Interim Results
16 Octubre 2008 - 1:00AM
UK Regulatory
RNS Number : 9607F
Oxeco PLC
16 October 2008
16 October 2008
Oxeco Plc (the "Company" or the "Group" )
Interim financial report for the six months ended 31 July 2008
Chairman's Statement
I am pleased to report on your Group's performance for the six months ended 31 July 2008.
Oxeco Plc is a holding and management company, specialising in the development and growth of trading businesses within the technology
and science sectors. The Company currently has one subsidiary, Oxray Ltd, which was acquired in June 2007 and is a start up business which
aims to become a leading provider of molecular structure determination services to both industry and academic institutions.
The unaudited consolidated loss before tax for the Group in six months to 31 July 2008 amounted to �105,000 compared to �3,000 for the
comparable period from incorporation on 17 October 2006 to 31 July 2007. Consolidated net assets at 31 July 2008 amounted to �4.77 million
including cash balances of �2.64 million versus net assets of �4.93 million and cash balances of �2.81 million a year earlier at 31 July
2007. The cash outflow for the Group during the six months to 31 July 2008 amounted to �120,000 and cash balances continue to be managed
prudently, with tight cost control.
Oxray's primary objectives are the development of novel X-ray crystallography structure determination software and the provision of a
small-molecule X-ray crystallography structure service. The service uses a web portal behind which the company can work to maximise the
extent to which the service can be automated. The Company offers standardised response times to its customers but also offers market premium
services such as a fast-response and extended scientific reporting suitable to support customers' patent applications. Oxray expects to
complete the initial development of it's X-ray crystallography structure determination software within the next six months and will then
focus on the marketing of the service and the establishment of a solid customer base.
Oxeco Plc is well capitalised and I am confident that your Company will continue to make considerable progress in its development during
the second half of the year despite turbulent financial markets. Your Directors are continuing to evaluate a range of new commercial and
acquisition opportunities which they believe fulfil the Company's original objectives of investing in the technology and science sectors,
and especially those which are complimentary to the existing Group activities.
Finally I would like to conclude by thanking our employees and management for their hard work and support in the growth and development
of the Group in the period.
Jussi Westergren
Executive Chairman
Contact:
Michael Bretherton +44 (0) 207352 8989
Oxeco plc
www.oxecoplc.com
Ray Zimmerman/Jonathan Evans +44 (0) 207 060 1760
Zimmerman Adams International
Limited
Daniel Briggs +44 (0) 207 382 7776
Religare Hichens, Harrison plc
OXECO PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 31 JULY 2008
Notes Six months to 31 Period to31 Period to31
July2008(Unaudited) July2007(Unaudited) January2008(Audited)
�000 �000 �000
Revenue 6 - 7
Administrative expenses (188) (95) (243)
Operating Loss (182) (95) (236)
Interest receivable 77 92 178
Loss before tax (105) (3) (58)
Taxation 2 3 * (5)
Loss for the period (102) (3) (63)
Earnings per share 3 (0.02p) (0.00)p (0.01)p
Basic and Diluted
Comparative figures comprise the period from incorporation on 17 October 2006 to 31 July 2007 and from the period from incorporation on
17 October 2006 to 31 January 2008.
The loss for the period arises from the Group's continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 31 JULY 2008
Share Capital �000 Share Premium �000 Retained Loss �000 Total Equity �000
At 17 October 2006 * * * *
Issue of shares 600 4,500 * 5,100
Expenses of issue of shares * (167) * (167)
Loss for the period * * (3) (3)
At 31 July 2007 600 4,333 (3) 4,930
Loss for the period - - (60) (60)
At 31 January 2008 600 4,333 (63) 4,870
Loss for the period - - (102) (102)
At 31 July 2008 600 4,333 (165) 4,768
OXECO PLC
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2008
Notes 31 July 2008 31 July 2007 31 January 2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
ASSETSNon-current assets
Property, plant and equipment 1 1 2
Intangible assets - goodwill 2,120 2,120 2,120
Total non-current assets 2,121 2,121 2,122
Current assets
Trade and other receivables 38 16 29
Cash and cash equivalents 2,641 2,816 2,761
Total current assets 2,679 2,832 2,790
TOTAL ASSETS 4,800 4,953 4,912
LIABILITIES
Current Liabilities
Trade and other payables (30) (23) (37)
Current taxation (2) - (5)
TOTAL LIABILITIES (32) (23) (42)
NET ASSETS 4,768 4,930 4,870
EQUITY
Issued capital 3 600 600 600
Share premium 4,333 4,333 4,333
Revenue reserve (165) (3) (63)
TOTAL EQUITY SHAREHOLDERS* 4,768 4,930 4,870
FUNDS
Approved by the Board and authorised for issue on 16 October 2008.
J P Westergren M A Bretherton
Chairman Finance Director
OXECO PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JULY 2008
Six months to31 July Period to31 July 2007 Period to31 January 2008
2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
OPERATING ACTIVITIES
Operating loss before taxation (182) (95) (236)
Depreciation of property, 1 - -
plant and equipment
Increase in trade and other (9) (16) (29)
receivables
Decrease in trade and other (7) (30) (15)
payables
Net cash outflow from (197) (141) (280)
operations
INVESTING ACTIVITIES
Purchase of property, plant - - (2)
and equipment
Acquisition of subsidiaries - (100) (100)
Cash and bank in subsidiaries - 32 32
at acquisition
Net cash outflow from - (68) (70)
investing activities
FINANCING ACTIVITIES
Proceeds from issue of share - 3,100 3,100
capital
Expenses of issue of share - (167) (167)
capital
Interest received 77 92 178
Net cash inflow from financing 77 3,025 3,111
activities
(DECREASE)/INCREASE IN CASH (120) 2,816 2,761
AND CASH EQUIVALENTS
Cash and cash equivalents at 2,761 * -
start of period
CASH AND CASH EQUIVALENTS 2,641 2,816 2,761
AT END OF PERIOD
Comparative figures comprise the period from incorporation on 17 October 2006 to 31 July 2007 and from the period from incorporation on
17 October 2006 to 31 January 2008.
OXECO PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2008
1) SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The interim financial statements of Oxeco Plc are unaudited condensed consolidated financial statements for the period for the six
months period to 31 July 2008. These include unaudited comparatives for the period from incorporation on 17 October 2006 to 31 July 2007
together with audited comparatives for the period from incorporation on 17 October 2006 to 31 July 2007.
The condensed consolidated financial statements have been prepared under the historic cost convention and incorporate the financials of
Oxeco Plc for the period and its subsidiary undertaking from the date of acquisition.
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the
period ended 31 January 2008.
The condensed consolidated financial statements do not constitute statutory accounts. The statutory accounts for the period to 31
January 2008 have been reported on by the Company's auditors and have been filed with the Registrar of Companies. The report of the auditors
was unqualified and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
2) TAXATION
The accrued tax charge for the six month period is based on an estimated effective tax rate of nil, after allowance for utilisation of
tax losses brought forward in subsidiaries and prior year adjustments, (period to 31 July 2007: effective tax rate nil, period to 31 January
2008: effective tax rate 8.6 per cent.).
3) LOSS PER SHARE
Basic loss per share is based on the net loss for the period of �102,000 attributable to equity holders of the parent divided by the
weighted average number of ordinary shares in issue during the period of 600,000,000, (period to 31 July 2007: loss �3,000 divided by the
weighted average number of 353,658,537 shares; period to 31 January 2008: loss �63,000 divided by the weighted average of 456,050,955
shares). Fully diluted earnings per share are the same as basic earnings per share.
4) SHARE CAPITAL Number �*000
Authorisedordinary shares of 1p:
At 31 July 2007, 31 January 2008 and 31 July 2008 1,000,000,000 1,000
Allotted, issued and fully paid ordinary shares of 1p:
At 31 July 2007, 31 January 2008 and 31 July 2008 600,000,000 600
5) RELATED PARTY TRANSACTIONS
During the period the Company entered into the following transactions with Ora Capital Partners Plc (ORA) which as at 31 July 2008 held
45.25% of the Company's issued share capital.
Six months to31 July Period to31 July2007 Period to31 January 2008
2008
(Unaudited) (Unaudited) (Audited)
�000 �000 �000
Management consultancy fees 6 7 18
charged by ORA
During the period the Company's wholly owned subsidiary, Oxray Ltd, borrowed �nil (31 July 2007: �100,000) from the Company for
working capital purposes. The loan is non-interest bearing, is repayable on demand and the outstanding balance at 31 July 2008 was �200,000
(31 July 2007: �100,000).
6) INTERIM FINANCIAL REPORT
A copy of this interim report will be distributed to shareholders and is also available on the Company's website at www.oxecoplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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