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(OXE.L) Oxeco PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 23-10-09 | AFX UK Focus |
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LONDON, Oct 23 (Reuters) - Oxeco plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 23-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 2541B
Oxeco PLC
23 October 2009
23 October 2009
Oxeco Plc (the "Company" or the "Group")
Interim financial report for the six months ended 31 July 2009
Chairman's Statement
Oxeco Plc is a holding and management company which was established with a stated strategy of seeking investments in or acquiring assets, businesses or companies in the technology and science sectors. The Company currently has one subsidiary, Oxray Ltd ("Oxray"), which was acquired in June 2007 as a start up business which aimed to become a leading provider of molecular structure determination services to both industry and academic institutions.
By early this year Oxray had substantially completed the development of its novel X-ray crystallography structure determination software but the results of marketing efforts to establish a solid customer base had been disappointing. Also, Oxray had not been able to strengthen and develop its product service offering through bolt-on acquisitions in this field as originally envisaged in June 2007. The Directors therefore undertook a review of the Oxray business and concluded that this was not a market to which the Company intended to commit further significant resource.
Subsequent efforts to secure a commercial exit from this business were not successful and a decision was taken to stop any further investment in Oxray with an emphasis on preserving the Group's cash. Oxray has now become a dormant subsidiary whilst retaining control of the underlying intellectual property and its results for the period from 1 February 2009 have been classified within discontinued operations.
The unaudited consolidated loss before tax for the Group in the six months to 31 July 2009 amounted to £143,000, including a loss after tax from the discontinued Oxray activities of £83,000, compared to a consolidated loss of £102,000 for the comparable six months to 31 July 2008. Consolidated net assets at 31 July 2009 amounted to £2.38 million including cash balances of £2.42 million versus net assets of £2.52 million and cash balances of £2.53 million at the 31 January 2009.
Oxeco benefits from a solid balance sheet position whilst running a low cost base. Your Directors are continuing to evaluate a range of new commercial and acquisition opportunities within the general science and technology sector and I am confident that we will be successful in exploiting an investment opportunity during the next twelve months.
Michael Bretherton
Executive Chairman
Contact:
Michael Bretherton +44 (0) 207099 7266
Oxeco plc
www.oxecoplc.com
RayZimmerman/Jonathan Evans +44 (0) 207 060 1760
ZAI Corporate Finance Ltd
+44 (0) 207099 7266
OXECO PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 31 JULY 2009
Notes Six months to Six months to Year to
31 July 31 July 31 January
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Continuing operations
Revenue - 6 18
Administrative expenses (66) (188) (376)
Impairment of goodwill - - (2,120)
Operating Loss (66) (182) (2,478)
Interest receivable 6 77 127
Loss before tax (60) (105) (2,351)
Taxation 2 - 3 3
Loss for the period from (60) (102) (2,348)
continuing operations
Loss after tax from 5 (83) - -
discontinued operations
Loss for the period (143) (102) (2,348)
Attributable to:
Equity holders of the parent (143) (102) (2,348)
Earnings per share 3 (0.02)p (0.02)p (0.39)p
Basic and Diluted - post
impairment of goodwill
Basic and Diluted from 3 (0.01)p (0.02)p (0.39)p
continuing operations - post
impairment of goodwill
Basic and Diluted from 3 (0.01)p (0.02)p (0.04)p
continuing operations - pre
impairment of goodwill
OXECO PLC
CONDENSED CONSOLIDATED CHANGES IN EQUITY
FOR THE SIX MONTHS TO 31 JULY 2009
Attributable to the equity holders of the parent
Share Share Revenue Reserve Total
Capital Premium £000 Equity
£000 £000 £000
At 31 January 2008 600 4,333 (63) 4,870
Loss for the period - - (102) (102)
At 31 July 2008 600 4,333 (165) 4,768
Loss for the period - - (2,246) (2,246)
At 31 January 2009 600 4,333 (2,411) 2,522
Loss for the period - - (143) (143)
At 31 July 2009 600 4,333 (2,554) 2,379
OXECO PLC
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2009
Notes 31 July 31 July 31 January 2009
2009 2008
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
ASSETS
Non-current assets
Property, plant and equipment - 1 2
Intangible assets - goodwill - 2,120 -
Total non-current assets - 2,121 2
Current assets
Trade and other receivables 18 38 28
Cash and cash equivalents 2,416 2,641 2,534
Total current assets 2,434 2,679 2,562
TOTAL ASSETS 2,434 4,800 2,564
LIABILITIES
Current Liabilities
Trade and other payables (55) (30) (42)
Current taxation - (2) -
TOTAL LIABILITIES (55) (32) (42)
NET ASSETS 2,379 4,768 2,522
EQUITY
Attributable to equity holders
of the parent
Share capital 4 600 600 600
Share premium 4,333 4,333 4,333
Revenue reserve (2,554) (165) (2,411)
TOTAL EQUITY SHAREHOLDERS' 2,379 4,768 2,522
FUNDS
Approved by the Board and authorised for issue on 23 October 2009.
M A Bretherton
Executive Chairman
OXECO PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 JULY 2009
Six months to Six months to Year to
31 July 31 July 31 January 2008
2009 2008
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
OPERATING ACTIVITIES
Operating loss from continuing (66) (182) (2,478)
operations
Loss before tax from (83) - -
discontinued operations
Depreciation of property, 2 1 1
plant and equipment
Impairment of goodwill - - 2,120
Decrease/(increase) in trade 10 (9) 1
and other receivables
Increase/(decrease) in trade 13 (7) 4
and other payables
Tax paid - - (2)
Net cash outflow from (124) (197) (354)
operations
INVESTING ACTIVITIES
Interest received 6 77 127
Net cash inflow from investing 6 77 127
activities
DECREASE IN CASH AND CASH (118) (120) (227)
EQUIVALENTS
Cash and cash equivalents at 2,534 2,761 2,761
start of period
CASH AND CASH EQUIVALENTS 2,416 2,641 2,534
AT END OF PERIOD
OXECO PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 JULY 2009
1) SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The interim financial statements of Oxeco Plc are unaudited condensed consolidated financial statements for the six months to 31 July 2009. These include unaudited comparatives for the six months to 31 July 2008 together with audited comparatives for the year to 31 January 2009.
The condensed consolidated financial statements have been prepared under the historic cost convention in accordance with International Financial Reporting Standards as adopted by the European Union and incorporate the financials of Oxeco Plc for the period and its subsidiary undertaking from the date of acquisition.
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 January 2009.
The condensed consolidated financial statements do not constitute statutory accounts. The statutory accounts for the year to 31 January 2009 have been reported on by the Company's auditors and have been filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
2) TAXATION
The accrued tax charge for the six month period is based on an estimated effective tax rate of nil, after allowance for utilisation of tax losses brought forward in subsidiaries, (period to 31 July 2008: effective tax rate nil, period to 31 January 2009: effective tax rate nil).
3) LOSS PER SHARE
Six months to 31 Six months to 31 Year to 31 January
July 2009 July 2008 2009
(Unaudited) (Unaudited) (Audited)
Post impairment of goodwill £'000 £'000 £'000
Profit/(loss) for the period
represented by:
Continuing operations (60) (102) (2,348)
Discontinued operations (83) - -
Total (143) (102) (2,348)
Weighted average number of Number Number Number
shares
Weighted average number of 600,000 600,000 600,000
shares in issue during the
period
Earnings per share
Basic and diluted on (0.02)p (0.02)p (0.39)p
profit/(loss) for period
Basic and diluted on (0.01)p (0.02)p (0.39)p
profit/(loss) for period from
continuing operations
Six months to 31 Six months to 31 Year to 31 January
July 2009 July 2008 2009
(Unaudited) (Unaudited) (Audited)
Pre impairment of goodwill £'000 £'000 £'000
Profit/(loss) for the period
represented by:
Continuing operations (60) (102) (228)
Discontinued operations (83) - -
Total (143) (102) (228)
Weighted average number of Number Number Number
shares
Weighted average number of 600,000 600,000 600,000
shares in issue during the
period
Earnings per share
Basic and diluted on (0.02)p (0.02)p (0.04)p
profit/(loss) for period
Basic and diluted on (0.01)p (0.02)p (0.04)p
profit/(loss) for period from
continuing operations
4) SHARE CAPITAL Number £'000
Authorised ordinary shares of 1p:
At 31 July 2009, 31 January 2009 and 31 July 2008 1,000,000,000 1,000
Allotted, issued and fully paid ordinary shares of 1p:
At 31 July 2009, 31 January 2009 and 31 July 2008 600,000,000 600
5) CLOSURE OF SUBSIDIARY BUSINESS
In June 2007 the Company acquired 100 per cent. of the issued share capital in Oxray Limited, a start up business that aimed to became a leading provider of molecular structure determination services. By early this year Oxray had substantially completed the development of its novel X-ray crystallography structure determination software but the results of marketing efforts to establish a solid customer base had been disappointing. Also, Oxray had not been able to strengthen and develop its product service offering through bolt-on acquisitions in this field as originally envisaged in June 2007.
The Company's investment in Oxray was written down to nil in its Financial Statements for the year ended 31 January 2009 as released on 17 April 2009. Subsequent efforts to secure a commercial exit from the Oxray business were not successful and the Directors therefore concluded in July 2009 that the most prudent course of action in the current economic climate was to stop any further investment in Oxray with an emphasis on preserving the Group's cash. Oxray has now become a dormant subsidiary whilst retaining control of the underlying intellectual property ("IP"). In addition, the Company has transferred an equity stake of 15 per cent. in this subsidiary to Oxray's former Commercial Manager, Richard Cooper, as an incentive to help potentially realise some future value from the IP.
The results of Oxray for the period from 1 February 2009 have been classified within discontinued operations in the consolidated financial statements and comprise revenue of £12,000 with related loss after tax of £83,000.
6) RELATED PARTY TRANSACTIONS
During the period the Company entered into the following transactions with Ora Capital Limited (formerly Ora Capital Partners Plc) which as at 31 July 2009 held 45.25% of the Company's issued share capital.
Six months to Six months to Year to
31 July 31 July 31 January 2009
2009 2008
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Management consultancy fees 8 6 12
charged by ORA
During the period the Company's wholly owned subsidiary, Oxray Ltd, borrowed £73,000 (31 July 2008: £nil) from the Company for working capital purposes. The loan is non-interest bearing, is repayable on demand and the outstanding balance at 31 July 2009 was £373,000 (31 July 2008: £200,000), however a provision of £300,000 was made against this loan in the year to 31 January 2009 and a further £73,000 provision made in the half year to 31 July 2009.
7) INTERIM FINANCIAL REPORT
A copy of this interim report will be distributed to shareholders and is also available on the Company's website at www.oxecoplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEDFIESUSESS
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| 25-08-09 | RNS |
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RNS Number : 9829X Oxeco PLC 25 August 2009 25 August 2009 Oxeco Plc ("Oxeco "or "the Company") Holdings in the Company The Company was informed on 25 August 2009 of the following changes in shareholding that were effected on 21 August 2009.
The total voting rights of the Company are 600,000,000 ordinary shares. Contact:
Oxeco plc
www.oxecoplc.com
ZAI Corporate Finance Ltd
This information is provided by RNS The company news service from the London Stock Exchange END
HOLPAMJTMMJTBML More |
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| Date/Time | Subject | Author | ||
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| 24-07-09 |
BUY
Re: Valuation?
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They can sell the IP = intellectual property rights of Oxray + Oxeco have £2.3 million in cash seeking new opportunities
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| 17-07-08 |
SELL
Valuation?
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Until someone explains the value - its a sell.
they bought the business last year and it had turnover of £203,000 and now a run rate of £20,00o a month - how is that worth so much if they have failed to grow the business? More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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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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