Interim Results
01 Julio 2009 - 1:00AM
UK Regulatory
TIDMMDG
RNS Number : 8526U
Mobile Doctors Group Plc
01 July 2009
+--------------------+--------------------+--------------------+--------------------+
| Date: | 1 July 2009 |
+--------------------+--------------------------------------------------------------+
| On behalf of: | Mobile Doctors Group Plc ("Mobile Doctors" or "the Group") |
+--------------------+--------------------------------------------------------------+
| Embargoed for: | 0700hrs | | |
+--------------------+--------------------+--------------------+--------------------+
Mobile Doctors Group Plc
Interim Results for the six months ended 31 May 2009
Mobile Doctors Group Plc (AIM: MDG.L), one of the leading providers of
medico-legal reports for personal injury claims in the UK market, today
announces its interim results for the six months ended 31 May 2009.
Financial highlights:
* Revenue: GBP14.06m (2008: GBP9.63m), an increase of 46%
* Profit before tax: GBP667,000 (2008: GBP21,000)
Commenting on the results, Matthew Game, Chief Executive Officer, said:
"Three years ago we embarked on a journey to re-engineer our business and build
a low-cost highly scalable platform. I am delighted to present half year results
that confirm the steps taken are now beginning to return not only improved
customer service and faster turnaround time but also improved financial results
for our shareholders."
Enquiries to:
+-------------------------------------+--------------------------------------+
| Mobile Doctors Group Plc | Tel: 020 8787 2000 |
| Matthew Game | www.mobile-doctors.co.uk |
+-------------------------------------+--------------------------------------+
| Daniel Stewart & Company plc | Tel: 020 7776 6550 |
| Oliver Rigby | |
+-------------------------------------+--------------------------------------+
| Redleaf Communications | Tel: 020 7566 6700 |
| Emma Kane/Adam Leviton | Email: |
| | mobiledoctors@redleafpr.com |
+-------------------------------------+--------------------------------------+
Notes to Editors:
* Mobile Doctors, established in 1989, has grown organically to become one of the
leading suppliers of medico-legal reports for personal injury claims in the UK.
It provides independent and objective medical evidence via a national panel of
medical experts and therapists.
* Mobile Doctors has a database of approximately 2,500 medical experts covering
many areas of the UK and currently provides approximately 60,000 reports out of
approximately 600,000 reports required annually.
* In addition to its core medical report service, Mobile Doctors also
provides ancillary services such as arranging MRI scans, X-Rays, CT scans, and
ultrasounds and rehabilitation services such as physiotherapy, hospital
treatment and cognitive behavioural therapy.
* Mobile Doctors Group Plc listed on AIM on 18 July 2007.
Chief Executive Officer's Statement
Three years ago we embarked on a journey to re-engineer our business and build a
low-cost highly scalable platform. I am delighted to present half year results
that confirm the steps taken are now beginning to return not only improved
customer service and faster turnaround time but also improved financial results
for our shareholders.
Mobile Doctors Group continues to make strong progress with turnover for the
first half up 46% and profit before tax of GBP667,000, compared to GBP21,000 in
the same period last year.
Volume has continued to increase with 27% more medical reports being
returned than in the first half of 2008. Revenue growth of 46% over the
comparative period reflects this increased volume coupled with significant
growth in rehabilitation delivered in partnership with Nuffield Health. Gross
margins on medico-legal reports continue to improve as we work more closely with
our examiners although the change in product mix has resulted in overall gross
margin moving from 24.8% to 23.0%. Overheads per case, and as a percentage of
revenue, have continued to come down as a result of management focus on reducing
fixed costs. The business has benefited from the reduction in base lending
rates. The percentage of revenue discounted has also reduced in line with
prospective interest rates, resulting in a net credit to interest expense.
The Group continues to operate comfortably within its borrowing limits for
working capital. Debtor days have continued to fall although the reduction due
to early settlement under the MRO agreement has been less marked than in 2008. A
further GBP395,000 of long-term loan stock has been repaid in the period and
capital expenditure of GBP161,000 includes a major investment in IT server
equipment which extends our capacity for future growth.
We have long term contractual and strategic relationships with Steria (who
manage our back office processing and IT support); Nuffield Health (who manage
the physiotherapy, diagnostics and rehabilitation needs of our customers) and
more recently TNT (who manage all of our in and out-bound mail, print, scanning
and logistics). I am delighted to have the support of these three blue chip
organizations who in their sectors operate at world class standards enabling us
to deliver more to our customers.
The introduction of TNT has been a major milestone in our re-engineering
journey. This step has seen the TUPE of a number of our staff along with a major
leap forward in the use of leading edge technology to deliver high quality
scanning, print and delivery.
We now have a highly scalable low-cost platform for growth and continue to seek
suitable opportunities both organically and via acquisitions that meet our
criteria for investment.
Matthew Game
Chief Executive
1 July 2009
Condensed Consolidated Income Statement
for the period ended 31 May 2009
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | Six months ended | Six months ended |
+-------------------------------+------+----------------------+-----------------------+
| | Note | 31 May 2009 | 31 May 2008 |
+-------------------------------+------+----------------------+-----------------------+
| | | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Revenue | | | 14,058 | | 9,627 |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Cost of sales | | | (10,823) | | (7,235) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Gross profit | | | 3,235 | | 2,392 |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Administrative expenses | | | (2,614) | | (2,220) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Operating profit before | | | 621 | | 172 |
| financing costs | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Financial income | 3 | 450 | | 642 | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Financial expenses | 3 | (404) | | (793) | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Net financing income/(costs) | | | 46 | | (151) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Profit before tax | | | 667 | | 21 |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Taxation | | | (212) | | (57) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Profit/(loss) for the period | | | 455 | | (36) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Earnings/(loss) per share | | | | | |
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Basic | 7 | | 2.72p | | (0.21p) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| Diluted | 7 | | 2.72p | | (0.21p) |
+-------------------------------+------+-----------+----------+-----------+-----------+
| | | | | | |
+-------------------------------+------+-----------+----------+-----------+-----------+
Revenue and profits are derived from continuing activities. The entire profit
for the period is attributable to equity holders of the Company.
Condensed Consolidated Statement of Recognised Income and Expense
for the period ended 31 May 2009
+-------------------------------+------+----------------+--------------+-----------+
| | | | Six months ended 31 May |
+-------------------------------+------+----------------+--------------------------+
| | | | 2009 | 2008 |
+-------------------------------+------+----------------+--------------+-----------+
| | | | GBP000 | GBP000 |
+-------------------------------+------+----------------+--------------+-----------+
| | | | | |
+-------------------------------+------+----------------+--------------+-----------+
| | | | | |
+-------------------------------+------+----------------+--------------+-----------+
| Profit/(loss) for | | | 455 | (36) |
| the period | | | | |
+-------------------------------+------+----------------+--------------+-----------+
| | | | | |
+-------------------------------+------+----------------+--------------+-----------+
| Total recognised | | | 455 | (36) |
| income and expense | | | | |
+-------------------------------+------+----------------+--------------+-----------+
| | | | | |
+-------------------------------+------+----------------+--------------+-----------+
All recognised income and expense for the period is attributable to equity
holders of the Company.
Condensed Consolidated Balance Sheet
at 31 May 2009
+-----------------------------------+------+----------+--------+-----------+----------+
| | Note | | | 31 May | 30 Nov |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | 2009 | 2008 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | GBP000 | GBP000 |
+-----------------------------------+------+----------+--------+-----------+----------+
| ASSETS | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Non-current assets | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Property, plant and equipment | 4 | | | 235 | 107 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Intangible assets | 5 | | | 8,541 | 8,590 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Deferred tax asset | | | | 72 | 77 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total non-current assets | | | | 8,848 | 8,774 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Current assets | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Trade and other receivables | | | | 25,552 | 23,300 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Cash and cash equivalents | | | | - | 24 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total current assets | | | | 25,552 | 23,324 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total assets | | | | 34,400 | 32,098 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| LIABILITIES | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Current liabilities | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Bank overdraft | | | | 159 | 85 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Other interest-bearing loans and | | | | 14,849 | 13,444 |
| borrowings | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Trade and other payables | | | | 14,116 | 13,641 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Current tax | | | | 303 | 71 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total current liabilities | | | | 29,427 | 27,241 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Non-current liabilities | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Other interest-bearing loans and | | | | 2,172 | 2,511 |
| borrowings | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total liabilities | | | | 31,599 | 29,752 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Net assets | | | | 2,801 | 2,346 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| EQUITY | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Share capital | | | | 6,685 | 6,685 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Share premium | | | | 531 | 531 |
+-----------------------------------+------+----------+--------+-----------+----------+
| Merger reserve | | | | (4,113) | (4,113) |
+-----------------------------------+------+----------+--------+-----------+----------+
| Retained earnings | | | | (302) | (757) |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
| Total equity | | | | 2,801 | 2,346 |
+-----------------------------------+------+----------+--------+-----------+----------+
| | | | | | |
+-----------------------------------+------+----------+--------+-----------+----------+
Condensed Consolidated Cash Flow Statement
for the period ended 31 May 2009
+-------------------------------------------+------+----+------+----------+----------+
| | Note | | Six months ended 31 |
| | | | May |
+-------------------------------------------+------+-----------+---------------------+
| | | | | 2009 | 2008 |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | GBP000 | GBP000 |
+-------------------------------------------+------+----+------+----------+----------+
| Cash flows from operating activities | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Profit/(loss) for the period | | | | 455 | (36) |
+-------------------------------------------+------+----+------+----------+----------+
| Adjustments for: | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Depreciation and | 4,5 | | | 82 | 27 |
| amortization | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Net financing costs | 3 | | | (46) | 151 |
+-------------------------------------------+------+----+------+----------+----------+
| Taxation | | | | 212 | 57 |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Operating profit before changes in | | | | 703 | 199 |
| working capital | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| (Increase)/decrease in | | | | (2,252) | 334 |
| trade and other | | | | | |
| receivables | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Increase in trade and | | | | 923 | 1,358 |
| other payables | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Cash generated from operations | | | | (626) | 1,891 |
+-------------------------------------------+------+----+------+----------+----------+
| Interest paid | | | | (404) | (1075) |
+-------------------------------------------+------+----+------+----------+----------+
| Tax reclaimed | | | | 25 | 6 |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Net cash from operating | | | | (1,005) | 822 |
| activities | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Cash flows from investing activities | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Interest received | | | | 2 | 9 |
+-------------------------------------------+------+----+------+----------+----------+
| Acquisition of | 4,5 | | | (161) | (30) |
| property, plant and | | | | | |
| equipment | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Acquisition of | | | | - | 40 |
| subsidiary net of cash | | | | | |
| acquired | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Net cash from investing activities | | | | (159) | 19 |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Cash flows from financing activities | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Increase/(decrease) in | | | | 1,066 | (876) |
| borrowings | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Net cash from financing activities | | | | 1,066 | (876) |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Net decrease in cash | | | | (98) | (35) |
| and cash equivalents | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Cash and cash | | | | (61) | (105) |
| equivalents at start of | | | | | |
| period | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| Cash and cash equivalents at end of | | | | (159) | (140) |
| period | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
| | | | | | |
+-------------------------------------------+------+----+------+----------+----------+
Notes
(forming part of the interim financial statements)
1Accounting policies
Basis of preparation
The interim financial statements have been prepared in accordance with the AIM
Rules for Companies February 2007. The interim financial statements are
presented in pounds sterling, rounded to the nearest thousand and have been
prepared on the historical cost basis.
The interim financial statements for the six months ended 31 May 2009 have not
been audited. Comparative information presented in the Condensed Consolidated
Balance Sheet and the related notes is extracted from the consolidated statutory
accounts of Mobile Doctors Group plc for the year ended 30 November 2008. Those
accounts have been reported upon by the Company's auditors and delivered to the
registrar of companies. The report of the auditors:
* was unqualified;
* did not include a reference to any matters to which the auditors drew attention
by way of emphasis without qualifying their report, and;
* did not contain a statement under section 237(2) or (3) of the Companies Act
1985.
Significant accounting policies
The interim financial statements should be read in conjunction with and have
been prepared on a basis consistent with the accounting policies that were
applied in the preparation of the Group's financial statements for the year
ended 30 November 2008.
2 Dividends
No dividends were paid or proposed in the six months ended 31 May 2009 (2008:
nil).
3 Financial income and expense
+------------------------------------------------------+------------+------------+
| | Six months ended 31 May |
+------------------------------------------------------+-------------------------+
| | 2009 | 2008 |
+------------------------------------------------------+------------+------------+
| | GBP000 | GBP000 |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| Interest income | 2 | 9 |
+------------------------------------------------------+------------+------------+
| Unwinding of discount on revenue | 448 | 633 |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| Financial income | 450 | 642 |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| Interest expense on bank loans and overdrafts | (336) | (611) |
+------------------------------------------------------+------------+------------+
| Interest expense on all other loans | (68) | (182) |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| Financial expenses | (404) | (793) |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
| Net financing income/(expense) | 46 | (151) |
+------------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------------+------------+------------+
Notes (continued)
4Property, plant and equipment
+-------------------------------+----------------+----------------+----------------+
| | Fixtures and | Plant and | Total |
| | fittings | equipment | |
+-------------------------------+----------------+----------------+----------------+
| | GBP000 | GBP000 | GBP000 |
+-------------------------------+----------------+----------------+----------------+
| Cost | | | |
+-------------------------------+----------------+----------------+----------------+
| Balance at 30 | 18 | 434 | 452 |
| November 2008 | | | |
+-------------------------------+----------------+----------------+----------------+
| Additions | - | 159 | 159 |
+-------------------------------+----------------+----------------+----------------+
| Disposals | - | (21) | (21) |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Balance at 31 May | 18 | 572 | 590 |
| 2009 | | | |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Depreciation | | | |
+-------------------------------+----------------+----------------+----------------+
| Balance at 30 | 18 | 327 | 345 |
| November 2008 | | | |
+-------------------------------+----------------+----------------+----------------+
| Charge for the | - | 31 | 31 |
| period | | | |
+-------------------------------+----------------+----------------+----------------+
| Disposals | - | (21) | (21) |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Balance at 31 May | 18 | 337 | 355 |
| 2009 | | | |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| Net book value | | | |
+-------------------------------+----------------+----------------+----------------+
| At 31 May 2009 | - | 235 | 235 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
| At 30 November 2008 | - | 107 | 107 |
+-------------------------------+----------------+----------------+----------------+
| | | | |
+-------------------------------+----------------+----------------+----------------+
5 Intangible assets
+------------------------+-------------+-------------+--------------+--------------+
| | Customer | Goodwill | Software | Total |
| | Lists | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------+-------------+-------------+--------------+--------------+
| Cost | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Balance at 30 | 838 | 7,768 | 88 | 8,694 |
| November 2008 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Additions | - | - | 2 | 2 |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Balance at 31 | 838 | 7,768 | 90 | 8,696 |
| May 2009 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Amortisation | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Balance at 30 | 95 | - | 9 | 104 |
| November 2008 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Charge for | 42 | - | 9 | 51 |
| the period | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Balance at 31 | 137 | - | 18 | 155 |
| May 2009 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| Net book | | | | |
| value | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| At 31 May | 701 | 7,768 | 72 | 8,541 |
| 2009 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| At 30 | 743 | 7,768 | 79 | 8,590 |
| November 2008 | | | | |
+------------------------+-------------+-------------+--------------+--------------+
| | | | | |
+------------------------+-------------+-------------+--------------+--------------+
Notes (continued)
6 Related party transactions
Transactions between group companies, which are related parties, have been
eliminated on consolidation and are not disclosed in this note.
7Earnings Per Share
+------------------------------------------------+-------------------+------------+
| | Six months ended 31 May |
+------------------------------------------------+--------------------------------+
| | 2009 | 2008 |
+------------------------------------------------+-------------------+------------+
| | GBP000 | GBP000 |
+------------------------------------------------+-------------------+------------+
| | | |
+------------------------------------------------+-------------------+------------+
| Profit/(loss) for the period | 455 | (36) |
+------------------------------------------------+-------------------+------------+
| | | |
+------------------------------------------------+-------------------+------------+
| | Shares | Shares |
+------------------------------------------------+-------------------+------------+
| Number of shares | | |
+------------------------------------------------+-------------------+------------+
| Issued ordinary shares at the beginning of the | 16,712,129 | 14,530,311 |
| period | | |
+------------------------------------------------+-------------------+------------+
| Shares issued during the period | - | 2,181,818 |
+------------------------------------------------+-------------------+------------+
| | | |
+------------------------------------------------+-------------------+------------+
| Weighted average number of ordinary shares at | 16,712,129 | 16,461,756 |
| 31 May | | |
+------------------------------------------------+-------------------+------------+
| | | |
+------------------------------------------------+-------------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBLFXKQBBBBQ
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