RNS Number : 8043A

MyHealthChecked PLC

04 June 2021


MyHealthChecked Plc

("MyHealthChecked" or the "Company")

Preliminary Results

Year Ended 31 December 2020

MyHealthChecked Plc (AIM: MHC), the consumer home-testing healthcare company, announces preliminary results for the year ended 31 December 2020.

2020 Highlights


   --    Revenue growth December 2020 +498% on the same period December 2019 
   --    Creation of MyHealthChecked brand and launch into market 2021 
   --    Return on Advertising spend >1:3 since launch 

Portfolio and accreditation

   --    Acquisition of The Genome Store in November 2020 
   --    UKAS stage 2 passed 25(th) January 2021 

-- Achieved listing on Government website/govreport.uk for the COVID-19 private testing providers for general Testing and Test to Release


-- Divestment of Doncaster site April 2020 and relocation to Cardiff HQ, reduction in operational overheads GBP124k per month

   --    Launch of new MyHealthChecked ecommerce website and service December 2020 
   --    Acquisition of a new Manchester laboratory, scaling up for growth and accreditation 


-- Share placing raising GBP1.9m gross @ 0.8p in April 2020, including reinvestment by Mercia's investment funds

-- Oversubscribed GBP3.4m (gross) share placing @ 1.75p secured post-period end (Feb 2021), including further reinvestment by Mercia's investment funds

The full Group Annual Report and Financial Statements will be available shortly at www.myhealthcheckedplc.com .

Commenting on Outlook, Penny McCormick, Chief Executive Officer of MyHealthChecked Plc, said: " We have commenced 2021 a very different organisation to that of the previous January, and I am immensely proud of the team that formed during lockdown and gelled together with a commitment, energy and ambition for growth. We stand today as a team with a highly credible, compliant and successful pharmacy customer, a high street presence, a proven service, and with an operational and commercial set-up ready to deliver growth in a regulated product, poised for the needs of the market in 2021. With a strong pipeline outside of COVID-19 building, life after COVID is exciting, and we enter this phase with growing confidence in the road to delivery gained through the experiences and successes of 2020 and 2021 to date.

"We stated that we would update the market following the recent announcements in Q2 regarding our contracts with Boots. We are pleased to share that the launches of both our general 'Fit to Fly' test for outbound travel, and our Day 2/Day 8 tests for travel into the UK have been successful. It is very early days in the relationship with Boots, with D2/D8 launching 17(th) May to coincide with the opening up of international travel. We are delighted with the initial take-up, but it is too early to indicate outlook for the remainder of 2021. The government has yesterday provided a further update on international travel, and we will continue to monitor government announcements. However, as advised, the impact of our COVID testing business is expected to have a material impact on the company's performance in 2021, and we will be in a position to provide an update in Q3."

 MyHealthChecked plc                                                       www.myhealthcheckedplc.com 
 P enny McCormick , Chief Executive                                                   via Walbrook PR 
 Maddy Kennedy, Chief Financial 
 SPARK Advisory Partners Limited                                             Tel: +44 (0)20 3368 3550 
 Neil Baldwin 
 Oberon Capital Ltd (Broker)                                                 Tel: +44 (0)203 179 5344 
 Mike Seabrook                                                     mikeseabrook@oberoninvestments.com 
 Walbrook PR Ltd (Media &               Tel: +44 (0)20 7933 8780 or myhealthcheckedplc@walbrookpr.com 
 Paul McManus                                                                 Mob: +44(0)7980 541 893 

About MyHealthChecked PLC ( www.myhealthcheckedplc.com )

MyHealthChecked PLC, based in Cardiff, is an AIM-quoted pioneering UK healthcare company focused on a range of at-home healthcare and wellness tests.

MyHealthChecked is the umbrella brand of a range of at-home DNA and RNA tests, now in development following the acquisition of The Genome Store in November 2020. The tests will be made available online, and would be viable for over the counter purchase.

The MyHealthChecked portfolio has been identified as part of a change in mindset as customers become more familiar with the concept of accessible healthcare in the growing at home testing kit market with a focus on accessibility at the right price, led by UK-based experts.


MyHealthChecked through the acquisition of The Genome Store and its COVID-19 testing service made positive progress during the second half of 2020. The Genome Store has integrated seamlessly into MyHealthChecked since being acquired in November 2020 and our COVID-19 testing service launched on 2(nd) December and since then we have been included as one of the suppliers on the Government list with "Fit to Fly" and "Test to Release".

Post the year end we strengthened our financial position by raising GBP3.4m (gross) at 1.75p to support the commercial launch of our wider product range and to fund the development of a portfolio of easy to use DNA tests. These funds will also allow us to double our team by December 2022 and increase our investment in marketing to accelerate commercial growth.

Also following the year end we entered into an agreement with Boots to launch the MyHealthChecked (TM) COVID-19 at-home nasal swab kit and PCR laboratory testing service via www.boots.com and across over 500 Boots stores in Great Britain. It is a credit to everyone at MyHealthChecked to secure this commercial relationship and a recognition of the high quality of the product and the service delivered by the team.

I would like to take this opportunity to thank all of our staff and our executive team for the swift turnaround of the Group's position and we look forward to a successful year ahead.

Adam Reynolds

Non-Executive Chairman


2020 has been a transformational year for MyHealthChecked as we commenced the delivery of a growth plan, and redefined our future, allowing us to begin 2021 with a clear runway ahead to revenue achievement. I look back over my first year in tenure as CEO with a level of satisfaction of the team's delivery as we have stabilised the foundations of MHC, preparing a base from which we are able to grow. Today we hold a highly credible position in the market, and a basis to grow as an organisation that has family health and wellbeing at the heart of its strategy, and I look ahead ambitiously to the potential for MyHealthChecked as we carve out a place for ourselves in the growing at-home health and wellness testing space.

Developing a strategy for growth

In my last report written in the early part of my tenure, I referenced a change in mindset regarding our portfolio, and the commencement of a focused strategic planning programme to identify key growth drivers, and the carrying out of a targeted commercial feasibility on new territories, portfolios, and vertical and horizontal expansion opportunities.

As with many businesses, COVID-19 has been a factor in the evaluation of our strategy, and following careful consideration, we made the decision to reduce the level of future R&D investment specifically within the fertility space and focus on immediate revenue generation and the building of a strategic growth plan. This resulted in us stepping back from further short-term investment in the myLotus fertility tracker, instead realigning resource and investment to deliver revenue into the business and creating shareholder value. Whilst we believe myLotus and fertility tracking may play a part in our future portfolio we believe we have an opportunity to deliver products that meet the needs of customers as their acceptance of at-home testing evolves, whilst delivering more immediate and medium term returns. We believe that a wider portfolio of test beyond fertility will allow us to grow in response to a change in customer mindset and behaviour, as the pandemic gives rise to a greater acceptance of at-home testing kits, and an understanding of the importance of laboratory accuracy.

In doing so, we realigned the goals and strategy of the business and mapped out the development of a range of accessible family healthcare tests that deliver information and actionable outcomes, with the aim to help our customers to take control of their own healthcare, whilst providing a positive customer experience.

Together we recognised the potential of operating within the growing at home testing space, on track to reach $16bn in 2027, and we responded effectively to the shift in consumer behaviour that emerged from the pandemic. This led to the acquisition of The Genome Store in November 2020, a developer of DNA tests, and targeted as an opportunity to broaden our customer base now more familiar with at-home testing and exposed to news and media messaging around the importance of underling health and wellbeing.

The Genome Store acquisition also brought to us a highly skilled scientific and operational talent into our management team and Advisory Board, and we onboarded the team efficiently. The team's experience enabled us to launch a COVID-19 PCR nasal swab test kit for at-home use, achieving inclusion on the Government provider's list on the website Gov.uk in December 2020. Our drive over the festive holiday period included an investment in brand awareness across radio and direct mail, and we began to generate income in a way that would be sustainable so long as the Government stipulated that PCR testing would be effective as part of international travel programmes during the pandemic, and potentially beyond.

The quality of our product and service, and successful launch ultimately enabled us to engage robustly with retail, and we progressed discussions further with Boots UK to discuss the future supply of our test, successfully achieving approval at each stage of a rigorous due diligence process. This led to the securing of a contract with Boots and an in-store and on-line launch on 7 April 2021, along with further agreements and endorsements with non-retail customers.

COVID-19 testing business and customer excellence

Our agile and lean organisation has allowed us to evolve throughout the pandemic, and our team has grown to 10 full time staff, supported by external expertise in key areas at critical timepoints.

During the period, we have expanded our direct to consumer base, and we have continually learned from our customers, developing a deep knowledge of their needs. Our COVID-19 test has been attractively priced to appeal to end users, whilst reflecting the quality of our product and service, and we have creatively trialled bundle offerings to multi-travellers. As the market for COVID-19 testing remains competitive and price sensitive, we will continue to work with our partners to ensure that our pricing is attractive to our customers and responsive to the market, whilst enabling us to grow as a business.

The COVID-19 testing space continues to be well populated, and in order to grow amongst this competitive set, in addition to our robust product and service offering, enhancing the customer journey has been essential. We have strived to consistently improve our customer communications and website content, putting into play the learnings from our customer interactions and a developing a call centre team equipped to support the connection between the customer, and the laboratory and dispatch service. Our enquiry to sales ratio has improved by 74% since our call centre launched 29 March and continues to reduce in line with our KPIs.

Our own compliant laboratory together with our partner laboratory ensure we have the capability and capacity to meet customer needs through 2021, and beyond, and meet the requirements of our notified body, UKAS. Our in-house laboratory processes for COVID-19 RNA testing have been verified by the Quality Control for Molecular Diagnostics (QCMD), and have passed benchmark testing at 100% accuracy, and as the Government's testing roadmap has evolved to include sequencing for variant detection, we have added this service to our portfolio.

Operationally, we have established a lean supply chain that meets the stringent needs of our customers and their associated delivery KPIs. We have transitioned our finance, purchasing, and inventory management systems so that they are suitable for a lean, revenue-generating organisation that is focused on profitability. As we continue through our growth plan, we have set up a laboratory that meets our current and future needs and allows us to define and control the products that we take to market, putting the quality of our service firmly into our hands and retaining ownership of our product portfolio.

Cost efficiencies

Cost efficiency has underpinned our operation, and we deliver with a lean and committed team that has grown in close alignment with the identification of opportunities, with as much activity undertaken in house as possible. Working in close alignment with Management, the Board has played an active role in the cost efficiencies of the operation in 2020. This has been essential in the turning around of the business, and in the laying out of an agreed direction of travel, and whilst doing so, the renumeration of the Board is modest, reflecting the early stages of the commercial strategy.

Customer growth

Our retail launch has been a major transformational milestone for MyHealthChecked and was a goal identified as the greatest opportunity for us to increase distribution, establish our position, and gain credibility and brand awareness in the market for our wider offering as part of a long term plan. This will be accompanied by a wider portfolio of wellness tests that enable personal guidance and greater ownership of our customers' personal health. We have committed to working closely with Boots and developing the relationship with the team, working hard together to meet the Government's requirements, and the customer's needs, and the needs of their customers. By being an excellent partner, we hope to leverage our position with this major, reputable pharmacy chain in the future, and build a foundation from which to aim higher, and establish ourselves firmly in the at-home testing space by maximising our relationship. Our listing and ongoing dialogue with Boots is testament to the strength of our product and service, and demonstrates our team's high performance, ability to respond with solutions, and deliver on commitments made.

Outside of Boots we have a customer base comprising travel and pharmacy partners and continue to support them whilst driving our direct to consumer sales through effective digital marketing strategies. Our aim is to ensure that our customers stay with us beyond COVID-19, as we plan ahead for portfolio growth that meets customer needs beyond the pandemic and opens up cross-selling opportunities for us.

Our future outlook and prospects

Our portfolio growth is on track and will be fundamental to the achievement of our plan, however COVID-19 must remain the number one priority for us through 2021. We are pleased to share that an initial portfolio of easy to use DNA tests is developed and launching soon. The timing of these launches will be co-ordinated to ensure we can fully utilise the same commercial energy that underpins our current COVID-19 strategy on which we are laser focused. In 2021, we are launching our expanded portfolio of at-home tests, building upon the MyHealthChecked brand which has become quickly established in the consumer space, and fast gaining greater traction and reach.

The tests that we bring to market are easy to use saliva swabs initially focusing on food sensitivities and intolerances, that will allow customers to select the areas most relevant and impactful to them, with technology and guidance to enrich their experience and enhance outcomes for them.

We have commenced 2021 a very different organisation to that of the previous January, and I am immensely proud of the team that formed during lockdown and gelled together with a commitment, energy and ambition for growth. We stand today as a team with a highly credible, compliant and successful pharmacy customer, a high street presence, a proven service, and with an operational and commercial set-up ready to deliver growth in a regulated product, poised for the needs of the market in 2021. With a strong pipeline outside of COVID-19 building and launch ready in 2021, life after COVID is exciting, and we enter this phase with growing confidence in the road to delivery gained through the experiences and delivery of 2020 and 2021 to date.

Penny McCormick

Chief Executive Officer


Income statement

The financial year to 31 December 2020 was not as planned for any business and intentions made for MyHealthChecked plc were impacted by COVID-19, however, the realignment of goals and strategy of the business enabled a revised plan to be implemented which is discussed in the CEO report.

During the year 2020, the Group continued to generating revenues for myLotus branded products, albeit at a minimum as the pandemic progressed. Revenues for MyLotus/MYLO were GBP22,994 (2019: GBP31,970) for the 12 months. Following the acquisition of The Genome Store in November 2020, the opportunity to support the COVID-19 testing rollout was possible and on 5 December 2020 the COVID-19 PCR nasal swab test kit for at-home use was launched generating revenues of GBP26,146 to the end of the year. Revenues in total for the year were GBP49,480 (2019: GBP31,970).

The Group's loss after taxation was GBP3,762,627 (2019: GBP2,150,053).

The administration costs, including share-based payments, incurred during the year ended 31 December 2020 of GBP3,117,767 (2019: GBP2,008,416) included refund provisions of GBP26,250 (2019: GBPnil) and a contingent liability of GBP200,000 (2019: GBPnil).

Other administration costs (excluding share-based payments) of GBP3,014,476 (2019: GBP1,938,695) included GBP487,000 (2019: GBP228,098) research and development costs (net of capitalized development costs), staff costs and head office costs.

The tax credit of GBPnil (2019: GBP344,876), including a prior year adjustment of GBP166,573) represents research and development tax credit. Full settlement of the R&D tax credit in relation to 2019 (GBP178,303) was received on 10 July 2020.

Loss per share

The basic and diluted loss per share was GBP0.01 (2019: GBP0.01).

Financial position

The Group net assets at 31 December 2020 were GBP529,376 (2019: GBP 2,233,822). This comprised total assets of GBP1,335,453 (2019: GBP2,792,128) and total liabilities of GBP806,077 (2019: GBP558,306).

The total assets included property, plant and equipment, right-of-use assets and intangible assets (capitalised development costs, know-how and patent costs) of GBP672,077 (2019: GBP1,494,592), of which GBP2,777 (2019: GBP281,338) represents additional development and patent costs capitalised net of amortization and impairment and equipment spend of GBP51,531 (2019: GBP14,197) during the year and cash and cash equivalents of GBP465,671 (2019: GBP616,263).


The Group's cash balance at the period end was GBP465,671 (2019: GBP616,263).

During the period the net cash outflow from operating activities was GBP2,155,010 (2019: GBP1,865,788) and net inflow from investing activities was total spend on property, plant and equipment and intangible assets of GBP37,003 (2019: GBP374,350), with proceeds from disposals of the same of GBP284,784 (2019: GBPnil) and with financing activities generating net proceeds of GBP1,756,528 (2019: GBP2,116,174).


No dividend is recommended (2019: GBPnil) due to the early stage of the development of the Group.

Capital management

The Board's objective is to maintain a balance sheet that is both efficient and delivers long term shareholder value. The Group had cash balances of GBP465,671 at 31 December 2020. On 17 April 2020 the Company signed a Sales and Purchase Agreement with Abingdon Health to transfer to them the leases on the same machinery. The Board continues to monitor the balance sheet to ensure it has an adequate capital structure.

Events after the reporting period

Events after the reporting period are described in Note 26 to the financial statements.

Effects of Covid-19 pandemic

The Group experienced short-term reductions in revenues in the early part of 2020 as a result of the Covid-19 pandemic, however, the launch on 5 December 2020 of the COVID-19 PCR nasal swab test kit generated significant revenue in the month of GBP26,146. Cost control throughout the year was a significant focus and had large impact on the financial position of the Company.

Management took decisive action to protect the welfare of employees, whilst continuing to meet the needs of customers in the UK and overseas. Production activity condensed to match visible demand, employees worked from home wherever possible and appropriate measures were taken to reduce operating costs and manage immediate cash flows. Management continued to take all steps possible in challenging circumstances and ensured that all support mechanisms available to the company from outside agencies were accessed, in order to preserve value and capability, and ameliorate the impact on the business, its workforce, customers and partners. The realignment of goals and strategy of the business mitigated the impact of the COVID-19 and presented opportunities for new revenue streams.

Further commentary on these uncertainties are set out in the section entitled 'Principal risks and uncertainties' in the Operating and Financial review.

The statement of the Directors' responsibilities under s172(1) Companies Act 2006 is separately disclosed in the Governance section.

Madeleine Kennedy

Chief Financial Officer


The notes to the Financial Statement are an integral part of these financial statements and will be available in full in the Group Annual Report and Financial Statements which will be available on the Company website shortly:



For The Year Ended 31 December 2020

                                                    2020          2019 
                                     Notes           GBP           GBP 
----------------------------------  ------  ------------  ------------ 
 Revenue from contracts with 
  customers                              4        49,480        31,970 
                                            ------------  ------------ 
 Other cost of sales                           (141,340)     (492,136) 
 Impairment of inventory*                      (548,442)             - 
                                            ------------  ------------ 
 Total cost of sales                           (689,782)     (492,136) 
----------------------------------  ------ 
 Gross loss                                    (640,302)     (460,166) 
 Impairment of development costs*              (621,673)             - 
 Loss on disposal of tangible 
  assets*                                      (179,718)             - 
 Other administrative expenses               (2,213,086)   (1,938,685) 
                                            ------------  ------------ 
 Total administrative expenses               (3,014,477)   (1,938,695) 
 Share-based payments                          (103,291)      (69,721) 
----------------------------------  ------  ------------  ------------ 
 Administrative expenses                     (3,117,767)   (2,008,416) 
----------------------------------  ------  ------------  ------------ 
 Operating loss                          5   (3,758,069)   (2,468,582) 
 Finance expenses                        7       (4,558)      (26,347) 
----------------------------------  ------  ------------  ------------ 
 Loss before income tax                      (3,762,627)   (2,494,929) 
 Tax credit                              8             -       344,876 
----------------------------------  ------  ------------  ------------ 
 Loss for the period                         (3,762,627)   (2,150,053) 
 Other comprehensive income                            -             - 
----------------------------------  ------  ------------  ------------ 
 Total comprehensive loss for 
  the year                                   (3,762,627)   (2,150,053) 
----------------------------------  ------  ------------  ------------ 
 Attributable to owners of the 
  parent:                                    (3,762,627)   (2,150,053) 
 Loss per ordinary share - basic 
  and diluted (GBP)                      9        (0.01)        (0.01) 

All activities relate to continuing operations other than designated * which relate to impairments made in the year.

The accompanying notes are an integral part of these financial statements.


As At 31 December 2020

                                                                 2020           2019 
                                                 Notes            GBP            GBP 
-------------------------------  ---------------------  -------------  ------------- 
 Non-current assets 
 Property, plant and equipment                      10         55,517        259,861 
 Right-of-use assets                                11              -        444,198 
 Intangible assets                                  12        616,560        790,533 
 Total non-current assets                                     672,077      1,494,592 
-------------------------------  ---------------------  -------------  ------------- 
 Current assets 
 Inventories                                        13          2,808        380,205 
 Trade and other receivables                        14        194,897        122,765 
 Corporation tax receivable                                         -        178,303 
 Cash and cash equivalents                          15        465,671        616,263 
-------------------------------  ---------------------  -------------  ------------- 
 Total current assets                                         663,376      1,297,536 
-------------------------------  ---------------------  -------------  ------------- 
 Total assets                                               1,335,453      2,792,128 
-------------------------------  ---------------------  -------------  ------------- 
 Current liabilities 
 Trade and other payables                           16        383,186        271,523 
 Deferred tax liability                             26         87,379              - 
 Lease liabilities                                  17          4,895        101,036 
 Loans and borrowings                               18              -              - 
 Provisions                                         19        226,250              - 
-------------------------------  ---------------------  -------------  ------------- 
 Total current liabilities                                    701,710        372,559 
-------------------------------  ---------------------  -------------  ------------- 
 Non-current liabilities 
 Lease liabilities                                  17              -        185,747 
 Loans and borrowings                               18        104,367              - 
-------------------------------  ---------------------  -------------  ------------- 
 Total non-current liabilities                                104,367        185,747 
-------------------------------  ---------------------  -------------  ------------- 
 Total liabilities                                            806,077        558,306 
-------------------------------  ---------------------  -------------  ------------- 
 Net assets                                                   529,376      2,233,822 
-------------------------------  ---------------------  -------------  ------------- 
 Share capital                                      20        517,822      6,623,667 
 Deferred shares                                    20      6,358,720              - 
 Share premium account                              20     12,441,832     10,739,816 
 Share-based payment reserve                        21        916,189        812,899 
 Capital redemption reserve                         21      1,814,674      1,814,674 
 Reverse acquisition reserve                        21    (6,044,192)    (6,044,192) 
 Retained earnings                                  21   (15,475,669)   (11,713,042) 
-------------------------------  ---------------------  -------------  ------------- 
 Total equity                                                 529,376      2,233,822 
-------------------------------  ---------------------  -------------  ------------- 


                                                           Share-based       Capital       Reverse 
                        Share      Deferred        Share       payment    redemption   acquisition       Retained 
                      capital        shares      Premium       reserve       reserve       reserve       earnings         Total 
                          GBP           GBP          GBP           GBP           GBP           GBP            GBP           GBP 
---------------  ------------  ------------  -----------  ------------  ------------  ------------  -------------  ------------ 
 Equity as 
  31 December 
  2018              4,704,917             -   10,448,263       743,178     1,814,674   (6,044,192)    (9,562,989)     2,103,851 
 Loss for the 
  period                    -             -            -             -             -             -    (2,150,053)   (2,150,053) 
---------------  ------------  ------------  -----------  ------------  ------------  ------------  -------------  ------------ 
  loss                      -             -            -             -             -             -    (2,150,053)   (2,150,053) 
 Issue of 
  net of 
  expenses          1,918,750             -      291,553             -             -             -              -     2,210,303 
  payments                  -             -            -        69,721             -             -              -        69,721 
 Equity as 
  31 December 
  2019              6,623,667             -   10,739,816       812,899     1,814,674   (6,044,192)   (11,713,042)     2,233,822 
 Loss for the 
  period                    -             -            -             -             -             -    (3,762,627)   (3,762,627) 
---------------  ------------  ------------  -----------  ------------  ------------  ------------  -------------  ------------ 
  loss                      -             -            -             -             -             -    (3,762,627)   (3,762,627) 
 Issue of 
  net of 
  (note 20)           252,875             -    1,702,016             -             -             -              -     1,954,891 
  22)                       -             -            -       103,290             -             -              -       103,290 
  of ordinary 
  shares to 
  (note 20)       (6,358,720)     6,358,720            -             -             -             -              -             - 
 Equity as 
  31 December 
  2020                517,822     6,358,720   12,441,832       916,189     1,814,674   (6,044,192)   (15,475,669)       529,376 
---------------  ------------  ------------  -----------  ------------  ------------  ------------  -------------  ------------ 


For The Year Ended 31 December 2020

                                                    2020          2019 
                                                     GBP           GBP 
------------------------------------------  ------------  ------------ 
 Cash flows from operating activities 
 Loss before taxation                        (3,762,627)   (2,494,929) 
 Adjustments for: 
 Depreciation and amortization                   157,169       267,583 
 Impairment losses on intangible 
  assets                                         621,673             - 
 Finance expenses                                  4,558        26,347 
 Share-based payments                            103,291        69,721 
 Loss on sale of asset                           179,718             - 
------------------------------------------  ------------  ------------ 
 Operating loss before working capital 
  changes                                    (2,696,218)   (2,131,278) 
 Changes in working capital 
 Decrease in inventory                           380,205        18,975 
  (Increase)/Decrease in trade and 
   other receivables                            (72,132)        42,171 
 Increase in trade and other payables            111,663        11,841 
 Decrease in lease liability                   (281,888)             - 
 Increase in provisions                          226,250             - 
------------------------------------------  ------------  ------------ 
 Cash used in operations                     (2,332,120)   (2,058,291) 
 Tax received                                    178,303       218,850 
 Interest paid on sale & leaseback                     -      (24,766) 
 Other interest                                  (1,193)       (1,581) 
------------------------------------------  ------------  ------------ 
 Net cash outflow from operating 
  activities                                 (2,155,010)   (1,865,788) 
------------------------------------------  ------------  ------------ 
 Investing activities 
 Purchase of property, plant and 
  equipment                                     (34,226)      (14,197) 
 Purchase of intangible assets                   (2,777)     (360,153) 
 Sale of asset                                   284,784             - 
------------------------------------------  ------------  ------------ 
 Acquisition of subsidiary in the 
  year                                               109             - 
------------------------------------------  ------------  ------------ 
 Net cash flows used in investing 
  activities                                     247,890     (374,350) 
------------------------------------------  ------------  ------------ 
 Financing activities 
 Issue of ordinary shares (net of 
  issue expenses)                              1,655,528     2,210,303 
 Convertible loan note                           101,000             - 
 Repayment of lease liability                          -      (94,129) 
 Net cash flows from financing activities      1,756,528     2,116,174 
------------------------------------------  ------------  ------------ 
 Net change in cash and cash equivalents       (150,592)     (123,964) 
 Cash and cash equivalents at the 
  beginning of the period                        616,263       740,227 
------------------------------------------  ------------  ------------ 
 Cash and cash equivalents at the 
  end of the period                              465,671       616,263 
------------------------------------------  ------------  ------------ 


The notes to the Financial Statement are available in full in the Group Annual Report and Financial Statements which will be available shortly on the Company website: www.myhealthcheckedplc.com

Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the European Union ("adopted IFRSs") and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

The preparation of financial statements in compliance with adopted IFRSs requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed below.

Earnings per share

                                                                              2020          2019 
 Basic and diluted 
 Loss for the period and earnings used in basic & diluted EPS (GBP)    (3,762,627)   (2,150,053) 
 Weighted average number of shares used in basic and diluted EPS       420,756,606   240,780,008 
 Loss per share (GBP)                                                       (0.01)        (0.01) 
--------------------------------------------------------------------  ------------  ------------ 

Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Due to the loss in the periods the effect of the share options was considered anti-dilutive and hence no diluted loss per share information has been provided.

Events after the reporting date

On 19 February 2021, the Company raised GBP3,400,000 (before expenses) through a placing of 126,628,576 and subscription of 67,657,138 new Ordinary Shares at 1.75p per ordinary share.

The primary use of the net proceeds will be to invest in developing and extending the MyHealthChecked PLC portfolio through new product development. Additionally, there is a requirement to strengthen and develop the marketing effort, appointing core marketing personnel, and continuing to refine the direct-to-consumer activities, through retail launch and targeting strategic commercial contracts to exploit the MyHealthChecked PLC portfolio.

The Company intends to develop a smartphone "app" to enable further data capture and improve engagement whilst providing information to service the market. Similarly, the net proceeds will provide additional working capital to enable the Company to continue to develop and improve its internal systems, controls and compliance.

On 6(th) April the Company entered into an agreement with Boots UK Limited to launch the MyHealthChecked(TM) COVID-19 at-home nasal swab kit and PCR laboratory testing service via www.boots.com and across Boots stores in Great Britain.

The MyHealthChecked(TM) COVID-19 testing kit allows customers to take a nasal swab themselves at home and send samples safely and securely via the Royal Mail Tracked 24 service to be tested using established laboratory-based PCR detection methods. Testing is undertaken at the Manchester-based laboratories of MyHealthChecked and Yourgene Health plc and results are provided within 24-48 hours, via an online portal.

The Agreement has an initial term of 12 months from 6 April 2021, with a one-month notice period for termination thereafter. Boots will act as non-exclusive agent for MyHealthChecked for sales of the testing kit and will receive a commission on all sales made under the Agreement through Boots' sales channels.

To this end, the Company entered into an agreement with Yourgene plc to act as the Company's exclusive external provider of testing services.

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(END) Dow Jones Newswires

June 04, 2021 02:00 ET (06:00 GMT)

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