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| Date/Time | Headline | Source |
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| 09-03-10 | RNS |
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RNS Number : 2552I Ipso Ventures PLC 09 March 2010
AXILICA WINS SUBSTANTIAL GRANT IPSO Ventures plc ("IPSO"), the creator of commercial value from technology, is pleased to announce that its investee company, Axilica Limited ("Axilica" or the "Company"), has been awarded a EUR495,000 grant (the "Grant") by the ENOSYS project. The ENOSYS project, which commenced in February 2010, forms part of the European Commission's 7th Framework Programme for Research and Development. Its aim is to shorten time to market and to reduce design costs in the development of new electronic products. The Grant to Axilica will be paid over a three year period and the Company has already received an initial payment of EUR233,000. This will be used to enhance Axilica's FalconML product and to provide the core synthesis technology that forms part of the ENOSYS design flow. Axilica is one of only six partners invited to join the ENOSYS project. Other partners include the major commercial telecommunications, defence and multimedia businesses Thales Communications and Intracom Telecom who are entering into FalconML licenses. Simon Hunt, Executive Chairman of IPSO, said: "Axilica's invitation to join the ENOSYS project reflects the value that these major commercial operators attribute to FalconML and the Company's capabilities. Participation in the project will significantly increase FalconML's commercial reach into new market segments and expedite the Company's access to major European customers." Suresh Radia, Chief Executive of Axilica, added: "We are delighted to be working with such major partners to develop a state of the art environment for hardware/software co-design. The ENOSYS integrated tool chain addresses key challenges in the development of complex silicon processing platforms and Axilica is delighted to have been selected to provide the core synthesis engine for the project." Further information, please contact:
NOTES About Axilica Axilica Limited was created by IPSO Ventures in September 2007. The Company is focused on the development of leading-edge behavioural synthesis solutions for the deployment of complex embedded systems. The Company's product, FalconML, enables the use of industry-standard SysML and UML modeling tools for the implementation of complex hardware devices, such as FPGAs and ASICs, within advanced embedded systems. FalconML synthesises UML models providing options for hardware-software co-design; for the generation of SystemC descriptions for fast system simulation; and for the generation of an RTL description in VHDL or Verilog for subsequent synthesis to a gate-level description. For further information, visit the website: www.axilica.com. About the ENOSYS project and FP7 The ENOSYS project aims to shorten time to market and to reduce design costs in the development of new electronic products. This is of prime importance to European companies seeking to increase their share of the competitive consumer electronics market, where the flexibility to move quickly to add distinguishing features, such as faster operation, lower power consumption or miniaturization, is paramount. The ENOSYS project is part of FP7. FP7 is the current European Commission research programme which seeks to strengthen the scientific and technological base of European industry and to encourage its international competitiveness, while promoting research that supports EU policies. For further information, visit the website: www.enosys-project.eu. This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-02-10 | RNS |
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RNS Number : 0834H Ipso Ventures PLC 15 February 2010
POLYFECT ENTERS DUE DILIGENCE AGREEMENT IPSO Ventures plc ("IPSO"), the creator of commercial value from technology, is pleased to announce thatits investee company, Polyfect Solutions Limited ("Polyfect"), has entered into a technical due diligence agreement (the "Agreement") with a major US surface coatings company (the "US company"). In return for an upfront payment of EUR45,000, the Agreement grants the US company an exclusive right, for three months, to evaluate certain commercial applications for Polyfect's technology and an option to enter into an exclusive licence for those applications, subject to mutual agreement. Under the Agreement, the US company will evaluate the effectiveness of Polyfect's technology in the production of lower cost and better performing polymer emulsion coatings. Polyfect has made rapid progress over the past 12 months: · Successfully scaling up its innovative technology, to enable its operation as a simple commercial process;
· Developing significant additional intellectual property. Polyfect's Technology The Polyfect process enables savings and quality improvements to plastics through the highly efficient incorporation of functional fillers. Functional fillers are the materials which are used to change the properties of a plastic, such as making it non-static; creating gas barriers or changing its pigmentation. Conventional processes for incorporating functional fillers in plastics often achieve far from optimal results with a significant proportion of the functional material being poorly dispersed. This necessitates the use of larger quantities of filler to achieve the desired properties of the plastic. The fillers are typically more expensive than the virgin plastic and can also degrade its mechanical properties. Polyfect's technology allows significantly less filler to be used, resulting in both cost savings and quality improvements as well as having a positive environmental benefit. Polyfect's technology has the potential to enable the mass production of: · Cheaper plastics using smaller quantities of expensive functional fillers; · Plastics with improved mechanical properties; and · Novel plastic materials with highly attractive properties. Polyfect will grant licences for various applications of its technology to several operators in the plastics' supply chain for integration into their existing processes. The capital expenditure and running costs of using this technology are low, whilst the potential material cost savings are often high, making it profitable for licensees with a short payback time. Ian Balchin, CEO of Polyfect, said: "Our technology has significant potential in a broad range of plastics applications. The US company is carrying out a very comprehensive evaluation of the use of the Polyfect process across their product range. We are engaging with a number of other multi-national corporations for different applications, who also recognise the potential of the process and wish to be amongst the first to realise its benefits." Simon Hunt, Chairman of IPSO and Polyfect, said: "We are very pleased to have attracted the interest of a major US operator in the emulsions coatings sector. It is a strong endorsement of Polyfect's technology and we look forward to progressing this interest to a satisfactory commercial outcome." Further information, please contact:
Polyfect Solutions Limited
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-01-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3142G
Ipso Ventures PLC
29 January 2010
INTERIM MANAGEMENT REPORT 2009
Ipso Ventures plc (AIM: IPS) ("IPSO", the "Company" or the "Group"), the demand led technology commercialisation business, is pleased to announce its unaudited interim results for the six months to 31 October 2009.
Key points:
· Value added to the investment portfolio
- Created the UK*s first commercial photovoltaic testing
business, our first investment in the renewables sector,
and generated immediate customer revenue
- First license revenues for Axilica with the prospect of
non-dilutive funding from a major European project
initiative in Q1 2010
- Medermica*s novel pH sensor device developed on plan and
now ready for licensing
- Polyfect*s technology has attracted the interest of
international manufacturers with the imminent prospect of a
product commercialisation relationship
Despite the economic climate all our investments are progressing well.
· Financing
- Business costs structure successfully adjusted by
management team
- First batch of investments approaching cash
generative exits
- Seeking further equity funding to provide additional
working capital as well as to make further
investments prior to securing the first exit
· Value added to the business model
- Industrial partner relationships developed and
strengthened to promote our market pull investment
strategy, as opposed to the more usual technology
push, approach
- Discussions with major corporates for new
partnerships to exploit their ideas and technology
- Establishment of new complementary revenue sources
in human capital and university advisory work.
These revenue sources have begun generating cash
and reducing overheads
Simon Hunt, Chairman of IPSO, said: "2010 is a big year for IPSO: We now have a well developed commercialisation process and have the realistic prospect of becoming a self-sustainable business. This will be an unusual achievement in new technology investment.
We believe that a successful exit from one of our investment businesses will be achieved during 2010, which would validate our value creation strategy."
Further information, please contact:
IPSO Ventures plc Tel: 020 7921 2990
Simon Hunt, Executive Chairman simon@ipsoventures.com
Nick Rodgers, Chief Executive nick@ipsoventures.com
Officer www.ipsoventures.com
Ambrian Partners Limited Tel: 020 7634 4712
Samantha Harrison samantha.harrison@ambrian.com
Old Park Lane Capital plc Tel: 020 7493 8188
Michael Parnes mp@oldplc.com
Rawlings Financial PR Limited Tel: 01653 618 016
Catriona Valentine catriona@rawlingsfinancial.co.uk
www.rawlingsfinancial.co.uk
Company description:
IPSO creates commercial value from technology and its business model is entirely demand driven. It works closely with its industrial collaborators to identify the demand for new, innovative technologies and then, through its strong relationships with research institutions, sources technologies which could meet those needs. Much of this technology requires considerable further work by IPSO before it can be sold to industry as a developed product. IPSO creates businesses and provides expertise, strategic direction, human and seed capital, as well as corporate finance advice.
For industrial collaborators, IPSO provides a mechanism to identify and develop technologies which could be of significant value to their businesses, and removes the risk to them of acquiring raw, unproven and undeveloped technology.
For research institutions, IPSO provides greater certainty that their technology will find commercial success.
INTERIM MANAGEMENT REPORT
Overview
Over the last six months we have added more value to our portfolio both by creating another new entity and by developing the existing businesses further towards exit. Our accounting policies on valuation do not give us scope to adequately reflect this growth in the statement of financial position at the moment, but we hope it will do in the near future.
We now have a well developed commercialisation process and, as previously indicated, are currently seeking equity funding for the Company to provide additional working capital and investment funds.
The Company is generating revenue from a number of sources, which are complementary to our core activities and helps us defray our overhead cost. We expect these revenues to increase over the remainder of the financial year and, in time, to represent a steady and meaningful contribution to the business.
Whilst we did not generate capital through an exit during 2009 due to it taking longer than expected to bring the relevant portfolio business to maturity, the directors believe that an exit will be achieved during 2010.
Financial review
Overview
Net loss for the six months was £575,000 after interest on bank deposits of £8,000. The net loss included £68,000 of costs relating to research undertaken by our subsidiary, Medermica Limited.
Revenue
Revenue was increased significantly during the period through complementary revenue generating initiatives, involving university development programmes, headhunting and corporate finance activities. We expect revenue to continue growing throughout the remainder of this financial year.
Investment activities
The Company made further investments totalling £202,000 in the period. These were spread across our core sectors of activity - Energy & Environmental, Healthcare and Process & Software. Of this, £177,000 was invested in two companies which are shown as subsidiaries on consolidation and, therefore, are excluded from the investments total shown in the condensed consolidated statement of financial position.
Financing
As indicated in the Company' Annual Report 2009, our intention has been to seek additional funding for the business which will allow us to create a financially self-sustaining entity over the medium term.
Our first batch of investments is now approaching exits which will generate cash for IPSO. We are currently seeking equity funding to provide further working capital as well as to make further investments prior to securing the first exit. We have also taken action to reduce the overhead costs so as to give us a realistic time period to achieve that exit.
Cash and short term investments at 29 January 2010 totalled £277,000. The directors believe that, based upon the current cash burn rate and in the absence of a successful exit, this will provide sufficient working capital for the Group's requirements for approximately six months of operation.
Operating costs
Operating costs during the period were broadly maintained at £550,000 (2008: £500,000). The recent cost reductions will reduce the operating costs in the second half of this financial year. The Group continues to control its costs, reducing them where possible.
Cash
At 31 October 2009, cash and short*term investments totalled £555,000.
Portfolio analysis by sector
Our portfolio companies are making pleasing progress. We have provided a variety of support for all the businesses including financial administration, business development advice, recruiting management and staff, hands on management support and funding. Each business is already creating products.
As at 31 October 2009 As at 30 April 2009
Fair value Number Fair value Number
Sector £ % No % £ % No %
Energy & environmental 42,368 2 1 14 - - - -
Healthcare 1,337,962 62 3 44 1,202,962 61 3 50
New materials 254,190 12 1 14 254,190 13 1 17
Process & software 531,309 24 2 28 506,309 26 2 33
2,165,829 100 7 100 1,963,461 100 6 100
Energy & environmental
IPSol Energy Limited, our latest investment, was created to provide business and technical solutions to the solar photovoltaic ("PV") market with an initial focus on testing services. It is the UK's first commercial PV module testing business and provides manufacturers and installers of solar PV modules with third party validation of their products. We have recruited an experienced CEO and the first customer has already tested products through the company. First revenue was achieved within a month of the business being established.
Healthcare
Cambridge Meditech Limited has had discussions with a US based supplier of wound and skin care products, which could lead to a commercial licence in due course.
Medermica Limited received a final investment of £135,000 bringing our total investment in Medermica to £811,000. An agreement was signed in October 2009 to develop the pH measurement technology that had been patented in May 2009 by Medermica. This is expected to lead to licence discussions with commercial partners for the technology in the next 12 months.
Therakind Limited, our paediatric healthcare business, reported that its first product had secured regulatory approval for its paediatric investigational plan and commenced clinical trials, which will lead to marketing approval in due course. The first product is currently available to UK clinicians. A second product is progressing and additional products have been identified for future work.
New materials
Polyfect Solutions Limited is engaged in discussions with international manufacturers who are potential customers for its technology. We expect the first relationship with regard to one particular application will be formalised through an agreement in the near future.
Process & software
Axilica Limited has continued further refinement of its behavioural synthesis tool software and secured its first licence agreement with a significant defence business in September 2009. The East Midlands Early Growth Fund and IPSO have each invested £25,000 during the period. The business now has the prospect of securing non-dilutive funding through participation in a European funded software project.
WildKnowledge (the trading name for WildKey Limited) is making steady progress towards profitability and has developed its platform further.
Demand relationships
We made considerable effort to strengthen and develop further our relationships with major industrial and commercial companies at senior levels. These interactions allow IPSO to identify demand for new products and solutions and to build businesses developing technologies which meet that demand. Our objective is to develop those entities to a stage where the technologies are proven and can be sold, licensed or otherwise exited to release value for shareholders. For our industrial and commercial collaborators, we provide a mechanism to identify and develop technologies which could have a significant value to both parties.
Outlook and risks
The principal risk faced by IPSO relates to our ability to sell the businesses we have created. For that reason, we take the greatest care to identify demand for our products and have a structured development plan before any entity is established. However, any delays in exits will reduce the cash available for working capital and investment.
The Company now has a well developed commercialisation process to allow IPSO to become a self-sustaining business. Following our assessment of the timing of a business exit in 2010 we have taken action to reduce our overhead costs to give us a realistic time to achieve that exit.
Our demand relationships are generating a strong pipeline of opportunities for potential new businesses and analysis of the performance of each of our investments indicates that, despite the economic climate, all are performing well.
Related party transaction
On 19 October 2009, IPSO announced that its subsidiary company, Medermica, had signed an agreement to develop its pH measuring device technology with Dr Peter Knox, a non-executive director of IPSO, and DSPI Limited, a company controlled by Dr Knox (together "the Developers"). Under the agreement, the Developers will provide to Medermica, at their own cost and risk, the expertise, equipment and materials to develop the consumable and electronic components of the pH measuring device and to create a number of robust prototype devices which are capable of being demonstrated to potential licensing partners.
The Developers will, as compensation, receive a royalty based upon a percentage of the revenue Medermica receives from the pH measuring device during the first ten years following successful commercialisation. The royalty will be 30% of the first £1 million of revenue; 7.5% of all revenues between £1 million and £5 million; and 2.5% of all revenues over £5 million until expiry of the royalty term.
Post balance sheet events
On 6 November 2009, IPSO announced the granting of options over 970,590 shares in IPSO in recognition of Simon Haworth becoming a full-time employee of IPSO and his commitment to establishing a head hunting and human capital revenue stream within the Company.
Long term strategy
The Board's long term strategy is to create a self-sustaining business, with the capacity to pay dividends and create capital growth for shareholders.
Simon Hunt
Executive Chairman
29 January 2010
Nick Rodgers
Chief Executive
29 January 2010
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 October 2009
Note Unaudited Unaudited Audited
six months six months year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Revenue 35,168 3,486 27,374
Change in fair value of - - 262,663
investments
Administrative expenses (550,129) (501,149) (942,149)
Research and development (67,500) (139,000) (206,500)
expenses
Operating loss (582,461) (636,663) (858,612)
Finance income - interest 7,606 60,080 85,516
receivable
Loss before tax (574,855) (576,583) (773,096)
Tax 246 536 5,405
Loss and total comprehensive (574,609) (576,047) (767,691)
income for the period
attributable to equity holders
of the parent
Loss per share
Basic and diluted 4 (4.5)p (4.6)p (6.1)p
All results derive from continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 October 2009
Attributable to equity holders of the Group
Shareoptionreserve£ Total£
Sharecapital£ Ownshares£ Sharepremium£ Otherreserve£ Retainedlosses£ Minorityinterest£ Totalequity£
At 1 May 2008 (audited) 627,882 (40,000) 4,979,046 47,886 (175,292) (2,104,674) 3,334,848 - 3,334,848
Consolidated loss for the - - - - - (576,047) (576,047) - (576,047)
period
Employee share option charge - - - 7,370 - - 7,370 - 7,370
At 31 October 2008 (unaudited) 627,882 (40,000) 4,979,046 55,256 (175,292) (2,680,721) 2,766,171 - 2,766,171
Issue of share capital 8,461 - 101,539 - - - 110,000 - 110,000
Own shares held by Employee - (60,000) - - - - (60,000) - (60,000)
Benefit Trust
Consolidated loss for the - - - - - (191,644) (191,644) - (191,644)
period
Dilution of investment in - - - - - - - 332 332
subsidiary
Employee share option charge - - - 17,689 - - 17,689 - 17,689
At 30 April 2009 (audited) 636,343 (100,000) 5,080,585 72,945 (175,292) (2,872,365) 2,642,216 332 2,642,548
Consolidated loss for the - - - - - (574,609) (574,609) - (574,609)
period
Employee share option charge - - - 17,082 - - 17,082 - 17,082
At 31 October 2009 (unaudited) 636,343 (100,000) 5,080,585 90,027 (175,292) (3,446,974) 2,084,689 332 2,085,021
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 October 2009
Note Unaudited Unaudited Audited
31 October 31 October 30 April
2009 2008 2009
£ £ £
ASSETS
Non-current assets
Intangible assets 105,374 - 88,481
Property, plant and equipment 5 7,825 6,103 9,410
Investments 6 1,478,124 1,215,514 1,453,124
Deferred tax assets - 452 -
Total non-current assets 1,591,323 1,222,069 1,551,015
Current assets
Other receivables 7 111,848 97,555 78,567
Cash and cash equivalents 8 554,903 1,512,769 1,172,530
Total current assets 666,751 1,610,324 1,251,097
Total assets 2,258,074 2,832,393 2,802,112
EQUITY AND LIABILITIES
Share capital 636,343 627,882 636,343
Share premium 5,080,585 4,979,046 5,080,585
Own shares (100,000) (40,000) (100,000)
Share option reserves 90,027 55,256 72,945
Other reserve (175,292) (175,292) (175,292)
Retained losses (3,446,974) (2,680,721) (2,872,365)
Equity attributable to equity 2,084,689 2,766,171 2,642,216
holders of the parent
Minority interest 332 - 332
Total equity 2,085,021 2,766,171 2,642,548
Current liabilities
Trade and other payables 9 172,648 66,222 158,913
Non-current liabilities
Deferred tax liabilities 405 - 651
Total liabilities 173,053 66,222 159,564
Total equity and liabilities 2,258,074 2,832,393 2,802,112
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2010. They were signed on its behalf by
Simon Hunt
Director
29 January 2010
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 October 2009
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Operating activities
Loss for the period (574,609) (576,047) (767,691)
Adjusted for:
Fair value movements in - - (262,663)
investments
Depreciation of property, 2,715 3,018 6,575
plant and equipment
Amortisation of intangible 4,107 - -
assets
Income tax credit (246) (536) -
Share-based payment expense 17,082 7,370 25,059
Operating cash flows before (550,951) (566,195) (998,720)
movements in working capital
(Increase)/decrease in (33,281) 40,430 59,417
receivables
Increase/(decrease) in 13,735 (104,118) (10,860)
payables
Net cash used in operating (570,497) (629,883) (950,163)
activities
Investing activities
Purchases of intangible assets (21,000) - -
Purchases of property, plant (1,130) - (6,864)
and equipment
Acquisition of subsidiary net - - (38,481)
of cash acquired
Payments to acquire (25,000) (534,488) (509,434)
investments
Net cash used in investing (47,130) (534,488) (554,779)
activities
Financing activities
Proceeds on issue of shares - - 332
Cost of share issue - - -
Net cash from financing - - 332
activities
Net decrease in cash and cash (617,627) (1,164,371) (1,504,610)
equivalents
Cash and cash equivalents at 1,172,530 2,677,140 2,677,140
beginning of period
Cash and cash equivalents at 554,903 1,512,769 1,172,530
end of period
NOTES TO THE CONSOLIDATED SET OF FINANCIAL STATEMENTS
for the six months ended 31 October 2009
1. General information
The financial information for the six months ended 31 October 2009 is unaudited and has been prepared in accordance with the accounting policies set out in the Group's Annual Report for the year ended 30 April 2009. The financial information for the six months ended 31 October 2008 is also unaudited and the results have not been reviewed by the Group's auditors. The financial information relating to the year ended 30 April 2009 has been extracted from the full report for that year. The report of the auditors on the 2009 accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or (3) Companies Act 2006. The statutory accounts for the year ended 30 April 2009 were approved at the Group's Annual General Meeting on 10 September 2009 and have been delivered to the Registrar of Companies.
2. Accounting policies
The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the EU. The condensed set of financial statements included in this Interim Report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the EU.
Basis of preparation
The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual financial statements.
IFRS 8 - Operating Segments
The Group's reportable segments as reported under IAS 14 have remained unchanged following the adoption of this standard. There has been no effect on the reported results or previous financial position of the Group.
IAS 1 (revised 2007) - Presentation of Financial Statements
The revised standard has introduced a number of terminology changes (including revised titles for the condensed financial statements) and has resulted in a number of changes in presentation and disclosure. There has been no effect on the reported results or previous financial position of the Group.
3. Operating segments
The Group is currently divided in two segments, (i) the creation of demand-driven commercial value from intellectual property and (ii) the activities of investee companies controlled by the Group and accounted for as subsidiary companies. The results of these segments, all operations of which are based in the UK, were as follows:
Business creation
and investment Consolidated
activities portfolio companies
Consolidated
6 months to 31 October 2009 £ £ £
(unaudited)
Income statement
Other operating revenue 35,168 - 35,168
Change in fair value of - - -
investments
Administrative expenses (478,675) (71,454) (550,129)
Research and development - (67,500) (67,500)
expenses
Operating loss (443,507) (138,954) (582,461)
Finance income - interest 7,606 - 7,606
receivable
Loss before tax (435,901) (138,954) (574,855)
Tax 246 - 246
Loss for the period and total (435,655) (138,954) (574,609)
comprehensive income for the
period
Business creation
and investment Consolidated
activities portfolio companies
Consolidated
6 months to 31 October 2008 £ £ £
(unaudited)
Income statement
Other operating revenue 3,486 - 3,486
Administrative expenses (472,121) (29,028) (501,149)
Research and development - (139,000) (139,000)
expenses
Operating loss (468,635) (168,028) (636,663)
Finance income - interest 60,010 70 60,080
receivable
Loss before taxation (408,625) (167,958) (576,583)
Tax 536 - 536
Loss for the period and total (408,089) (167,958) (576,047)
comprehensive income for the
period
Business creation
and investment Consolidated
activities portfolio companies
Consolidated
Year to 30 April 2009 £ £ £
(audited)
Income statement
Other operating revenue 27,374 - 27,374
Change in fair value of 262,663 - 262,663
investments
Administrative expenses (879,769) (62,380) (942,149)
Research and development - (206,500) (206,500)
expenses
Operating loss (589,732) (268,880) (858,612)
Finance income - interest 85,409 107 85,516
receivable
Loss before taxation (504,323) (268,773) (773,096)
Tax (567) 5,972 5,405
Loss for the year and total (504,890) (262,801) (767,691)
comprehensive income for the
year
4. Loss per share
The basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares of 12,726,855 outstanding during the six months ended 31 October 2009 (31 October 2008: 12,557,624).
There were no dividends for the six months ended 31 October 2009 or the six months ended 31 October 2008.
There were no potentially dilutive share options over ordinary shares in the Group outstanding at the period end and therefore the dilutive earnings per share are equal to the basic earnings per share.
5. Property, plant and equipment
Fixtures Total
and Computer
fittings equipment
£ £ £
Cost
At 1 May 2009 4,855 20,695 25,550
Additions - 1,130 1,130
At 31 October 2009 4,855 21,825 26,680
Accumulated depreciation and impairment
At 1 May 2009 (753) (15,387) (16,140)
Charge for the period (485) (2,230) (2,715)
At 31 October 2009 (1,238) (17,617) (18,855)
Net book value
At 31 October 2009 3,617 4,208 7,825
At 31 October 2008 992 5,111 6,103
At 30 April 2009 4,102 5,308 9,410
6. Investments
The Group held the following investments in unquoted companies:
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Available-for-sale investments
(fair value)
At the beginning of the period 1,453,124 681,027 681,027
Investments during the period 25,000 534,487 534,258
Change in fair value in the - - 262,663
period
Reclassifications in the - - (24,824)
period
At the end of the period 1,478,124 1,215,514 1,453,124
All of the available-for-sale investments, held at fair value through profit and loss, were designated as such upon initial recognition.
7. Other receivables
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Amounts due from investee 5,000 3,908 13,186
companies
Corporation tax receivable 12,324 8,400 12,324
Other receivables 65,969 69,667 27,206
Prepayments and accrued income 28,555 15,580 25,851
111,848 97,555 78,567
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
8. Cash and cash equivalents
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Cash and cash equivalents 47,081 312,768 270,243
Short-term deposits 507,822 1,200,000 902,287
554,903 1,512,769 1,172,530
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value.
9. Trade and other payables
Unaudited Unaudited Audited
six months six months Year
ended ended ended
31 October 31 October 30 April
2009 2008 2009
£ £ £
Trade creditors 112,626 10,213 105,327
Other creditors 295 3,476 200
Accruals and deferred income 59,727 52,533 53,386
172,648 66,222 158,913
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider that the carrying amount of trade payables approximates to their fair value.
Responsibility statement
The Directors confirm to the best of their knowledge that:
(a) the financial information in the condensed set of financial statements
has been prepared in accordance with IAS 34 as adopted by the EU; and
(b) the interim management report includes a fair review of the information
required by the FSA's Disclosure and Transparency Rules (4.2.7 R and
4.2.8 R).
By order of the Board
Simon Hunt Nick Rodgers
Chairman Chief Executive
29 January 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 14-01-10 | RNS |
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RNS Number : 5250F Ipso Ventures PLC 14 January 2010 IPSol Energy first customer revenues IPSO Ventures plc ("IPSO"), the creator of commercial value from technology, is pleased to announce that IPSol Energy Limited ("IPSol Energy" or the "Company") has secured its first customer revenues within three months of being established. The Company, which was recently created to provide business and technical solutions to the Solar Photovoltaic ("PV") market, is focused on testing and measurement services and these initial revenues have been generated testing a solar BIPV ("building integrated photovoltaic) product prototype for Solarcentury. IPSol Energy is developing the UK's first independent commercial PV module testing facility, which will provide manufacturers and installers of solar PV modules with third party validation of their products. Simon Hunt, Chairman of IPSO, said: "We are delighted that IPSol Energy has received an early endorsement of its services. This rapid generation of revenue validates IPSO's demand-led commercial business model, setting IPSO clearly apart from its competitors." Daniel Davies, Chief Technology Officer of Solarcentury, said: "The development of businesses such as IPSol Energy is very important to the growth of solar PV in the UK. Having access to a wider range of testing facilities will speed up product development and reduce the cost of introducing new products to market. We chose IPSol Energy to undertake testing to support a new product development project as IPSol Energy has offered competitive prices and a fast turnaround and we look forward to working with them as the UK market for PV grows." Peter Khoury, Chief Executive of IPSol Energy, said: "Solarcentury is the UK's foremost PV business and we are very pleased that they have chosen to entrust their testing to us." For further information, please contact:
Officer
Notes to editors IPSol Energy was established in late 2009 and Peter Khoury was appointed Chief Executive in October 2009. IPSol Energy provides business and technical solutions to the Solar Photovoltaic ("PV") market with an initial focus on testing services. It is establishing the UK's first commercial PV module testing facility, which will provide manufacturers and installers of solar PV modules with third party validation of their products. PV modules can vary greatly and manufacturers and installers need to be able to guarantee the performance, reliability and safety of their products to defined International Standards. There are a number of testing businesses located mainly in Germany, the USA and the Far East which currently service this market. However shortages of capacity have meant lengthy waiting times before the testing procedures can even begin, and extended testing periods, resulting in delays in product development and certification. These problems are often combined with poor customer service. Together with the new renewable energy feed-in tariff being introduced in the UK from April 2010 this provides a great opportunity for IPSol Energy. IPSol Energy will have particular expertise in the newer forms of PV technology, such as thin film, as well as expertise in crystalline silicon. IPSol Energy's ability to test these technologies effectively will clearly differentiate the business from its competitors. This information is provided by RNS The company news service from the London Stock Exchange END
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