TIDMMBK
RNS Number : 2596A
Millbrook Scientific InstrumentsPLC
06 October 2009
+------------------------------------+------------------------------------+
| | 6 October 2009 |
+------------------------------------+------------------------------------+
Millbrook Scientific Instruments plc
Final Results
Millbrook Scientific Instruments plc, the designer and manufacturer of
innovative scientific instruments that measure nanoscale mechanical properties
of thin films and coatings, announces its Final Results for the year ended 31
March 2009.
OVERVIEW
* The Group is now solely focused on the production, distribution and development
of the NanoTest instrument. The MiniSIMS division was closed down after the year
end after one of the Group's subsidiary companies, Millbrook Instruments
Limited, was placed into administration on 22 September 2009.
* Total Group sales (including discontinued operations) for FY2009 GBP2.9m (FY2008
- GBP2.6m):
- Second half FY2009 Group sales GBP1.6m (FY2008 - GBP1.6m);
* EBITDA for FY2009 GBP94k (FY2008 - GBP(26)k).
* Net funds at the end of the year GBP451k (FY2008 - GBP73k); loan under Small
Firms Loan Guarantee Scheme GBP7k (FY2008 - GBP19k).
* Priorities for FY2010:
- ensure rapid progress of product developments at Micro
Materials Limited
- seek to reduce central costs further, in light of the reduction
in size of the Group
+------------------------------------+-----------------------------------+
| For further information: | |
| | |
+------------------------------------+-----------------------------------+
| Millbrook Scientific Instruments | Tel: +44 (0)1978 261615 |
| plc | www.millbrook-instruments.com |
| Stephen Blank, Chairman | |
| Paul Grasske, Chief Executive | |
| Officer | |
| | |
+------------------------------------+-----------------------------------+
| Zeus Capital Limited | Tel: +44 (0)161 831 1512 |
| Alex Clarkson /Tom Rowley | www.zeuscapital.co.uk |
+------------------------------------+-----------------------------------+
CHAIRMAN'S STATEMENT & REVIEW
REVIEW
Despite the Group achieving robust results for FY2009, regrettably this review
starts negatively due to the closure of the MiniSIMS division post year end
which was effected by the placing of Millbrook Instruments Limited ("MIL") into
administration on 22 September 2009. This has significantly detracted from a set
of results which saw the Group increase sales once more and achieve a profit at
the EBITDA line.
MiniSIMS division
On 8 April 2009, we issued a largely positive trading update. However, the lumpy
nature of the Group's sales, particularly those of MIL, and the high level of
fixed costs in the Group means that close attention has to be paid to liquidity
risk on a continual basis. Detailed cash flow forecasts are prepared monthly and
closely monitored by the Board. At our May meeting we noted that two potential
orders for MIL had not been confirmed. At that point it was still entirely
possible that the budget for FY2009 could be achieved. However the cash flow
forecast also demonstrated that, if the orders did not materialise shortly, the
Board would have to take action to cut costs by the end of August at the latest
due to the length of time required to action a reduction in the Group's fixed
costs.
Within two weeks it became clear that neither order would be forthcoming in the
short term. The Board therefore resolved immediately to implement a cost cutting
exercise and to undertake a strategic review of the MIL business, as set out in
the release of 5 June 2009.
The staff at Blackburn responded magnificently, most of them agreeing to go onto
short time working until the orders came through. With regret we also agreed
that Dr John Eccles, one of the founders of the MiniSIMS business, would leave
the business.
In conjunction with Zeus Capital, our financial adviser, the Board examined
strategic options for MIL, including a disposal of the MiniSIMS business.
Despite receiving an expression of interest in acquiring the MiniSIMS business
from one of the parties that were contacted during the strategic review, the
terms proposed by the potential acquirer were unacceptable to the Board and a
disposal could not be agreed. By mid September the order position of MIL
remained extremely weak and, although one of the original two orders did
materialise, the Board, in consultation with its professional advisers, resolved
that the Group could provide no further support to MIL so the order could not be
fulfilled. As a consequence, the directors of MIL resolved that the company
would be placed into administration on 22 September 2009, the appointees being
Kerry Bailey and Jonathan Newell of PKF.
The Board was unanimous in its view that the best way to protect future value
for the Group's shareholders was to close the MIL subsidiary. This action was
taken with extreme regret in particular for the staff. Improvements had been
made to the reliability of the MiniSIMS instrument and the software had been
significantly upgraded during the financial year, however MIL was proving to be
a cash drain in FY2010 and was creating a significant strain on the working
capital position of the Group as a whole. The suddenness with which orders dried
up came as a complete surprise and it was only due to excellent financial
management on the part of the CEO Paul Grasske that the viability of the entire
group was not compromised.
NanoTest division
I am pleased to report that the NanoTest division is performing in line with
management expectations. In the first half of the 2010 financial year the Board
did note some delays in decision making at customers, even though most of them
are research or university establishments, however these delays seem to have
eased with prospects now starting to convert to orders on a regular basis.
Improvements and enhancements to the instrument are under way with the benefit
of grant funding and it is hoped that several of these will be the subject of
new patents. In particular, improvements are in progress that will enable the
company to compete successfully in markets previously dominated by our US
competitors. Alongside this, demand for the NanoTest's world-leading high
temperature test capability is growing rapidly and current R&D projects aim to
maintain our competitive edge. The project to develop an environmental enclosure
to extend the measurement range to include temperatures above which the diamond
indenters oxidise in air has been successfully completed. Initial take up has
been extremely encouraging with several units already sold and installed.
The Board will continue to seek to grow and develop the NanoTest business.
RESULTS (FY2008 in brackets)
Group sales including discontinued operations were GBP2.91 million (GBP2.63
million), 10.6% up on the previous year.
The major controllable cost is employee benefits expense. This increased from
GBP940,426 in 2008 to GBP966,345 this year.
Profit for the year at the EBITDA level was GBP93,664 (loss of GBP25,881). This
improvement was predominantly due to increased sales.
The financial effects of the administration of MIL are set out in Note 4. These
consist mainly of a complete write off of Deferred R&D expenditure and Goodwill.
There is no cash effect of these adjustments. The Company is the major creditor
and sole shareholder of MIL but at this point it seems highly unlikely that
there will be any material return to creditors and there will be none to
shareholders.
BOARD
Since the 2008 AGM the Board has comprised five directors - three executives:
Paul Grasske, John Eccles and Peter Vohralik and two non-executives: Malcolm
Fortnam and myself. On 17 Feb 2009 Peter Vohralik left the Board and on 22 July
2009 Dr John Eccles also left.
The contribution of both of the directors who have left, one of whom was a
founder of MIL, has been immense. They tried to the utmost of their ability to
move that business forward but they have left in order to help us preserve the
Group as a going concern and ultimately return value to the shareholders.
OUTLOOK
Going forward, the Group will now be focused solely on the NanoTest business and
will not be constrained by the cash outflows which it had previously been
experiencing at the MiniSIMS division. This should mean that the financial
position of the Group will be significantly stabilised. The Board will continue
actively to seek ways in which to build the NanoTest business both through
technical enhancement and sales growth.
In light of the reduction in size of the Group, the Board is also seeking ways
in which to reduce costs further and is currently conducting a review of all
overheads and particularly central costs which are currently, in the Board's
opinion, too high for a company of Millbrook's reduced size. The Board will
report the results of the review when it has been completed.
Finally I would like to thank all of the Group's employees for their continued
loyalty and support in what for many of them has been another difficult year.
S M Blank
Chairman
5 October 2009
GROUP INCOME STATEMENT
for the year ended 31 March 2009
+-------------------------------------+-------+--------------+--------------+
| | | 2009 | 2008 |
+-------------------------------------+-------+--------------+--------------+
| | Notes | Total | Total |
+-------------------------------------+-------+--------------+--------------+
| | | GBP | GBP |
| | | | |
+-------------------------------------+-------+--------------+--------------+
| CONTINUING OPERATIONS | | | |
+-------------------------------------+-------+--------------+--------------+
| Revenue | 2 | 2,906,080 | 2,484,055 |
+-------------------------------------+-------+--------------+--------------+
| Other income | | 15,326 | 14,491 |
+-------------------------------------+-------+--------------+--------------+
| Changes in inventories of finished | | 43,103 | (64,893) |
| goods and work in progress | | | |
+-------------------------------------+-------+--------------+--------------+
| Work performed by the entity and | | 159,141 | 233,601 |
| capitalised | | | |
+-------------------------------------+-------+--------------+--------------+
| Raw materials and consumables used | | (1,309,388) | (880,252) |
+-------------------------------------+-------+--------------+--------------+
| Employee benefits expense | | (966,345) | (940,426) |
+-------------------------------------+-------+--------------+--------------+
| Depreciation and amortisation | | (1,296,678) | (239,666) |
| expense | | | |
+-------------------------------------+-------+--------------+--------------+
| Other expenses | | (595,112) | (675,523) |
+-------------------------------------+-------+--------------+--------------+
| Operating loss | | (1,043,873) | (68,613) |
+-------------------------------------+-------+--------------+--------------+
| Finance costs | | (2,507) | (14,518) |
+-------------------------------------+-------+--------------+--------------+
| Loss before tax | | (1,046,380) | (83,131) |
+-------------------------------------+-------+--------------+--------------+
| Taxation | | 16,540 | 79,560 |
+-------------------------------------+-------+--------------+--------------+
| Loss for the period from continuing | | (1,029,840) | (3,571) |
| operations | | | |
+-------------------------------------+-------+--------------+--------------+
| | | | |
+-------------------------------------+-------+--------------+--------------+
| DISCONTINUED OPERATIONS | | | |
+-------------------------------------+-------+--------------+--------------+
| Profit/(loss) for the period from | 5 | 71,732 | (183,856) |
| discontinued operations | | | |
+-------------------------------------+-------+--------------+--------------+
| Loss for the period | | (958,108) | (187,427) |
+-------------------------------------+-------+--------------+--------------+
| | | | |
+-------------------------------------+-------+--------------+--------------+
| Loss per share | 3 | | |
+-------------------------------------+-------+--------------+--------------+
| Basic | | (1.301p) | (0.290p) |
+-------------------------------------+-------+--------------+--------------+
| Diluted | | (1.129p) | (0.260p) |
+-------------------------------------+-------+--------------+--------------+
GROUP INCOME STATEMENT continued
for the year ended 31 March 2009
Earnings Before Interest, Tax and Depreciation and Amortisation ("EBITDA")
+-----------------------------+-----------+---+--------------+--------------+
| | | | 2009 | 2008 |
+-----------------------------+-----------+---+--------------+--------------+
| | | | | |
+-----------------------------+-----------+---+--------------+--------------+
| | | | Total | Total |
+-----------------------------+-----------+---+--------------+--------------+
| | | | GBP | GBP |
+-----------------------------+-----------+---+--------------+--------------+
| EBITDA (continuing | | | 93,664 | (25,881) |
| operations) | | | | |
+-----------------------------+-----------+---+--------------+--------------+
| Exceptional items | | | - | (36,667) |
+-----------------------------+-----------+---+--------------+--------------+
| Depreciation/loss on | | | (62,640) | (32,544) |
| disposal | | | | |
+-----------------------------+-----------+---+--------------+--------------+
| Work performed by entity | | | 159,141 | 233,601 |
| and capitalised | | | | |
+-----------------------------+-----------+---+--------------+--------------+
| Amortisation | | | (1,234,038) | (207,122) |
+-----------------------------+-----------+---+--------------+--------------+
| Finance costs | | | (2,507) | (14,518) |
+-----------------------------+-----------+---+--------------+--------------+
| Taxation | | | 16,540 | 79,560 |
+-----------------------------+-----------+---+--------------+--------------+
| Loss for the period from continuing | | (1,029,840) | (3,571) |
| operations | | | |
+-----------------------------------------+---+--------------+--------------+
| Discontinued operations | | | 71,732 | (183,856) |
+-----------------------------+-----------+---+--------------+--------------+
| Loss for the period | | | (958,108) | (187,427) |
+-----------------------------+-----------+---+--------------+--------------+
| | | | | |
+-----------------------------+-----------+---+--------------+--------------+
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2009
+-----------------------+------------+------------+-------------+------------+
| | Share | Share | Retained | Total |
| | Capital | Premium | Earnings | GBP |
| | GBP | GBP | GBP | |
| | | | | |
+-----------------------+------------+------------+-------------+------------+
| At 31 March 2008 | 2,882,871 | 963,449 | (2,078,446) | 1,767,874 |
+-----------------------+------------+------------+-------------+------------+
| Retained loss for the | - | - | (958,108) | (958,108) |
| period | | | | |
+-----------------------+------------+------------+-------------+------------+
| Proceeds from share | - | - | - | - |
| issue | | | | |
+-----------------------+------------+------------+-------------+------------+
| Share-based payments | - | - | 1,311 | 1,311 |
+-----------------------+------------+------------+-------------+------------+
| 31 March 2009 | 2,882,871 | 963,449 | (3,035,243) | 811,077 |
+-----------------------+------------+------------+-------------+------------+
+-----------------------+------------+------------+-------------+------------+
| | Share | Share | Retained | Total |
| | Capital | Premium | Earnings | GBP |
| | GBP | GBP | GBP | |
| | | | | |
+-----------------------+------------+------------+-------------+------------+
| At 31 March 2007 | 2,682,871 | 777,861 | (1,926,057) | 1,534,675 |
+-----------------------+------------+------------+-------------+------------+
| Retained loss for the | - | - | (187,427) | (187,427) |
| period | | | | |
+-----------------------+------------+------------+-------------+------------+
| Proceeds from share | 200,000 | 185,588 | - | 385,588 |
| issue | | | | |
+-----------------------+------------+------------+-------------+------------+
| Share-based payments | - | - | 35,038 | 35,038 |
+-----------------------+------------+------------+-------------+------------+
| 31 March 2008 | 2,882,871 | 963,449 | (2,078,446) | 1,767,874 |
+-----------------------+------------+------------+-------------+------------+
BALANCE SHEETS
at 31 March 2009
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | Group | Group | Company | Company |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | 2009 | 2008 | 2009 | 2008 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | GBP | GBP | GBP | GBP |
| | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| ASSETS | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| NON CURRENT ASSETS | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Property, plant and equipment | | 124,340 | 155,474 | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Goodwill | | 181,564 | 836,308 | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Other intangible assets | | 110,040 | 609,086 | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Investments | | - | - | 420,233 | 1,507,233 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | 415,944 | 1,600,868 | 420,233 | 1,507,233 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| CURRENT ASSETS | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Inventories | | 199,121 | 231,784 | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Trade and other receivables | | 593,440 | 819,695 | 618,390 | 1,563,936 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Cash and cash equivalents | | 457,801 | 214,495 | 76,939 | 44,295 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | 1,250,362 | 1,265,974 | 695,329 | 1,608,231 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| TOTAL ASSETS | | 1,666,306 | 2,866,842 | 1,115,562 | 3,115,464 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| LIABILITIES | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| CURRENT LIABILITIES | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Financial liabilities | | (7,000) | (134,019) | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Trade and other payables | | (551,081) | (660,844) | (35,458) | (43,777) |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Other creditors and deferred | | (262,785) | (215,236) | - | (87,745) |
| income | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | (820,866) | (1,010,099) | (35,458) | (131,522) |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| NON CURRENT LIABILITIES | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Financial liabilities | | - | (7,000) | - | - |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Provision for deferred grant | | (34,363) | (81,869) | - | - |
| income | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| TOTAL LIABILITIES | | (855,229) | (1,098,968) | (35,458) | (131,522) |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| NET ASSETS | | 811,077 | 1,767,874 | 1,080,104 | 2,983,942 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| EQUITY | | | | | |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Called up share capital | | 2,882,871 | 2,882,871 | 2,882,871 | 2,882,871 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Share premium account | | 963,449 | 963,449 | 963,449 | 963,449 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| Retained losses | | (3,035,243) | (2,078,446) | (2,766,216) | (862,378) |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
| TOTAL EQUITY | | 811,077 | 1,767,874 | 1,080,104 | 2,983,942 |
+---------------------------------+--------+--------------+---------------+---------------+--------------+
GROUP STATEMENT OF CASH FLOWS
for the year ended 31 March 2009
+----------------------------------------------+-------+-----------+--+-----------+
| | Notes | 2009 | | 2008 |
+----------------------------------------------+-------+-----------+--+-----------+
| | | GBP | | GBP |
| | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| CASH FLOWS FROM OPERATING ACTIVITIES | 6 | 569,286 | | 351,453 |
+----------------------------------------------+-------+-----------+--+-----------+
| | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| Payments to acquire intangible fixed assets | | (236,318) | | (277,559) |
+----------------------------------------------+-------+-----------+--+-----------+
| Payments to acquire tangible fixed assets | | (39,134) | | (90,081) |
+----------------------------------------------+-------+-----------+--+-----------+
| Less grants received | | 83,491 | | 86,974 |
+----------------------------------------------+-------+-----------+--+-----------+
| | | (191,961) | | (280,666) |
+----------------------------------------------+-------+-----------+--+-----------+
| | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| Issue of ordinary share capital | | - | | 400,000 |
+----------------------------------------------+-------+-----------+--+-----------+
| Share issue costs | | - | | (14,415) |
+----------------------------------------------+-------+-----------+--+-----------+
| Finance arrangement fees | | - | | (36,667) |
+----------------------------------------------+-------+-----------+--+-----------+
| Loan repayments | | (12,000) | | (19,195) |
+----------------------------------------------+-------+-----------+--+-----------+
| | | (12,000) | | 329,723 |
+----------------------------------------------+-------+-----------+--+-----------+
| | | | | |
+----------------------------------------------+-------+-----------+--+-----------+
| NET INCREASE IN CASH AND CASH EQUIVALENTS | | 365,325 | | 400,510 |
+----------------------------------------------+-------+-----------+--+-----------+
+----+--------------------------------------------------------------------+
| 1. | BASIS OF CONSOLIDATION |
| | |
+----+--------------------------------------------------------------------+
| | The consolidated financial statements incorporate the financial |
| | statements of the Company and entities controlled by the Company |
| | (its subsidiaries). Control is achieved where the Company has the |
| | power to govern the financial and operating policies of an |
| | investee entity so as to obtain benefits from its activities. |
| | The results of subsidiaries acquired or disposed of during the |
| | year are included in the consolidated income statement from the |
| | effective date of acquisition or up to the effective date of |
| | disposal, as appropriate. |
| | Where necessary, adjustments are made to the financial statements |
| | of subsidiaries to bring the accounting policies used into line |
| | with those used by the Group. |
| | All intra-Group transactions, balances, income and expenses are |
| | eliminated on consolidation. |
+----+--------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------+
| 2. | REVENUE AND GEOGRAPHICAL ANALYSIS |
+----+--------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------+
| | Revenue represents the amounts derived from the provisions of |
| | goods and services that fall into the Group's ordinary activities, |
| | stated net of value added tax. |
| | The Group operates in one principal area of activity, that of the |
| | manufacture and supply of scientific instruments. It generates |
| | turnover on a worldwide basis. |
| | Turnover from continuing activities is analysed as follows: |
+----+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Europe (including UK) | 2,309,371 | 747,142 |
+--------------------------------------------+------------+------------+
| North America | 250,486 | 1,093,646 |
+--------------------------------------------+------------+------------+
| Asia | 274,158 | 643,267 |
+--------------------------------------------+------------+------------+
| Other | 72,065 | - |
+--------------------------------------------+------------+------------+
| Total | 2,906,080 | 2,484,055 |
+--------------------------------------------+------------+------------+
+----+--------------------------------------------------------------------------------------------+
| 3. | LOSS PER ORDINARY SHARE |
| | |
+----+--------------------------------------------------------------------------------------------+
+-----------------------------------------------------------+----------------+--------------------+
| | 2009 | 2008 |
+-----------------------------------------------------------+----------------+--------------------+
| | GBP | GBP |
| | | |
+-----------------------------------------------------------+----------------+--------------------+
| Basic weighted average number of shares in the period | 73,657,416 | 64,586,378 |
+-----------------------------------------------------------+----------------+--------------------+
| Diluted weighted average number of shares in the period | 84,877,402 | 72,091,782 |
+-----------------------------------------------------------+----------------+--------------------+
| | | |
+-----------------------------------------------------------+----------------+--------------------+
| Loss attributable to members of the parent undertaking | (958,108) | (187,427) |
+-----------------------------------------------------------+----------------+--------------------+
| Basic loss per share | (1.301p) | (0.290p) |
+-----------------------------------------------------------+----------------+--------------------+
| Diluted loss per share | (1.129p) | (0.260p) |
+-----------------------------------------------------------+----------------+--------------------+
+----+--------------------------------------------------------------------+
| 4. | EXEPTIONAL ITEMS |
| | |
+----+--------------------------------------------------------------------+
| | On 22 September 2009 one of the Group's subsidiary companies - |
| | Millbrook Instruments Limited - entered administration. This |
| | resulted in the following adjustments being included in the income |
| | statement: |
+----+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | | GBP |
+--------------------------------------------+------------+------------+
| Adjustment of carrying value of fixed | | (10,056) |
| assets to realisable value | | |
+--------------------------------------------+------------+------------+
| Write off of deferred development | | (448,745) |
| expenditure | | |
+--------------------------------------------+------------+------------+
| Write down of stock | | (117,219) |
+--------------------------------------------+------------+------------+
| Release of deferred grant income | | 95,313 |
+--------------------------------------------+------------+------------+
| Impairment of goodwill | | (654,744) |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | The stock adjustment is included under the heading "Changes in |
| | inventories of finished goods and work in progress" in the income |
| | statement whilst the other adjustments are included in the heading |
| | "Depreciation and amortisation expenses". |
| | The results of Millbrook Instruments Limited which have been |
| | included in the consolidated income statement were as follows: |
| | |
+---+--------------------------------------------------------------------+
+--------------------------------------------+------------+-------------+
| | | GBP |
+--------------------------------------------+------------+-------------+
| Revenue | | 1,147,117 |
+--------------------------------------------+------------+-------------+
| Expenses | | (1,666,055) |
+--------------------------------------------+------------+-------------+
| Release of loan due to Parent Company | | 870,369 |
+--------------------------------------------+------------+-------------+
| Finance (costs) | | (1,010) |
+--------------------------------------------+------------+-------------+
| Profit before taxation | | 350,421 |
+--------------------------------------------+------------+-------------+
| Research and development tax credits | | 943 |
| received | | |
+--------------------------------------------+------------+-------------+
| Profit after taxation | | 351,364 |
+--------------------------------------------+------------+-------------+
+---+--------------------------------------------------------------------+
| | The net cash flows attributable to Millbrook Instruments Limited |
| | are as follows: |
+---+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | | GBP |
+--------------------------------------------+------------+------------+
| Operating cash flow | | 250,762 |
+--------------------------------------------+------------+------------+
| Investing cash flows | | (135,179) |
+--------------------------------------------+------------+------------+
| Financing cash flows | | (12,000) |
+--------------------------------------------+------------+------------+
| Net cash inflow | | 103,583 |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | In 2008 finance arrangement fees of GBP36,667 were included under |
| | "Other expenses". |
+---+--------------------------------------------------------------------+
+----------------+----------------+----------------+----------------+----------------+
| 5. | DISCONTINUED OPERATIONS - AQUILA INSTRUMENTS |
| | LTD |
| | |
+---------------------------------+--------------------------------------------------+
| | The Board agreed to sell Aquila Instruments Ltd |
| | in March 2008 and accordingly Aquila Instruments |
| | Ltd was treated as a discontinued operation in |
| | the financial statements for the year ended 31 |
| | March 2008. These financial statements included |
| | a provision of GBP46,732 to cover the warranty |
| | and other liabilities of the instruments sold by |
| | Aquila Instruments Ltd. In the event, Aquila has |
| | continued to trade successfully and the |
| | Directors have been able to release GBP46,732 of |
| | this provision to the income statement. In |
| | addition, GBP25,000 has been recovered on a loan |
| | to Aquila Instruments Ltd that had previously |
| | been written off. |
| | The sale was completed on the 18 June 2008. |
| | Income/(loss) for the period from discontinued |
| | operations: |
| | |
+----------------+----------------+----------------+----------------+----------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Recovery of loan previously written off | 25,000 | - |
+--------------------------------------------+------------+------------+
| Release of provision | 46,732 | - |
+--------------------------------------------+------------+------------+
| Post tax profit/(loss) of discontinued | - | (96,111) |
| operations | | |
+--------------------------------------------+------------+------------+
| Post tax loss on disposal of discontinued | - | (87,745) |
| operations | | |
+--------------------------------------------+------------+------------+
| | 71,732 | (183,856) |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | The results of the discontinued operations, which have been |
| | included in the consolidated income statement, were as follows: |
+---+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Revenue | - | 147,654 |
+--------------------------------------------+------------+------------+
| Expenses | - | (243,349) |
+--------------------------------------------+------------+------------+
| Finance (costs) | - | (416) |
+--------------------------------------------+------------+------------+
| Loss before taxation | - | (96,111) |
+--------------------------------------------+------------+------------+
| Research and development tax credits | - | - |
| received | | |
+--------------------------------------------+------------+------------+
| Loss after taxation | - | (96,111) |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | The net cash flows attributable to discontinued operations are as |
| | follows: |
+---+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Operating cash flow | 25,000 | (143,183) |
+--------------------------------------------+------------+------------+
| Investing cash flows | - | - |
+--------------------------------------------+------------+------------+
| Financing cash flows | - | (7,195) |
+--------------------------------------------+------------+------------+
| Net cash inflow/(outflow) | 25,000 | (150,378) |
+--------------------------------------------+------------+------------+
+----+--------------------------------------------------------------------+
| 6. | NOTES TO THE STATEMENT OF CASH FLOWS |
| | |
+----+--------------------------------------------------------------------+
| | Reconciliation of operating profit/(loss) to net cash |
| | inflow/(outflow) from operating activities |
+----+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Loss for the period | (958,108) | (187,427) |
+--------------------------------------------+------------+------------+
| Finance arrangement fees | - | 36,667 |
+--------------------------------------------+------------+------------+
| Share-based payments | 1,311 | 35,038 |
+--------------------------------------------+------------+------------+
| Depreciation | 52,584 | 38,530 |
+--------------------------------------------+------------+------------+
| Amortisation of intangibles/grant release | 130,549 | 213,478 |
+--------------------------------------------+------------+------------+
| Impairment of intangibles | 1,103,489 | - |
+--------------------------------------------+------------+------------+
| Decrease in inventories | 32,663 | 98,587 |
+--------------------------------------------+------------+------------+
| (Increase)/Decrease in receivables | 226,255 | (152,707) |
+--------------------------------------------+------------+------------+
| Increase/(Decrease) in payables | (62,214) | 213,679 |
+--------------------------------------------+------------+------------+
| Loss on disposal of intangible assets | - | 3,350 |
+--------------------------------------------+------------+------------+
| Disposal of subsidiary | 32,701 | - |
+--------------------------------------------+------------+------------+
| Impairment of fixed assets | 10,056 | - |
+--------------------------------------------+------------+------------+
| Transfer of asset for resale from fixed | - | 52,258 |
| assets | | |
+--------------------------------------------+------------+------------+
| Net cash inflow from operating activities | 569,286 | 351,453 |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | Reconciliation of net cash flow to movement in net funds |
+---+--------------------------------------------------------------------+
+--------------------------------------------+------------+------------+
| | 2009 | 2008 |
+--------------------------------------------+------------+------------+
| | GBP | GBP |
| | | |
+--------------------------------------------+------------+------------+
| Increase in net cash in the period | 365,325 | 400,510 |
+--------------------------------------------+------------+------------+
| Movement in bank loan | 12,000 | 19,195 |
+--------------------------------------------+------------+------------+
| Movements in net funds | 377,325 | 419,705 |
+--------------------------------------------+------------+------------+
| Net funds/(net debt) at 1 April 2008 | 73,476 | (346,229) |
+--------------------------------------------+------------+------------+
| Net funds at 31 March 2009 | 450,801 | 73,476 |
+--------------------------------------------+------------+------------+
+---+--------------------------------------------------------------------+
| | Analysis of net funds |
+---+--------------------------------------------------------------------+
+-----------------------+-----------+-----------+-----------+-----------+
| | At 1 | Cash Flow | Non-Cash | At 31 |
| | April | | Movements | March |
| | 2008 | | | 2009 |
+-----------------------+-----------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP |
| | | | | |
+-----------------------+-----------+-----------+-----------+-----------+
| Cash at bank and in | 214,495 | 243,306 | - | 457,801 |
| hand | | | | |
+-----------------------+-----------+-----------+-----------+-----------+
| Overdraft | (122,019) | 122,019 | - | - |
+-----------------------+-----------+-----------+-----------+-----------+
| Bank loans due within | (12,000) | 12,000 | (7,000) | (7,000) |
| one year | | | | |
+-----------------------+-----------+-----------+-----------+-----------+
| Bank loans due beyond | (7,000) | - | 7,000 | - |
| one year | | | | |
+-----------------------+-----------+-----------+-----------+-----------+
| | 73,476 | 377,325 | - | 450,801 |
+-----------------------+-----------+-----------+-----------+-----------+
+----+--------------------------------------------------------------------+
| 7. | BASIS OF PRESENTATION |
| | |
+----+--------------------------------------------------------------------+
| | The financial information contained herein does not constitute |
| | statutory accounts within the meaning of Section 240 of the |
| | Companies Act 1985. The balance sheet at 31 March 2009 and the |
| | income statement, cash flow statement and associated notes for the |
| | year then ended have been extracted from the Group's |
| | statutory financial statements for the year ended 31 March 2009 |
| | upon which the auditors' opinion is unqualified and does not |
| | include any statement under Section 237 of the Companies Act 1985. |
+----+--------------------------------------------------------------------+
NOTICE OF ANNUAL GENERAL MEETING
NOTICE is hereby given that the Annual General Meeting of the Company for the
year ended 31 March 2009 will be held at the offices of Millbrook Scientific
Instruments plc, Willow House, Yale Business Village, Ellice Way, Wrexham LL13
7YL, on 30 October 2009 at 11am for the purpose of considering and, if thought
fit, passing the following resolutions which will be proposed as ordinary
resolutions:
Ordinary Business
1) To receive and adopt the Company's Accounts and Reports of the Directors and
Auditors for the period ended 31 March 2009.
2) To re-elect P M Grasske, who retires by rotation in accordance with article
113, as a director of the Company.
3) To re-appoint Edwards Veeder (Oldham) LLP as auditors.
4) To authorise the directors of the Company to fix the remuneration of the
auditors.
NOTES:
1. Any member of the Company entitled to attend, speak and vote at the
above-mentioned meeting may appoint a proxy to exercise any of his rights to
attend, speak and vote at that meeting on his behalf. A proxy need not be a
member of the Company. Appointment of a proxy does not preclude a shareholder
from attending and voting at that meeting should they wish to do so.
2. The following information, which is available for inspection during normal
business hours at the registered office of the Company on any weekday (Saturdays
and public holidays excepted) from the date of this notice until the date of the
Annual General Meeting, will also be available for inspection at the place of
the Annual General Meeting for a period of 15 minutes prior to the meeting and
until the conclusion of the meeting:
- copies of the service contracts of the directors of the Company;
3. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001
the Company specifies that only those shareholders registered at 11am on 28
October 2009 shall be entitled to attend or vote at the meeting in respect of
the number of shares registered in their names at that time. If the meeting is
adjourned, the time by which a person must be entered on the register of members
in order to have the right to attend or vote at the adjourned meeting is 48
hours before the date fixed for the adjourned meeting. Changes to entries on the
register after the relevant time will be disregarded in determining the rights
of any person to attend or vote at the meeting.
By Order of the Board
P M Grasske
Company Secretary
5 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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