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(CLC.L) Clinical Computing PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 05-10-09 | RNS |
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RNS Number : 1883A Clinical Computing PLC 05 October 2009 5 October 2009
CLINICAL COMPUTING PLC
CHANGE OF ADVISER Following the acquisition of Dowgate Capital plc by Astaire Group plc, Clinical Computing plc (the "Company") announces that it has changed its nominated adviser and broker to Astaire Securities plc with immediate effect.
For further information please contact:
Joe Marlovits Clinical Computing Plc +44 (0) 20 3006 7536
This information is provided by RNS The company news service from the London Stock Exchange END
APPQLLFBKBBBFBL More |
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| 07-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5977Y
Clinical Computing PLC
07 September 2009
7 September 2009
CLINICAL COMPUTING PLC
2009 INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2009
Clinical Computing Plc ("the Group"), the international developer of clinical information systems for the healthcare market and developer of programme management software, announces its Interim Results for the six months ended 30 June 2009. The Group trades through four operating subsidiaries: Clinical Computing UK Ltd. in the United Kingdom and Europe, Clinical Computing Inc. in the United States, Clinical Computing Pty Limited in Australia and Hydra Management Limited ("Hydra") in the United Kingdom.
Financial Highlights
* Total revenue increased 9% to £1,528,439 (H1 2008: £1,406,370)
* Recurring maintenance revenues increased by 27% to £884,969 (H1 2008: £697,274)
* Operating costs decreased to £1,762,795 (H1 2008: £1,817,161)
* Loss from operations reduced to £234,356 (H1 2008: £410,791)
* R&D tax credit received for 2006, 2007 and 2008 of £394,183
* Profit after tax of £154,550 (H1 2008: loss of £419,683)
* Earnings per share of 0.1p (H1 2008: loss 0.4p)
Operational Highlights
* Clinicalvision V hosting service available for the US and Canadian markets
* Clinicalvision V hand-held device to be released in the fourth quarter 2009
* Six clinicalvision V implementations underway
* New reporting solution for Hydra product nearing completion
Outlook
Chairman Howard Kitchner, commenting on the Group outlook, said:
"Our results for the first half are a further indication that the Clinical business has a solid platform for growth. This has been built on the back of the completion of clinicalvision V, and the new sales generated with our Canadian Partner. Our sales and marketing activities are aimed at exploiting the opportunities now available to us as a result of the release of this product offering.
Against this, we are confident that the upward trend in revenue growth will continue and there are a number of near opportunities that we expect to move to firm contracts thus consolidating this revenue growth into 2010. "
Contacts:
Joe Marlovits, Chief Executive 020 3006 7537
Clinical Computing
www.ccl.com
James Caithie / Antony Legge 020 7492 4777
Dowgate Capital Advisers Limited - Nominated Adviser
These results are also available on the Group's web site: www.ccl.com
CHAIRMAN'S STATEMENT
Introduction
We report our interim results for the six month period to 30 June 2009. This period has been one of continued positive progress for the Group. With the release of clinicalvision V now behind us we have seen an increase in revenues for our clinical business and our geographic coverage has extended into the Canadian market. The Hydra business continues to be cash generative and although this business has been more impacted than the Clinical business by the overall economic climate we see improving revenues from this business in the second half of the year.
We are pleased to highlight Group revenue growth of 9% for the period and profit after tax of £154,550.
Clinical business
During the period under review we managed six customer clinicalvision V implementations and each of these projects will continue into the second half of the year as the customers fully migrate to this new product. The clinicalvision V product is a web-based application developed to support the effective management of chronic disease. This release provides the clinical team with an application and analytical tools to deliver and monitor care over large patient populations.
Additionally, we have now established two hosting facilities in the North American market and are now in a position to provide this service to large and small customers in the United States and Canada. This is another step forward in changing our business model to take full advantage of the clinicalvision V technology. Likewise, we are expecting to release an iPhone application as an additional module in the fourth quarter of 2009.
Our business concentration for the rest of 2009 and into 2010 will be to migrate our current customers to clinicalvision V and to further develop our offering for the Canadian market. To date we have won three clinicalvision V contracts in the Canadian market.
Hydra business
The programme and resource management business is now fully integrated into the Group. We are in the process of exploring partnerships in the United States where we believe the Hydra technology can exploit a market requirement at a competitive price point. The business is also experiencing an increase in demand for its software from the UK market, as organisations continue to seek ways of improving the return on their resources.
Following the roll-out of an updated version of the core Hydra technology in the first half, we anticipate releasing a new reporting solution in the second half of 2009.
Financial overview
Revenue increased 9% to £1,528,439 (H1 2008: £1,406,370).
Revenue from the clinical business was £1,237,569 or 81% of the Group revenues. Revenue from the Clinical business when compared to the prior year has increased 28% (H1 2008: £965,771). Revenue from the Hydra business for the period was £290,870 (H1 2008: £440,599).
Recurring maintenance revenues accounted for 58% (H1 2008: 50%) of our total revenues and increased 27% to £884,969 (H1 2008: £697,274).
The Group's cost base decreased to £1,762,795 (H1 2008: £1,817,161), principally due to the overhead reductions undertaken in October 2008.
Operations generated a loss of £234,356 (H1 2008: £410,791). The majority of the loss from operations was generated by the Clinical business.
During the period under review we undertook a project to review previous years R&D tax credit claims. This has resulted in amending our 2006 and 2007 R&D claims. During the period we are reporting a total tax credit of £394,183. £201,213 of this amount was from R&D undertaken in 2008 and £192,970 related to the amended claims for 2006 and 2007.
The Group is reporting an overall profit after tax of £154,550 for the period (H1 2008: loss of £419,683). Earnings per share for the period were 0.1p (H1 2008: loss of 0.4p per share).
The Group maintains two debt facilities which in total provide funding for working capital of £950,000, of which the £682,467 was drawn at 30 June 2009. In the twelve month period to 30 June 2009 the amount borrowed under the above facilities increased £317,271 of which only £9,712 of this amount was drawn in the six month period to 30 June 2009.
Outlook
Our results for the first half are a further indication that the Clinical business has a solid platform for growth. This has been built on the back of the completion of clinicalvision V, and the new sales generated with our Canadian Partner. Our sales and marketing activities are aimed at exploiting the opportunities now available to us as a result of the release of this product offering.
Against this, we are confident that the upward trend in revenue growth will continue and there are a number of near opportunities that we expect to move to firm contracts thus consolidating this revenue growth into 2010.
Howard Kitchner
Chairman
7 September 2009
Unaudited condensed consolidated income statement
Six months ended 30 June 2009
Audited
Six months Six months year
ended ended ended
30 June 2009 30 June 2008 31 December 2008
£ £ £
Continuing operations
Revenue (Note 3) 1,528,439 1,406,370 2,825,032
Cost of sales (366,532) (440,304) (834,691)
-------------- -------------- -----------------
Gross profit 1,161,907 966,066 1,990,341
Distribution costs (141,004) (185,614) (328,705)
Administrative expenses
Research & development (758,012) (668,410) (1,444,404)
Other (497,247) (522,833) (1,029,576)
Total administrative expenses (1,255,259) (1,191,243) (2,473,980)
-------------- ------------- -----------------
Loss from operations (234,356) (410,791) (812,344)
Finance income 1,327 4,214 66,489
Finance expense (6,604) (13,106) (27,531)
-------------- ------------ -----------------
Loss before tax (239,633) (419,683) (773,386)
Income tax credit (Note 4) 394,183 - 41,909
-------------- ------------ -----------------
Profit/ (loss) for the period
attributable to equity holders 154,550 (419,683) (731,477)
of the company
-------------- ------------ ----------------
Basic earnings/(loss) per 0.1p (0.4p) (0.7p)
share -------------- ------------ ----------------
(Note 5)
Diluted earnings/(loss) per 0.1p (0.4p) (0.7p)
share (Note 5) -------------- ------------ ----------------
The notes form part of this condensed financial information.
Unaudited condensed consolidated statement of comprehensive income
Six months ended 30 June 2009
Audited
Six months Six months Year
ended ended Ended
30 June 2009 30 June 2008 31 December 2008
£ £ £
Profit/(loss) for the period 154,550 (419,683) (731,477)
Exchange differences on
translation of foreign 19,621 (79) (130,699)
operations
------------- ------------- ----------------
Total comprehensive income for 174,171 (419,762) (862,176)
the period
------------- ------------- ----------------
The notes form part of this condensed financial information.
Unaudited condensed consolidated balance sheet
30 June 2009
Audited
30 June 30 June 31 December
2009 2008 2008
£ £ £
Non-current assets
Intangible assets 365,960 291,209 413,466
Goodwill 157,658 864,391 157,658
Property, plant and equipment 94,861 151,546 125,988
--------------- --------------- ------------
618,479 1,307,146 697,112
Current assets
Trade and other receivables 722,002 643,723 437,149
Cash and cash equivalents 260,794 242,723 299,188
--------------- --------------- ------------
982,796 886,446 736,177
--------------- --------------- ------------
Total assets 1,601,275 2,193,592 1,433,449
--------------- --------------- ------------
Current liabilities
Trade and other payables (1,239,456) (1,371,520) (1,268,619)
Bank loans (682,467) (365,196) (672,755)
--------------- --------------- -------------
(1,921,923) (1,736,716) (1,941,374)
--------------- --------------- ---------------
Long term liabilities - - (624,531) -
provisions
--------------- --------------- ---------------
Net liabilities (320,648) (167,655) (507,925)
--------------- --------------- -------------
Equity
Share capital 2,433,251 2,433,251 2,433,251
Share premium account 7,750,957 7,661,920 7,750,957
Share option reserve 110,694 84,481 97,588
Translation reserve 47,765 158,764 28,144
Retained earnings (10,663,315) (10,506,071) (10,817,865)
--------------- --------------- ---------------
Shareholders' funds - deficit
(Note 6) (320,648) (167,655) (507,925)
-------------- -------------- ------------
The notes form part of this condensed financial information
Unaudited condensed consolidated statement of cash flows
Six months ended 30 June 2009
Audited
Six months Six months year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£ £ £
Net cash used in operating (36,669) (393,052) (742,523)
activities (Note 7)
Investing activities
Interest received 1,327 4,214 66,489
Acquisition of Hydra - (56,750) (56,750)
Expenditure on product - (100,908) (171,541)
development
Proceeds from sale of fixed - 566 606
assets
Purchases of property, plant (4,042) (28,389) (38,353)
and equipment
--------------- --------------- --------------
Net cash used in investing (2,715) (181,267) (199,549)
activities
--------------- --------------- --------------
Financing activities
VAT recovery from equity - - 89,037
issues
Proceeds from equity issue - 545,000 545,000
Costs of equity issue - (34,813) (34,813)
Increase in bank loan 9,712 143,516 451,075
--------------- --------------- ---------------
Net cash from financing 9,712 653,703 1,050,299
activities
--------------- --------------- ---------------
Net (decrease)/increase in
cash and cash equivalents
(29,672) 79,384 108,227
Cash and cash equivalents at
beginning of period 299,188 164,365 164,365
Effect of foreign exchange (8,722) (1,026) 26,596
rate changes
--------------- --------------- ----------------
Cash and cash equivalents at 260,794 242,723 299,188
end of period
--------------- --------------- ---------------
The notes form part of this condensed financial information.
NOTES:
1. Basis of preparation
The accounting policies applied in the un-audited condensed interim financial statements have been prepared in conformity with recognition and measurement principles required by International Financial Reporting Standards ("IFRS") in issue and as adopted by the European Union and are effective or are expected to be adopted and effective at 31 December 2009. The un-audited financial statements have been, prepared using accounting policies consistent in all material respects with those applied in the Group's Annual Report for the year ended 31 December 2008 and consistent with those that will be applied during the year ended 31 December 2009. The financial information provided herein should be read in connection with the Group's audited Consolidated Financial Statements and the notes thereto for the year ended 31 December 2008.
The Group continues to be loss making and cash negative at the operational level. The directors continue to monitor management's forecasts for revenues, costs and working capital needs on a regular basis. Although these projections show improving trading conditions, inherently there can be no certainty that these forecasts will be achieved. Following a review of the above noted forecasts and taking into account available borrowing facilities, the directors have formed a judgement, at the time of approving this interim announcement, that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
This interim report does not constitute statutory accounts of the group within the meaning of section 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2008, have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
2. Business and geographic segments
Unaudited six months Unaudited six months Audited
year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£ £ £
Revenue by segment
Clinical business UK 342,668 333,254 568,508
Clinical business 861,713 616,839 1,351,826
USA
Clinical business 33,188 15,678 31,409
Australia
Hydra business 290,870 440,599 873,289
--------------- --------------- ----------------
1,528,439 1,406,370 2,825,032
--------------- ---------------- ----------------
3. Revenue
Unaudited six months Unaudited six months Audited
year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£ £ £
Revenue by type
Software licences 466,872 445,313 825,155
Maintenance 884,969 697,274 1,515,615
Services and other 176,598 263,783 484,262
revenue
------------- ------------- --------------
Revenue 1,528,439 1,406,370 2,825,032
------------- ------------- --------------
4. Tax
The tax credits of £394,183 for the half year ended 30 June 2009 includes credits for R&D undertaken in 2006 and 2007 of £192,970 and tax credits for R&D undertaken in 2008 of £201,213. The Group accounts for research and development tax credits when there is sufficient certainty over receipt of the amounts involved, which is generally, when the claim has been filed with the applicable tax authority. The Group has one further claim for 2008 that it has yet to file and is anticipating that this claim will be settled and accounted for in the second half of 2009.
5. Earnings per share
The calculation of the basic and diluted loss per share is based on the following data:
Unaudited six months Unaudited six months Audited
year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£ £ £
Profit/(loss) for
the purposes of 154,550 (419,683) (731,477)
basic and diluted
loss
--------------- --------------- -----------------
Number Number Number
Weighted average
number of ordinary
shares used in basic
earnings per share 110,883,694 105,996,661 108,446,872
calculation
Dilutive share 467,831 - -
options
--------------- --------------- ----------------
Weighted average
number of shares 111,351,525 105,996,661 108,446,872
used in diluted
earnings per share
calculation
--------------- --------------- ----------------
6. Unaudited Statement of changes in equity
Share
Share Share option Translation Retained
capital premium reserve reserve losses Total
£ £ £ £ £ £
At 31 December 2007 2,258,851 7,326,133 71,375 158,843 (10,086,388) (271,186)
Issue of equity shares 174,400 370,600 - - - 545,000
Share options - - 26,213 - - 26,213
Translation of foreign
operations - - - (130,699) - (130,699)
Expenses from issue of equity
shares - (34,813) - - - (34,813)
Recovery of VAT - 89,037 - - - 89,037
Loss for the year - - - - (731,477) (731,477)
------------- ------------ ----------- ----------- -------------- ---------------
At 31 December 2008 2,433,251 7,750,957 97,588 28,144 (10,817,865) (507,925)
------------- ------------ ---------- ----------- -------------- ---------------
Share options - - 13,106 - - 13,106
Translation of foreign
operations - - - 19,621 - 19,621
Profit for the period - - - - 154,550 154,550
------------- ------------ ----------- ----------- -------------- ---------------
At 30 June 2009 2,433,251 7,750,957 110,694 47,765 (10,663,315) (320,648)
------------- ------------ ---------- ----------- -------------- ---------------
Share
Share Share option Translation Retained
capital premium reserve reserve losses Total
£ £ £ £ £ £
At 31 December 2007 2,258,851 7,326,133 71,375 158,843 (10,086,388) (271,186)
Issue of equity shares 174,400 335,787 - - - 510,187
Share options - - 13,106 - - 13,106
Translation of foreign
operations - - - (79) - (79)
Loss for the period - - - - (419,683) (419,683)
------------- ------------ ----------- ----------- -------------- ---------------
At 30 June 2008 2,433,251 7,661,920 84,481 158,764 (10,506,071) (167,655)
------------- ------------ ---------- ----------- -------------- ---------------
7. Reconciliation of operating loss to operating cash flows
Unaudited six months Unaudited six months Audited
year
ended Ended ended
30 June 30 June 31 December
2009 2008 2008
£ £ £
Loss from operations (234,356) (410,791) (812,344)
Adjustments for:
Depreciation of property, 28,338 37,552 58,780
plant and equipment
Share option charge 13,106 13,106 16,180
Amortisation of capitalised 47,507 7,804 26,213
R&D
-------------- ---------------- ----------------
Operating cash flows before
movements in working capital (145,405) (352,329) (711,171)
Increase in receivables (62,405) (279,886) (42,408)
(Decrease) / increase in (15,225) 252,269 (3,322)
payables
-------------- ---------------- -----------------
Cash used by operations (223,035) (379,946) (756,901)
Taxes received 192,970 - 41,909
Interest paid (6,604) (13,106) (27,531)
--------------- ---------------- -----------------
Net cash outflow from (36,669) (393,052) (742,523)
operating activities --------------- ---------------- -----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAXNLEFLNEFE
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| 22-07-09 | RNS |
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RNS Number : 1004W Clinical Computing PLC 22 July 2009 Clinical Computing plc Result of AGM Clinical Computing plc, the international developer of clinical information systems and programme and resource management software, announces that at its AGM held this afternoon, all resolutions were passed.
Contacts:
James Caithie / Simon Sacerdoti This information is provided by RNS The company news service from the London Stock Exchange END
RAGUUAURKSRBUAR More |
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oh
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Dilution of holdings ….
Clinical Computing Plc (the 'Company'), the international developer of clinical information systems for the healthcare market, is pleased to announce an equity fundraising of £102,375 by placing 1,575,000 new ordinary 5p shares in the Company at 6.5 pence per share representing 4.99% of the ordinary shares in issue. The issue of equity is within the Company's existing authorities to issue up to 5 per cent of its existing issued share capital on a non pre-emptive basis granted at the AGM held on 8 June 2005. More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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about a month ago i think. It was listed in one of the finacial gossip columns
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| 05-05-06 | ||||
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Was that today or is that an old rumour, have heard something similiar.
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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