Tissue Regenix Group Regulatory News (TRX)

16 Oct 2008 07:00



16 October 2008

Oxeco Plc (the "Company" or the "Group" )

Interim financial report for the six months ended 31 July 2008

Chairman's Statement

I am pleased to report on your Group's performance for the six months ended 31 July 2008. 

Oxeco Plc is a holding and management company, specialising in the development and growth of trading businesses within the technology and science sectors. The Company currently has one subsidiary, Oxray Ltd, which was acquired in June 2007 and is a start up business which aims to become a leading provider of molecular structure determination services to both industry and academic institutions. 

The unaudited consolidated loss before tax for the Group in six months to 31 July 2008 amounted to £105,000 compared to £3,000 for the comparable period from incorporation on 17 October 2006 to 31 July 2007. Consolidated net assets at 31 July 2008 amounted to £4.77 million including cash balances of £2.64 million versus net assets of £4.93 million and cash balances of £2.81 million a year earlier at 31 July 2007. The cash outflow for the Group during the six months to 31 July 2008 amounted to £120,000 and cash balances continue to be managed prudently, with tight cost control.

Oxray's primary objectives are the development of novel X-ray crystallography structure determination software and the provision of a small-molecule X-ray crystallography structure service. The service uses a web portal behind which the company can work to maximise the extent to which the service can be automated. The Company offers standardised response times to its customers but also offers market premium services such as a fast-response and extended scientific reporting suitable to support customers' patent applications. Oxray expects to complete the initial development of it's X-ray crystallography structure determination software within the next six months and will then focus on the marketing of the service and the establishment of a solid customer base.

Oxeco Plc is well capitalised and I am confident that your Company will continue to make considerable progress in its development during the second half of the year despite turbulent financial markets. Your Directors are continuing to evaluate a range of new commercial and acquisition opportunities which they believe fulfil the Company's original objectives of investing in the technology and science sectors, and especially those which are complimentary to the existing Group activities.

Finally I would like to conclude by thanking our employees and management for their hard work and support in the growth and development of the Group in the period.

Jussi Westergren

Executive Chairman

Contact:

OXECO PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 31 JULY 2008

Comparative figures comprise the period from incorporation on 17 October 2006 to 31 July 2007 and from the period from incorporation on 17 October 2006 to 31 January 2008.

The loss for the period arises from the Group's continuing operations.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS TO 31 JULY 2008

OXECO PLC

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2008

Approved by the Board and authorised for issue on 16 October 2008.

J P Westergren M A Bretherton

Chairman Finance Director

OXECO PLC

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 JULY 2008

Comparative figures comprise the period from incorporation on 17 October 2006 to 31 July 2007 and from the period from incorporation on 17 October 2006 to 31 January 2008.

OXECO PLC

NOTES TO THE CONDENSED FINANCIAL STATEMENTS 

FOR THE SIX MONTHS ENDED 31 JULY 2008

1) SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The interim financial statements of Oxeco Plc are unaudited condensed consolidated financial statements for the period for the six months period to 31 July 2008. These include unaudited comparatives for the period from incorporation on 17 October 2006 to 31 July 2007 together with audited comparatives for the period from incorporation on 17 October 2006 to 31 July 2007.

The condensed consolidated financial statements have been prepared under the historic cost convention and incorporate the financials of Oxeco Plc for the period and its subsidiary undertaking from the date of acquisition.

The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the period ended 31 January 2008.

The condensed consolidated financial statements do not constitute statutory accounts. The statutory accounts for the period to 31 January 2008 have been reported on by the Company's auditors and have been filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985.

2) TAXATION

The accrued tax charge for the six month period is based on an estimated effective tax rate of nil, after allowance for utilisation of tax losses brought forward in subsidiaries and prior year adjustments, (period to 31 July 2007: effective tax rate nil, period to 31 January 2008: effective tax rate 8.6 per cent.).

3) LOSS PER SHARE

Basic loss per share is based on the net loss for the period of £102,000 attributable to equity holders of the parent divided by the weighted average number of ordinary shares in issue during the period of 600,000,000, (period to 31 July 2007: loss £3,000 divided by the weighted average number of 353,658,537 shares; period to 31 January 2008: loss £63,000 divided by the weighted average of 456,050,955 shares). Fully diluted earnings per share are the same as basic earnings per share.

5) RELATED PARTY TRANSACTIONS

During the period the Company entered into the following transactions with Ora Capital Partners Plc (ORA) which as at 31 July 2008 held 45.25% of the Company's issued share capital.

During the period the Company's wholly owned subsidiary, Oxray Ltd, borrowed £nil (31 July 2007: £100,000)  from the Company for working capital purposes. The loan is non-interest bearing, is repayable on demand and the outstanding balance at 31 July 2008 was £200,000 (31 July 2007: £100,000).

6) INTERIM FINANCIAL REPORT

A copy of this interim report will be distributed to shareholders and is also available on the Company's website at www.oxecoplc.com.