30 Jul 2015 07:01
30 July 2015
Sirius Minerals Plc
Financial results for the year ended 31 March 2015
The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") announce the results for Sirius and its subsidiaries ("the Group") for the year ended 31 March 2015.
Key highlights
· Take-or-pay offtake agreement with large Central American fertilizer distributor for 250,000 tonnes per annum of polyhalite, ramping up over five years.
· Take-or-pay offtake agreement with a leading South American fertilizer distributor for 300,000 tonnes per annum over seven years.
· 500,000 tonnes per annum of polyhalite under one memorandum of understanding.
· 396,000 tonnes per annum of polyhalite under letters of intent.
· Memorandum of Understanding signed with Tanzanian Ministry of Agriculture in Tanzania, supporting collaboration on research on polyhalite for the introduction of polyhalite into Tanzania.
· Verification that polyhalite has nutritional benefits for animals and maiden animal feed take-or-pay offtake agreement for a long term supply of 50,000 tonnes per annum of polyhalite.
· Range of positive crop study results demonstrating the value of polyhalite on crops of commercial significance through field trials across the globe announced in agronomy updates and webcasts.
· Appointment of new Group Chief Financial Officer, Thomas Staley.
· Oversubscribed share placing raising £15 million.
· Community engagement showed high levels of public support with 98% of people in favour of the York Potash Project ("the Project").
· Planning approval submissions made for the York Potash Project.
Post balance sheet events
· Successful resolutions to grant planning permissions for key approvals required to develop the Project, including the mine and mineral transport system, the materials handling facility and the temporary construction park and ride facility.
· The proposed development consent order for Harbour Facilities at Teesside has been accepted for examination by the Planning Inspectorate. A final decision is due to be made by the Secretary of State for Transport no later than summer 2016.
· Noel Harwerth and Jane Lodge appointed to the Board as independent non-executive directors with Chris Catlow and Peter Woods stepping down.
Financials
The Group's year-end cash and cash equivalents position as at 31 March 2015 was £26.6 million (2014: £48.4 million). The Group's loss for the year ended 31 March 2015 was £10.0 million (2014: £8.0 million).
Annual Report and Accounts
The Annual Report and Accounts have now been published on the Company's website: www.siriusminerals.com. The Annual Report and Accounts will also be posted to shareholders shortly.
For further information, please contact:
Sirius Minerals Plc Investor Relations
|
Email: ir@siriusminerals.com |
Tel: +44 845 524 0247 |
Joint Brokers Liberum Capital Limited |
Clayton Bush |
Tel: +44 20 3100 2222 |
Macquarie Capital (Europe) Limited (NOMAD) | Ken Fleming, Nick Harland, Nick Stamp | Tel: +44 20 3037 2000 |
WH Ireland
| Adrian Hadden | Tel: +44 20 7220 1666 |
Media Enquiries Tavistock | Jos Simson, Mike Bartlett, Emily Fenton | Tel: +44 20 7920 3150 |
Warrant Trading Enquiries Liberum Capital Limited |
Simon Smith |
Tel: +44 20 3100 2171 |
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on the development of the York Potash Project in the United Kingdom, which has the world's largest and highest grade deposit of polyhalite, a multi-nutrient form of potash containing potassium, sulphur, magnesium and calcium. Incorporated in 2003, Sirius Minerals' shares are traded on the London Stock Exchange's AIM market. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at: www.siriusminerals.com.
CHAIRMAN'S STATEMENT
Dear Shareholders
This is my fourth year of submitting a Chairman's statement to you and I believe this year we can look forward with ever more confidence to the long-term success of the Group.
It has been a year dominated by three key work streams: planning approvals, the ongoing preparation of our definitive feasibility study (DFS) and the continued progress of our sales and marketing efforts.
Last year I said that 2014-2015 would be a defining period for the Group, but it is only a step on our way to fulfilling the Group's true potential. And so it has turned out to be, with the year dominated by our focus on achieving planning consent for the key parts of the York Potash Project (the Project). Although final positive planning decisions came outside of the 2014-2015 financial year, it would be remiss not to reference these successes as part of this report.
It is often difficult to properly explain to external observers the level of work and effort that goes into preparing planning applications, especially the nature of the applications that have been required for this Project. Although most public focus has been on the North York Moors National Park Authority (NYMNPA), there have been six applications submitted for the critical infrastructure that supports the Project's construction and operational requirements. The number of studies, reviews, drafts, comments, consultations and documents has been quite staggering.
At times during the financial year people will have been frustrated by apparent delays, as examples, when we chose to change the Project's design to incorporate a tunnel-based mineral transport system (MTS) and then to merge the mine and MTS applications, resulting in the submission of the former being delayed to align with the latter. But as a project of this scale and nature evolves, you have to adapt the strategy, and those decisions have turned out to have been the right ones.
Similarly in projects of this size, and where there is a desire to submit the applications as quickly as possible, there are inevitably corrections and clarifications to provide along the way, as well as additional information. Our in-house and consultancy teams led by Allan Gamble did a fantastic job to compile such a comprehensive and timely set of documents in the package of supplementary environmental information in February 2015, which ultimately set us on the final path towards approval.
Our first key planning approval came from Scarborough Borough Council (SBC) for the construction park and ride and workers accommodation. Progress was subsequently made with the mine and MTS application and then the materials handling facility application at Redcar and Cleveland Borough Council (RCBC). This was followed by the positive consideration of the mine and mineral transport system planning application by the NYMNPA. I would like thank all the local authorities for their hard work in determining the applications. We do believe that the long-term economic benefits of the Project will be substantial for the local area, region and nation as a whole. We look forward to continuing to delivering both these benefits and our commitment to the York Potash Foundation (YPF) that can provide a positive lasting legacy to the area.
The development consent order for the harbour facilities has been submitted and in April 2015 it was accepted for future examination. We anticipate a decision will be made by the Planning Inspectorate in summer 2016.
Another large component of the Company's work in 2014-2015 has been behind the scenes with the ongoing preparation of the DFS. Whilst large amounts of it have been concluded, the overall finalisation of the DFS awaited the receipt of key project approvals and the completion of the key tenders that were being run throughout the year.
The past year was also notable for the ongoing progress in sales and marketing. This has ranged from the advancement of sales commitments to the further development and growth of the global agronomy programme. To have secured an increasing number of take-or-pay contracts in an industry where traditionally long-term contracts are not the norm, is testament to our progress.
Sirius Minerals's trademarked polyhalite product, POLY4, has natural nutrient advantages offering better agronomical and economic benefits over a range of other fertilizer products. We believe the unique characteristics of POLY4, combined with the healthy cash margins expected from the Project, differentiate Sirius Minerals from other companies in the fertilizer industry.
From a management team perspective we have now established an effective group that are pushing the Company forward to achieve its goals. I see on a daily basis the hard work that, from the top to the most junior level of our team, is going into making the Company a success for the benefit of all our shareholders. Of particular note in December 2014 was the promotion of Thomas Staley to the Chief Financial Officer role. His energy and experience is proving to be a great asset to the Company.
Since the year end we have seen the departure of two long-standing non-executive directors, Deputy Chairman Chris Catlow and Peter Woods. I wish them both well in their future endeavours. We have added to the Board two very experienced independent non-executive directors, Noel Harwerth and Jane Lodge. Both ladies bring an impressive breadth of corporate executive and board experience to our company, and their collective finance, mining, construction and accounting backgrounds will be very useful to Sirius Minerals throughout our next phase of development.
The financial year saw the Group deliver an important financing in February 2015, when we raised £15 million from an oversubscribed equity placement. Financing is never undertaken lightly, and there is always a balance between minimising dilution of existing shareholders and maintaining the Project's momentum. In this instance it was prudent to execute the transaction so we could maintain time-critical engineering work and have comfort that we were funded beyond the planning decision if we were driven into an appeal period.
Our financing ability and corporate strategy is fundamentally different following the grant of the key-approvals. We expect to provide further detail to shareholders throughout the 2015-2016 financial year. To gain an understanding of our future plans, people should realise that our target is, very definitely, to bring a world-class fertilizer company into production. This means that any financings before reaching that first production target are important and are stepping stones to deliver a lower operating cost structure appropriate for profitable operations to unlock shareholder value and returns. We will take such decisions with the best interests of all shareholders in mind.
The financial year ahead will be an exciting period as we look to secure appropriate funding to begin construction and ultimately reach our goal of becoming a large-scale, multi-nutrient fertilizer producer. That has always been at the heart of our strategy - to maximise long-term shareholder value.
I thank you for your loyal support and hope that it continues into the year ahead and beyond.
Kind regards,
Russell Scrimshaw
Chairman
CONSOLIDATED INCOME STATEMENT |
for the year ended 31 March 2015 |
2015 | 2014 | |
£000s | £000s | |
Revenue | - | - |
Administrative expenses | (10,047) | (9,115) |
Operating loss | (10,047) | (9,115) |
Finance income | 332 | 49 |
Finance costs | (353) | (1,063) |
Loss before taxation | (10,068) | (10,129) |
Taxation | 503 | 2,151 |
Loss for the financial year | (9,565) | (7,978) |
Loss per share: | ||
Basic and diluted | (0.5)p | (0.5)p |
CONSOLIDATED STATEMENT OF |
COMPREHENSIVE INCOME |
for the year ended 31 March 2015 |
2015 | 2014 | |
£000s | £000s | |
Loss for the financial year attributable to owners of the parent | (9,565) | (7,978) |
Other comprehensive income/(loss) | ||
Items that may be subsequently reclassified to profit or loss | ||
Exchange differences on translating foreign operations | (346) | 210 |
Other comprehensive income/(loss) for the year | (346) | 210 |
Total comprehensive loss for the year | (9,911) | (7,768) |
Total comprehensive loss shown above is fully attributable to equity shareholders of the parent in both years. |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
as at 31 March 2015 |
2015 | 2014 | |
ASSETS | £000s | £000s |
Non-current assets | ||
Property, plant and equipment | 1,932 | 2,116 |
Intangible assets | 121,721 | 92,814 |
Total non-current assets | 123,653 | 94,930 |
Current assets | ||
Other receivables | 1,413 | 1,046 |
Cash and cash equivalents | 26,640 | 48,404 |
Total current assets | 28,053 | 49,450 |
TOTAL ASSETS | 151,706 | 144,380 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 5,362 | 4,658 |
Share premium account | 216,586 | 197,797 |
Share based payment reserve | 13,290 | 11,404 |
Accumulated losses | (95,630) | (86,360) |
Foreign exchange reserve | 7,028 | 7,374 |
Total equity | 146,636 | 134,873 |
Current liabilities Loan from third parties | 1,980 | 5,340 |
Trade and other payables | 3,090 | 4,167 |
Total liabilities | 5,070 | 9,507 |
TOTAL EQUITY AND LIABILITIES | 151,706 | 144,380 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2015 |
Share | Equity | |||||
Share | based | Foreign | share- | |||
Share | premium | payments | Accumulated | exchange | holders' | |
capital | account | reserve | losses | reserve | funds | |
£000s | £000s | £000s | £000s | £000s | £000s | |
At 31 March 2013 | 3,359 | 147,763 | 10,345 | (79,392) | 7,164 | 89,239 |
Loss for the financial year | - | - | - | (7,978) | - | (7,978) |
Foreign exchange differences on | ||||||
translation of foreign operations | - | - | - | - | 210 | 210 |
Total comprehensive loss for the year | - | - | - | (7,978) | 210 | (7,768) |
Convertible loan | 368 | 9,562 | - | 1,010 | - | 10,940 |
Share issue | 897 | 42,147 | 897 | - | - | 43,941 |
Share issue costs | - | (2,180) | - | - | - | (2,180) |
Share based payments | 27 | - | 162 | - | - | 189 |
Exercised options | 7 | 505 | - | - | - | 512 |
At 31 March 2014 | 4,658 | 197,797 | 11,404 | (86,360) | 7,374 | 134,873 |
Loss for the financial year | - | - | - | (9,565) | - | (9,565) |
Foreign exchange differences on | ||||||
translation of foreign operations | - | - | - | - | (346) | (346) |
Total comprehensive (loss)/income for the year | - | - | - | (9,565) | (346) | (9,911) |
Convertible loan | 113 | 3,287 | - | 295 | - | 3,695 |
Share Issue | 572 | 15,853 | - | - | - | 16,425 |
Share Issue costs | - | (665) | - | - | - | (665) |
Share based payments | - | - | 1,886 | - | - | 1,886 |
Exercised options | 19 | 314 | - | - | - | 333 |
At 31 March 2015 | 5,362 | 216,586 | 13,290 | (95,630) | 7,028 | 146,636 |
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CONSOLIDATED STATEMENT OF CASH FLOWS | |||||
for the year ended 31 March 2015 |
2015 | 2014 | |
£000s | £000s | |
Cash outflow from operating activities | (10,240) | (7,950) |
Cash flow from investing activities | ||
Purchase of intangible assets | (27,188) | (17,424) |
Purchase of plant and equipment | (62) | (1,461) |
Repayment of loan to third party | - | 915 |
Net cash used in investing activities | (27,250) | (17,970) |
Cash flow from financing activities | ||
Proceeds from loan | - | 15,748 |
Proceeds from issue of shares | 16,758 | 43,557 |
Share issue costs | (665) | (2,180) |
Finance (costs)/income | (21) | (1,014) |
Net cash generated from financing activities | 16,072 | 56,111 |
Net increase/(decrease) in cash and cash equivalents | (21,418) | 30,191 |
Cash and cash equivalents at beginning of the year | 48,404 | 17,980 |
Effect of foreign exchange rate changes | (346) | 233 |
Cash and cash equivalents at end of the year | 26,640 | 48,404 |
NOTES TO THE FINANCIAL STATEMENTS |
1. ACCOUNTING POLICIES |
BASIS OF PREPARATION |
The annual financial statements of Sirius Minerals Plc ("the Company") and its subsidiaries ("the Group") have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS IC Interpretations as adopted by the European Union ("EU") and the Companies Act 2006 applicable to companies reporting under IFRS. |
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the International Financial Reporting Standards Interpretations Committee ("IFRS IC") and there is an ongoing process of review and endorsement by the European Commission. The financial statements have been prepared on the basis of the recognition and measurement principles of IFRS that were applicable at 31 March 2015. |
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies set out below have been consistently applied to all periods presented. |
The Company is a public limited company which is incorporated and domiciled in the UK. The address of its registered office is: 3rd Floor Greener House, 68 Haymarket, London SW1Y 4RF. |
GOING CONCERN |
The Group incurred a loss for the year after taxation of £9,565,000 and as at 31 March 2015, its assets exceeded its liabilities by £146,636,000. Whilst the Directors remain confident of a positive outcome in each of the following areas they recognise that there are a number of material uncertainties inherent in the York Potash project, namely;
·The conclusion of the feasibility studies to prove the availability and economic viability of polyhalite resources · Securing sufficient financing to fund full operational development
An unsuccessful outcome in respect of these material uncertainties may cast significant doubt on the Group's ability to continue as a going concern. However the Directors remain positive following recent planning decisions covering the Project's mine and mineral transport system, and the Group's ability to raise finance in the future. The Directors are of the view that additional funding will be secured as necessary. In March 2015, the Group secured a further £15m through a placement of shares.
The Group retains the ability to defer certain expenditure and operate within the level of its existing funds for a period which the Directors believe to be sufficient to enable them to secure funding. On this basis the Directors have concluded that the Group retains sufficient resources to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The financial statements do not include the adjustments which would result if the Group were unable to continue as a going concern. |
2. SEGMENTAL ANALYSIS |
Management has determined the operating segments by considering the business from both a geographic and activity perspective. The Group is currently organised into two business divisions: the UK segment which consists of the York Potash related activities and the corporate operations and the Rest of World which includes the parent company's other overseas interests. These divisions are the segments for which the Group reports information internally to the Board of Directors. The Group's operations are predominantly in the United Kingdom. |
UK | Rest of the World | ||||
Corporate operations and Resource Evaluation and exploration | Resource evaluation and exploration and Environmental solutions | ||||
| |||||
Total |
| ||||
£000s | £000s | £000s |
| ||
Year ended 31 March 2015 |
| ||||
Operating (loss)/profit | (10,207) | 160 | (10,047) |
| |
Finance costs | (353) | - | (353) |
| |
Finance income | 328 | 4 | 332 |
| |
(Loss)/profit before taxation | (10,231) | 163 | (10,068) |
| |
Tax credits | 503 | - | 503 |
| |
(Loss)/profit for the year from continuing operations | (9,728) | 163 | (9,565) |
| |
Total assets | 151,340 | 366 | 151,706 |
| |
Total liabilities | (4,900) | (170) | (5,070) |
| |
Net assets | 146,440 | 196 | 146,636 |
| |
Capital expenditure | 28,990 | - | 28,990 |
| |
Depreciation and amortization | 203 | - | 203 |
| |
Share based payment cost | 2,493 | - | 2,493 |
| |
UK | Rest of the World | ||||
Corporate operations and Resource Evaluation and exploration | Resource evaluation and exploration and Environmental solutions | ||||
| |||||
Total |
| ||||
£000s | £000s | £000s |
| ||
Year ended 31 March 2014 |
| ||||
Operating (loss)/profit | (8,948) | (167) | (9,115) |
| |
Finance costs | (1,063) | - | (1,063) |
| |
Finance income | 43 | 6 | 49 |
| |
(Loss)/profit before taxation | (9,968) | (161) | (10,129) |
| |
Tax credits | 2,151 | - | 2,151 |
| |
(Loss)/profit for the year from continuing operations | (7,817) | (162) | (7,978) |
| |
Total assets | 143,819 | 561 | 144,380 |
| |
Total liabilities | (9,326) | (181) | (9,507) |
| |
Net assets | 134,493 | 380 | 134,873 |
| |
Capital expenditure | 20,508 | - | 20,508 |
| |
Depreciation and amortisation | 216 | 8 | 224 |
| |
Share based payment cost | 564 | - | 564 |
| |
3. SUMMARY OF ADMINISTRATIVE EXPENSES |
The Company made impairment charges in respect of its loans receivable from Auspotash Corporation and Sirius Minerals (Australia) Pty Limited (see notes 13 and 15). The total expense recognised within the income statement in relation to impairment charges is £2,898 (2014: £23,174).
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4. LOSS PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Given the Group's reported loss for the year, share options are not taken into account when determining the weighted average number of ordinary shares in issue during the year, therefore basic and diluted earnings per share are the same. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5. INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | ||||
and Evaluation Assets | Goodwill | Software | Total | |
Group | £000s | £000s | £000s | £000s |
Cost | ||||
At 1 April 2013 | 125,386 | 9,079 | 79 | 134,544 |
Additions | 19,097 | - | - | 19,097 |
Foreign exchange movement | - | - | - | - |
At 31 March 2014 | 144,483 | 9,079 | 79 | 153,641 |
Additions | 28,929 | - | - | 28,929 |
Foreign exchange movement | - | - | - | - |
As at 31 March 2015 | 173,412 | 9,079 | 79 | 182,570 |
Accumulated provision for permanent diminution in value | ||||
At 1 April 2013 | (58,339) | (2,436) | (26) | (60,801) |
Impairment | - | - | - | - |
Amortisation | - | - | (26) | (26) |
At 31 March 2014 | (58,339) | (2,436) | (52) | (60,827) |
Amortisation | - | - | (22) | (22) |
At 31 March 2015 | (58,339) | (2,436) | (74) | (60,849) |
Net book value | ||||
31 March 2015 | 115,073 | 6,643 | 5 | 121,721 |
31 March 2014 | 86,144 | 6,643 | 27 | 92,814 |
GOODWILL |
|
| |
The goodwill acquired in January 2011 as part of the business combination relating to York Potash Ltd has been allocated to the cash generating unit (CGU) of resource evaluation and exploitation in the geographical location of the UK, which is expected to benefit from the business combination. |
|
| |
The recoverable amount of the goodwill on the acquisition of York Potash Ltd has been assessed by reference to value in use. The valuation is based on cash flow projections that incorporate best estimates of selling prices, production rates, future capital expenditure and production costs. A growth rate of 2 per cent was incorporated into the discount rate. |
|
| |
The cash flow projections are based on long term plans covering the expected life of the operation. The Indicated Resource of 820 million tonnes of polyhalite determines an expected mine life of more than 25 years. The valuations are particularly sensitive to changes in assumptions about selling prices, volumes of production and operating costs. Long term average selling prices are forecast taking account of market data in respect of potash and management's current expectations. Forecasts of volumes of production and operating costs are based on management's current expectations. |
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| |
Discount rates represent an estimate of the rate the market would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. A discount rate of 10 per cent, which is considered to be appropriate for a project of this nature and size, has been applied to the pre-tax cash flows. |
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| |
No reasonably possible change in the key assumptions on which York Potash Ltd's recoverable amount is based would cause its value to fall short of its carrying amount as at 31 March 2015. |
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IMPAIRMENT |
|
There were no impairment charges in the year. Last year there were impairment charges of £4,000.
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6. CASH OUTFLOW FROM OPERATING ACTIVITIES | |
2015 | 2014 | |
Group | £000s | £000s |
Loss before tax | (10,068) | (10,129) |
Depreciation | 182 | 198 |
Assets expensed to income statement | 64 | 50 |
Finance (income)/expense | 21 | 1,014 |
Amortisation | 22 | 26 |
Impairment | - | - |
Share based payments | 1,886 | 1,086 |
Loan conversion into shares | 333 | 531 |
Tax credit | 503 | 1,492 |
Operating cash flow before changes in working capital | (7,057) | (5,732) |
Decrease/(increase) in receivables | (367) | (88) |
(Decrease)/increase in payables | (2,816) | (2,130) |
Net cash outflow from operating activities | (10,240) | (7,950) |
7. SHARE CAPITAL | ||
2015 | 2014 | |
£000s | £000s | |
Allotted and called up | ||
2,145,020,261 (2014: 1,863,331,072) ordinary shares of 0.25p each | 5,362 | 4,658 |
On 9 April 2014 the Company issued 1,198,095 new ordinary shares of 0.25p each to Company employees under the Company's long term incentive plan. On 2 June 2014 the Company issued 900,000 new ordinary shares of 0.25p each to Jason Murray, Executive Director pursuant to share awards under his contract of employment which had vested. On 4 August 2014 the company cancelled 25,000 new ordinary shares of 0.25p each On 20 August 2014 the Company issued 1,044,445 new ordinary shares of 0.25p each to Jason Murray, Executive Director upon leaving the company pursuant to share awards which had vested. On 20 August 2014 the Company issued 250,000 new ordinary shares of 0.25p each at a price of 4.5p per share, realising £10,625, following the exercise of share options. On 12 September 2014 the Company issued 500,000 new ordinary shares of 0.25p each at a price of 4.5p per share, realising £21,250, following the exercise of share options. On 24 March 2015 the Company issued 6,200,000 new ordinary shares of 0.25p each at a price of 4.5p per share, realising £263,500, following the exercise of share options. On 23 March 2015 the Company issued 500,000 new ordinary shares of 0.25p each at a price of 4p per share, realising £18,750, following the exercise of share options. Throughout the year, pursuant to notices served by the Company's investor under the convertible securities facility entered into on 11 August 2013 the Company issued the following new ordinary shares of 0.25p each:
On 9 March 2015 the Company issued 225,978,103 new ordinary shares of 0.25p each to various parties in connection with a placing at a price of 7p per ordinary share. | |||||||||||||||
8. FINANCIAL INFORMATION | |||||||||||||||
The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 31 March 2015 or 31 March 2014.
The comparative financial information has been extracted from the statutory accounts of the Group for the year ended 31 March 2014. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and but did include references to material uncertainties surrounding the Directors application of the Going Concern assumption. The statutory accounts for the year ended 31 March 2014 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 31 March 2015 have been finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
ENDS