ACCSYS TECHNOLOGIES PLC Company | Accsys Technologies PLC |
TIDM | AXS |
Headline | Interim results |
Released | 30 November 2015 |
Number | 2870H |
AIM: AXS
NYSE Euronext Amsterdam: AXS
Accsys, the chemical technology group, focused on the acetylation of wood, today announces interim results for the consolidated group for the six months ended 30 September 2015.
Unaudited six | Unaudited six | Change | |
months ended | months ended | ||
30 Sept 2015 | 30 Sept 2014 | ||
Total Group Revenue | €26.3m | €21.8m | +21% |
Gross Profit | €9.4m | €5.0m | +88% |
Underlying EBITDA* | €1.3m | €(1.9m) | Improved168% |
Underlying loss before tax* | €(0.1m) | €(3.1m) | Improved97% |
Loss before tax | €(0.1m) | €(6.2m) | Improved98% |
Period end cash balance | €7.5m | €13.5m |
*Underlying EBITDA and loss before tax are stated before exceptional items of €nil (2014: €3.1m) recorded in respect of arbitration relating to the Diamond Wood licence agreement.
Improved manufacturing margin together with an increase in revenue attributable to licensing and business development activities resulted in first positive EBITDA since restructuring in 2010;
Continued trend of revenue growth in the period, with revenue increasing by 21% to €26.3m;
Manufacturing segment profitability continues to improve, recording EBITDA of €5.0m (2014: €3.1m) as a result of higher prices and improved efficiency; gross manufacturing profit margin increased from 23% to 30%;
Strong balance sheet maintained with cash balance of €7.5m at 30 September 2015;
Cash in-flow from operating activities (before changes in working capital) of €1.8m (2014: out-flow of
€0.7m excluding exceptional items) as a result of improvement in profitability;
New agreement with Solvay signed since period end, for licencing, marketing and manufacturing of Accoya, including fees and funding to allow expansion of Accsys manufacturing capacity;
Agreed minimum 76,000m3 off-take commitment from Solvay over next five years; and
Proposed Tricoya consortium negotiations have progressed, with detailed engineering and site feasibility studies undertaken.
Paul Clegg, Chief Executive commented: 'Our latest set of results confirms that our manufacturing process generates increasing returns, giving us greater confidence to progress with our objective of ensuring we maintain a share in new manufacturing capacity. Not only have we seen a significant improvement in profitability in the period, but a number of important strategic steps have been taken in respect of the proposed formation of the new Tricoya consortium and the relationship with Solvay, enabling us to ensure that the ever-increasing demand for our products can be met in the future.'
COMPANY REGISTRATION NUMBER: 5534340
REGISTERED OFFICE: ROYAL ALBERT HOUSE, SHEET STREET, WINDSOR, SL4 1BE
There will be a presentation relating to these results at 10:00 GMT on 30 November 2015. The presentation will take the form of a web based conference call, details of which are below:
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Participant Telephone Number: +44 (0)20 3427 1906 UK Toll
Confirmation Code: 4840247
Participants will have to quote the above code when dialling into the conference.
Accsys Technologies PLC | Paul Clegg, CEO Hans Pauli, COO Will Rudge, FD | via MHP Communications |
Numis Securities | Nominated Adviser: Oliver Cardigan Corporate Broking: Christopher Wilkinson Ben Stoop | +44 (0) 20 7260 1000 |
MHP Communications | Tim Rowntree James White Tess Harris | +44 (0) 20 3128 8100 |
Off the Grid (The Netherlands) | Frank Neervoort Yvonne Derkse | +31 681 734 236 +31 622 379 666 |
It is encouraging to be presenting the first set of results that are EBITDA positive since our restructuring in 2010. Accsys continues to make incremental improvements in manufacturing profitability which has been achieved through margin management. We are also seeing significant strategic developments as we exploit the opportunity that exists for our products and technologies.
Revenue increased by 21% to €26.3m in the period reflecting increased prices and an increase in revenue attributable to our licencing and business development activities. Sales volumes were relatively flat as some distributors managed their inventories following price increases that we implemented to improve our profitability and to help manage our capacity utilisation. The increase in prices contributed to the significant improvement in profitability giving rise to a positive EBITDA of €1.3m (2014: €1.9m loss).
Improved prices and an on-going focus on operating efficiencies resulted in an improvement in gross manufacturing profit margin which increased from 23% to 30% and with manufacturing segment EBITDA increasing by 62% to €5.0m. The manufacturing profitability continues to indicate the returns which we believe are achievable when producing greater volumes.
Our balance sheet remains strong, with a cash balance of €7.5m as at 30 September 2015 (€10.8m as at 31 March 2015). Underlying cash flows from operating activities before changes in working capital improved from a
€0.7m out-flow to a €1.8m in-flow with the decrease in cash in the period attributable to an increase in working capital of €3.1m. This included a notable build-up of inventories ahead of our scheduled annual maintenance stop in October such that we expect cash-flow to benefit from a reduction in working capital in the second half of the financial year.
We recently announced a new agreement with Solvay Acetow Gmbh ('Solvay'), to refine the relationship between the two parties for the licensing, marketing and manufacturing of Accoya®. This new agreement provides the framework and funding for a significant increase in the manufacturing capacity at our plant in Arnhem.
The enhanced relationship with Solvay will benefit both parties, with the increased manufacturing capacity and resulting sales expected to be achieved for Accoya in a faster timescale than would otherwise have been possible.
A combination of loans and fees from Solvay, in addition to those due under a new offtake commitment, will fund the majority of the initial increase in manufacturing capacity at Arnhem, with the balance to be met by Accsys' own resources, including the possible sale and leaseback of land at Arnhem.
Following the acquisition of the remaining 50% in Tricoya Technologies Limited ('TTL') in March 2015, and the agreement of a Memorandum of Understanding with a large international chemical group (the 'Chemical Group') we have continued to progress towards the creation of a new consortium to fund, build and operate the world's first Tricoya® acetylation plant. In addition to detailed negotiations with the proposed consortium partners, which also include Medite, we have completed the Front End Engineering and Design ('FEED') study necessary to progress to the construction stage. Detailed discussions continue between the parties with an intention of finalising the consortium ahead of the plant becoming operational by 2018 however further work is expected to be jointly funded before final consortium agreements are put in place.
OutlookThe progress made with our key partners and the improvement in profitability represent significant developments for the Company as we continue towards our ambition of maximising the value associated with our technologies.
In the immediate term we will continue to carefully manage the increasing demand for Accoya prior to additional capacity coming on stream in 2017, such that we expect revenue to continue to grow but at a smaller rate than that recorded in previous financial years.
The new agreement with Solvay is particularly exciting and marks a significant step in the evolution of Accsys. It will enable us to significantly increase manufacturing capacity and to continue to develop markets on a global scale, whilst allowing us to take advantage of new opportunities and generate substantial group profits as production is ramped up.
I am pleased with the progress being made in forming the proposed new Tricoya consortium and I am hopeful that the progress and efforts made by all of the proposed consortium partners will culminate in the new plant, further increasing manufacturing profits for the benefit of Accsys shareholders.
Overall, I remain confident that we are in a strong position to continue our transition into a sustainable and profitable group focussed on commercialising our technologies through a balance of our own manufacturing capability and ongoing cooperation with strong industry partners.
Accsys had a very positive period with important steps achieved in respect of our longer term objective of increasing manufacturing capacity together with a substantial improvement in profitability. An 88% increase in gross profit to €9.4m represented an increase in the gross margin from 23% to 36%, resulting from Accoya® price increases and higher revenues attributable to our licencing and business development activities. The increased profitability of our manufacturing plant resulted in the ROCE for the manufacturing plant improving from 9% to 25% when compared to the comparative period last year. We continue to invest with €1.9m (2014:
€1.4m) of costs capitalised in respect of process and product development and improvements to our plant, in addition to our on-going investment in sales, marketing and business development activities.
The success of Accoya® in the market place together with the increase in demand has enabled us to focus on our existing distribution network and markets. This was evident in September when we held our highly successful, fifth, Worldwide Accoya® wood sales conference in the Netherlands. The three day conference involved 160 participants from 30 countries including 86 from our existing or potential distributors and trade partners.
Revenue from the sale of Accoya® increased by 11% to €21.9m in the first half of the year compared to the same period in the previous year. Growth in the period was primarily attributable to a price increase implemented in the second half of the previous financial year with overall sales volumes of 16,821m3 representing a small increase compared to the previous six months.
Demand for Accoya has remained strong overall, however we have sought to manage demand in order to optimise our manufacturing capacity. Demand in the UK remains very strong and the Benelux economies and our customers there are now experiencing an increase in activity following a prolonged period of downturn in the construction industry in which some of our customers were particularly impacted. Solvay's region, covering key states within Europe, has performed well despite uncertainty in underlying markets. We have recently added experienced sales staff to our North American team and we expect sales in this substantial market to increase as we seek to develop longer term growth opportunities. Sales to our customers in the Asia-Pacific region have also grown strongly, however sales to our licencee, Diamond Wood, remain low following the resumption of their sales responsibilities in the second half of the previous financial year.
We now have a total of 58 distribution or agency agreements covering most of Europe, Australia, Chile, China, India, Israel, Japan, Morocco, New Zealand, North America, South Africa and parts of South-East Asia.
The increase in prices, together with increased efficiency arising from our on-going focus on optimising our process, resulted in a significant improvement in manufacturing profitability. Gross manufacturing margin increased from 23% to 30% with manufacturing EBITDA improving by 62% to €5.0m. Profitability also improved as a result of the economies of scale associated with a record 18,552m3 produced in the six month period being an 13% increase compared to the same period last year.
The manufacturing segment's profitability helps demonstrate the potential returns achievable from manufacturing Accoya® on a larger scale. This is particularly the case when taking account of the economies of scale expected from operating a larger plant and when considering that our profitability has been impacted by significant volumes (approximately 18% of total Accoya® volume in the period (2014: 18%)) sold to Medite at lower prices, reflecting the on-going Tricoya market development activities.
We continue to invest in research and development including new species and end product applications development and certification. During the period we have made progress in respect of the production and sale of Accoya® from new species for projects ranging in size as we seek to supplement radiata pine raw wood. We have seen the conclusion of a 20 year field trial of acetylated wood in water, used for canal lining, further validating the Accoya® 25 year warranty in this application. In addition new certifications include FCBA Control Convention status which provides official qualification of Accoya's performance characteristics in France and the ICC ESR which demonstrates compliance of Accoya with the US Building Code for decking and porches.
Chief Executive's statementWe recently announced details of a new agreement with Solvay Acetow Gmbh ('Solvay'), to refine the relationship between the two parties for the licensing, marketing and manufacturing of Accoya®. This new agreement provides the framework and funding for a significant increase in the manufacturing capacity in Arnhem.
Solvay will purchase a minimum 76,000m3 of Accoya from the Arnhem plant over the period from 2016 to 2020 (the 'offtake commitment') and as a result of the increased manufacturing capacity in Arnhem and consequent greater sales capacity, under the new agreement Solvay will review the optimal timing to construct its 63,000 m3 Accoya manufacturing plant.
The enhanced relationship with Solvay will benefit both parties, with the increased manufacturing capacity and resulting sales expected to be achieved for Accoya in a faster timescale than would otherwise have been possible.
Accsys will double the existing manufacturing capacity at its Arnhem site in stages, up to 80,000m3 per annum from 40,000m3. The initial incremental 20,000m3 capacity is expected to come on stream in mid-2017.
The licence agreement covering Europe has been amended to provide increased royalties to Accsys and the return to Accsys of the selling rights for more than 20 European countries.
Accsys will provide sales and marketing services to Solvay on agreed terms in respect of Solvay's exclusive European territories.
A combination of loans and fees from Solvay, in addition to those due under the offtake commitment, will fund the majority of the initial increase in manufacturing capacity at Arnhem, with the balance to be met by Accsys' own resources, including the possible sale and leaseback of land at Arnhem.
These agreements allow the market development of Accoya to continue and optimise the roll out of manufacturing capacity under its partnering program with Solvay, increasing the certainty of supply for Accoya customers and users. It also enables Accsys to continue to develop global markets effectively, building on the expertise that it has developed over the last few years.
In March 2015 we announced our intention to form a consortium to fund, construct and then operate the world's first Tricoya® chip acetylation plant, following Accsys's acquisition of the remaining 50% share in TTL from our former joint venture partner, Ineos.
Since then, we have progressed detailed discussions with the proposed consortium partners, being the Chemical Group, with whom we signed a Memorandum of Understanding (MoU) in March 2015, and Medite, TTL's joint development partner since 2009. A site feasibility study has been undertaken to determine that the proposed plant can be located on one of the Chemical Group's existing production sites, which is expected to provide significant operational and construction benefits to the consortium.
TTL engaged an engineering house to complete the Front End Engineering and Design study which will enable the next stage of detailed design and construction to commence, immediately after the consortium is formally put in place.
During this period, Medite Tricoya® has continued to be manufactured using Accoya sold by Accsys to Medite using a temporary process, pending construction of the dedicated Tricoya plant. However this has enabled sales of Medite Tricoya to grow, with sales volumes of Medite Tricoya panels increasing by 14% in the calendar year to October.
Masisa, TTL's licence option holder in Latin America, has also continued to progress its market development activities, with Masisa Tricoya XB being specified in an increasing number of projects.
Accsys has considerably increased its number of patent applications in the recent period by expanding its patent families to 22, including those relating to Tricoya®. Applications filed now number 191, filed in 43 countries. To date 42 patents have been granted in various countries throughout the world.
Our principal trademark portfolio remains unchanged with our brands Accoya®, Tricoya®, the Trimarque device and Accsys®, including transliterations in Arabic, Chinese and Japanese, protected by registration in 56 countries. The Company's patents and trademarks cover the products we and our distributors and licensees sell, and the processes by which these products are made, throughout the world.
In addition to Accsys's extensive patent and trade-mark portfolio, the Company continues to invest in the generation and protection of valuable know-how and confidential information relating to its products and processes, protected by way of confidentiality protocols and contractual agreements.
We are pleased to be able to cement our relationship with Solvay to expand our Accoya manufacturing capacity and Solvay's commitment to purchase significant volumes from Accsys over the coming years. This is an exciting step in the development of our business and is further evidence of the execution of our strategy to maximise returns from our technology platform and our innovative products.
The proposed consortium with the Chemical Group and Medite, for the funding, construction and operation of the first Tricoya® chip acetylation plant is progressing well and I remain confident that Tricoya® remains a substantial and exciting opportunity for us.
Both developments represent a way for Accsys to participate directly in the manufacture of higher volumes of our products than we have previously envisaged. I believe this model, where we seek to obtain a greater share of manufacturing margins while continuing to work with strong industry partners through licensing and joint venture activities puts us in a strong position to be able to grow shareholder value.
In the immediate future, we will continue to carefully manage operations to ensure optimal management of our existing manufacturing capacity, working capital and costs such that we maintain sufficient resources to meet the demands of the next exciting period of our development.
Group revenue increased by 21% to €26.3m for the six months ended 30 September 2015 (2014: €21.8m). Manufacturing revenue increased by 11% to €24.1m, with revenue from Accoya® increasing by 11% to €21.9m, largely as a result of increased prices. Included in this is revenue attributable to Medite for the manufacture of Tricoya®, which increased by 18% to €2.8m (2014: €2.4m). Revenue attributable to licensing and business development was €2.2m (2014: €nil). This included €1.6m of income from Solvay, our Accoya licensee, €1.3m of which was attributable to the previously disclosed Global Marketing agreement, which was conditional upon reaching further agreements associated with the Binding Term sheet signed in August 2014, but which expired in the period ahead of the new agreement reached with Solvay in November 2015. €0.5m of income was recorded in respect of the monies received attributable to the Tricoya® project.
Gross margin increased from 23% to 36% compared to the same period in the previous year. This was driven by a significant improvement in the gross manufacturing margin which increased from 23% to 30%, and further improved by income attributable to licensing and business development as noted above.
Other operating costs, before exceptional items, increased from €7.6m to €9.4m. €0.9m of the increase is attributable to costs associated with TTL being fully consolidated in the period, compared to the equivalent period in the previous year when TTL was equity accounted resulting in a share of joint venture loss of €0.5m. The remainder of the increase is due to higher sales and marketing costs, which increased by €0.2m to €1.8m reflecting our ongoing investment in expected long term growth in sales of Accoya. In addition there was an increase in staff costs of €0.4m due to inflationary wage increases, the weakening of the Euro and an increase in headcount. A further €0.2m increase relates to a currency exchange impact due to the weakening of the Euro, with some of our costs paid in Sterling and US Dollars.
Research and development costs increased from €0.5m to €0.8m as a result of activities being carried out which were previously carried out by TTL.
Exceptional costs of €3.1m included in the prior period relate to the Diamond Wood arbitration process. The balance included a provision for €2.4m in respect of Diamond Wood's costs of €2.1m and the award for damages of €0.3m, both of which were payable to Diamond Wood in the second half of the financial year ended 31 March 2015.
The share of joint venture loss of €0.5m was recorded in the previous financial year, however with TTL fully consolidated in the group results during the six months ended 30 September 2015, there was no corresponding balance recorded in the recent period with 100% of the costs recorded within Other operating costs. Full details of TTL's results have been included in note 6.
Group average headcount increased from 110 in the period to 30 September 2014, to 111 in the period to 31 March 2015 and 119 in the period to 30 September 2015, with the increase predominantly in production staff (with costs included in cost of sales).
The decrease in the loss before tax before exceptional items by 97% to €0.1m (2014: €3.1m) can largely be attributed to the improvement in revenue and gross margin. After exceptional items, loss before tax decreased by 98% to €0.1m (2014: €6.2m).
The tax charge of €0.2m (2014: €0.5m) is based on our expected tax rate for the year and is attributable to the profits arising from manufacturing operations, offset by expected research and development tax credits.
Financial ReviewAt 30 September 2015, the Group held cash balances of €7.5m, representing a €3.3m reduction compared to 31 March 2015. The reduction in cash in the period is attributable to an increase in working capital of €3.1m, investment in tangible and intangible fixed assets of €1.9m and offset by cash-flows from operating activities of
€1.8m.
Cash in-flow from operating activities before changes in working capital of €1.8m represents a significant improvement compared to €0.7m cash out-flow (excluding exceptional items) in the equivalent period in the previous year, reflecting the underlying improvement in profitability of the Group. The increase in working capital included a build-up of inventories ahead of our scheduled annual maintenance stop in October such that we expect cash-flow to benefit in a reduction in working capital in the second half of the financial year.
Investment in tangible fixed assets of €0.7m (2014: €0.5m) included equipment subsequently installed in the maintenance stop in October which is expected to result in improved efficiency and reliability of the plant. €1.2m of capitalised internal development costs (2014: €0.1m) included €1.0m in respect of the Tricoya Front End Engineering and Design package.
Trade and other receivables decreased to €4.3m (2014: €6.4m) as a result of improved collection from customers and lower sales in September compared to last year. Inventory increased to €10.3m (2014: €6.5m) as a result of a build-up of inventory ahead of our scheduled maintenance stop in October (last year the maintenance stop took place in September), the planned increase in sales in the second half of the financial year and the overstocking of certain items which are expected to be utilised in the second half of the year.
The decrease in trade and other payables to €8.1m (2014: 9.8m) included the recognition of income associated with licensing activities as described above.
The Group's principal risks and uncertainties are unchanged from those set out in its 2015 Annual Report.
These condensed consolidated financial statements are prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future, which is deemed to be at least 12 months from the date these interim results were approved.
As part of the Group's going concern review, the Directors have reviewed the Group's trading forecasts and working capital requirements for the foreseeable future. These forecasts indicate that, in order to continue as a going concern, the Group is dependent on achieving certain operating performance measures relating to the production and sales of Accoya® wood from the plant in Arnhem and the collection of on-going working capital items in line with internally agreed budgets.
The Directors have considered the internally agreed budgets and performance measures and believe that appropriate controls and procedures are in place or will be in place to make sure that these are met. The Directors believe, while some uncertainty inherently remains in achieving the budget, in particular in relation to market conditions outside of the Group's control, that there are a sufficient number of alternative actions and measures that can be taken in order to achieve the Group's medium and long term objectives.
Therefore, the Directors believe that the going concern basis is the most appropriate basis on which to prepare the financial statements.
The Directors confirm to the best of their knowledge:
The condensed consolidated financial statements contained in the half year report have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU;
The interim results include a fair review of the information required by DTR 4.2.7R being an indication of important events that have occurred during the first six months of the financial year and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
The interim Management Report (Narrative) include a fair review of the information required by DTR 4.28R being disclosure of related party transactions and changes therein since the last annual report.
Note | Unaudited | Unaudited | Unaudited | Unaudited | Audited | Audited | Audited | |
6 months | 6 months | 6 months | 6 months | Year | Year | Year | ||
ended | ended | ended | ended | ended | ended | ended | ||
30 Sept | 30 Sept | 30 Sept | 30 Sept | 31 March | 31 March | 31 March | ||
2015 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | ||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||
Total | Before exceptional items | Exceptional items (note 4) | Total | Before exceptional items | Exceptional items (note 4) | Total | ||
Accoya® wood revenue | 21,862 | 19,777 | - | 19,777 | 40,661 | - | 40,661 | |
Licence revenue | 328 | - | - | - | 389 | - | 389 | |
Other revenue | 4,104 | 2,009 | - | 2,009 | 5,027 | - | 5,027 | |
Total revenue | 2 | 26,294 | 21,786 | - | 21,786 | 46,077 | - | 46,077 |
Total cost of sales | (16,916) | (16,768) | - | (16,768) | (33,842) | - | (33,842) | |
Gross profit | 9,378 | 5,018 | - | 5,018 | 12,235 | - | 12,235 | |
Other operating costs | 3 | (9,389) | (7,645) | (3,080) | (10,725) | (15,985) | (2,937) | (18,922) |
Loss from operations | (11) | (2,627) | (3,080) | (5,707) | (3,750) | (2,937) | (6,687) | |
Share of joint venture loss | 6 | - | (465) | - | (465) | (1,098) | - | (1,098) |
Gain on acquisition of subsidiary | - | - | - | - | - | 267 | 267 | |
Finance income | 17 | 57 | - | 57 | 73 | - | 73 | |
Finance expense | (98) | (112) | - | (112) | (208) | - | (208) | |
Loss before taxation | (92) | (3,147) | (3,080) | (6,227) | (4,983) | (2,670) | (7,653) | |
Tax charge | (240) | (475) | - | (475) | (607) | - | (607) | |
Loss for the period | (332) | (3,622) | (3,080) | (6,702) | (5,590) | (2,670) | (8,260) | |
Gain arising on translation of foreign operations | 33 | 21 | - | 21 | 158 | - | 158 | |
Total comprehensive loss for the period | (299) | (3,601) | (3,080) | (6,681) | (5,432) | (2,670) | (8,102) | |
Basic and diluted loss per ordinary share | 5 | €(0.00) | €(0.04) | €(0.08) | €(0.06) | €(0.09) |
The notes set out on pages 15 to 21 form an integral part of these condensed financial statements.
Unaudited | Unaudited | Audited | ||
6 months | 6 months | Year | ||
ended | ended | ended | ||
30 Sept | 30 Sept | 31 March | ||
Note | 2015 | 2014 | 2015 | |
€'000 | €'000 | €'000 | ||
Non-current assets | ||||
Intangible assets | 10,965 | 8,284 | 10,014 | |
Investment in joint venture | 6 | - | 710 | - |
Property, plant and equipment | 7 | 19,201 | 20,151 | 19,548 |
30,166 | 29,145 | 29,562 | ||
Current assets | ||||
Inventories | 10,272 | 6,545 | 7,894 | |
Trade and other receivables | 4,267 | 6,370 | 4,998 | |
Cash and cash equivalents | 7,501 | 13,516 | 10,786 | |
Corporation tax | 496 | 284 | 388 | |
22,536 | 26,715 | 24,066 | ||
Current liabilities | ||||
Trade and other payables | (8,134) | (9,822) | (9,625) | |
Short term borrowings | - | (1,484) | - | |
Obligation under finance lease | (264) | (264) | (264) | |
Corporation tax | (1,159) | (548) | (812) | |
(9,557) | (12,118) | (10,701) | ||
Non-current liabilities | ||||
Obligation under finance lease | (1,760) | (1,843) | (1,799) | |
(1,760) | (1,843) | (1,799) | ||
Net current assets | 12,979 | 14,597 | 13,365 | |
Total net assets | 41,385 | 41,899 | 41,128 | |
Equity and reserves | ||||
Share capital - Ordinary shares | 8 | 4,489 | 4,436 | 4,440 |
Share premium account | 128,779 | 128,677 | 128,714 | |
Capital redemption reserve | 148 | 148 | 148 | |
Warrants reserve | - | 235 | - | |
Merger reserve | 106,707 | 106,707 | 106,707 | |
Retained deficit | (198,839) | (198,309) | (199,022) | |
Own shares | (46) | (38) | (39) | |
Foreign currency translation reserve | 147 | 43 | 180 | |
Total equity | 41,385 | 41,899 | 41,128 | |
The notes set out on pages 15 to 21 form an integral part of these condensed financial statements.
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