TIDMPURI
RNS Number : 3286J
PuriCore Plc
06 August 2012
6 August 2012
PuriCore plc
("PuriCore" or the "Company")
Half Yearly Results for the Six Months Ended 30 June 2012
Company Continues to be EBITDA Profitable and Cash Flow Positive
from Operations
PuriCore (LSE: PURI), the water-based clean technology company,
today announces its half yearly results for the six months ended 30
June 2012.
Financial Highlights
-- Revenue increased 35% (37% at constant currency) to $25.3m (H1 2011: $18.8m)
o Supermarket Retail revenue up 71% to $13.0m (H1 2011:
$7.6m)
o Endoscopy revenue up 6% (9% at constant currency) to $11.6m
(H1 2011: $10.9m)
o Wound Care revenue up 217% to $0.7m (H1 2011: $0.2m)
-- Overall gross profit margin of 33.0% (H1 2011: 27.4%)
-- Operating expenses reduced 13%
-- EBITDA(*) profitable: an increase of $4.4m to $0.7m (H1 2011: EBITDA loss of $3.7m)
-- Cash flow generated from operations $2.9m (H1 2011: $1.6m outflow)
-- Gross cash of $4.7m at period end
Business and Operational Highlights
-- Supermarket Retail: sales of 754 new Sterilox Fresh and
FloraFresh Systems from existing and new customers bringing to
total of 6,101 Systems sold or leased to US and Canadian
supermarkets
-- Endoscopy: recurring revenues up 8% (10% at constant
currency), accounting for 77% of revenues
-- Wound Care: strong organic and distribution sales
-- University of Oxford received GBP500,000 to study PuriCore's ActiVita Agricultural Solution
Michael Ashton, Executive Chairman, said:
"PuriCore continued to be EBITDA profitable and cash flow
positive from operations across the business during the first half
of the year, delivered strong sales, and continued to reduce
operating costs. For the remainder of the year, we will continue to
drive sales aggressively in all business units, prudently control
costs, and pursue potentially lucrative business development
opportunities to continue to grow the company and build shareholder
value."
PuriCore will host a conference call for investors and analysts
today at 2.00 pm BST, and a recording will be available on the
Company's website at www.puricore.com. For details of the call
please contact FTI Consulting or Sage Strategic Marketing.
*Earnings before interest, tax, depreciation, and
amortisation.
Enquiries:
UK US
FTI Consulting Sage Strategic Marketing
Susan Stuart Jennifer Guinan
Victoria Foster Mitchell +1 610.410.8111
+44 (0) 20 7831 3113
About PuriCore
PuriCore plc (LSE: PURI) is a water-based clean technology
company focused on developing and commercialising proprietary
solutions that protect people from the spread of infectious
pathogens without causing harm to human health or the environment.
The Company's products are used in a broad range of markets that
depend upon effective pathogen control. PuriCore is the leading
full provider of all products and services required for a safe,
efficient, and compliant endoscope decontamination to protect
patients in UK hospitals. The Company's products are the de facto
standard for food safety in leading US supermarket chains. PuriCore
also offers a breakthrough wound therapy solution to treat chronic
and acute wounds including diabetic ulcers and burns.
PuriCore is headquartered in Malvern, Pennsylvania, with
operations in Stafford and Clevedon, UK. To receive additional
information on PuriCore, please visit our website at
www.puricore.com, which does not form part of this press
release.
H1 Business and Financial Report
PuriCore ended the period EBITDA profitable across the business.
Company sales grew 35% (37% at constant currency) to $25.3 million
for the period (H1 2011: $18.8 million). Robust sales and
installations in the Supermarket Retail sector, strong recurring
revenues, and continued growth in the Wound Care business including
distribution orders combined with prudent cost management resulted
in an improved performance and solid set of first half results.
Operations
Supermarket Retail
PuriCore continued to expand market share with leading US and
Canadian retail supermarkets as the de facto standard for
protecting and driving down costs in fresh produce departments.
Half-year sales increased 71% to $13.0 million (H1 2011: $7.6
million), reflecting PuriCore's extensive industry experience and a
proven ROI model for customers.
The Company delivered 754 Sterilox Fresh and FloraFresh Systems
during the period, increasing the aggregate total number of Systems
sold or leased to date to 6,101. PuriCore now has Systems in 21% of
the target market stores in the US and Canada, a rise of more than
10% in the period. Additional installations for these customers and
for other chains in active sales discussions or trials represent a
further 50% of the target market in total.
Endoscopy
PuriCore Endoscopy is a leading full-service provider of
products and services required for compliant endoscope
decontamination in UK National Health Service (NHS) hospitals and
offers cutting-edge clean air solutions for the scientific sector.
During the half year, this business increased sales 6% (9% at
constant currency) to $11.6 million (H1 2011: $10.9 million)
through its continued strong presence in the NHS supply chain
combined with an increased focus on growing recurring revenues.
These recurring revenues, including leases, services, and
consumables, mitigate the potential impact of capital spending
delays by the primary customer, the NHS. During the period,
recurring revenues continued to increase, up 8% (up 10% at constant
currency) to $8.9 million (H1 2011: $8.2 million), accounting for
77% of divisional sales for the year. To augment future recurring
revenues, PuriCore purchased the business and assets of Monmouth
Surgical, a leading provider of complementary endoscopy and
surgical consumables, in May 2012 for GBP0.4 million (including
inventory conditional payments of GBP0.1 million) and is rolling
out the expanded product offering to potential and existing
customers.
Wound Care
The Wound Care business continues to increase its US sales
organically, and through a distribution agreement, for its Vashe
Wound Therapy, a breakthrough product for infected chronic and
acute wounds including diabetic ulcers and burns. Revenues for
Wound Care (including Dental) increased 217% during the half year
to $0.7 million (H1 2011: $0.2 million), with nearly all sales
attributable to the new bottled products.
Work is underway to achieve a CE mark for distribution of the
product in Europe. Additionally, PuriCore is focused on development
work regarding new formulations as well as partnership
opportunities, including those in dermatology and animal
health.
R&D
PuriCore continued to advance a promising new application of its
water-based clean technology during the period, with ongoing
research on the potential breakthrough application of PuriCore's
technology in the agricultural industry as a broad-spectrum
fungicide. In January, the Biotechnology and Biological Sciences
Research Council (BBSRC) awarded a GBP500,000 research grant to The
University of Oxford for the study of its ActiVita Agricultural
Solution. The three-year grant will fund research focused on
exploring the mode of action of ActiVita Solution on major food
crops including wheat, rice, and maize.
Financial Report
Income Statement
PuriCore increased sales in the half year with revenues of $25.3
million, an increase of 35% (37% at constant currency) over H1 2011
($18.8 million). This growth was driven by strong sales in all
business units, continuing EBITDA profitability across the Company
during the period.
Gross profit margins increased to 33% for the half year (H1
2011: 27.4%) due to increased profit margins in the Endoscopy and
Wound Care segments. The Company leveraged operating expense
reductions, which improved the Group's operating loss to $0.9
million (H1 2011: $5.4 million). PuriCore achieved EBIDTA
profitability of$0.7 million during the period (H1 2011: EBITDA
loss of $3.7 million).
Balance Sheet and Cash Flow
As at 30 June 2012, cash and cash equivalents were $4.7 million
(as at 30 June 2011: $3.8 million). The Company generated cash
flows from operations of $2.9 million over the period due to both
strong sales growth and significant reductions in operating
expenses.
PuriCore reached an agreement in December 2011 with the
requisite majority of holders of the Convertible Loan Notes for a
two-year extension of the repayment date, which will now be 31
December 2013. The Convertible Loan Notes, amounting to GBP7.95
million, were due to be repaid on 31 December 2011, subject to the
holders having the right to convert all or part of their holdings
into ordinary shares of the Company at a price (following the
consolidation of the share capital on 14 June 2010) of 75p per
share. There have otherwise been no other changes to the terms of
the Convertible Loan Notes.
Outlook
PuriCore's business mix has been designed to deliver both robust
growth and cash generation, and the Company continues to maintain a
prudent approach to costs. In the Supermarket Retail sector, an
aggressive sales approach continues to drive top-line growth and
market share expansion. In addition, development work is underway
to launch a new FloraFresh bottled formulation for floral care to
meet growing customer demand. In the UK, the Board is cautiously
optimistic regarding 2012 as this business remains focused on
prudent cost controls and margins whilst continuing to increase
recurring revenues. PuriCore Endoscopy will also aim to capitalise
on recurring revenues from the new surgical consumables catalogue
now in the portfolio following the strategic acquisition of
Monmouth Surgical. In the Wound Care market, PuriCore remains
focused on driving sales by aggressively pursuing new
opportunities, including new formulations, geographies, and
partnerships to expand the Company's market reach and product
adoption. Lastly, PuriCore will continue
to invest in its R&D programme for ActiVita Agriculture
Solution, with a view to attracting suitable partners for this
promising application.
Condensed Consolidated Statement of Comprehensive Income
For the six-month period ended 30 June 2012
31 December
30 June 2012 30 June 2011 2011
$ $ $
----------------------------- ------------ ------------ -------------
Revenue 25,349,219 18,755,237 42,554,284
Cost of sales (16,985,839) (13,617,212) (30,048,322)
----------------------------- ------------ ------------ -------------
Gross Profit 8,363,380 5,138,025 12,505,962
Sales and marketing expenses (2,459,136) (2,425,420) (4,577,176)
General and administrative
expenses (4,690,232) (5,991,615) (10,231,238)
Research and development
expenses (2,094,428) (2,155,786) (4,394,312)
----------------------------- ------------ ------------ -------------
Loss before Interest and
Tax (880,416) (5,434,796) (6,696,764)
Finance costs (655,300) (1,204,924) (2,446,620)
Finance income 14,979 10,073 14,567
----------------------------- ------------ ------------ -------------
Net Finance Loss (640,321) (1,194,851) (2,432,053)
----------------------------- ------------ ------------ -------------
Loss before Taxation (1,520,737) (6,629,647) (9,128,817)
Taxation 65,943 - -
----------------------------- ------------ ------------ -------------
Loss for the Period (1,454,794) (6,629,647) (9,128,817)
----------------------------- ------------ ------------ -------------
Other Comprehensive Income:
Foreign currency translation
for foreign operations (78,751) (870,894) 306,467
Total comprehensive loss
for the period (1,533,545) (7,500,541) (8,822,350)
Loss Attributable to:
Equity Holders of the Parent (1,454,794) (6,629,647) (9,128,817)
----------------------------- ------------ ------------ -------------
Total comprehensive income
attributable to:
Equity holders of the Parent (1,533,545) (7,500,541) (8,822,350)
Basic and Diluted Loss Per
Share (0.06) (0.28) (0.37)
----------------------------- ------------ ------------ -------------
Condensed Consolidated Statement of Financial Position
For the six-month period ended 30 June 2012
30 June 2012 30 June 2011 31 December 2011
$ $ $
------------------------------- ------------- ------------- -----------------
ASSETS
Non Current Assets
Intangible assets 5,514,696 6,906,018 5,942,801
Property, plant, and equipment 3,494,462 4,762,437 3,678,337
Trade and other receivables 73,831 273,024 117,007
Total Non Current Assets 9,082,989 11,941,479 9,738,145
Current Assets
Inventories 6,221,804 6,587,845 4,995,227
Trade and other receivables 7,052,913 8,140,658 9,817,220
Cash and cash equivalents 4,722,367 3,762,715 4,490,746
------------------------------- ------------- ------------- -----------------
Total Current Assets 17,997,084 18,491,218 19,303,193
------------------------------- ------------- ------------- -----------------
Total Assets 27,080,073 30,432,697 29,041,338
------------------------------- ------------- ------------- -----------------
LIABILITIES
Current Liabilities
Trade and other payables (13,989,333) (12,992,928) (12,904,187)
Loans and borrowings (2,123,383) (15,078,095) (3,609,614)
Provisions (73,391) (95,999) (72,629)
------------------------------- ------------- ------------- -----------------
Total Current Liabilities (16,186,107) (28,167,022) (16,586,430)
------------------------------- ------------- ------------- -----------------
Non Current Liabilities
Loans and borrowings (12,653,062) (1,337,360) (12,729,762)
------------------------------- ------------- ------------- -----------------
Total Non Current Liabilities (12,653,062) (1,337,360) (12,729,762)
------------------------------- ------------- ------------- -----------------
Total Liabilities (28,839,169) (29,504,382) (29,316,192)
------------------------------- ------------- ------------- -----------------
Net Assets (1,759,096) 928,315 (274,854)
------------------------------- ------------- ------------- -----------------
EQUITY
Share capital 4,527,883 4,483,312 4,527,883
Share premium 163,082,712 162,998,021 163,082,712
Other Reserves 8,438,571 8,399,890 8,389,268
Retained earnings (175,811,747) (171,857,783) (174,356,953)
Cumulative translation
adjustment (1,996,515) (3,095,125) (1,917,764)
------------------------------- ------------- ------------- -----------------
Issued capital and reserves
attributable to equity
holders of the parent (1,759,096) 928,315 (274,854)
------------------------------- ------------- ------------- -----------------
Total Equity (1,759,096) 928,315 (274,854)
------------------------------- ------------- ------------- -----------------
Condensed Consolidated Cash Flow Statement
For the six-month period ended 30 June 2012
31 December
30 June 2012 30 June 2011 2011
$ $ $
---------------------------------------- ------------ ------------ ------------
Cash Flows From Operating Activities
Loss for the period (1,454,794) (6,629,647) (9,128,817)
Adjustments for:
Finance costs 655,300 1,204,924 2,446,620
Finance income (14,979) (10,073) (14,567)
Depreciation and amortization 1,555,620 1,715,837 4,424,939
Share based payment expense 49,303 80,512 69,890
Loss on disposal of property,
plant, and equipment 23,338 354,429 445,496
---------------------------------------- ------------ ------------ ------------
Operating Income/ (Loss) Before
Movement In Working Capital 813,788 (3,284,018) (1,756,439)
(Increase)/Decrease in inventories (1,226,577) 427,649 2,020,267
Decrease/(Increase) in trade and
other receivables 2,212,586 973,480 (1,202,497)
Increase in trade and other payables 1,085,146 230,566 867,028
Cash Generated/(Absorbed) By Operations 2,884,943 (1,652,323) (71,641)
Interest received 14,979 10,073 14,567
---------------------------------------- ------------ ------------ ------------
Net Cash From Operating Activities 2,899,922 (1,642,250) (57,074)
---------------------------------------- ------------ ------------ ------------
Cash Flows From Investing Activities
Purchase of property, plant and
equipment (599,319) (331,703) (656,100)
Purchase of intangible assets (312,300) - -
Net Cash Flow From Investing Activities (911,619) (331,703) (656,100)
---------------------------------------- ------------ ------------ ------------
Cash Flows From Financing Activities
Issue of shares, options, and
warrants - 1,948,441 2,077,704
Proceeds from new loan notes 1,663,980 - 4,817,735
Net debt issuance cost - 714,844 (66,000)
Repayment of borrowings (3,369,856) (400,746) (5,946,385)
Interest paid on borrowings (60,403) (1,204,924) (1,010,344)
Repayments of obligations under
finance leases - (30,210) (53,988)
Net Cash Flow From Financing Activities (1,766,279) 1,027,405 (181,278)
---------------------------------------- ------------ ------------ ------------
Net Increase/(Decrease) In Cash
And Cash Equivalents 222,024 (946,548) (894,452)
Cash and cash equivalents at beginning
of year 4,490,746 5,193,072 5,193,072
Effect of foreign exchange rate
changes on cash held 9,597 (483,809) 192,126
---------------------------------------- ------------ ------------ ------------
Cash and Cash Equivalents 4,722,367 3,762,715 4,490,746
---------------------------------------- ------------ ------------ ------------
Total Cash at End of Period 4,722,367 3,762,715 4,490,746
---------------------------------------- ------------ ------------ ------------
Condensed Consolidated Statement of Changes in Equity
For the six-month period ended 30 June 2012
31 December
30 June 2012 30 June 2011 2011
$ $ $
----------------------------------------- ------------ ------------ ------------
Balance at beginning of period (274,854) 6,399,903 6,399,903
----------------------------------------- ------------ ------------ ------------
Profit or loss (1,454,794) (6,629,647) (9,128,817)
Other comprehensive income
Foreign currency translation for foreign
operations (78,751) (870,894) 306,467
----------------------------------------- ------------ ------------ ------------
Total other comprehensive income (78,751) (870,894) 306,467
Total comprehensive income for the
period (1,533,545) (7,500,541) (8,822,350)
----------------------------------------- ------------ ------------ ------------
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 1,948,441 2,077,703
Share-based payment transactions 49,303 80,512 69,890
----------------------------------------- ------------ ------------ ------------
Total contributions by and distributions
to owners 49,303 2,028,953 2,147,593
----------------------------------------- ------------ ------------ ------------
Balance at end of period (1,759,096) 928,315 (274,854)
----------------------------------------- ------------ ------------ ------------
Basis of Preparation
PuriCore plc (the "Company") is a company domiciled in the
United Kingdom. The condensed consolidated interim financial
statements of the Company as at and for the six months ended 30
June 2012 comprise the Company and its subsidiaries (together
referred to as the "Group") and the Group's interests in associates
and jointly controlled entities.
The consolidated interim financial statements are the
responsibility of the Directors and were authorised and approved by
the Board of Directors for issuance on 6 August 2012.
The interim financial statements for the period ended 30 June
2012 are unaudited and do not comprise statutory accounts within
the meaning of Sections 434 and 435 of the Companies Act of
2006.
Statement of Compliance
These interim financial statements have been prepared in
accordance with IAS 34, 'Interim Financial Reporting,' as adopted
by the EU. They do not include all of the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the group for the
year ended 31 December 2011.
The comparative figures for the financial year ended 31 December
2011 are not the Company's statutory accounts for the financial
year. The statutory accounts for the year ended 31 December 2011,
which were prepared under International Financial Reporting
Standards adopted by the EU ("Adopted IFRS"), have been reported on
by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was (i) unqualified, and (ii)
did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The accounting policies set out in the annual report and
accounts for the year ended 31 December 2011 have been applied
consistently throughout the Group for the purpose of these
consolidated interim financial statements.
For the purposes of Rule 4.2.9(2) of the Disclosure and
Transparency Rules, this report has not been audited or reviewed by
the auditors pursuant to the Auditing Practices Board Guidance on
Review of Interim Financial Information.
Significant Accounting Policies
As required by the Disclosure and Transparency Rules of the
Financial Services Authority, this condensed set of financial
statements has been prepared by the Group by applying the same
accounting policies as were applied by the Group in its published
consolidated financial statements as at and for the year ended 31
December 2011.
Use of Estimates and Judgements
The preparation of interim financial statements required
management to make judgements, estimates, and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates.
In preparing these consolidated interim financial statements,
the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements as at and for the year ended 31 December
2011.
Going Concern
The financial statements are prepared on a going concern basis,
which the Directors believe to be appropriate for the reasons set
out below.
The Group meets its day-to-day working capital requirements
through cash reserves and external funding facilities. At 30 June
2012 cash held was $4.7 million and outstanding loan notes payable
were $14.8 million.
The Board is constantly reviewing alternative strategies for
funding the Group. On the basis of the additional funds raised and
the strategies being considered, the Board considers that the Group
will continue to operate with sufficient funding and accordingly
these financial statements have been prepared on a going concern
basis.
Segmental Analysis
The PuriCore Group is managed by type of business. The Group has
two main trading segments that are the Group's strategic business
units. The strategic business units offer different products and
services and are managed separately because they require different
market knowledge and strategies. For each of the strategic business
units, the Board reviews internal management reports on a monthly
basis. For the purposes of IFRS 8, it is these strategic business
units that form the Group's reportable segments and is in line with
the basis of segmentation adopted in the consolidated Group
financial statements for the year ended 31 December 2011. Under
'other,' we have identified the Group's Vashe and Global Dental
business and certain business development activities not yet
generating significant revenues.
Operating Segments
For the period ended Total as
30 June 2012 Reported
for the
Endoscopy& Supermarket Corporate, PuriCore
Laboratory Retail Other & Unallocated Group
$ $ $ $ $
------------------------------- ------------ ------------ ---------- --------------- ------------
Revenue 11,585,778 13,060,582 702,859 - 25,349,219
------------------------------- ------------ ------------ ---------- --------------- ------------
Profit/(Loss) Before
Interest, Tax, Depreciation
and Amortisation 1,132,168 1,533,212 105,459 (2,095,635) 675,204
Depreciation and Amortisation (624,157) (598,615) (110,099) (222,749) (1,555,620)
------------------------------- ------------ ------------ ---------- --------------- ------------
(Loss)/Profit Before
Interest and Tax 508,011 934,597 (4,640) (2,318,384) (880,416)
------------------------------- ------------ ------------ ---------- --------------- ------------
Total Assets 14,239,830 5,947,078 892,929 6,000,236 27,080,073
For the period ended Total as
30 June 2011 Reported
for the
Endoscopy& Supermarket Corporate, PuriCore
Laboratory Retail Other & Unallocated Group
$ $ $ $ $
------------------------------- ------------ ------------ ---------- --------------- ------------
Revenue 10,892,383 7,641,267 221,587 - 18,755,237
------------------------------- ------------ ------------ ---------- --------------- ------------
(Loss) Before Interest,
Tax, Depreciation and
Amortisation (452,730) 422,902 (160,926) (3,528,205) (3,718,959)
Depreciation and Amortisation (708,028) (740,388) - (267,421) (1,715,837)
------------------------------- ------------ ------------ ---------- --------------- ------------
(Loss)/Profit Before
Interest and Tax (1,160,758) (317,486) (160,926) (3,795,626) (5,434,796)
------------------------------- ------------ ------------ ---------- --------------- ------------
Total Assets 15,098,422 5,588,022 349,015 9,397,238 30,432,697
For the year ended 31 Total as
December 2011 Reported
for the
Endoscopy& Supermarket Corporate, PuriCore
Laboratory Retail Other & Unallocated Group
$ $ $ $ $
------------------------------- ------------ ------------ ---------- --------------- ------------
Revenue 22,454,707 19,447,904 651,673 - 42,554,284
------------------------------- ------------ ------------ ---------- --------------- ------------
Loss Before Interest,
Tax, Depreciation and
Amortisation 1,115,127 910,620 (377,250) (3,920,322) (2,271,825)
Depreciation and Amortisation (2,155,390) (1,084,816) - (1,184,733) (4,424,939)
------------------------------- ------------ ------------ ---------- --------------- ------------
Loss Before Interest
and Tax (1,040,263) (174,196) (377,250) (5,105,055) (6,696,764)
Total Assets 12,782,226 4,473,582 479,087 11,306,443 29,041,338
Sales by Geographic Areas
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 Dec. 2011
$ $ $
United Kingdom 11,585,778 10,892,383 22,454,707
United States 13,763,441 7,862,854 20,099,577
----------------- ----------------- --------------
25,349,219 18,755,237 42,554,284
The geographic areas above are segregated based upon the
location of the respective operating division of the company.
Share Based Payments
During the periods ended 30 June 2012 and 2011 and the year
ended 31 December 2011, PuriCore plc operated an Employee Share
Option Scheme. The exercise period is up to 10 years with options
becoming vested at various points in time following the completion
of one year's employment with PuriCore plc. The scheme requires
that grants to Executive Directors be subject to performance
conditions. As at 30 June 2012, there were no options outstanding
to Executive Directors.
30 June 2012 30 June 2011 31 December 2011
Weighted Weighted Weighted
average average average
exercise Number exercise Number exercise Number
price of options price of options price of options
$ $ $
Outstanding at beginning
of period 1.11 1,877,702 3.81 1,106,851 3.81 1,106,851
Granted during the
period 0.98 268,000 0.89 100,000 0.41 1,515,000
Exercised during
the period - - - - - -
Forfeited during
the period 1.52 (124,000) 6.44 (150,849) 3.19 (744,149)
-------------------------- ---------- ------------ ---------- ------------ ---------- ------------
Outstanding at end
of period 1.07 2,021,702 2.98 1,056,002 1.11 1,877,702
-------------------------- ---------- ------------ ---------- ------------ ---------- ------------
Exercisable at end
of period 3.08 462,197 5.95 348,329 4.19 332,529
-------------------------- ---------- ------------ ---------- ------------ ---------- ------------
The weighted average share price for the six months ended 30
June 2012 was $0.88. This compares with the weighted average share
prices as at 30 June 2011 of $0.80 and 31 December 2011 of
$0.60.
For the six months ended 30 June 2012, PuriCore plc has
recognised total expenses of $49,303 (six months ended 30 June
2011: $80,512; year ended 31 December 2011: $69,890) related to
Director and employee equity settled share based payment
transactions during the year.
Property, Plant, and Equipment (including leased equipment)
At 30 June At 30 June At 31 December
2012 2011 2011
$ $ $
Cost
At beginning of period 13,217,390 20,357,532 20,357,532
Additions 599,319 331,703 656,100
Disposals (256,459) (7,108,741) (7,783,795)
Effect of movements in foreign
exchange 55,912 384,234 (12,447)
-------------------------------- ----------- ------------ ---------------
At end of period 13,616,162 13,964,728 13,217,390
-------------------------------- ----------- ------------ ---------------
Depreciation
At beginning of period 9,539,053 14,845,743 14,845,743
Charged in the period 777,683 862,405 2,036,064
On disposals (233,121) (6,754,312) (7,338,299)
Effect of movements in foreign
exchange 38,085 248,455 (4,455)
-------------------------------- ----------- ------------ ---------------
At end of period 10,121,700 9,202,291 9,539,053
-------------------------------- ----------- ------------ ---------------
Net book value
At end of period 3,494,462 4,762,437 3,678,337
-------------------------------- ----------- ------------ ---------------
At beginning of period 3,678,337 5,511,789 5,511,789
-------------------------------- ----------- ------------ ---------------
Related-Party Transactions
Transactions with Key Management Personnel
Key management personnel receive compensation in the form of
salary, bonuses, short-term employee benefits, post employment
benefits, and share based payment awards. Key management personnel
received total compensation of $919,866 for the six months ended 30
June 2012 (six months ended 30 June 2011: $1,014,947; 12 months
ended 31 December 2011: $1,766,596). There were otherwise no
related-party transactions during the six months ended 30 June
2012.
Risks
The Group continues to be affected by a number of risks. These
have not changed since the year end and are detailed on pages 10
and 11 of the Company's Annual Report and Accounts 2011, a copy of
which is available on the Company's website, www.puricore.com.
Responsibility Statement of the Directors in Respect of the Half
Yearly Financial Report
We confirm that to the best of our knowledge the condensed set
of financial statements has been prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the EU.
The interim management report includes a fair review of the
information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
The Directors of PuriCore plc are listed in the PuriCore plc
Annual Report for 31 December 2011. This report will be available
at PuriCore plc's registered office at: Wolseley Court,
Staffordshire Technology Park, Stafford ST18 0GA,and on the
Company's website at www.puricore.com.
By order of the Board
Michael Ashton Executive Chairman
6 August 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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