TIDMCTFA
RNS Number : 1642A
Cientifica PLC
18 December 2014
Cientifica PLC
("Cientifica" or "the Company")
Unaudited Interim Results
Cientifica (AIM: CTFA.L) (formerly called Avia Health
Informatics Plc), announces its unaudited interim results for the
six months ended 30 September 2014. The comparative figures relate
to the six months ended 30 September 2013 which was prior to the
restructuring of the Company and the disposal of its operating
subsidiary. In October 2013 the Company changed its name to
Cientifica PLC and became a Rule 15 Investing Company (as defined
under the AIM Rules for Companies).
Cientifica's investing strategy is to invest in and/or acquire
businesses making use of emerging technologies. The initial target
businesses were those making use of applications in graphene
technology.
On 24 October 2014 the Company's ordinary shares were suspended
from trading on AIM as the Company had failed to implement its
investing strategy within one year of it becoming an Investing
Company. In the event that the Company is not able to implement its
investing strategy before 23 April 2015 the listing of its ordinary
shares on AIM will be cancelled at 7.30 am on 24 April 2015.
Financial results during the six months ended 30 September
2014
-- Operating loss and loss before tax for the period of GBP156,033 (H1 2013: GBP73,892)
-- Loss per ordinary share for the period was 0.5p (H1 2013 loss: 1.24p)
Chairman's Statement
Following the failure to implement the Company's investing
policy within 12 months of the Company becoming an Investing
Company, the Company's ordinary shares were suspended from trading
on AIM. In accordance with Rule 15 of the AIM Rules for Companies
the Company's ordinary shares will remain suspended from trading on
AIM until such time as the Company has sufficiently implemented its
investing strategy or undertaken a reverse takeover. Any proposed
reverse takeover would be subject to the approval of the Company's
shareholders.
Given that the Company has largely spent its cash without fully
implementing its investing policy it is likely that the Board will
pursue one of a number of reverse takeover opportunities being
currently evaluated. In consideration of this the Board is
currently also in discussions with regards to the sale of its
existing investments in companies utilising graphene technology. If
the Company's investing policy has not been implemented or a
reverse takeover has not been completed by 23 April 2015 (being six
months from the date of its shares having been suspended), then
admission of the Company's ordinary shares to trading on AIM will
be cancelled at 7.30 am on 24 April 2015.
The Company's financial position at the time of the interim
results was constrained and this remains the case. with creditors
exceeding the Company's cash balances. The Board has undertaken
steps to substantially reduce the Company's overheads and is in
discussions with a number of shareholders and creditors. The
Company has secured support from one of the Company's major
shareholders should there be a requirement for short term working
capital to implement the investing strategy.
Tim Godwin, Executive Chairman
For further information, please contact:
Cientifica PLC
Tim Godwin, Executive Chairman +44 (0) 1604 601002
Allenby Capital (Nominated Adviser)
Nick Naylor/James Reeve +44 (0) 203 328 5656
Peterhouse Corporate Finance (Broker)
Lucy Williams/Duncan Vasey +44 (0) 207 469 0930
Financial report
The consolidated results for the six month period to 30
September 2014 showed revenues of GBP10,000 (H1 2013: nil) and an
operating loss and loss before tax of GBP156,033 (H1 2013:
GBP73,892)
The loss per share for the period was 0.5p (H1 2013 loss:
1.24p).
At 30 September 2014 the cash balance in the Group stood at
GBP21,840 (30 September 2013: GBP2,179). The Company had no
borrowings.
Current trading, going concern and outlook
Cientifica is an AIM quoted Investing Company focussed on the
acquisition of businesses making use of advanced materials, in
particular graphene, and emerging technologies.
Following the failure to implement the Company's investing
policy within 12 months of the resumption of trading as an
Investment Company on 23 October 2013 the Company's ordinary shares
were suspended from trading on AIM on 24 October 2014.
If the Company's investing policy has not been implemented or a
reverse takeover has not been completed by 23 April 2015 (being six
months from the date of its ordinary shares having been suspended),
then admission of the Company's ordinary shares to trading on AIM
will be cancelled at 7.30 am on 24 April 2015.
Unaudited financial results for the six month period ended 30
September 2014
These results are unaudited and, as such, may be subject to
material change. Both the audited results for the financial year
ended 31 March 2014 and the unaudited results for the first half of
the current financial year are prepared on the going concern basis,
which assumes the Group will have sufficient resources to enable it
to continue trading for the foreseeable future. The Company's
financial position at the time of the interim results and at the
current date was and remains constrained, with its creditors
exceeding its cash holding.
The Board has undertaken steps to substantially reduce the
Company's overheads and is in discussions with a number of
shareholders and creditors and has secured support from one of the
Company's major shareholders should there be a requirement for
short term working capital to implement the Company's strategy.
Unaudited Consolidated Statement of Total Comprehensive Income
for the six month period ended
30 September 2014
Period ended 30 September
Period ended 30 September 2014 2013 Year ended 31 March 2014
GBP'000's GBP'000's GBP'000's
Continuing operations
Revenue 10 - -
Cost of sales - - -
Gross Profit 10 - -
Administrative Expenses (166) (74) (293)
Operating Loss (156) (74) (293)
Other Gains & Losses - - 584
(Loss)/Profit before
corporation tax (156) (74) 291
Corporation Tax - - -
(Loss)/Profit after taxation (156) (74) 291
Discontinued operations - (7)
Total comprehensive
(loss)/profit for the period (156) (81) 291
Basic and diluted (loss)/profit
pence per share:
Continuing operations (0.5) (1.13) 1.9
Discontinued operations (0.11)
Total (loss)/profit per share (0.5) (1.24) 1.9
Unaudited Consolidated Statement of Financial Position
As at 30 September 2014
As at
As at 30 September 2014 As at 30 September 2013 31 March 2014
GBP'000's GBP'000's GBP'000's
Assets
Non-Current Assets
Investments 115 - 10
Property, Plant and Equipment 2 1 2
117 1 12
Current Assets
Trade and other receivables 5 15 12
Cash and cash equivalents 22 2 131
Assets classified as held for sale 589
27 606 143
Liabilities
Current Liabilities
Trade and other payables 104 239 81
Deferred Income -
Loan 350
Liabilities directly associated with assets
classified as held for sale 626
1,215 81
Net Current Assets/(Liabilities) (77) (609) 62
Net Assets/(Liabilities) 40 (608) 74
Shareholders' Equity
Called Up Share Capital 264 130 223
Share Premium 2434 2,070 2353
Share Option Reserve 21 21
Reverse Acquisition Reserve (1,795)
Merger Reserve 1,488
Retained Earnings (2679) (2,501) (2523)
Total Equity 40 (608) 74
Unaudited Consolidated
Statement of Cash Flow
For the six month period ended
30 September 2014
Period ended 30 September
Period ended 30 September 2014 2013 Year ended 31 March 2014
GBP'000's GBP'000's GBP'000's
Cash Flows from Operating
Activities
Cash absorbed by operations (110) (69) (228)
Cash flows from investing
activities
Purchase of intangible assets (105) (29) (10)
Purchase of property, plant and
equipment (2)
Interest received
Net cash absorbed by investing
activities (105) (29) (12)
Cash flows from financing
activities
Proceeds from issue of share
capital 116 369
Net cash generated from
financing activities 116 369
(Decrease)/Increase in cash and
cash equivalents (109) (98) 129
Cash and cash equivalents at
beginning of period 131 100 2
Cash and cash equivalents at
end of period 22 2 131
Notes to the Interim Report
1. Basis of Preparation and accounting policies
These condensed interim statements have been prepared in
accordance with IAS 34, 'Interim Financial Reporting', as adopted
by the European Union on a basis consistent with International
Financial Reporting Standards (IFRS). They do not contain all of
the information required for full financial statements and should
be read in conjunction with the consolidated financial statements
of the Group as at and for the year ended 31 March 2014. These
interim financial statements do not constitute statutory accounts
within the meaning of the Companies Act 2006.
The interim financial information was approved by the Board of
Directors on 17 December 2014.
The information relating to the six month periods to 30
September 2014 and 30 September 2013 is unaudited. The reader's
attention is drawn to the text above under the heading beginning
"Unaudited Financial Results for the six month period ended 30
September 2014".
The information relating to the year ended 31 March 2014 is
extracted from the audited Financial Statements of the Company
which were published on 30 September 2014
The accounting policies applied by the Group in these interim
financial statements are the same as those applied by the Group in
its consolidated financial statements for the year ended and as at
31 March 2014.
2. Earnings per share
Six months to 30 September 2014 Six months to 30 September 2013 Year ended
31 March
2014
GBP'000's GBP'000's
(Loss)/Profit attributable to
equity holders of the parent:
(Loss)/Profit from continuing
operations (156) (74) 291
(Loss)/Profit from discontinued
operations (7)
(Loss)/Profit for the purpose of
basic and diluted loss per share (156) (81) 291
Number of shares:
Weighted average number of shares
in issue during the year 2,885,1245 6,524,023 15,067,585
Adjusted weighted average number of
shares 2,916,3752 6,524,023 15,485,393
Basic and diluted earnings per
share :
Basic (Loss)/Profit per share from
continuing operations (0.5) (1.24) 1.93
Diluted total (loss)/profit per
share for the period (0.5) (1.24) 1.87
3. Segmental Information
A segment is a distinguishable component of the Group that is
engaged in providing services in a particular economic environment
which have different potentials for future development. The Group
operates in only one segment and though there is export revenue
this is all within Europe and the Company classifies its operations
as a single segment.
4. Statement of Compliance
The financial information set out above does not constitute the
Company's statutory report and accounts for the year ended 31 March
2014. Statutory Accounts for 2014 have been delivered to the
Registrar of Companies. The auditor's report in respect of the 2014
accounts was unqualified and did not contain a statement under
section 489(2) or 498(3) of the Companies Act 2006. It did,
however, indicate the existence of a material uncertainty which may
cast significant doubt about the Group's ability to continue as a
going concern, which the auditor drew attention by way of an
emphasis of matter.
5. Directors' Responsibility Statement
The interim report is the responsibility of, and has been,
approved by the Directors. The Directors are responsible for
preparing the interim financial statements in accordance with the
AIM Rules for Companies.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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