Nice7 Aug 2015 09:30
CHAIRMAN'S STATEMENT
I am pleased to report that in the financial year to 31 March 2015 we experienced an improvement in the business with revenues and other income more than doubling from $419,000 to $857,000. The administrative expenses in operating the business before the costs of the litigation fell from $859,000 to $776,000, resulting in a net profit before exceptional items and IP amortisation of $81,000. Exceptional costs relating to the litigation against Frank Maguire and related parties amounted to $204,000 which compares to the cost incurred at the 6-month stage of $212,000, the reduction in the second half of the year being a further recovery from our insurers net of the excess on the insurance policy payable by AorTech. Over the course of the year, the cash position fell from $642,000 to $360,000. At the interim stage however, the cash position stood at $335,000 and there has therefore been progress during the second half.