British Biotech plc Preliminary Financial Results for the Year Ended 30 April 2003.Business Editors/Health/Medical Writers OXFORD, U.K.--(BUSINESS WIRE)--July 3, 2003 British Biotech British Biotech was a British based biotech company. British Biotechnology Limited was founded in 1986 by former G D Searle managers Keith McCullagh and Brian Richards, [1] plc (LSE LSE - Language Sensitive Editor : BBG BBG Brooklyn Botanic Garden BBG Broadcasting Board of Governors BBG Bloomberg (financial company) BBG Bundesbeamtengesetz (German Law) BBG Bergbau-Berufsgenossenschaft (Germany) , Nasdaq: BBIOY) today announced its preliminary results for the year ended 30 April 2003. Business highlights -- Merger with RiboTargets completed in April 2003 -- Management team strengthened with appointments of Dr Peter Fellner as Executive Chairman and Simon Sturge as Chief Executive Officer -- Progress on product development - BB-10153: Phase II proof of concept study under way with TIMI TIMI Thrombolysis In Myocardial Infarction TIMI Technology Independent Machine Interface (IBM AS/400) TIMI Technical Information Maintenance Instruction Group - BB-10901: Phase I study completed, Phase II study under way - BB-83698: Phase I studies ongoing - MG98: Phase I studies ongoing -- Progress on research - Anti-inflammatory R&D collaboration with Serono extended - Anti-infectives R&D collaboration formed with GeneSoft Financial highlights -- Loss for the year of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 17.5 million (US$27.9 million) (2002: GBP17.2 million / US$27.5 million) -- Cash and short term investments of GBP43.9 million (US$70.2 million) at 30 April, 2003 (2002: GBP50.4 million / US$80.6 million) -- Net funds of GBP41.0 million (US$65.5 million) at 30 April, 2003 (2002: GBP48.3 million / US$77.2 million) -- Integration of RiboTargets largely completed; restructuring on track to achieve predicted cost savings Dr Peter Fellner, Chairman of British Biotech, said: "The past year has seen major change at British Biotech, arising from its merger with RiboTargets. "When I joined British Biotech in December 2002 I said that I believed there was an opportunity to create significant new value within the biotechnology sector, through the consolidation of companies with good research and development and/or pipeline products but which are hampered by high cost bases and inadequate financial resources. The integration of British Biotech and RiboTargets has now been largely and successfully completed, and has created a strong platform for further participation by the Company in the consolidation of the biotechnology sector." This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, uncertainties related to the regulatory process, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. suitable strategic and business combination transactions. 1. Business Review Company Strategy British Biotech's strategy is to establish a profitable, self-sustaining biotechnology company by building a broad portfolio of discovery projects and clinical products from internal research, by in-licensing and through the acquisition of, or merger with, other companies. This strategy will seek to optimize the balance of risk, reward and timing for sustained delivery of therapeutic drugs to key markets The merger with RiboTargets in April 2003 combined a competitive structure-based drug discovery capability, designed to shorten the discovery process, with British Biotech's complementary drug development expertise. As a consequence, the Company aims to produce an average of at least one development candidate each year. The RiboTargets merger also allows for resources to be refocused on the most commercially attractive projects. Combined headcount is being reduced from 177 to approximately 110 employees by late 2003, and this restructuring is well advanced. These measures are expected to achieve the cash outflow reductions forecast at the time of the merger of GBP3.1 million (US$4.9 million) in the 12 months to 30 April, 2004, and GBP6.4 million (US$10.2 million) per annum Per annum Yearly. thereafter. As a result of its greater size, financial resources and drug development capabilities following the merger, the Company is better placed to participate in the further consolidation of the biotechnology sector. Clinical development products British Biotech's Product Portfolio currently comprises four drugs in clinical development and one product in pre-clinical development Pre-clinical development is a stage in the development of a new drug that begins before clinical trials (testing in humans) can begin, and during which important safety and pharmacology data is collected. . -0-
Product Phase Indication Partner Commerci- Target
alization incident
rights population
(summary)
----------------------------------------------------------------------
1.1m
AMI Worldwide eligible for
BB-10153 II PAO Unpartnered Worldwide treatment(1)
Stroke Worldwide 124,000
eligible for
treatment(1)
675,000
patients
(0-6 hours)
(1)
----------------------------------------------------------------------
ImmunoGen 43,000
BB-10901 II & I SCLC Inc. Europe, patients
Japan (Europe(2)
and Japan)
----------------------------------------------------------------------
MG98 I Gastric MethylGene 55,000
cancer Inc. Europe patients
Myelodysplasia (Europe(2))
35,000
patients
(Europe(2))
----------------------------------------------------------------------
Hospitalised Worldwide; 1.3m
BB-83698 I CAP Genesoft profits patients(1)
Inc. shared
with
GeneSoft
----------------------------------------------------------------------
Target
prevalent
R140 Pre- Cancer pain Unpartnered Worldwide population
clinical 1.3m
patients
(US and
Europe(2))
----------------------------------------------------------------------
(1) US, EU (five major markets only) and Japan
(2) EU (five major markets only)
BB-10153 BB-10153 is a recombinant protein recombinant protein Molecular biology A protein encoded by recombinant DNA or generated from a recombinant gene. See Recombinant pharmacology. designed to prevent and dissolve blood clots Blood Clots Definition A blood clot is a thickened mass in the blood formed by tiny substances called platelets. Clots form to stop bleeding, such as at the site of cut. , with potential to improve the treatment of acute myocardial infarction acute myocardial infarction (  ·kyōōtˑ mī·ō·karˑ·dē· (AMI) and other thrombotic thrombotic /throm·bot·ic/ (-bot´ik) pertaining to or affected with thrombosis. throm·bot·ic adj. Relating to, caused by, or characterized by thrombosis. diseases, including stroke, peripheral arterial arterial /ar·te·ri·al/ (-al) pertaining to an artery or to the arteries. ar·te·ri·al adj. 1. Of or relating to one or more arteries or to the entire system of arteries. 2. occlusion occlusion /oc·clu·sion/ (o-kloo´zhun) 1. obstruction. 2. the trapping of a liquid or gas within cavities in a solid or on its surface. 3. , pulmonary embolism Pulmonary Embolism Definition Pulmonary embolism is an obstruction of a blood vessel in the lungs, usually due to a blood clot, which blocks a coronary artery. and deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. . Each of these is under-treated because of the risk of bleeding, particularly intracranial intracranial /in·tra·cra·ni·al/ (-kra´ne-al) within the cranium. in·tra·cra·ni·al adj. Within the cranium. haemorrhage, associated with current thrombolytic agents thrombolytic agent Clot-dissolving drug, thrombolytic An agent–eg, tPA, streptokinase, that effects thrombolysis and restores vascular patency–eg, in managing acute MIs. See Thrombolytic therapy, tPA. . In 1999, British Biotech completed a Phase I study of BB-10153, showing it to be well tolerated in healthy volunteers. In March 2002, the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. gave clearance for a Phase II proof-of-concept study to proceed in AMI patients. Managed by the Thrombolysis In Myocardial Infarction Thrombolysis In Myocardial Infarction (TIMI) is a large randomized controlled trial into myocardial infarction (heart attacks) and the use of thrombolysis. External links
The two main arteries that provide blood to the heart. The coronary arteries surround the heart like a crown, coming out of the aorta, arching down over the top of the heart, and dividing into two branches. of heart attack patients. The study is also evaluating the safety of treatment with BB-10153, especially with respect to bleeding. It is anticipated that the data from this study will be available in the second half of 2003. BB-10901 BB-10901 is a tumor-activated prodrug prodrug /pro·drug/ (-drug) a compound that, on administration, must undergo chemical conversion by metabolic processes before becoming an active pharmacological agent; a precursor of a drug. designed to treat small cell lung cancer Lung Cancer, Small Cell Definition Small cell lung cancer is a disease in which the cells of the lung tissues grow uncontrollably and form tumors. Description Lung cancer is divided into two main types: small cell and non-small cell. (SCLC SCLC abbr. Southern Christian Leadership Conference ) and other CD56-positive cancers. It consists of a cytotoxic cy·to·tox·ic adj. Of, relating to, or producing a toxic effect on cells. cy  to·tox·ic agent (DM1) targeted at SCLC cells via a humanised monoclonal
antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing carrier (huN901). Under its collaboration with ImmunoGen Inc.,
British Biotech holds commercialisation rights for BB-10901 in Europe
and Japan.In May 2001, a combined Phase I/II clinical study of once-weekly dosing of BB-10901 was initiated in patients with relapsed and refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. SCLC and other CD56-positive tumors. The maximum tolerated dose identified at Phase I is now being tested in the Phase II part of the study (relapsed SCLC only). A second Phase I study of BB-10901 to investigate the drug's safety when administered on a more frequent dosing regime was started in the UK in August 2002. It is anticipated that data from these studies will be available in the second half of 2003. MG98 MG98 is a second-generation antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). compound targeted at cancer developed by MethylGene Inc. British Biotech obtained rights from MethylGene to develop and commercialise MG98 for Europe in February 2002. In Phase I trials conducted by MethylGene and MGI MGI Mouse Genome Informatics MGI Modular Gateway Interface MGI McKinsey Global Institute MGI Military Geographic Information MGI Marine Geological Institute MGI Policy on the Management of Government Information (Canada) Pharma (MethylGene's collaborative partner for North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Canada) of a twice-weekly dosing regime, the drug was documented as well tolerated; however, as previously announced, it did not demonstrate objective clinical responses as defined by the protocols at the doses and twice-weekly schedule tested in subsequent Phase II studies. British Biotech and MethylGene/MGI have each initiated further Phase I trials investigating multiple doses and treatment schedules in patients with liquid and solid tumors. The British Biotech Phase I study of a continuous infusion regime in patients with solid tumors is being conducted at two centres in the UK. It is anticipated that data from this study will be available in the second half of 2003. BB-83698 BB-83698 is a peptide peptide, organic compound composed of amino acids linked together chemically by peptide bonds. The peptide bond always involves a single covalent link between the α-carboxyl (oxygen-bearing carbon) of one amino acid and the amino nitrogen of a second amino acid. deformylase (PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. ) inhibitor inhibitor /in·hib·i·tor/ (in-hib´i-tor) 1. any substance that interferes with a chemical reaction, growth, or other biologic activity. 2. targeted at patients hospitalised with community-acquired pneumonia community-acquired pneumonia Pneumonia caused by an infection currently present in the community; CAP is the most common cause of infectious death–US, and number 6 killer overall; of the 57% of CAPs in which a pathogen is identified, S pneumoniae . In pre-clinical studies, it has shown potency potency /po·ten·cy/ (po´ten-se) 1. the ability of the male to perform coitus. 2. the relationship between the therapeutic effect of a drug and the dose necessary to achieve that effect. 3. against a range of gram-positive bacteria, including several drug resistant strains. In October 2002, British Biotech commenced the initial Phase I study of an intravenous formulation of BB-83698 in healthy volunteers. The complete Phase I program is expected to last approximately one year. In August 2002, British Biotech formed a broad-based R&D collaboration with GeneSoft Inc. to co-develop and commercialise BB-83698 and to discover and develop other novel anti-infectives based on British Biotech's proprietary bacterial metalloenzyme inhibitors. R140 R140 (alphadolone acetate acetate (ăs`ĭtāt'), one of the most important forms of artificial cellulose-based fibers; the ester of acetic acid. The first patents for the production of fibers from cellulose acetate appeared at the beginning of the 20th cent. ) is a GABAA agonist agonist /ag·o·nist/ (ag´ah-nist) 1. one involved in a struggle or competition. 2. agonistic muscle. 3. in-licensed by RiboTargets from Monash University Facilities in are diverse and vary in services offered. Information on residential sevices at Monash University, including on-campus (MRS managed) and off-campus, can be found at [2] Student organisations in Melbourne, Australia, and targeted at the treatment of pain in cancer patients. R140 has potential to be used in conjunction with opiate-based pain therapies in cancer to improve the overall management of pain in this condition. It may also be capable of providing an improved profile over current therapies since it is expected to produce non-sedating analgesia analgesia /an·al·ge·sia/ (an?al-je´ze-ah) 1. absence of sensibility to pain. 2. the relief of pain without loss of consciousness. . In a pilot study conducted in Australia indications of analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs efficacy were seen in nine patients who received a single dose of R140 after orthopaedic knee surgery. No sedative sedative, any of a variety of drugs that relieve anxiety. Most sedatives act as mild depressants of the nervous system, lessening general nervous activity or reducing the irritability or activity of a specific organ. side effects Side effects Effects of a proposed project on other parts of the firm. were seen in this study. Pre-clinical safety testing is scheduled to be completed in time to initiate a Phase I study in healthy volunteers in the second half of 2003. Research programs Hsp90 inhibitors The scientific rationale for Hsp90 as a therapeutic cancer target is based on the hypothesis that many of the signalling proteins that behave aberrantly in cancer cells cells once believed to be peculiar to cancers, but now know to be epithelial cells differing in no respect from those found elsewhere in the body, and distinguished only by peculiarity of location and grouping. See also: Cancer require Hsp90 as a chaperone chaperone /chap·er·one/ (shap´er-on) someone or something that accompanies and oversees another. molecular chaperone molecule to ensure that they are maintained in an active form. Inhibition of Hsp90 results in interference in the multiple signalling pathways that mediate MEDIATE, POWERS. Those incident to primary powers, given by a principal to his agent. For example, the general authority given to collect, receive and pay debts due by or to the principal is a primary power. cancer growth and cell survival. The Company is optimising small molecule compounds which inhibit the ATPase function of Hsp90 and has filed patent applications in this area. The project is in the lead optimisation phase and is scheduled to identify a pre-clinical development candidate in the second half of 2003. This program is being conducted in collaboration with the Institute of Cancer Research, under an exclusive research and development agreement which provides access to relevant cancer models. Other cancer and infection targets Five additional research programs originally generated by RiboTargets are under way, focussed mainly on novel anti-cancer targets. All five are at the stage of hit identification/ validation and it is expected that some lead optimization programs will be initiated towards the end of 2003. Metalloenzyme inhibitors British Biotech's research has enabled the Company to build a large library of metalloenzyme inhibitors, a strong patent position relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such inhibitors and considerable knowledge of the toxicological and pharmacokinetic profile of these drugs. British Biotech aims to create value from its proprietary metalloenzyme platform through collaboration with others. Inflammation In October 2000, British Biotech entered into a two-year research collaboration with Serono S.A., to identify new compounds for clinical development to treat inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . In October 2002, the term of the collaboration was extended to October 2003. The companies have screened British Biotech's compound libraries against relevant metalloenzyme targets, and have identified selective inhibitors active against enzyme targets involved in inflammatory processes. Infection In August 2002, British Biotech entered into a broad-based collaboration with GeneSoft Inc, a private US biopharmaceuticals company, to discover and develop novel antibiotics Antibiotics Definition Antibiotics may be informally defined as the subgroup of anti-infectives that are derived from bacterial sources and are used to treat bacterial infections. . The collaboration covers clinical development of BB-83698 and research into follow-up PDF inhibitors and other bacterial metalloenzymes targets. Biodefence research As part of the UK Government's biodefence initiative, British Biotech has entered into an agreement with the Defence, Science and Technology Laboratory (DSTL DSTL Defence Science Technology Laboratory (UK government, part of the MoD, formally DERA) ) in Porton Down Porton Down is a UK government and military science park. It is situated slightly North-East of Porton near Salisbury in Wiltshire, England. To the North-West lies the MoD Boscombe Down test range facility which is owned by QinetiQ. , UK, to investigate the efficacy of selected British Biotech metalloenzyme inhibitors against anthrax anthrax (ăn`thrăks), acute infectious disease of animals that can be secondarily transmitted to humans. It is caused by a bacterium (Bacillus anthracis lethal toxin toxin, poison produced by living organisms. Toxins are classified as either exotoxins or endotoxins. Exotoxins are a diverse group of soluble proteins released into the surrounding tissue by living bacterial cells. and botulin botulin /bot·u·lin/ (boch´u-lin) botulinum toxin. bot·u·lin n. See botulinus toxin. toxin. Other product developments As previously reported, clinical development of E21R was stopped in July 2002 after new pre-clinical study data failed to confirm certain aspects of earlier published data on E21R-induced apoptosis apoptosis or programmed cell death Mechanism that allows cells to self-destruct when stimulated by the appropriate trigger. It may be initiated when a cell is no longer needed, when a cell becomes a threat to the organism's health, or for other reasons. in acute myeloid myeloid /my·eloid/ (mi´e-loid) 1. medullary; pertaining to, derived from, or resembling bone marrow or the spinal cord. 2. having the appearance of myelocytes, but not derived from bone marrow. leukaemia (AML AML - A Manufacturing Language ) cells. 2. Financial Review Profit and Loss Account The loss for the financial year ended 30 April, 2003, increased to GBP17.5 million (US$27.9 million) (2002: GBP17.2 million / US$27.5 million). Turnover in the year of GBP1.1 million (US$1.7 million) (2002: GBP1.5 million / US$2.3 million) resulted principally from collaboration agreements. Under the agreement with Serono to develop metalloenzyme inhibitors for serious inflammatory diseases, GBP0.6 million (US$0.9 million) of the GBP3.3 million (US$5.2 million) received in November 2000 was recognised as income in the year (2002: GBP1.4 million / US$2.2 million). Under the agreement with GeneSoft to develop bacterial metalloenzyme inhibitors as novel antibiotics, GBP0.4 million (US$0.6 million) of the GBP3.2 million (US$5.1 million) received from GeneSoft was recognised as income in the year. Research and development expenditure decreased by GBP6.7 million (US$10.7 million) to GBP14.5 million (US$23.1 million) due to reduced infrastructure costs of GBP4.5 million (US$7.1 million) and reduced expenditure on the product portfolio of GBP2.2 million (US$3.5 million). Administrative expenses for the year increased to GBP6.4 million (US$10.2 million) (2002: GBP3.8 million / US$6.0 million), The increase was due primarily to costs of GBP1.4 million (US$2.2 million) incurred in respect of the terminated merger discussions with MorphoSys and a provision of GBP0.9 million (US$1.4 million) for reorganization costs following the merger with RiboTargets. Interest receivable reduced to GBP1.7 million (US$2.7 million) (2002: GBP2.8 million / US$4.4 million) due to lower interest rates and lower average cash balances during the year. Amounts written off investments in collaborators in the year were GBP0.8 million (US$1.2 million) (2002: GBP0.3 million / US$0.4 million), reflecting the fall in value of biotechnology stocks. Cash Flow Cash and short term investments at 30 April, 2003, were GBP6.5 million (US$10.3 million) lower at GBP43.9 million (US$70.2 million) (2002: GBP50.4 million / US$80.6 million). Cash utilised by operations was GBP20.7 million (US$33.1 million) (2002: GBP14.3 million / US$22.8 million) and financing payments were GBP0.7 million (US$1.1 million) (2002: GBP0.3 million / US$0.4 million). Cash utilised by operations in the year included costs of GBP1.4 million (US$2.2 million) incurred in respect of the terminated merger discussions with MorphoSys and the receipt of GBP3.2 million (US$5.1 million) from GeneSoft. Cash utilised by operations in the previous year included the receipt of GBP8.7 million (US$13.9 million) from OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the for the transfer of certain pre-clinical facilities. Excluding these amounts, cash utilised by operations was reduced from GBP23.0 million (US$36.7 million) to GBP22.5 million (US$35.9 million). The decrease in cash and short-term investments was offset by the receipt of GBP14.8 million (US$23.6 million) on completion of the merger with RiboTargets. Balance Sheet Intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. increased to GBP10.0 million (US$15.9 million) (2002: GBP2.0 million / US$3.1 million) due to the addition of GBP8.2 million (US$13.1 million) of goodwill arising on the merger with RiboTargets, which is being written off to the profit and loss account over three years. Other reserves have increased to GBP30.0 million (US$47.9 million) (2002: GBP10.0 million / US$15.9 million) as a result of the issue of 33 million shares for the acquisition of RiboTargets. Debtors increased to GBP7.1 million (US$11.3 million) (2002: GBP3.1 million / US$4.9 million) due principally to increases in the R&D Tax Credit and in VAT receivable as a result of merger-related expenses. Capital Reorganization On 23 April, 2003, a capital reorganization of the Company was completed whereby every 20 Ordinary Shares of 5p each were converted into one new Ordinary Share of 5p each. This reorganization resulted in the creation of non-equity shareholders' interests of GBP31.7 million (US$50.7 million). Unaudited consolidated profit and loss account For the year ended 30 April
2003 2002
GBP000 GBP000
----------------------------------------------------------------------
Turnover - continuing 1,075 1,450
- acquisitions 3 -
----------------------------------------------------------------------
1,078 1,450
Research and development expenditure (14,544)(21,256)
----------------------------------------------------------------------
Administrative
expenses - other (4,027) (3,759)
- terminated deal costs (1,454) -
- restructuring costs (915) -
----------------------------------------------------------------------
Total administrative expenses (6,396) (3,759)
----------------------------------------------------------------------
Operating loss - continuing (19,203)(23,565)
- acquisitions (659) -
----------------------------------------------------------------------
(19,862)(23,565)
Profit on disposal of fixed assets - 2,505
----------------------------------------------------------------------
(19,862)(21,060)
Interest receivable 1,654 2,820
Amount written off investments (799) (324)
Interest payable (219) (278)
----------------------------------------------------------------------
Loss on ordinary activities before taxation (19,226)(18,842)
Taxation 1,738 1,608
Loss for the financial year transferred to reserves (17,488)(17,234)
----------------------------------------------------------------------
Loss per share (basic and diluted) (restated: Note 3) (5.1)p (5.2)p
----------------------------------------------------------------------
Unaudited statement unaudited statement A financial statement prepared by an auditor but not in accordance with generally accepted auditing standards. Unaudited statements are prepared to less rigorous standards than audited statements. Compare audited statement. of total recognised gains and losses
2003 2002
GBP000 GBP000
----------------------------------------------------------------------
Consolidated loss for the financial year (17,488)(17,234)
Translation of overseas subsidiary financial
statements - 3
----------------------------------------------------------------------
Total recognised losses relating to the year (17,488)(17,231)
----------------------------------------------------------------------
Unaudited consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. As at 30 April
2003 2002
GBP000 GBP000
----------------------------------------------------------------------
Fixed assets
Intangible assets 9,986 1,987
Tangible assets 10,151 7,996
Investments 1,107 1,906
----------------------------------------------------------------------
21,244 11,889
Current assets
Debtors 7,105 3,119
Short term investments 43,632 50,106
Cash 294 308
----------------------------------------------------------------------
51,031 53,533
Current liabilities
Creditors: amounts falling due within one year (7,495) (8,607)
----------------------------------------------------------------------
Net current assets 43,536 44,926
----------------------------------------------------------------------
Total assets less current liabilities 64,780 56,815
Creditors; amounts falling due after more than one
year (4,147) (1,683)
Provisions for liabilities and charges (2,517) (250)
----------------------------------------------------------------------
Net assets 58,116 54,882
----------------------------------------------------------------------
Capital and reserves
Share capital 35,045 33,375
Share premium account 298,252 298,615
Other reserves 30,034 10,008
Profit and loss account (305,215)(287,116)
----------------------------------------------------------------------
Total shareholders' funds 58,116 54,882
----------------------------------------------------------------------
Analysis of shareholders' funds
Equity 26,409 54,882
Non-equity 31,707 -
----------------------------------------------------------------------
58,116 54,882
----------------------------------------------------------------------
Unaudited consolidated cash flow statement For the year ended 30 April
2003 2002
GBP000 GBP000
----------------------------------------------------------------------
Reconciliation of operating loss to operating cash
flows
Operating loss (19,862)(23,565)
Depreciation 1,104 1,269
Amortisation of intangible fixed assets 270 173
Impairment of intangible fixed assets - 301
(Credit)/charge for deferred shares awarded (611) 188
Adjustment for exchange gain (29) (15)
Other (profit)/loss on disposal of fixed assets (40) 177
Assets written off 16 582
(Increase)/decrease in debtors (1,639) 3,910
Decrease in creditors (3,402) (2,229)
Increase/(decrease) in provisions 915 (100)
----------------------------------------------------------------------
Net cash outflow from operating activities (23,278)(19,309)
----------------------------------------------------------------------
2003 2002
GBP000 GBP000
----------------------------------------------------------------------
Cash flow statement
Net cash outflow from operating activities (23,278)(19,309)
Returns on investments and servicing of finance 1,666 2,351
Taxation 1,681 4
Capital expenditure (775) 2,686
----------------------------------------------------------------------
Cash utilised by operations (20,706)(14,268)
Acquisitions - purchase of subsidiary undertakings 1,967 -
Management of liquid resources 19,377 14,249
Financing (665) (342)
----------------------------------------------------------------------
Decrease in cash in the period (27) (361)
----------------------------------------------------------------------
Reconciliation of net cash flow to movement in net
funds
Decrease in cash in the period (27) (361)
Cash outflow from decrease in debt and lease financing 450 462
Cash inflow from decrease in liquid resources (19,377)(14,249)
Exchange adjustment 29 18
Finance leases acquired with subsidiary (1,269) -
Liquid resources acquired with subsidiary 12,903 -
----------------------------------------------------------------------
Movement in net funds in the period (7,291)(14,130)
Net funds at 1 May 48,328 62,458
Net funds at 30 April 41,037 48,328
----------------------------------------------------------------------
Notes 1. The financial information on the Group set out above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 30 April, 2002, is extracted from the Group's audited consolidated statutory accounts. The accounts for the financial year ended 30 April, 2003, have yet to be delivered to the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and the auditor has not yet made a report for the purposes of section 249A (2) of the Companies Act 1985. The accounts for the financial year 2002 have been delivered to the Registrar and include the report of the auditors which was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. 2. The results for the year ended 30 April, 2003, have been prepared in accordance with UK generally accepted accounting principles. The accounting policies applied are those set out in the Annual Report and Accounts for the year ended 30 April, 2002. 3. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. losses per share are based on the loss attributable to equity shareholders after taxation of GBP17.5 million (US$27.9 million) (2002: GBP17.2 million / US$27.5 million) and on 34.1 million shares (2002 restated: 33.4 million), being the weighted average number of shares in issue for the year. The weighted average number of shares in 2002 and 2003 has been restated for the effect of the capital reorganization in April 2003. 4. Where they appear, US Dollar figures have been translated at the rate GBGBP1 = US$1.59. |
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