity investments. Through amultidisciplinary approach, we apply intellectual property and commercialexpertise, together with specialist skills in science and technology, to createmajor product opportunities in the health and high tech sectors. BTG hascommercialised important innovations, including Magnetic Resonance Imaging,Multilevel Cell Memory, Campath(R) (alemtuzumab), the first monoclonal antibodytreatment for chronic lymphocytic leukaemia, and recombinant Factor IX bloodclotting protein. BTG operates through wholly owned subsidiaries BTGInternational Ltd and BTG International Inc in the UK and USA, respectively. Forfurther information about BTG, please visit www.btgplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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