Last checked at 29 Jun 2010 07:00
29 June 2010
Pursuit Dynamics PLC
("PDX" or the "Company')
Interim Results for the six months to 31 March 2010
PDX (AIM: PDX), the developer of the PDX® Atomiser and Reactor products and technology, is pleased to announce its results for the six months to 31 March 2010 and to update shareholders on the commercialisation of its products and technology.
Commenting on the results, Roel Pieper, CEO of PDX, said:
"The PDX Atomiser and Reactor products are genuinely exciting and unique technologies that, when fully commercialised, will drive significant shareholder value. This has been a busy and successful period for the Company. We have signed an agreement to enter into a joint venture with Kaercher to develop and market disinfection and decontamination products. We have re-entered the food and brewing market and signed a marketing agreement with Brewing Research International and we are continuing to make good progress with Tyco in the fire suppression line of business. All of these developments will deliver material revenue streams over the medium term.
In September 2009 and May 2010 we successfully raised equity funds and the Company now has significant cash reserves in place to support our strategy for the foreseeable future. Our strong financial footing combined with our new strategy positions us well to deliver on the very exciting opportunities that the PDX technology has opened up."
For Further Information, please contact:
| PDX | |
| Roel Pieper, Chief Executive Officer | Tel: +44 (0)1480 422050 |
| Donald Bell, Chief Financial Officer | |
|
FD | |
| Ben Foster / Marc Cohen | Tel: +44 (0) 20 7831 3113 |
|
Cenkos Securities plc | |
| Ian Soanes/Max Hartley | Tel: +44 (0)20 7397 8900 |
|
Mirabaud | |
| Rory Scott | Tel: +44 (0) 20 7878 3360 |
Notes to Editors
- PDX (AIM: PDX) owns and commercialises the PDX Atomiser and Reactor technologies that enable significant reductions in energy usage, process acceleration and result enhancement for a wide range of industrial processes and applications.
- The PDX business model is now organised into four Lines of Business - bio-fuels, food and brewing, decontamination and fire suppression.
- PDX is headquartered in Huntingdon, UK with an office in Norwalk, Connecticut, USA.
- Further information is available at the Company's website: www.pdx.biz
- Publication quality photographs are available from FD.
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2010
|
|
| Six months ended | Year ended | Six months ended |
|
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| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
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| Unaudited |
|
|
|
| Note | £ | £ | £ |
|
|
|
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|
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| Continuing operations: |
|
|
|
|
| Revenue |
| 79,080 | 45,225 | 7,286 |
| Operating expenses | 4 | (2,768,482) | (5,845,014) | (2,670,747) |
| Operating loss before non-cash expenses |
| (2,689,402) | (5,799,789) | (2,663,461) |
| Operating non-cash expenses |
|
|
|
|
| Depreciation of tangible fixed assets |
| (83,490) | (291,534) | (99,242) |
| Amortisation of intangible fixed assets |
| (295,888) | (591,266) | (294,401) |
| Share option compensation charge |
| (588,278) | (323,223) | (98,693) |
| Total non-cash operating expenses |
| (967,656) | (1,206,023) | (492,336) |
| Total operating expenses |
| (3,736,138) | (7,051,037) | (3,163,083) |
| Operating loss |
| (3,657,058) | (7,005,812) | (3,155,797) |
| Finance income |
| 20,832 | 83,166 | 71,752 |
| Finance costs |
| - | (2,407) | (2,015) |
| Loss before taxation |
| (3,636,226) | (6,925,053) | (3,086,060) |
| Income tax credit |
| 158,200 | 400,685 | 85,000 |
| Loss from continuing operations |
| (3,478,026) | (6,524,368) | (3,001,060) |
| Discontinued operations: |
|
|
|
|
| Loss from discontinued operations |
| - | (550,138) | (312,930) |
| Loss for the period |
| (3,478,026) | (7,074,506) | (3,313,990) |
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|
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| Loss per share for loss attributable to the equity holders of the company |
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|
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| Loss per 1p share |
|
|
|
|
| - Basic and fully diluted | 2 | 5.33 p | 11.5 p | 5.54 p |
CONSOLIDATED BALANCE SHEET
as at 31 March 2010
|
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| Six months ended | Year ended | Six months ended |
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| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
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| Unaudited |
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| Note | £ | £ | £ |
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|
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| Non-current assets |
|
|
|
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| Property, plant and equipment |
| 214,952 | 283,750 | 463,621 |
| Intangible fixed assets |
| 511,085 | 804,370 | 1,100,038 |
|
|
| 726,037 | 1,088,120 | 1,563,659 |
| Current assets |
|
|
|
|
| Inventories |
| 64,840 | 71,787 | 552,860 |
| Receivables | 5 | 351,946 | 421,557 | 498,486 |
| Corporation tax receivable |
| 377,544 | 522,975 | 344,426 |
| Cash and cash equivalents |
| 3,686,051 | 5,666,496 | 4,479,915 |
| Assets held for sale |
| - | - | 516,369 |
|
|
| 4,480,381 | 6,682,815 | 6,392,056 |
| Current liabilities | 6 | (677,937) | (780,572) | (1,042,516) |
| Liabilities directly associated with non current assets classified as held for sale |
| - | - | (396,338) |
| Net current assets |
| 3,802,444 | 5,902,243 | 4,953,202 |
| Net assets |
| 4,528,481 | 6,990,363 | 6,516,861 |
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|
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|
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| Capital and reserves attributed to equity holders of the Company |
|
| ||
| Called up share capital |
| 657,995 | 650,581 | 613,398 |
| Share premium account |
| 35,668,868 | 35,256,853 | 31,342,483 |
| Merger reserve |
| 4,061,185 | 4,061,185 | 4,061,185 |
| Foreign exchange reserve |
| (57,804) | (66,241) | (216,251) |
| Profit and loss account | 8 | (35,801,763) | (32,912,015) | (29,283,954) |
| Total equity |
| 4,528,481 | 6,990,363 | 6,516,861 |
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2010
|
|
| Six months ended | Year ended | Six months ended |
|
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| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
|
| Unaudited |
|
|
|
|
| £ | £ | £ |
| Cash flows from operating activities (see note 7) |
|
|
|
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| Cash used in operations |
| (2,735,638) | (6,300,003) | (3,643,082) |
| Interest element of finance lease payments |
| - | (2,407) | (2,015) |
| Taxation received |
| 303,631 | 137,801 | - |
| Cash used in discontinued operations |
| - | (308,321) | (10,131) |
| Net cash used in operating activities |
| (2,432,007) | (6,472,930) | (3,655,228) |
| Cash flows from investing activities |
|
|
|
|
| Purchase of property, plant and equipment |
| (17,295) | (38,248) | (37,019) |
| Purchase of intangible assets |
| - | (1,200) | - |
| Proceeds from sale of fixed assets |
| - | 7,500 | 7,500 |
| Finance income |
| 20,832 | 82,501 | 71,752 |
| Cash used in investing activities on discontinued operations |
| - | (5,027) | - |
| Net cash inflow/(outflow) from investing activities |
| 3,537 | 45,526 | 42,233 |
| Cash flows from financing activities |
|
|
|
|
| Proceeds of ordinary share issue |
| - | 4,000,000 | - |
| Issuance cost of shares |
| - | (120,000) | - |
| Proceeds of options exercised |
| 447,462 | 43,520 | - |
| Capital element of finance lease payments |
| - | (31,748) | (20,280) |
| Net cash inflow/(outflow) from financing activities |
| 447,462 | 3,891,772 | (20,280) |
| Net (decrease)/increase in cash and cash equivalents |
| (1,981,008) | (2,535,632) | (3,633,275) |
| Cash and cash equivalents at beginning of period |
| 5,666,496 | 8,202,128 | 8,202,128 |
| Exchange gains/(losses) on cash balances |
| 563 | - | - |
| Cash and cash equivalents at end of period |
| 3,686,051 | 5,666,496 | 4,568,853 |
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| Reconciliation of cash and cash equivalents at end of period to position stated in the balance sheet |
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| Cash and cash equivalents at end of period |
| 3,686,051 | 5,666,496 | 4,568,853 |
| Cash and cash equivalents included in Assets held for sale |
| - | - | (88,938) |
| Cash and cash equivalents stated in the balance sheet |
| 3,686,051 | 5,666,496 | 4,479,915 |
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the six months ended 31 March 2010
1 Basis of accounting
The interim financial statements for the period to 31 March 2010 have not been audited or reviewed and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 30 September 2009, prepared under IFRS as adopted by the EU, have been delivered to the Registrar of Companies. The report of the Auditors included in these statutory accounts was not qualified and did not contain a statement under Section 498 of the Companies Act 2006.
2. Loss per share
The calculation of basic and diluted loss per share is based on a loss on ordinary activities after tax of £3,478,026 (year ended 30 September 2009: £7,074,506 and six months ended 31 March 2009 £3,313,900) and a weighted average number of shares of 65,253,975 (30 September 2008: 61,494,124 and 31 March 2009: 59,816,347)
3. Dividend
The directors do not intend to recommend the payment of any dividends until they consider it prudent to do so, having regard to the need to retain sufficient funds to finance the development of the Group's activities.
4. Operating expenses
|
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| Six months ended | Year ended | Six months ended |
|
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| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
|
| Unaudited |
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| £ | £ | £ |
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| Cost of goods sold |
| 20,980 | 136,395 | 154,970 |
| Research and Development |
| 1,360,998 | 3,290,017 | 1,366,250 |
| Sales and Marketing |
| 764,067 | 1,119,510 | 473,898 |
| Administration |
| 1,590,093 | 2,505,115 | 1,167,965 |
|
|
| 3,736,138 | 7,051,037 | 3,163,083 |
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| The following are items included in operating loss |
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| Depreciation of property, plant and equipment |
|
|
|
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| - owned |
| 83,490 | 260,828 | 83,889 |
| - held under finance leases |
| - | 30,706 | 15,353 |
| Amortisation of intangible fixed assets |
| 295,888 | 591,266 | 294,401 |
| Share based compensation charge |
| 588,278 | 323,223 | 98,693 |
| (Profit)/loss on disposal of fixed assets |
| - | (7,500) | (7,500) |
| Operating leases - land & buildings |
| 151,274 | 296,573 | 147,867 |
| - plant & machinery |
| 23,766 | 82,900 | 26,576 |
5. Trade and other receivables
|
|
| Six months ended | Year ended | Six months ended |
|
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| 31 March 2009 | 30 September 2008 | 31 March 2008 |
|
|
| Unaudited |
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|
|
| £ | £ | £ |
| Trade receivables |
| 29,414 | 75,922 | 13,621 |
| Other receivables |
| 165,335 | 207,734 | 218,113 |
| Prepayments and accrued income |
| 157,197 | 137,901 | 266,752 |
|
|
| 351,946 | 421,557 | 498,486 |
6. Trade and other payables
|
|
| Six months ended | Year ended | Six months ended |
|
|
| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
|
| Unaudited |
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|
|
| £ | £ | £ |
| Trade payables |
| 436,498 | 416,766 | 639,554 |
| Other creditors |
| 2,690 | 362 | 34,669 |
| Other taxation and social security |
| 63,405 | 56,426 | 87,274 |
| Accruals and deferred income |
| 175,344 | 307,018 | 281,019 |
|
|
| 677,937 | 780,572 | 1,042,516 |
7. Cash used in operations
for the six months ended 31 March 2010
|
|
| Six months ended | Year ended | Six months ended |
|
|
| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
|
| Unaudited |
|
|
|
|
| £ | £ | £ |
|
|
|
|
|
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| Loss before taxation |
| (3,636,226) | (6,925,053) | (3,086,060) |
| Adjustments for: |
|
|
|
|
| - Depreciation of property, plant and equipment |
| 83,490 | 291,534 | 99,242 |
| - Amortisation of intangible fixed assets |
| 295,888 | 591,266 | 294,401 |
| - (Profit)/loss on disposal of fixed assets |
| - | (7,500) | (7,500) |
| - Share Option Compensation Charge |
| 588,278 | 323,223 | 98,693 |
| - Currency exchange differences |
| 7,874 | (15,789) | (165,798) |
| - Finance expense |
| - | 2,407 | 2,015 |
| - Finance income |
| (20,832) | (83,166) | (71,752) |
| Changes in working capital: |
|
|
|
|
| - Inventories |
| 6,947 | (16,449) | (497,522) |
| - Trade and other receivables |
| 41,579 | 55,790 | (49,172) |
| - Trade and other payables |
| (102,636) | (516,266) | (259,629) |
| Cash outflow from operations |
| (2,735,638) | (6,300,003) | (3,643,082) |
8. Statement of changes in equity
|
|
| 31 March 2010 | 30 September 2009 | 31 March 2009 |
|
|
| Unaudited |
|
|
|
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|
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| Proceeds on Ordinary share issue |
| - | 4,000,000 | - |
| Proceeds on Ordinary shares issued on exercise of options |
| 419,429 | 71,553 | - |
| Issuance costs of shares |
| - | (120,000) | - |
| Currency exchange differences |
| 8,437 | (15,789) | (165,799) |
| Loss for the financial year |
| (3,478,026) | (7,074,506) | (3,313,990) |
| Share Option compensation charge |
| 588,278 | 231,148 | 98,693 |
| Equity at start of year |
| 6,990,363 | 9,897,957 | 9,897,957 |
| Equity at 31 March 2010 |
| 4,528,481 | 6,990,363 | 6,516,861 |
9. Copies of report
Copies of the interim report will be sent to shareholders. Further copies will be available from the Company Secretary.