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12 Dec 2008 12:06
Avacta Group plc
Audited Results for the year to 31 July 2008
On 4 November 2008, Avacta Group plc ("Avacta", the "Group" or the "Company") announced its preliminary results for the year to 31 July 2008. The preliminary results included intangible assets of £7,144,000 and an other reserve of £1,834,000 reflecting the application of reverse acquisition accounting of the transaction whereby Avacta Limited reversed into Avacta Group plc (formerly Readybuy plc) during August 2006. Upon conversion from accounting under United Kingdom Generally Accepted Accounting Practice to International Financial Reporting Standards as adopted by the European Union, it is possible to recognise a different treatment of this transaction within the financial statements, which the Directors believe to be beneficial.
There is no impact on the income statement or the cash flows of the Group in either the current or comparative accounting period.
Accordingly, the consolidated balance sheet of the Group has been adjusted from that included within the Preliminary Announcement to reflect this revised treatment resulting in goodwill of £3,563,000 that had been previously recognised within the intangible assets of £7,144,000 now being recognised within the other reserve. The adjusted consolidated balance sheet is included within this announcement.
There are no other changes to the Preliminary Announcement.
The Company's full Annual Report & Accounts are available on its website at www.avacta.com
Enquiries:
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Avacta Group plc |
087 0835 4367 |
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Alastair Smith, Chief Executive Officer |
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Tim Sykes, Chief Financial Officer |
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Daniel Stewart & Company plc |
020 7776 6550 |
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Lindsay Mair / Charlotte Stranner |
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Novum Securities Limited |
020 7562 4700 |
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Henry Turcan |
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Haggie Financial LLP |
020 7417 8989 |
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Nicholas Nelson / Kathy Boate |
Consolidated Balance Sheet as at 31 July 2008
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2008 |
2007 |
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£000 |
£000 |
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Non-current assets |
|||
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Property, plant & equipment |
290 |
148 |
|
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Intangible assets |
3,581 |
- |
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|
------------- |
------------ |
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3,871 |
148 |
||
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------------- |
------------ |
||
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Current assets |
|||
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Trade and other receivables |
92 |
170 |
|
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Income taxes |
84 |
- |
|
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Cash and cash equivalents |
1,097 |
2,527 |
|
|
------------- |
------------ |
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|
1,273 |
2,697 |
||
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------------- |
------------ |
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Total assets |
5,144 |
2,845 |
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------------- |
------------ |
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Current liabilities |
|||
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Trade and other payables |
(234) |
(164) |
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Finance lease obligations |
(11) |
(11) |
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------------- |
------------ |
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|
(245) |
(175) |
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------------- |
------------ |
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Non-current liabilities |
|||
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Finance lease obligations |
(30) |
(41) |
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------------- |
------------ |
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(30) |
(41) |
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------------- |
------------ |
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Total liabilities |
(275) |
(216) |
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------------- |
------------ |
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Net assets |
4,869 |
2,629 |
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------------- |
------------ |
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Equity attributable to equity holders of the Company |
|||
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Called up share capital |
900 |
856 |
|
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Share premium account |
6,524 |
4,882 |
|
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Other reserve |
(1,729) |
(1,729) |
|
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Capital reserve |
1,899 |
- |
|
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Retained earnings |
(2,725) |
(1,380) |
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------------- |
------------ |
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Total equity |
4,869 |
2,629 |
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------------- |
------------ |
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