Last checked at 
28 Apr 2009 07:00
For Release 7:00 am 28 April 2009
CLINICAL COMPUTING PLC
2008 PRELIMINARY RESULTS
Clinical Computing Plc (the "Company" or the "Group"), the international developer of clinical information systems and project and resource management software, announces its preliminary results for the year ended 31 December 2008. During 2008 the Group traded through four operating subsidiaries: Clinical Computing UK Limited in the United Kingdom and Europe, Clinical Computing, Inc. in the United States, Clinical Computing Pty Limited in Australia and Hydra Management Limited ("Hydra") from 22 February 2008 in the United Kingdom and Europe.
Financial Overview
Total revenue increased 50.7 per cent to £2,825,032 (2007: £1,875,083); mainly due to revenue relating to Hydra
Recurring maintenance revenues increased by 36.5 per cent to £1,515,615 (2007:£1,110,675); mainly due to the acquisition of Hydra
Operating costs increased 33.9 per cent to £3,637,376 (2007: £2,717,112) due to the acquisition of Hydra and costs incurred to complete clinicalvision V
Loss from operations reduced to £812,344 (2007: £842,029)
Loss for the year improved to £731,477 (2007: £844,836)
Loss per share of 1.0p (2007: 2.0p)
Business Review
Clinicalvision V web-based clinical information system released in December 2008
Three clinicalvision V projects underway in the UK
First Canadian clinicalvision V implementation underway
Group cost reduction completed in October - annualised savings of £300,000
Hydra management added seven new customers since acquisition
Group is expanding its service offering to included a hosting service for clinicalvision V which creates additional sales opportunities
Clinicalvision V application localised for use in eight countries
Headquarters moved to central London
Commenting on Outlook, Howard Kitchner, Chairman of Clinical Computing, said:
"The Group has continued to show improving results and a trend of increasing revenues over the past three years. Following the acquisition of Hydra, momentum from our exciting partnership with a global medical technology company and the release of the clinicalvision V product the Group has a solid foundation to continue to increase its revenues during the current year."
| Contacts: | |
| Clinical Computing plc | http://www.ccl.com |
| Joe Marlovits, Chief Executive | 020 30067536 |
| Dowgate Capital Advisers Limited | 020 7492 4777 |
| James Caithie / Simon Sacerdoti | |
Chairman's Statement
Business overview
We are pleased to report that the Group has had a number of significant accomplishments since the interim report was published in September 2008. Since then the Group has:
Released its Clinical Vision Web product - clinicalvision V
Secured three UK contracts totaling £193,000 for clinicalvision V
Marketed its clinicalvision V product under the "software as a service" model, in the US and Canada
Restructured its cost base
Moved its headquarters to central London
Clinical business
The Group has been working on a development project to web-enable its established clinical vision applications. This project was undertaken with the objective of providing the Group with applications based on internet technologies, which are predicted by industry experts to lead a transformation in the healthcare computing industry. We announced that the first version of our web product was ready for market in eight geographic locations in December 2008. We believe that this technology will provide the Group with a platform from which to launch new products and product extensions for years to come.
Since the release of the clinicalvision V product we have secured contracts in Canada and the UK for clinicalvision V systems. The initial value of the UK contracts total £193,000 and the Group expects to complete these installations in 2009.
Electronic patient records and medical record technology is capturing the headlines in the United States where the Obama administration has adopted a policy of investing in medical record technology over the coming years. This is a similar policy to the one that the UK government launched in 2004. Although the full details of the US plan will not be made available until the autumn of 2009, we believe that products like clinicalvision V will meet many of the requirements of the plan.
Additionally, the release of clinicalvision V has opened up new opportunities for the Group as this product can be provided to customers at a lower total cost than previous releases. The Group is now in a position to offer this product as part of a service, whereby it not only licenses the clinical application but also provides a secure and reliable communication infrastructure via the internet, with the customer only being responsible for personal computers, hand-held devices and an internet connection.
With the release of clinicalvision V the Company reviewed its current operating structure and undertook a re-organisation in October 2008 in which it re-aligned its support and delivery capabilities around this new technology. This has resulted in the elimination of approximately £300,000 of annual costs.
Hydra business
The acquisition of certain business assets and liabilities relating to Hydra was completed in February 2008. The Hydra software assists organisations to deliver efficiencies in programme and resource management. Its planning capabilities and management information tools provide business controls for organisations managing multiple projects utilising shared resources.
Prior to the acquisition, the Hydra business handled a wide range of products and bore a high cost base for product development, marketing and delivery of these products.
Under our management, the strategy is to focus on Hydra's core products, Hydra Manager and Personal, and to release new versions of these products in line with customer feedback and market requirements. We believe this has a number of advantages including focusing on Hydra's core strengths as well as being more cost effective in terms of implementation, development and sales expenditure.
During the year investment was made in modernising the core Hydra products resulting in an improved user inter-face and enabling easier remote working in line with customers' working practice. This investment resulted in the release of Hydra 6.1 which was launched in February 2009.
The current economic climate has resulted in organisations seeking to improve efficiencies through improved planning, resource management and timely management information. This should result in an increase in sales opportunities for the Hydra products.
During the year under review Hydra won seven new customers and retained nearly all existing customers under maintenance agreements. As at 31 December 2008 there were over 50 organisations using the Hydra software.
Results
Trading performance is improving with revenues up 50.7 per cent from the prior year to £2,825,032 (2007: £1,875,083). Revenues from the clinical software business were 69.1 per cent or £1,951,743 (2007: 100% and £1,875,083) and 30.9% or £873,289 from the programme management business (2007: nil).
Operating costs for the Group have increased 33.9 per cent from the prior year to £3,637,376 (2007: £2,717,112). Operating costs from the clinical business were 78.8 per cent or £2,866,508 (2007:100% and £2,717,112), 21.2% or £770,868 from the programme management business (2007: nil).
Loss from operations reduced by 3.5% to £812,344 (2007: £842,029). The loss for the year was £731,477 or a loss per share of 1.0p (2007: loss £844,836 or 2.0p per share); or an improvement of 13.4 per cent.
Products and product development
During 2008 we continued to invest in product expansion and had a number of research and development projects underway, including the development and release of clinicalvision V, our web-based product. This product was officially released on 18 December 2008 and all previous Clinical Vision customers will be migrated to this new product in due course. Clinicalvision V has specific customisation for eight countries and during 2009 our focus will be on expanding its geographic support as well as continuing to enhance its ability to rapidly exchange data with other medical devices and sources of patient information.
Hydra has also completed a new release of its Hydra Management software product and during 2009 this upgrade will be made available to the customer base. Development efforts are underway to extend the capabilities of the product in the area of executive management information, which we believe will extend the target market for the Hydra portfolio.
In general the Group anticipates no significant increase in development costs from levels reported over the past year.
Registered Office
In November the Company moved its corporate headquarters to London and we are now located at Bracton House, 34-36 High Holborn, London WC1V 6AE.
Outlook
The Group has continued to show improving results and a trend of increasing revenues over the past three years. Following the acquisition of Hydra, momentum from our exciting partnership with a global medical technology company and the release of the clinicalvision V product the Group has a solid foundation to continue to increase its revenues during the current year.
H Kitchner
Chairman
28 April 2009
Finance Review
Results for the year
The Group derived its revenue from approximately 82 healthcare organisations who are licensing one of the following products: PROTON, di-PROTON, RENLStar and CLINICAL VISION and 53 organisations using the Hydra project and resource management products.
Total revenues for 2008 increased 50.7 per cent to £2,825,032 (2007: £1,875,083). The revenues from the clinical business generated 69.1 per cent of the Group's revenues with the remaining 30.9 per cent coming from the Hydra business. The majority of the increase to revenues, for the Group, when comparing 2008 and 2007, was derived from the acquisition of the Hydra business.
69.3 per cent of the pre-existing clinical business revenues were derived from the US market (2007: 63.1 per cent) and on like for like exchange rates the pre-existing clinical business revenues for 2008 and 2007 were relatively unchanged.
Maintenance revenue for the year was £1,515,615 or 53.6% of total revenues (2007: £1,110,675 or 59.2%). The majority of the increase in maintenance revenues is derived from the acquisition of Hydra.
The Group's total operating costs for the year were £3,637,376 (2007: £2,717,112). The costs for the pre-existing clinical business were 78.8 per cent of the total costs or £2,866,508 and the remaining 21.2 per cent of costs were incurred by Hydra.
Operations generated a loss of £812,344 (2007: £842,029). The loss of the year before tax improved 15.3 per cent to £773,386 (2007: £913,353). The loss for the year after tax was £731,477 or 1.0p per share (2007: £844,836 or 2.0p per share).
Cash flow and debt
During the year cash spent to support operations was £742,523 (2007: £768,868).
In February 2008 the Company completed an equity fundraising, placing 17,440,000 1p ordinary shares at 3.125p raising £545,000 (before expenses).
The Group continues to use its working capital facility made available through Brown Shipley and is reporting an increase in borrowings to support operations of £451,075 during the year. Outstanding debt at the end of the year is £672,755 (2007: £221,680).
At 31 December 2008 the Group had two debt facilities available which in total provided approximately £1,133,000 of working capital facilities with £672,755 borrowed against these facilities. The larger of the two facilities (£1,000,000) is provided by Brown Shipley on normal commercial terms, and is backed by personal guarantees from the chairman and two shareholders. A further £133,000 facility ($200,000) is provided by Fifth Third Bank in the US and is secured by the assets of the Company.
Capital structure and finance
The Group's consolidated equity position at 31 December 2008 was a deficit of £507,925 (2007: £271,186). The change to the equity position was impacted primarily by the Company's share placing noted above which raised £545,000 of capital, before expenses. Offsetting this fundraising was the loss for the year of £731,477, and the translation loss on foreign subsidiaries of £130,699.
The Company's current issued shares and total voting capital consists of 110,883,694 1p ordinary shares.
Software development
During the year under review the development team primarily focused its efforts on two major projects: completing the clinicalvision V product and completing the Hydra Management 6.1 release. In December 2008 clinicalvision V was made generally available and the Hydra 6.1 release was made available in February 2009. £166,975 of our development costs were capitalised as an intangible asset for the clinicalvision V product during the year (2007: 146,076). The Group is reporting an amortisation charge of £15,609 during the year (2007: 10,406) for the clinical vision transplant application.
Foreign currency risk
The Company's US trading subsidiary trades in its local currency, the US dollar, and no hedging activity between sterling and the US dollar is undertaken. This subsidiary generated 47.9% of the Group's total revenue or £1,351,826 and 25.4% of its operating costs or £924,480 in US dollars. During the year this subsidiary was cash generative.
Additionally, the Company has a subsidiary in Australia. Receipts and payments are in the local currency and no hedging activity is undertaken. During the year this subsidiary was cash generative.
Administrative expenses are offset by positive effects of foreign currency transactions for the year of £83,072 (2007: charge of £483)
Taxation
The Company and all subsidiaries have sufficient tax losses such that no income tax expense has been recognised during the year. However, for the year under review, the Group, through its UK trading subsidiary, filed a research and development ("R&D") tax credit claim with respect to activities undertaken in 2007 on various components of the Clinical Vision product. An election was made, under the terms of the current United Kingdom R&D tax credit regime, for a percentage of the R&D expenditure to be settled in cash. A tax credit in the amount of £41,909 has been reported and received in 2008. A similar R&D claim was made for activities undertaken in 2006 and settled in cash during 2007 for £68,517.
Similar to prior years, an R&D tax credit /claim will be made for activities undertaken in 2008, but this amount will only be accounted for when received in 2009.
J Marlovits
Director
28 April 2009
Clinical Computing Plc
Consolidated Income Statement
For the year ended 31 December 2008
| Notes | Unaudited | Audited | |
| 2008 | 2007 | ||
| £ | £ | ||
| Continuing Operations | |||
| Revenue | |||
| - Acquisitions | 873,289 | - | |
| - Continuing | 1,951,743 | 1,875,083 | |
| __________ | __________ | ||
| 2 | 2,825,032 | 1,875,083 | |
| Cost of sales | 8 | (834,691) | (741,453) |
| __________ | __________ | ||
| Gross profit | 1,990,341 | 1,133,630 | |
| Distribution costs | 8 | (328,705) | (245,496) |
| Administrative expenses | |||
| Research and development | 8 | (1,444,404) | (890,434) |
| Other | 8 | (1,029,576) | (839,729) |
| Total administrative expenses | 8 | (2,473,980) | (1,730,163) |
| __________ | __________ | ||
| Profit/(Loss) from operations | |||
| - Acquisitions | 102,421 | - | |
| - Continuing | (914,765) | (842,209) | |
| __________ | __________ | ||
| Loss from operations | (812,344) | (842,029) | |
| Finance income | 66,489 | 6,220 | |
| Finance expense | (27,531) | (77,544) | |
| __________ | __________ | ||
| Loss before tax | (773,386) | (913,353) | |
| Income tax credit | 41,909 | 68,517 | |
| __________ | __________ | ||
| Loss for the year attributable to equity holders of the company | (731,477) | (844,836) | |
| __________ | __________ | ||
| Basic and diluted loss per share | 5 | (1.0p) | (2.0p) |
| __________ | __________ |
Clinical Computing Plc
Consolidated Statement of Recognised Income and Expense
For the year ended 31 December 2008
| Unaudited | Audited | ||
| 2008 | 2007 | ||
| £ | £ | ||
| Loss for the year | (731,477) | (844,836) | |
| Exchange difference on translation of foreign operations | (130,699) | 11,063 | |
| __________ | __________ | ||
| Total recognised income and expense for the year | (862,176) | (833,773) | |
| __________ | __________ |
Clinical Computing Plc
Consolidated Balance Sheet
As at 31 December 2008
| Notes | Unaudited | Audited | |
| 2008 | 2007 | ||
| £ | £ | ||
| Non-current assets | |||
| Intangible assets | 413,466 | 198,105 | |
| Goodwill | 3 | 157,658 | - |
| Property, plant and equipment | 125,988 | 137,871 | |
| __________ | __________ | ||
| 697,112 | 335,976 | ||
| __________ | __________ | ||
| Current assets | |||
| Trade and other receivables | 437,149 | 361,253 | |
| Cash and cash equivalents | 299,188 | 164,365 | |
| __________ | __________ | ||
| 736,337 | 525,618 | ||
| __________ | __________ | ||
| Total assets | 1,433,449 | 861,594 | |
| __________ | __________ | ||
| Current liabilities | |||
| Trade and other payables | (1,268,619) | (911,100) | |
| Borrowings | (672,755) | (221,680) | |
| __________ | __________ | ||
| (1,941,374) | (1,132,780) | ||
| __________ | __________ | ||
| Net liabilities | (507,925) | (271,186) | |
| _________ | _________ | ||
| Equity | |||
| Share capital | 4 | 2,433,251 | 2,258,851 |
| Share premium account | 4 | 7,750,957 | 7,326,133 |
| Share option reserve | 4 | 97,588 | 71,375 |
| Translation reserve | 4 | 28,144 | 158,843 |
| Retained earnings | 4 | (10,817,865) | (10,086,388) |
| __________ | __________ | ||
| Shareholders' funds - deficit | (507,925) | (271,186) | |
| _________ | _________ |
Clinical Computing Plc
Consolidated Cash Flow Statement
For the year ended 31 December 2008
| Notes | Unaudited | Audited | |
| 2008 | 2007 | ||
| £ | £ | ||
| Net cash outflow from operating activities | 6 | (742,523) | (768,868) |
| __________ | __________ | ||
| Investing activities | |||
| Interest received | 66,489 | 6,220 | |
| Acquisition of business operations | (56,750) | - | |
| Expenditure on intangible assets | (171,541) | (179,151) | |
| Proceeds from sale of property, plant and equipment | 606 | - | |
| Purchases of property, plant and equipment | (38,353) | (40,643) | |
| __________ | __________ | ||
| Net cash used in investing activities | 8 | (199,549) | (213,574) |
| __________ | __________ | ||
| Financing activities | |||
| VAT recovery from equity issue | 89,037 | - | |
| Proceeds from equity issue | 545,000 | 1,810,000 | |
| Costs of equity issue | (34,813) | (29,597) | |
| Increase / (decrease) in bank loan | 451,075 | (647,473) | |
| __________ | __________ | ||
| Net cash from financing activities | 8 | 1,050,299 | 1,132,930 |
| __________ | __________ | ||
| Net increase in cash and cash equivalents | 108,227 | 150,488 | |
| Cash and cash equivalents at beginning of year | 164,365 | 14,418 | |
| Effect of foreign exchange rate changes | 26,596 | (541) | |
| __________ | __________ | ||
| Cash and cash equivalents at end of year | 299,188 | 164,365 | |
| __________ | __________ |
| Notes | |
| 1. | Basis of preparation The unaudited preliminary announcement has been prepared under the historical cost convention, on a going concern basis and consistent with applicable International Financial Reporting Standards and IFRIC interpretations ("IFRS") as adopted by the EU. The preliminary announcement has been prepared on the basis of the same accounting policies as published in the statutory accounts for the year ended 31 December 2007. The financial information set out in this preliminary announcement was approved by the board on 27 April 2009 and does not constitute statutory financial statements as defined by section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 December 2008 have not yet been delivered to the Registrar of Companies and no audit report has yet been given on the statutory financials statements. Statutory accounts for the year ended 31 December 2007 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237 (3) of the Companies Act. The Annual Report and Accounts for the year ended 31 December 2008 will be posted to shareholders in due course and will be available at the Company's registered office and on the Company's website simultaneously with posting. |
2. Revenue
| An analysis of the Group's revenue is as follows: | ||
| Unaudited | Audited | |
| 2008 | 2007 | |
| £ | £ | |
| Software licenses | 825,155 | 613,263 |
| Maintenance | 1,515,615 | 1,110,675 |
| Services and other revenue | 484,262 | 151,145 |
| __________ | __________ | |
| Revenue | 2,825,032 | 1,875,083 |
| __________ | __________ |
3. Goodwill - unaudited
The fair value of the assets relating to the acquisition of Hydra are set out below:
| Book value | Fair value adjustment | Fair value | |
| £ | £ | £ | |
| Property, plant and equipment | 16,000 | (16,000) | - |
| Intangible assets | - | 60,000 | 60,000 |
| Liabilities | (160,908) | - | (160,908) |
| __________ | __________ | __________ | |
| Net assets acquired | (144,908) | 44,000 | (100,908) |
| __________ | __________ | __________ | |
| Consideration | |
| Cash consideration | (16,000) |
| Acquisition expenses | (40,750) |
| __________ | |
| Total consideration | (56,750) |
| __________ | |
| Goodwill | (157,658) |
| _________ | |
The acquisition of Hydra also involves an element of deferred consideration which is based on the earnings of the business through to the year ended 31 December 2015. Due to the inherent uncertainty in reasonably predicting results through to that period of time the directors do not believe it is appropriate at this time to record a liability for this deferred consideration.
4. Reconciliation of movements in equity - Unaudited
| Share Capital | Share premium account | Share option reserve | Translation reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | £ | |
| At 1 January 2007 | 1,655,518 | 6,149,063 | 58,576 | 147,780 | (9,241,552) | (1,230,615) |
|
|
|
|
|
|
|
|
| Share options | - | - | 12,799 | - | - | 12,799 |
| Exchange difference on translation of foreign operations |
- |
- |
- |
11,063 |
- |
11,063 |
| Issue of equity shares | 603,333 | 1,206,667 | - | - | - | 1,810,000 |
| Expenses from issue of equity |
| (29,597) |
|
|
| (29,597) |
| Loss for the year | - | - | - | - | (844,836) | (844,836) |
|
| __________ | __________ | _________ | __________ | __________ | __________ |
| At 31 December 2007 | 2,258,851 | 7,326,133 | 71,375 | 158,843 | (10,086,388) | (271,186) |
|
|
|
|
|
|
|
|
| Share options | - | - | 26,213 | - | - | 26,213 |
| Exchange difference on translation of foreign operations |
- |
- |
- |
(130,699) |
- |
(130,699) |
| Issue of equity shares | 174,400 | 370,600 | - | - | - | 545,000 |
| Expenses from issue of equity | - | (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) |
|
| __________ | __________ | _________ | __________ | __________ | __________ |
5. Loss per share
The calculation of the basic and diluted earnings per share is based on the following data:
| Unaudited | Audited | |
| 2008 | 2007 | |
| £ | £ | |
| Loss | ||
| Loss for the purposes of basic and diluted loss per share | (731,477) | (844,836) |
| __________ | __________ | |
| Number of shares | ||
| Number | Number | |
| Weighted average number of ordinary shares for the purposes of basic and diluted loss per share | 108,446,872 | 42,729,082 |
| __________ | __________ | |
The calculations of basic and diluted losses per share are the same because the effect of including share options would be anti-dilutive and are excluded from the calculation per IAS 33.
6. Notes to the cash flow statement
| Unaudited | Audited | |
| 2008 | 2007 | |
| £ | £ | |
| Loss from operations | (812,344) | (842,029) |
| Adjustments for: | ||
| Depreciation of property, plant and equipment | 58,780 | 58,909 |
| Amortisation of intangible assets | 16,180 | 10,406 |
| Share option charges | 26,213 | 12,799 |
| __________ | __________ | |
| Operating cash flows before movements in working capital | (711,171) | (759,915) |
| (Increase) in receivables | (42,408) | (10,783) |
| (Decrease) / increase in payables | (3,322) | 10,857 |
| __________ | __________ | |
| Cash used by operations | (756,901) | (759,841) |
| Interest paid | (27,531) | (77,544) |
| Tax credit received | 41,909 | 68,517 |
| __________ | __________ | |
| Net cash from operating activities | (742,523) | (768,868) |
| __________ | __________ |
7. Business and geographical segments
For management and legal purposes, the Group consists of four operating companies and the parent company. These companies are the basis on which the Group reports its primary segment information. The business operations provide software, maintenance and services to the healthcare sector and for project and resource management there is no significant difference between risk and return on the software and services offered. Therefore there is only one business segment reported across geographic segments. The geographic segmental information presented below excludes any intra-group revenue or expense.
Segmental information is presented below:
| US | UK | Australia | Unallocated | Total | |
| £ | £ | £ | £ | £ | |
| 2008 - Unaudited | |||||
| Revenue | |||||
| Total Revenue | 1,351,826 | 1,441,797 | 31,409 | - | 2,825,032 |
| __________ | __________ | _______ | __________ | __________ | |
| Segment result | |||||
| Operating profit / (loss) | 427,346 | (1,044,668) | 14,956 | (209,978) | (812,344) |
| __________ | __________ | ________ | __________ | __________ | |
| Finance income | 66,489 | ||||
| Finance expense | (27,531) | ||||
| _________ | |||||
| Loss before tax | (773,386) | ||||
| Income tax credit | 41,909 | ||||
| __________ | |||||
| Loss for the year attributable to equity holders of the company | (731,477) | ||||
| __________ | |||||
| Balance sheet | |||||
| Segment assets | 280,496 | 1,033,182 | 4,211 | 115,560 | 1,433,449 |
| _________ | |||||
| Segment liabilities | (476,558) | (712,960) | (2,026) | (77,075) | (1,268,619) |
| Current borrowings | - | - | - | (672,755) | (672,755) |
| __________ | |||||
| Total liabilities | (1,941,374) | ||||
| __________ | |||||
| Other information | |||||
| Capital Expenditure | 27,219 | 182,675 | - | - | 209,894 |
| Depreciation | 23,554 | 35,226 | - | - | 58,780 |
| Amortisation | - | 16,180 | - | - | 16,180 |
| US | UK | Australia | Unallocated | Total | |
| £ | £ | £ | £ | £ | |
| 2007 - Audited | |||||
| Revenue | |||||
| Total Revenue | 1,182,404 | 641,351 | 51,328 | - | 1,875,083 |
| __________ | __________ | ________ | __________ | __________ | |
| Segment result | |||||
| Operating profit / (loss) | 299,324 | (824,335) | 44,523 | (361,541) | (842,029) |
| __________ | __________ | ________ | __________ | __________ | |
| Finance income | 6,220 | ||||
| Finance expense | (77,544) | ||||
| __________ | |||||
| Loss before tax | (913,353) | ||||
| Income tax credit | 68,517 | ||||
| __________ | |||||
| Loss for the year attributable to equity holders of the company | (844,836) | ||||
| __________ | |||||
| Balance sheet | |||||
| Segment assets | 172,791 | 464,450 | 40,545 | 183,808 | 861,594 |
| __________ | |||||
| Segment liabilities | (413,132) | (397,555) | (3,355) | (97,058) | (911,100) |
| Current borrowings | - | - | - | (221,680) | (221,680) |
| __________ | |||||
| Total liabilities | (1,132,780) | ||||
| __________ | |||||
| Other information | |||||
| Capital Expenditure | 22,178 | 197,616 | - | - | 219,794 |
| Depreciation | 21,879 | 34,176 | - | 2,854 | 58,909 |
| Amortisation | - | 10,406 | - | - | 10,406 |
8. Continuing operations and acquisition disclosures
The following information is provided for the Hydra acquisition and continuing operations from the clinical business.
Notes to the consolidated income statement for continuing operations and acquisitions
| Unaudited | Unaudited | Unaudited | |
| Acquisition | Continuing operations | Total2008 | |
| £ | £ | £ | |
| Cost of sales | (135,770) | (698,921) | (834,691) |
| ________ | _________ | __________ | |
| Distribution costs | (109,972) | (218,733) | (328,705) |
| ________ | _________ | __________ | |
| Administrative expenses | |||
| Research and development | (320,366) | (1,124,038) | (1,444,404) |
| Other | (204,760) | (824,816) | (1,029,576) |
| Total administrative expenses | (525,126) | (1,948,854) | (2,473,980) |
| _________ | __________ | __________ |
Notes to the consolidated cash flow statement for continuing operations and acquisitions
| Unaudited | Unaudited | Unaudited | |
| Acquisition | Continuing operations | Total2008 | |
| £ | £ | £ | |
| Net cash inflow / (outflow) from operating activities | 86,669 | (829,192) | (742,523) |
| ________ | _________ | __________ | |
| Net cash used in investing activities | (60,967) | (138,582) | (199,549) |
| ________ | _________ | __________ | |
| Net cash from financing activities | - | 1,050,299 | 1,050,299 |
| ________ | _________ | __________ | |