TIDMPYC
RNS Number : 0309O
Physiomics PLC
30 September 2019
30 September 2019
Physiomics Plc
("Physiomics" or "the Company")
Final Results for the year ended 30 June 2019
Highlights
Financial:
-- Total income (revenue and grant income) increased 53% to GBP783,101 (2018: GBP512,899)
-- The operating loss decreased 23% to GBP201,219 (2018 GBP260,391)
-- The loss after taxation decreased 43% to GBP104,040 (2018: GBP183,341)
-- At 30 June 2019, the surplus of shareholders' funds was
GBP607,914 (30 June 2018: GBP690,026)
-- Cash and cash equivalents at 30 June 2019 of GBP405,366 (30 June 2018: GBP571,869)
Operational:
-- Agreements signed with Merck KGaA for GBP435,000 for
consulting services in calendar year 2019
-- Addition of two new biotech clients, Convert Pharmaceuticals
(Belgium) and Bicycle Therapeutics (UK)
-- Attendance at major conferences including EORTC-NCI-AACR
(Dublin), Biotech Showcase (San Francisco), AACR (Atlanta),
BioTrinity (London) and PAGE (Stockholm)
-- Presentation of posters at both the AACR and PAGE conferences
-- Signing of a strategic collaboration with the Medicines
Discovery Catapult (Alderley Park, UK)
-- Completion of Innovate UK funded personalised oncology
project and presentation at NIHR/ ICR event at the Royal Marsden
Hospital
-- Transfer of NOMAD services to Strand Hanson Limited
Dr Paul Harper, Non-Executive Chairman, commented:
"The Company continues to make good progress, maintaining the
momentum seen in the previous year. We are excited to be working
with two new biotech clients (Convert Pharmaceuticals and Bicycle
Therapeutics) as well as, for the first time, Cancer Research UK
(announced just after the end of the period). The landmark deal
with Merck KGaA was renewed reflecting the recognition by the Merck
team of the quality and value on both the modelling itself and of
the quality of the interpretation and guidance provided by an
experienced Physiomics(R) team. The relationship with Merck
represents an independent endorsement of the quality of the
Physiomics(R) package in the drug discovery field in oncology which
has allowed Dr Millen and his team to create new relationships and
to secure new contracts. This success has led to a healthy pipeline
of new opportunities going forward. It is also my firm belief that
the emerging personalised medicine package will add significantly
to the Company's skill set, opening wholly new opportunities.
Meanwhile the team has embarked on a more extensive business
development strategy aimed at bringing in new business."
Chairman and Chief Executive Officer's Statement
Introduction
We are pleased to report in the financial year ended 30 June
2019, for the second year running, the Company achieved its highest
ever level of total income. A combination of the acquisition of two
important new clients, repeat business from some existing ones and
a second year of significant commitments by Merck KGaA, all
contributed to what was our most successful year to date. Increased
marketing spend, publicity relating to the Merck contract and
important new clients who have shared their name publicly have all
helped to create the momentum we've experienced in the last twelve
months as well as the increasing recognition that Physiomics is
becoming the "go-to" company for cancer modelling services.
In addition, the Company completed its second Innovate UK grant
in consecutive years in the field of personalised cancer treatment.
The project achieved a good level of engagement with clinicians
including an important presentation at the Royal Marsden Hospital
(one of the UK's leading cancer centres) at an event jointly
organised with the National Institute for Health Research and the
Institute for Cancer Research.
The key areas of focus for the Company are outlined in this
statement and explored further in the Strategic Report.
Financial Review
The Company's full year total income of GBP783,101 reflects
these achievements, being the highest in its history, and a 53%
increase on the previous full year to 30 June 2018. Total income
grew to GBP411,195 in the second half compared with the first half
unaudited total income of GBP371,906, showing a steady growth of
the business from period to period.
The operating loss decreased 23% to GBP201,219 (2018
GBP260,391). The loss after taxation decreased 43% to GBP104,040
(2017: GBP183,341).
Following the Company's placing in May 2018, the Company
allocated funds to expand the in-house team, increase marketing
spend and update its IT infrastructure, all of which have helped to
generate and support the increased level of business transacted
during this financial year compared with previous years.
Net assets at the year-end were GBP607,914 (2018: GBP690,026) of
which GBP405,366 (2018: GBP571,869) comprised cash and cash
equivalents. Net cash outflow from operating activities fell by
GBP26,025 (2018: GBP267,477) compared with the previous year
although this was offset by increased investment in IT
infrastructure (see Cash Flow statement below). No further funds
were raised during this financial year.
Staff
As a consulting business, our staff are critical to our business
and represent not just the "engine room" but also the client facing
side of Physiomics. The Company's decision to hire an additional
full-time employee to supplement its delivery team in July 2018 has
allowed it to execute more client and grant business than ever
before. The Board regularly reviews staffing versus workload and as
required the Company will consider expanding its permanent,
full-time, in-house team to address its increasing workload.
We would like to thank our staff for their hard work and
commitment during the year.
Directors' remuneration
Details of Directors' remuneration in the year ended 30 June
2019 is set out below:
Emoluments Bonus Benefits Pension Contributions Total Total
2019 2018
GBP GBP GBP GBP GBP GBP
Dr P B Harper 35,500 - - - 35,500 35,049
Dr J S Millen 128,375 9,750 1,663 2,600 142,388 131,506
Dr C D Chassagnole 62,716 4,989 1,416 7,021 76,142 67,221
_________ ________ ______ ________ _______ _______
Total 226,591 14,739 3,079 9,621 254,030 233,776
_________ ________ ______ ________ _______ _______
Governance
The Company's full Annual Report will contain details of its
governance, in accordance with the Quoted Company's Alliance
Corporate Governance Code.
Outlook
With another record year behind us, we continue our journey to
becoming a sustainably profitable business. In the next twelve
months we're aiming to execute more projects than ever before and
to add further new clients both in the UK, Europe and North
America. We expect and indeed welcome a balance between larger and
small clients and target a further diversification of our client
base. In parallel with our core commercial activities we are
actively exploring how we can capitalise on the expertise and
capabilities we've developed in the field of personalised
medicine.
Independent Auditors' Report to the Members of Physiomics
Plc
Opinion
We have audited the financial statements of Physiomics Plc for
the year ended 30th June 2019 which comprise the income statement,
the statement of comprehensive income, the statement of financial
position, the cash flow statement, the statement of changes in
equity and the related notes. The financial reporting framework
that has been applied in their preparation is applicable law and
International Financial Reporting Standards (IFRSs) as adopted by
the European Union.
In our opinion, the financial statements:
-- give a true and fair view of the state of the Company's
affairs as at 30th June 2019 and of its loss for the year then
ended;
-- have been properly prepared in accordance with IFRSs as
adopted by the European Union; and
-- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the Company
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard as applied to listed entities and we have
fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in
relation to which the ISAs (UK) require us to report to you
where:
-- the directors' use of the going concern basis of accounting
in the preparation of the financial statements is not appropriate;
or
-- the directors have not disclosed in the financial statements
any identified material uncertainties that may cast significant
doubt about the Company's ability to continue to adopt the going
concern basis of accounting for a period of at least twelve months
from the date when the financial statements are authorised for
issue.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect
on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Risk How the Scope of our audit responded
to the risk
Management override of controls
Journals can be posted that We examined journals posted
significantly alter the Financial around the year end, specifically
Statements. focusing on areas which are
more easily manipulated such
as accruals, prepayments, investment
valuation and the bank reconciliation.
----------------------------------------------
Going Concern
There is a risk that the Company We made enquires with the Directors
is not a going concern. regarding how they have assessed
going concern. We have reviewed
projections and disclosed accordingly.
----------------------------------------------
Fraud in Revenue Recognition
There is a risk that revenue Income was tested on a sample
is materially understated due basis from contracts. No evidence
to fraud. of fraud or other understatement
was identified.
----------------------------------------------
Accounting Estimates
Potential risk of inappropriate All areas were examined to identify
accounting estimates giving any potential accounting estimates.
rise to misstatement in the These estimates were then reviewed
accounts. and tested for adequacy.
----------------------------------------------
Misstatement of Grant Income
There is a risk that grant income Grant income was tested and
has been incorrectly accounted cut off agreed as correct. No
for. evidence of misstatement was
identified.
----------------------------------------------
Overstatement of Intangible
Assets An impairment review of the
Risk that the asset has no cash asset was undertaken and no
generating value. evidence of such was identified.
----------------------------------------------
Overstatement of Administrative
Expenses A proof in total calculation
There is a risk that the Company's and substantive testing were
administrative expenses are both undertaken and no evidence
overstated. of overstatement was identified.
----------------------------------------------
Debtors Recoverability Debtors held at the year end
There is a risk that trade debtors will be reviewed to post year
are irrecoverable. end receipts and agreed to bank
statements. No evidence of irrecoverability
was identified.
----------------------------------------------
Deferred Income
There is a risk that deferred Income was reviewed close to
income may be materially understated. the year end and a sample basis
from contracts. No evidence
of misstatement was identified.
----------------------------------------------
Our application of materiality
We define materiality as the magnitude of misstatement in the
Financial Statements that of materiality makes it probable that the
economic decisions of a reasonably knowledgeable person would be
changed or influenced. We use materiality both in planning and in
the scope of our audit work and in evaluating the results of our
work.
We determined materiality for the Company to be GBP16,950. We
agreed with the Audit Committee that we would report to them all
audit differences in excess of 5% of materiality, as well as
differences below that which would, in our view, warrant reporting
on a qualitative basis. We also report to the Audit Committee on
disclosure matters that we identified when assessing the overall
presentation of the Financial Statements.
An overview of the scope of our audit
An audit involves obtaining evidence about the amounts and
disclosures in the Financial Statements sufficient to give
reasonable assurance that the Financial Statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the Directors; and the
overall presentation of the Financial Statements. In addition we
read all the financial and non-financial information in the Annual
Report to identify material inconsistencies with the audited
Financial Statements and to identify any information that is
apparently materially incorrect based on, or materially
inconsistent with, the knowledge acquired by us in the course of
performing the audit. If we become aware of any apparent material
misstatement or inconsistencies we consider the implications for
our report.
Other information
The directors are responsible for the other information. The
other information comprises the information included in the annual
report other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We
have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken in the course of
the audit:
-- the information given in the strategic report and the
directors' report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
-- the strategic report and the directors' report have been
prepared in accordance with applicable legal requirements
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company
and its environment obtained in the course of the audit, we have
not identified material misstatements in the strategic report or
the directors' report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
-- adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches not
visited by us; or
-- the financial statements are not in agreement with the
accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities
statement set out on page 15 of the Company's gull Annual Report,
the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair
view, and for such internal control as the directors determine is
necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the directors are
responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of
the financial statements in located on the Financial Reporting
Council's website at www.frc.org.uk. This description forms part of
our auditor's report.
Use of our report
This report is made solely to the Company's members, as a body,
in accordance with chapter 3 of part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
Joseph Kinton (Senior Statutory Auditor)
For and on behalf of Shipleys LLP,
Chartered Accountants and Statutory Auditor
10 Orange Street
Haymarket
London, WC2H 7DQ
Income Statement for the year ended 30 June 2019
Year Year
ended ended
30 June 30 June
2019 2018
Notes GBP GBP
Revenue 3 718,965 428,277
Other operating income 3 64,136 84,622
Total income 783,101 512,899
Net operating expenses (984,320) (773,290)
Operating loss 4 (201,219) (260,391)
Investment revenues 7 470 31
Finance costs 8 - (41)
Loss before taxation (200,749) (260,401)
Income tax income 9 96,709 77,060
--------- ---------
Loss for the year attributable
to equity shareholders 26 (104,040) (183,341)
========= =========
Earnings per share 10
Basic (0.14) (0.31)
Diluted (0.14) (0.31)
Statement of Comprehensive Income
Year ended Year ended
30(th) 30(th)
June 2019 June 2018
GBP GBP
Loss for the year (104,040) (183,341)
Other comprehensive income - -
Total comprehensive income/ (expense) for the
year (104,040) (183,341)
Attributable to:
Equity holders (104,040) (183,341)
Statement of Financial Position as at 30 June 2019
2019 2018
Non-current assets - Notes GBP GBP
Intangible assets 12 1,373 -
Property, plant and equipment 13 18,438 5,003
Investments 14 - 1
----------- -----------
19,811 5,004
----------- -----------
Current assets
Trade and other receivables 15 269,110 241,358
Cash and cash equivalents 405,366 571,869
----------- -----------
674,476 813,227
----------- -----------
Total assets 694,287 818,231
----------- -----------
Current liabilities
Trade and other payables 19 85,123 59,765
Deferred revenue 20 1,250 68,440
----------- -----------
86,373 128,205
----------- -----------
Net current assets 588,103 685,022
----------- -----------
Net assets 607,914 690,026
=========== ===========
Equity
Called up share capital 23 1,181,038 1,181,038
Share premium account 24 5,228,172 5,228,172
Other reserves 25 191,742 169,814
Retained earnings 26 (5,993,038) (5,888,998)
----------- -----------
Total equity 607,914 690,026
=========== ===========
Statement of Changes in Equity for the year ended 30 June
2019
Share Share Share-based Retained Total
capital premium com-pensation earnings
account on reserve
Notes GBP GBP GBP GBP GBP
Balance at 1 July 2017 1,121,463 4,753,538 158,910 (5,705,657) 328,254
Loss and total
comprehensive
Income/(expense) for
the year - - - (183,341) (183,341)
Issue of share capital
(net of costs) 23 59,575 474,634 - - 534,209
Transfer to other
reserves 25 - - 10,904 - 10,904
---------- ---------- -------------- ------------ -------------------
Balance at 30 June
2018 1,181,038 5,228,172 169,814 (5,888,998) 690,026
---------- ---------- -------------- ------------ -------------------
Loss and total
comprehensive
income/ (expense) for
the year - - - (104,040) (104,040)
Issue of share capital
(net of costs) 23 - - - - -
Transfer to other
reserves 25 - - 21,928 - 21,928
---------- ---------- -------------- ------------ -------------------
Balance at 30 June
2019 1,181,038 5,228,172 191,742 (5,993,038) 607,914
========== ========== ============== ============ ===================
Cash Flow Statement for the year ended 30 June 2019
2019 2018
Notes GBP GBP GBP GBP
Cash flows from operating
activities
Cash absorbed by operations 33 (226,244) (244,951)
Interest paid - (41)
Tax refunded 82,472 75,195
------------- -------------
Net cash outflow from operating
activities (143,772) (169,797)
Investing activities
Purchase of intangible assets (1,385) -
Purchase of tangible fixed
assets (21,816) (2,326)
Interest received 470 31
---------- ----------
Net cash used in investing
activities (22,731) (2,295)
Financing activities
Proceeds from issue of shares - 578,899
Share issue costs - (44,690)
---------- ----------
Net cash generated from financing
activities - 534,209
------------- -------------
Net increase in cash and
cash equivalents (166,503) 362,117
Cash and cash equivalents
at beginning of year 571,869 209,752
------------- -------------
Cash and cash equivalents
at end of year 405,366 571,869
============= =============
Notes to the Financial Statements
1 Accounting policies
Company information
Physiomics Plc is a company limited by shares incorporated in
England and Wales. The registered office is The Magdalen Centre,
Oxford Science Park, Robert Robinson Avenue, Oxford, OX4 4GA.
1.1 Accounting convention
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted for
use in the European Union and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS, (except as
otherwise stated).
The financial statements have been prepared on the historical
cost basis. The principal accounting policies adopted are set out
below.
The Company has taken advantage of the exemption under section
402 of the Companies Act 2006 not to prepare consolidated accounts.
The financial statements present information about the Company as
an individual entity and not about its group.
1.2 Going concern
The accounts have been prepared on the going concern basis. The
Company primarily operates in the relatively defensive
pharmaceutical industry which we expect to be less affected by
current economic conditions, including the potential consequences
of Brexit, compared to other industries.
The Company had GBP405,366 of cash and cash equivalents as at 30
June 2019 (2018 GBP571,869).
The board operates an investment policy under which the primary
objective is to invest in low-risk cash or cash equivalent
investments to safeguard the principal.
The Company's projections, taking into account anticipated
revenue streams, show that the Company has sufficient funds to
operate for the next twelve months. In coming to this conclusion,
the Company notes that current cash and currently contracted
projects are projected to cover budgeted expenses for the majority
of this period. In addition to currently contracted projects the
Company anticipates a number of new clients as well as repeat
business from some existing clients.
After reviewing the Company's projections, the Directors believe
that the Company is adequately placed to manage its business and
financing risks for the next twelve months. Accordingly, they
continue to adopt the going concern basis in preparing the annual
report and accounts.
1.3 Revenue recognition
The revenue shown in the income statement relates to amounts
received or receivable from the provision of services associated
with outsourced systems and computational biology services to
pharmaceutical companies.
Revenue from the provision of the principal activities is
recognised by reference to the stage of completion of the
transaction at the balance sheet date where the amount of revenue
can be measured reliably and sufficient work has been completed
with certainty to ensure that the economic benefit will flow to the
Company.
1.4 Intangible assets other than goodwill
Intangible assets acquired separately from third parties are
recognised as assets and measured at cost.
Following initial recognition, intangible assets are measured at
cost or fair value at the date of acquisition less any amortisation
and any impairment losses. Amortisation costs are included within
the net operating expenses disclosed in the income statement.
Intangible assets are amortised over their useful lives as
follows:
Useful life Method
Software 15 years Straight line
Trademarks 10 years Straight line
Useful lives are also examined on an annual basis and
adjustments, where applicable are made on a prospective basis. The
Company does not have any intangible assets with indefinite
lives.
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and
subsequently measured at cost or valuation, net of depreciation and
any impairment losses.
Depreciation is recognised so as to write off the cost or
valuation of assets less their residual values over their useful
lives on the following bases:
Fixtures and fittings 3 years straight line
IT Equipment 3 years straight line
The gain or loss arising on the disposal of an asset is
determined as the difference between the sale proceeds and the
carrying value of the asset and is recognised in the profit and
loss account.
1.6 Research and development expenditure
Expenditure on research activity is recognised as an expense in
the period in which it is incurred.
1.7 Fixed asset investments
A subsidiary is an entity controlled by the Company. Control is
the power to govern the financial and operating policies of the
entity so as to obtain benefits from its activities.
Participating interests are stated at cost less amounts written
off in the Company balance sheet.
1.8 Impairment of tangible and intangible assets
Property, plant and equipment and intangible assets are reviewed
for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss
is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs to sell and value in
use. For purposes of assessing impairment, assets that do not
individually generate cash flows are assessed as part of the cash
generating unit to which they belong. Cash generating units are the
lowest levels for which there are cash flows that are largely
independent of the cash flows from other assets or groups of
assets.
1.9 Fair value measurement
IFRS 13 establishes a single source of guidance for all fair
value measurements. IFRS 13 does not change when an entity is
required to use fair value, but rather provides guidance on how to
measure fair value under IFRS when fair value is required or
permitted. The resulting calculations under IFRS 13 affected the
principles that the Company uses to assess the fair value, but the
assessment of fair value under IFRS 13 has not materially changed
the fair values recognised or disclosed. IFRS 13 mainly impacts the
disclosures of the Company. It requires specific disclosures about
fair value measurements and disclosures of fair values, some of
which replace existing disclosure requirements in other
standards.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short-term liquid investments with original
maturities of three months or less.
1.11 Financial assets
Financial assets are recognised in the company's statement of
financial position when the company becomes party to the
contractual provisions of the instrument.
Financial assets are classified into specified categories. The
classification depends on the nature and purpose of the financial
assets and is determined at the time of recognition.
Financial assets are initially measured at fair value plus
transaction costs, other than those classified as fair value
through the income statement, which are measured at fair value.
Trade and other receivables
Trade receivables are recognised and carried at the lower of
their original invoiced value and recoverable amount. Balances are
written off when the probability of recovery is considered to be
remote.
Impairment of financial assets
Financial assets, other than those at fair value through the
income statement, are assessed for indicators of impairment at each
reporting end date.
Financial assets are impaired where there is objective evidence
that, as a result of one or more events that occurred after the
initial recognition of the financial asset, the estimated future
cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual
rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and
rewards of ownership to another entity.
1.12 Financial liabilities
Financial liabilities are classified as either financial
liabilities at fair value through the income statement or other
financial liabilities.
Financial liabilities are classified according to the substance
of the contractual arrangements entered into.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company's obligations are discharged, cancelled, or they
expire.
1.13 Equity instruments
Equity instruments issued by the company are recorded at the
proceeds received, net of direct issue costs. An equity instrument
is any contract that evidences a residual interest in the assets of
the Company after deducting all of its liabilities.
1.14 Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The company's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end
date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit,and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition of other assets and
liabilities in a transaction that affects neither the tax profit
nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each
reporting end date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered. Deferred tax is
calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited directly to equity, in
which case the deferred tax is also dealt with in equity. Deferred
tax assets and liabilities are offset when the company has a
legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority.
1.15 Employee benefits
The costs of short-term employee benefits are recognised as a
liability and an expense.
The cost of any unused holiday entitlement is recognised in the
period in which the employee's services are received.
Termination benefits are recognised immediately as an expense
when the company is demonstrably committed to terminate the
employment of an employee or to provide termination benefits.
1.16 Retirement benefits
Payments to defined contribution retirement benefit schemes are
charged as an expense as
they fall due.
1.17 Share-based payments
The Company issues equity settled share-based payments to
certain employees. Equity settled share-based payments are measured
at fair value at the date of grant. The fair value determined at
the grant date is expensed on a straight-line basis over the
vesting period. Fair value is measured by use of a Black-Scholes
model.
1.18 Leases
Rentals payable under operating leases, less any lease
incentives received, are charged to income on a straight-line basis
over the term of the relevant lease except where another more
systematic basis is more representative of the time pattern in
which economic benefits from the lease asset are consumed.
1.19 Government grants
Government grants are recognised when there is reasonable
assurance that the grant conditions will be met and the grants will
be received.
Government grants of a revenue nature are credited to the profit
and loss account in the same period as the related expenditure.
1.20 Foreign exchange
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing at the dates of the
transactions. At each reporting end date, monetary assets and
liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting end date.
Gains and losses arising on translation are included in the income
statement for the period.
1.21 Segment reporting
A business segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other business segments. A
geographical segment is engaged in providing products or services
within a particular economic environment that are subject to risks
and return that are different from those of segments operating in
other economic environments.
1.22 Adoption of international accounting standards
At the date of authorisation of these financial statements, the
following standards and interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
-- IFRS 16 "leases" will be effective for the year ending June
2020 onwards and the impact is not expected to be significant.
IFRS16 requires lessees to recognise the future liability
reflecting the future lease payments and a right-of-use asset for
all lease contracts.
2 Critical accounting estimates and judgements
Revenue for projects started and completed during the financial
year is recognised in full during the year. Revenue from a project
which commences in one financial year and is completed in a
subsequent financial year is recognised over the life of the
project based on the expected period to completion as anticipated
at each balance sheet date less what has already been recognised
during a previous financial period or periods.
There were no other material accounting estimates or areas of
judgements required.
3 Revenue & segmental reporting
An analysis of the Company's revenue is as follows:
2019 2018
GBP GBP
Revenue 718,965 428,277
======== ========
Other operating income
Grant income 64,137 84,622
64,137 84,622
======== ========
The principal activities are the provision of outsourced systems
and computational biology services to pharmaceutical companies.
This activity comprises a single segment of operation of a sole
UK base and entirely UK based assets. Revenue was derived in the
UK, European Union and USA from its principal activity.
4 Operating loss
2019 2018
GBP GBP
Operating loss for the period is stated after charging/(crediting):
Net foreign exchange losses/(gains) (276) (2,328)
Research and development costs - -
Government grants (64,137) (84,622)
Fees paid to the Company's auditor, refer to below 14,433 15,250
Depreciation of property, plant and equipment 8,381 3,153
Amortisation of intangible assets 12 -
Share-based payments 21,928 10,904
======== ========
5 Auditors remuneration
2019 2018
Fees payable to the Company's auditor and associates: GBP GBP
For audit services
Audit of the Company's financial statements 10,000 10,000
======== ========
For other services
Taxation compliance services 2,000 2,000
Audit-related assurance services - 750
Other taxation services 1,183 -
Innovate UK grant related services 1,250 2,500
-------- --------
Total fees 14,433 15,250
======== ========
6 Employees
The average monthly number of persons (including directors)
employed by the Company during the year was:
2019 2018
Number Number
7 6
=========== ============
Their aggregate remuneration comprised: 2019 2018
GBP GBP
Wages and salaries 420,315 342,918
Social security costs 48,361 37,681
Other pension and insurance benefit costs 22,662 10,728
----------- ------------
491,338 391,327
=========== ============
Details of the remuneration of Directors are included in the
Directors Report on page 16 of the Company's full Annual
Report.
7 Finance income
2019 2018
GBP GBP
Interest income
Bank deposits 470 31
==== ====
8 Finance costs
2019 2018
GBP GBP
Other interest payable - 41
==== =============
Interest rate risk
The Company finances its operations by cash and short-term
deposits. The Company's policy on interest rate management is
agreed at board level and is reviewed on an ongoing basis. Other
creditors, accruals and deferred revenue values do not bear
interest.
Interest rate profile
The Company had no bank borrowings at the 30 June 2019 and 30
June 2018.
9 Income tax expense
Continuing operations
2019 2018
GBP GBP
Current tax
Research and development tax credit: current year (96,142) (81,905)
Research and development tax credit: prior year (567) 4,845
----------------- ----------
(96,709) (77,060)
================= ==========
The charge for the year can be reconciled to the loss per the
income statement as follows:
2019 2018
GBP GBP
Loss before taxation (200,749) (260,401)
================= ==========
Expected tax charge based on a corporation tax
rate of 19.00% (38,142) (49,476)
Expenses not deductible in determining taxable
profit 4,645 2,072
Unutilised tax losses carried forward - (2,878)
Adjustment in respect of prior years research
and development (567) 4,845
Research and development expenditure tax credit (7,280) (9,588)
Deferred / (accelerated) capital allowances (2,613) 83
Research and development enhancement (52,752) (22,118)
----------------- ----------
Tax charge for the period (96,709) (77,060)
================= ==========
At 30 June 2019 tax losses of GBP3,811,775, (2018: GBP3,811,775)
remained available to carry forward against future taxable trading
profits. These amounts are in addition to any amounts surrendered
for Research and Developments tax credits. There is an unrecognised
deferred tax asset of GBP648,002, (2018: GBP724,237).
10 Earnings per share
2019 2018
GBP GBP
Number of shares
Weighted average number of ordinary shares for
basic earnings per share 71,910,394 59,095,673
Earnings - Continuing operations
Loss for the period from continued operations (104,040) (183,341)
------------ ------------
Earnings for basic and diluted earnings per share
being net profit attributable to equity shareholders
of the Company for continued operations (104,040) (183,341)
============ ============
Earnings per share for continuing operations
Basic and diluted earnings per share (0.14) (0.31)
Basic and diluted earnings per share
From continuing operations (0.14) (0.31)
-------- --------
(0.14) (0.31)
======== ========
The loss attributable to equity holders (holders of ordinary
shares) of the Company for the purpose of calculating the fully
diluted loss per share is identical to that used for calculating
the loss per share. The exercise of share options would have the
effect of reducing the loss per share and is therefore anti-
dilutive under the terms of IAS 33 'Earnings per Share'.
11 Financial instruments recognised in the statement of financial position
2019 2018
Held for trading: GBP GBP
Current financial assets
Trade and other receivables 107,622 54,160
Cash and cash equivalents 405,366 571,869
--------- --------
512,988 626,029
========= ========
Current financial liabilities Trade and other
payables 70,626 41,799
Deferred revenue 1,250 68,440
--------- --------
71,876 110,239
========= ========
The Company's financial instruments comprise cash and short-term
deposits. The Company has various other financial instruments, such
as trade debtors and creditors that arise directly from its
operations.
The main risks arising from the Company's financial instruments
are interest rate risk, liquidity risk and foreign currency risk.
The policies for managing these are regularly reviewed and agreed
by the board.
It is and has been throughout the year under review, the
Company's policy that no trading in financial instruments shall be
undertaken.
12 Intangible assets
Patents & Total
Licences
GBP GBP
Cost
At 1 July 2017 75,646 75,646
--------- --------
At 30 June 2018 75,646 75,646
Additions - purchased 1,385 1,385
Disposals (75,646) (75,646)
--------- --------
At 30 June 2019 1,385 1,385
--------- --------
Amortisation and impairment
At 1 July 2017 75,646 75,646
--------- --------
At 30 June 2018 75,646 75,646
Charge for the year 12 12
Eliminated on disposals (75,646) (75,646)
--------- --------
At 30 June 2019 12 12
--------- --------
Carrying amount
At 30 June 2019 1,373 1,373
========= ========
At 30 June 2018 - -
========= ========
13 Tangible fixed assets
Fixtures IT equipment Total
and fittings
Cost GBP GBP GBP
At 1 July 2017 2,206 41,074 43,280
Additions - 2,326 2,326
-------------- ------------- --------
At 30 June 2018 2,206 43,400 45,606
Additions 1,154 20,662 21,816
Disposals (411) (7,525) (7,936)
-------------- ------------- --------
At 30 June 2019 2,949 56,537 59,486
-------------- ------------- --------
Accumulated depreciation and impairment
At 1 July 2017 2,206 35,244 37,450
Charge for the year - 3,153 3,153
-------------- ------------- --------
At 30 June 2018 2,206 38,397 40,603
Charge for the year 96 8,285 8,381
Eliminated on disposal (411) (7,525) (7,936)
-------------- ------------- --------
At 30 June 2019 1,891 39,157 41,048
-------------- ------------- --------
Carrying amount
At 30 June 2019 1,058 17,380 18,438
-------------- ------------- --------
At 30 June 2018 - 5,003 5,003
-------------- ------------- --------
At 30 June 2017 - 5,830 5,830
-------------- ------------- --------
14 Investments
Current Non-current
2019 2018 2019 2018
GBP GBP GBP GBP
Investment in subsidiaries - - 1 1
Impairment of investment - - (1) -
------ ------ ------ ------
- - - 1
======= ======= ====== ======
The company owned 100% of E-Phen Limited, a dormant company
incorporated in the England and Wales. The company was dissolved on
7 September 2019. As a result of this the investment has been fully
impaired at the statement of financial position date.
The company has not designated any financial assets that are not
classified as held for trading as financial assets at fair value
through profit or loss.
15 Trade and other receivables
Due within one year
2019 2018
GBP GBP
Trade debtors 103,844 50,382
Other receivables 3,778 3,778
Corporation tax recoverable 96,142 81,905
VAT recoverable 22,518 15,040
Prepayments and accrued income 42,828 90,253
---------- ---------
269,110 241,358
========== =========
16 Fair value of trade receivables
There are no material differences between the fair value of
financial assets and the amount at which they are stated in the
financial statements.
17 Fair value of financial liabilities
There are no material differences between the fair value of
financial liabilities and the amount at which they are stated in
the financial statements.
18 Liquidity risk
The Company seeks to manage financial risk by ensuring that
sufficient liquidity is available to meet foreseeable needs and to
invest cash assets safely and profitably.
19 Trade and other payables
Due within one year
2019 2018
GBP GBP
Trade creditors 26,479 15,497
Accruals and deferred income 41,712 25,469
Social security and other taxation 14,497 17,965
Other creditors 2,435 834
85,123 59,765
========== =========
20 Deferred revenue
2019 2018
GBP GBP
Arising from invoices in advance 1,250 68,440
===== ======
Analysis of deferred revenue
Deferred revenues are classified based on the amounts that are
expected to be settled within the next 12 months and after more
than 12 months from the reporting date, as follows:
2019 2018
GBP GBP
Current liabilities 1,250 68,440
===== ======
21 Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for
all qualifying employees. The assets of the scheme are held
separately from those of the company in an independently
administered fund.
The total costs charged to income in respect of defined
contribution plans is GBP16,334 (2018: GBP6,164).
As at the statement of financial position date the company had
unpaid pension contributions totalling GBP2,435 (2018: GBP834).
22 Share-based payment transactions
The Company operates two share option schemes: (1) under the
Enterprise Management Initiative Scheme ("EMI") and (2) an
unapproved share option scheme. Both are equity settled. Options
are granted with a fixed exercise price equal to the market price
of the shares under option at the date of grant. Some options are
subject to performance criteria relating to either share price
performance or the achievement of certain corporate milestones. The
contractual life of the options is 10 years from the date of
issue.
A summary of the options at the start and end of period for
directors and all other employees is presented in the following
table:
Holder Outstanding Granted Forfeited Exercised Outstanding Exercisable Exercise Date Date
at start during during during at end at end price of of expiry
of period period period period of period of period (p) grant
Dr. C.
Chassagnole 56,245 - 56,245 - - - 15.00 18-Dec-08 18-Dec-18
Dr. C.
Chassagnole 118,565 - - - 118,565 118,565 40.00 28-Feb-10 28-Feb-20
Dr. C.
Chassagnole 32,331 - - - 32,331 16,166 34.00 09-Nov-11 09-Nov-21
Dr. C.
Chassagnole 129,381 - - - 129,381 129,381 13.20 11-Feb-13 11-Feb-23
Dr. C.
Chassagnole 322,615 - - - 322,615 322,615 6.20 24-Mar-15 24-Mar-25
Dr. C.
Chassagnole 659,641 - - - 659,641 659,641 2.50 28-Feb-17 27-Feb-27
Dr. C.
Chassagnole 350,000 - - - 350,000 350,000 5.35 26-Mar-18 27-Mar-28
Dr. C.
Chassagnole - 267,000 - - 267,000 - 3.16 26-Mar-19 25-Mar-29
Dr. J.
Millen 1,453,923 - - - 1,453,923 1,453,923 2.50 28-Feb-17 27-Feb-27
Dr. J.
Millen 520,000 - - - 520,000 520,000 5.35 26-Mar-18 27-Mar-28
Dr. J.
Millen - 400,000 - - 400,000 - 3.16 26-Mar-19 25-Mar-29
Dr. P.
Harper 23,277 - 23,277 - - - 15.00 18-Dec-08 18-Dec-18
Dr. P.
Harper 76,645 - - - 76,645 76,645 40.00 28-Feb-10 28-Feb-20
Dr. P.
Harper 12,932 - - - 12,932 6,466 34.00 09-Nov-11 09-Nov-21
Dr. P.
Harper 51,752 - - - 51,752 51,752 13.20 11-Feb-13 11-Feb-23
Dr. P.
Harper 129,046 - - - 129,046 129,046 6.20 24-Mar-15 24-Mar-25
Dr. P.
Harper 258,092 - - - 258,092 258,092 3.50 21-Dec-15 21-Dec-25
Dr. P.
Harper 140,000 - - - 140,000 140,000 5.35 26-Mar-18 27-Mar-28
Other staff 8,313 - 8,313 - - - 15.00 18-Dec-08 18-Dec-18
Other staff 41,648 - - - 41,648 41,648 40.00 28-Feb-10 28-Feb-20
Other staff 91,107 - - - 91,107 45,554 34.00 09-Nov-11 09-Nov-21
Other staff 77,628 - - - 77,628 77,628 13.20 11-Feb-13 11-Feb-23
Other staff 188,605 - - - 188,605 188,605 6.20 24-Mar-15 24-Mar-25
Other staff 54,596 - - - 54,596 54,596 3.50 21-Dec-15 21-Dec-25
Other staff 403,781 - - - 403,781 403,781 2.50 28-Feb-17 27-Feb-27
Other staff 490,000 - - - 490,000 490,000 5.35 26-Mar-18 27-Mar-28
Other staff - 533,000 - - 533,000 - 3.16 26-Mar-19 25-Mar-29
Total 5,690,123 1,200,000 87,835 - 6,802,288 5,534,103
----------------------------------- ---------------------------------- ---------------------------- ---------------------------- ------------------------------------ --------------------------
The weighted average share price at the date of the grant for
share options granted in the year was GBP0.0316, (2018:
GBP0.0535).
The options outstanding at 30 June 2019 had an exercise price
ranging from GBP0.025 to GBP0.40, and a remaining contractual life
of 9 years.
During 2019, options were granted on 26 March 2019. The weighted
average fair value of the options on the measurement date was
GBP0.011366. Options vest according to time and performance-based
criteria.
The options were granted with an exercise price of GBP0.032.
During 2018, options were granted on 27 March 2018. The weighted
average fair values of the options on the measurement date was
GBP0.00727.
The options were granted with an exercise price of GBP0.054.
Fair value was measured using Black-Scholes share option pricing
model. Inputs were as follows:
2019 2018
Expected volatility 60.18% 62.97%
Expected life 2.34 years 2.3 years
Risk free rate 0.664% 0.91%
The expected volatility is based on the sixty day average
historical volatility of the Company over 3 years.
The expected life of options is now based on the share option
exercise history with the company. The risk free rate of return is
derived from UK treasury yields at 2 and 3 years.
Total expenses of GBP21,928 related to equity settled share
based payment transactions were recognised in the year. (2018 -
GBP10,904).
23 Share capital
2019 2018
GBP GBP
Ordinary share capital, issued and fully paid
71,910,394 Ordinary of 0.4p each 287,641 287,641
2,481,657,918 Deferred of 0.036p each 893,397 893,397
--------- ---------
1,181,038 1,181,038
========= =========
The ordinary shares carry no rights to fixed income. The
deferred shares have no voting rights and have no rights to receive
dividends or other income.
Reconciliation of movements during the year: Ordinary Deferred Number
Number
At 1 July 2018 71,910,394 2,481,657,918
At 30 June 2019 71,910,394 2,481,657,918
========== ===============
Prior year changes to Ordinary share capital
On 14 December 2017 the Company issued 800,969 ordinary shares
of 0.4p at a price of 2.5p per ordinary share, as well as 967,846
ordinary shares of 0.4p at a price of 3.5p per ordinary share
following the exercise of employee share options, the proceeds of
which were used for working capital purposes.
On 31 May 2018 the Company issued 13,125,000 ordinary shares of
0.4p at a price of 4p per ordinary share for working capital
purposes.
24 Share premium account
GBP
At 30 June 2017 4,753,538
Issue of new shares 519,324
Share issue expenses (44,690)
--------------
At 30 June 2018 & at 30 June 2019 5,228,172
==============
The share premium account consists of proceeds from the issue of
shares in excess of their par value (which is included in the share
capital account).
25 Other reserves: share-based compensation reserve
GBP
At 30 June 2017 158,910
Additions 10,904
------------
At 30 June 2018 169,814
Additions 21,928
------------
At 30 June 2019 191,742
============
The share-based compensation reserve represents the credit
arising on the charge for share options calculated in accordance
with IFRS 2.
26 Retained earnings
GBP
At 1 July 2017 (5,705,657)
Loss for the period (183,341)
----------------
At 30 June 2018 (5,888,998)
Loss for the period (104,040)
----------------
At 30 June 2019 (5,993,038)
================
Retained earnings includes an amount of GBP237,889 (2017:
GBP237,889) in relation to the Equity Swap Agreement in 2014 which
under the Companies Act is not distributable.
27 Operating lease commitments
Lessee
Amounts recognised in the income statement as an expense during
the period in respect of operating lease arrangements are as
follows:
2019 2018
GBP GBP
Minimum lease payments under operating leases 57,331 55,151
============= =============
At the reporting end date the Company had outstanding
commitments for future minimum lease payments under non-cancellable
operating leases, which fall due as follows:
2019 2018
GBP GBP
Within one year 4,818 4,625
------------ ------------
4,818 4,625
============ ============
28 Capital commitments
At 30 June 2019 and 30 June 2018 the Company had no capital
commitments.
29 Capital risk management
The capital structure of the Company consists of cash and cash
equivalents and equity attributable to equity holders of the
Company, comprising issued capital, reserves and retained earnings
as disclosed in notes 24 to 27.
The board's policy is to maintain an appropriate capital base so
as to maintain investor and creditor confidence and to sustain
future development of the business. The Company's objectives when
managing capital are to safeguard the Company's ability to continue
as a going concern in order to provide returns for shareholders and
benefits for stakeholders and to maintain an optimal capital
structure to reduce the cost of capital. The Company has a record
of managing the timing and extent of discretionary expenditure in
the business.
In order to maintain or adjust the capital structure the Company
may issue new shares.
30 Events after the reporting date
No material post balance sheet events occurred after the end of
the period.
31 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management
personnel of the Company, is set out on page 16 of the Company's
full Annual Report.
32 Controlling party
The Company does not currently have an ultimate controlling
party and did not have one in this reporting year or the preceding
reporting year.
33 Cash generated from operations
2019 2018
GBP GBP
Loss for the year after tax (104,040) (183,341)
Adjustments for:
Taxation credited (96,709) (77,060)
Finance costs - 41
Investment income (470) (31)
Amortisation and impairment of intangible assets 13 -
Depreciation and impairment of tangible fixed assets 8,381 3,153
Equity settled share-based payment expense 21,928 10,904
Movements in working capital:
Increase in debtors (13,515) (39,901)
Decrease in creditors 25,358 (27,157)
Increase/(decrease) in deferred revenue (67,190) 68,441
---------- ----------
Cash absorbed by operations (226,244) (244,951)
========== ==========
Notes
1. Extract from Annual Report and Accounts
The financial information set out above does not constitute
statutory accounts within the meaning of the Companies Act
2006.
2. Basis of preparation
Physiomics Plc has adopted International Financial Reporting
Standards ("IFRS"), IFRIC interpretations and the Companies Act
2006 as applicable to companies reporting under IFRS.
3. Annual General Meeting
The Annual General Meeting ("AGM") of the Company will be held
at the offices of Physiomics plc, The Magdalen Centre, Robert
Robinson Avenue, Oxford Science Park, Oxford, OX4 4GA at 10.00 am
on Tuesday 19 November 2019. Copies of the annual report and the
documentation convening the AGM will be sent to shareholders, and
made available on the Company's website, in due course and a
further announcement will be made when they have been
dispatched.
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
Richard Tulloch & James Dance
+44 (0) 20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 20 3764 2341
Notes to Editor
About Physiomics
Physiomics plc (AIM: PYC) is a provider of technology-based
solutions to predict the effects of cancer treatment regimens for
the biopharma industry. The Company's Virtual Tumour(TM) technology
uses computer modelling to predict the effects of cancer drugs and
treatments to improve the success rate of drug discovery and
development projects while reducing time and cost. The predictive
capability of Physiomics' technologies have been confirmed by over
70 projects, involving over 30 targets and 60 drugs, and has worked
with clients such as Merck KGaA, Merck & Co, Bayer and
Lilly.
Based in Oxford UK, the Company works with clients worldwide to
support their pre-clinical and clinical oncology development
programs. Its team of scientists and computer modelling experts
provide bespoke solutions encompassing data, analytics and
insight.
Physiomics senior management has academic and commercial
expertise, including over 120 years collectively of working in
oncology and/or computational biology and over 120 publications in
peer reviewed journals that have attracted thousands of
citations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR EAKNXAFANEFF
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