MDY Healthcare - Interim Results
RNS Number : 3320W
MDY Healthcare PLC
10 June 2008
MDY Healthcare plc
Interim results
10 June 2008: MDY Healthcare plc ('MDY Healthcare' or the 'Company'), the
strategic investor in healthcare companies, today announces its interim results
for the six months ended 31 March 2008.
Financial Highlights
* Total investments valued at £10.7 million (30 September 2007: £9.4
million) with cash and cash equivalents of £2.2 million (30 September 2007: £5.1
million)
* Net asset value per share as at 31 March 2008 of £0.885 (30 September
2007: £1.11)
* Loss from operations of £0.6 million (2007: £0.9 million) following
increased revenue and reduced administration expenses. Net loss for period of
£2.1 million (2007: £1.0 million) includes net loss in fair value of financial
assets of £1.8 million (2007: £34,000 gain)
Portfolio Highlights
* Co-led syndicate that acquired Stanmore Implants Worldwide in February
2008 with Brian Steer (ex-Chair of Gyrus Group plc) joining as Executive
Chairman
* AOI Medical initiated FDA approved clinical trial on its Ascendx* VCF
Reduction System with first surgical procedures completed on three patients in
early June 2008
* Medivance exceeded its calendar 2007 annual business plan and is on target
to achieve its 2008 plan following a strong first quarter
* Consumer natural healthcare investment with William Ransom & Son is
progressing well and remains on track for launch later in 2008
* Post period end Allergy Therapeutics announced positive results from PIII
grass trial on Pollinex® Quattro
Charles Spicer, CEO, said:
'The Stanmore deal illustrates that excellent investments are still possible in
the medtech sector despite difficult market conditions and that we can attract
sophisticated investors to invest alongside us. Whilst we continue to expect
markets to be
challenging for smaller public companies, we remain confident that our portfolio
will deliver longer term shareholder value as our investments fulfil their
potential and market conditions stabilise.'
For further information, please contact:
MDY Healthcare plc
Charles Spicer, CEO +44 (0) 207 647 1800
charles.spicer@MDYhealthcare.com
Financial Dynamics
Ben Atwell, Susan Quigley +44 (0) 207 831 3113
ben.atwell@fd.com, susan.quigley@fd.com
Brewin Dolphin Limited (Nomad)
Matt Davis +44 (0) 845 270 8600
Notes for editors:
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing company quoted on
AIM (ticker symbol: MDY). The company seeks to achieve superior returns for
shareholders by investing globally in companies, both public and private, across
the
healthcare sector. The directors, executives and senior advisors have
significant operational and investment experience in the sector and therefore
the ability to identify and review a wide range of potential investments.
Further information can be found on the website www.mdyhealthcare.com.
Chairman and Chief Executive's review
Overview
As highlighted at our AGM, the first half of the financial year has been
characterised by extremely challenging market conditions for public companies
especially at the smaller cap end of the market. Following the sharp downturn in
the global equities
markets in March 2008, triggered by the worsening banking crisis, the FTSE100
and the AIM All Share hit their lowest levels since 2005 and 2004 respectively
in that month while the techMARK mediscience index hit its lowest point since
December 2003.
Against this backdrop, our quoted investments suffered falling share prices in
the reported period and consequently have been marked-to-market through the
income statement at lower valuations than at 30 September 2007. Given this
degree of market
turmoil resulting in historically very low valuations for our sector, we took
the strategic decision not to crystallise any cash losses by selling quoted
equities into a falling market. Encouragingly, since the end of March we have
seen improved share
prices for some of our strategic and trading investments. We are taking a
cautious approach towards upwards revaluations of our private investments at
this stage given general market conditions despite good evidence of positive
progress. We will review
the position at the year-end. We have also kept a tight control on our operating
expenses during the period.
We remain confident about the underlying quality of our portfolio and believe
that all of our strategic investments have continued to make good commercial
progress over the last six months, details of which we include below.
Investment strategy
Over the last 18 months we have evolved our strategic investment model and
expanded our portfolio which is now predominantly focused on medical technology,
a sub-sector of the healthcare market with a typically reduced risk profile.
Within this, we
have prioritised a smaller number of larger investments, mostly in private
companies, where we can own a significant share of the company and can therefore
strategically drive shareholder value through active board participation,
corporate development
advice and innovative corporate finance structures. We are also focused on
investing in companies where we will not be dependent on benign stockmarkets in
order to realise value but where an M&A exit is a high possibility even if not
the first
priority.
New strategic investment in Stanmore Implants Worldwide
Demonstrating this evolution of our business model, in February 2008 we co-led
with Abingworth Management ('Abingworth'), a syndicate of investors to acquire
the entire issued share capital of Stanmore Implants Worldwide Ltd ('Stanmore'),
a private
medical technology company focused on saving and restoring the function of limbs
and joints. The investor syndicate is working closely with MDY's senior adviser,
Brian Steer (ex Chairman of Gyrus Group plc), who is leading Stanmore as
Executive Chairman
supported by Stanmore's existing senior management team and its clinical and
scientific collaborators.
Stanmore designs, manufactures and markets a custom implant service with a
portfolio of orthopaedic implants for limb salvage and complex joint
replacement. Stanmore is now a market leader in the UK and has a rapidly
expanding presence in export
markets, delivered through both direct and distributor sales. Stanmore is
currently headquartered in a specialised facility at the world-renowned Royal
National Orthopaedic Hospital in Stanmore, Middlesex, and has a small
Continental European sales office
in Lyon, France. It was previously owned by University College London, and was
spun out as an independent company from UCL's Centre for Biomedical Engineering
in 1996. The Centre is known for its design of some of the world's most
successful implants
including the Stanmore Hip.
Stanmore focuses on high value, technically demanding applications where it
differentiates itself by forming long-term relationships with specialist
surgeons, delivering advanced designs, high-quality products and rapid service.
It has annual sales in
excess of £4 million and has been profitable for several years.
Intraosseous Transcutaneous Amputation Prosthesis (ITAP)
Stanmore's key new product development is ITAP, an innovative device for
directly attaching prosthetic devices to the skeleton of amputees. It is being
developed for a wide-range of applications including upper and lower limb,
digits and craniofacial
prostheses. ITAP builds on ground-breaking research undertaken by UCL with a
design that, by mimicking successful skin-penetrating natural structures (such
as deer antler) stably integrates with the skin. This provides an effective
barrier against
infection, which has to date limited the application of percutaneous implants to
dental implants and craniofacial applications.
Surgeons working closely with the company have implanted a number of
craniofacial ITAP devices over the last three years with encouraging clinical
results. Similarly, over the last two years, digit ITAP devices have been
implanted in a number of
patients with positive results. In late 2007, the first upper limb ITAP device
was successfully implanted in a 7/7 bomb victim. The patient is progressing
well, and Stanmore plans to implant further upper and the first lower limb ITAP
implants during this
year.
MDY Healthcare has invested £3 million in the transaction and has approximately
20% of the issued share capital on a fully-diluted basis. Charles Spicer has
been appointed to the board of SIW Holdings Ltd., parent company of Stanmore.
Since completion of the acquisition, Stanmore has developed its strategy for
accelerated international growth and is preparing to move into state-of-the art
new facilities close to its existing site. The clinical and commercial programme
for ITAP is
progressing well with recruitment underway for the first trial on lower limbs at
the Royal National Orthopaedic Hospital in Stanmore and the Royal Orthopaedic
Hospital in Birmingham.
Strategic portfolio review
Following the investment in Stanmore, we now have seven strategic investments.
Our three largest commitments, Medivance, Stanmore and our consumer health JV
are private and are valued at the cost of the last investment. Our four quoted
strategic
investments have all been marked-to-market downwards.
AOI Medical Inc.
Based in Florida, USA, AOI Medical is developing, and intends to commercialise,
innovative orthopaedic medical devices for the spine and trauma markets.
At 31 March 2008, we held approximately 8.6% of the issued share capital which
was valued at approximately £1.5 million, a reduction of £0.9 million or 37.5%
since 30 September 2007.
In December 2007, AOI announced conditional US FDA approval to begin its key
clinical study for AscendxTM (Fracture Reduction System). Final approval was
somewhat delayed and was confirmed in April 2008 following which the trial has
now been initiated
with surgical procedures on the first three patients completed in early June
2008. Depending on FDA response timing, the commercial launch of the product is
now targeted for late 2008 or early 2009. At an EGM in May, AOI secured
authorization from its
shareholders to raise additional capital through the issue of further common
shares or convertible equity.
Medivance, Inc
Based in Colorado, USA, Medivance is a leading company in the emerging field of
therapeutic temperature management. Medivance's non-invasive technology, Arctic
Sun® is patented and FDA approved to rapidly cool patients ('therapeutic
hypothermia')
and precisely control their temperatures as a therapeutic tool.
At 31 March 2008, we owned approximately 9.8% of the fully-diluted equity of
Medivance which remains valued at £2.7 million as it was in 30 September 2007.
Medivance exceeded its calendar 2007 annual plan on several fronts including
revenues, gross margin and expenses and is on target to achieve its 2008 plan
following a strong first quarter. This requires continued strong global sales
growth and a move
into operating breakeven towards the end of the year. While the plan is being
executed, we have decided not to revalue our holding in Medivance but will
review the position again at our year-end.
Minster Pharmaceuticals plc
Minster is a drug development company that acquired from GlaxoSmithKline the
worldwide development rights of two compounds, tonabersat and sabcomeline, which
have already benefited from substantial investment by GSK. Minster's lead
product,
tonabersat, belongs to an important new class of drugs called 'gap junction
blockers', and is being developed as a prophylactic treatment for migraine.
At 31 March 2008 we held just over 2% of the issued share capital which was
valued at approximately £0.4 million, a reduction of £0.2 million or 27% since
30 September 2007.
In February 2008 Minster announced that it had recruited 25% of the patients
required for its TEMPUS 500-patient phase IIb trial of tonabersat in the US and
were still on track to report on that trial in Q4 2008. In March 2008, Minster
announced that
they had fully enrolled their Danish study of tonabersat in patients suffering
from migraine with aura and expected results in late 2008.
Allergy Therapeutics PLC
Allergy Therapeutics is a speciality pharmaceutical company focused upon the
treatment and prevention of allergy. It has an existing European sales base, an
MHRA-approved manufacturing capability and a number of novel vaccines which have
already
undergone initial clinical evaluation and once registered, could potentially
revolutionise the treatment of allergy.
At 31 March 2008 we held just over 0.7% of the issued share capital which was
valued at approximately £0.2 million, a reduction of £0.2 million or 58% since
30 September 2007.
Following the FDA clinical hold announced in July 2007, Allergy announced in
March 2008 that the FDA was now in the process of conducting a broad review into
vaccine adjuvants and was unable to give any indication of when their review
might be
complete. At the same time they announced strong growth in their core business
in Europe. In May 2008 Allergy announced that their pivotal PIII grass study had
met its primary efficacy endpoint and had demonstrated that Pollinex®
Quattro has
statistically significant clinical benefits over placebo. This has resulted in a
significant improvement in the company's share price since then.
Lombard Medical Technologies PLC
Lombard Medical is a specialist cardiovascular device and polymer coatings
company. Its flagship product, the Aorfix* endovascular stent graft for the
treatment of Abdominal Aortic Aneurysms (AAAs), is CE Mark approved in the EU.
With no device
currently approved for the treatment of AAAs with neck angulations greater than
60 degrees, Aorfix* has a potentially unique product profile targeting an unmet
clinical need.
In January 2008 we announced that we had acquired further shares in Lombard
Medical in their placing to raise £7.1 million which was announced in December.
We now hold just under 3% of Lombard's issued share capital valued at just under
£0.5
million as at 31 March 2008. In May 2008, Lombard announced that while
recruitment into the European ARBITER II trial is on course to complete in Q3
2008, it may be challenging to complete the recruitment for the PYTHAGORAS trial
in the US by the end of
2008. The pivotal US clinical trial for Lombard's EndoRefix* endostapling device
commenced in April.
Investment with William Ransom & Son plc
Ransom is the UK's oldest independent pharmaceutical company and one of the UK's
leading natural healthcare companies. It is the market-leading supplier of
glucosamine supplements and one of Europe's leading suppliers of retailed aloe
vera products.
In August 2007 Ransom and MDY Healthcare announced the establishment of a
multi-channel retail venture selling natural healthcare products direct to
consumers via the internet, mail order and telesales. The aim of the joint
venture is to capitalise on
the rapid growth of e-commerce in the UK. The products are being primarily
sourced and/or manufactured by Ransom, which will also provide management
support and fulfilment from its distribution centre in Bradford, UK. MDY
Healthcare is committed to
providing up to £3 million in loan capital to finance the joint venture which is
expected to launch commercial activities in late 2008.
The company is currently majority-owned by MDY Healthcare and the board includes
representatives of both Ransom and MDY Healthcare. Ransom has the option to
acquire 100% ownership of the jointly owned company in accordance with an agreed
timetable and
valuation process. As the company has not yet started trading there is currently
no material value to MDY Healthcare's equity interest included on the balance
sheet.
We have established a team of internal and external experts to build the
branding, customer interface (including transactional website, catalogue and
customer support) as well as logistical infrastructure ahead of commercial
launch which remains on
schedule for later in 2008. We will update shareholders further closer to the
time of launch.
Trading portfolio
Separately from the strategic investments, we have a portfolio of investments in
healthcare companies traded on the Main Market of the London Stock Exchange or
quoted on AIM, which were valued at approximately £2.1 million as at 31 March
2008, a
reduction of £0.8 million or 28% since 30 September 2007.
As previously highlighted, the continued disruption in global equity markets
since our year-end has hit smaller capitalisation companies relatively hard and
particularly the healthcare sector. In these difficult conditions we have been
reluctant to
realise cash losses but also cautious about making significant further
investments. We have seen some signs of improvement over recent months such as
the cash acquisition of Whatman by GE Healthcare which completed in April and
the improvement in share
prices in certain key stocks such as Axis-Shield and Vectura.
Financial review
At 31 March 2008, MDY Healthcare's total investments (current and non-current)
were valued at £10.7 million (30 September 2007: £9.4 million) and we had cash
and cash equivalents of £2.2 million (30 September 2007: £5.1 million).
Net asset value per share as at 31 March 2008 was £0.885 (30 September 2007:
£1.11).
Revenue for the period was £90,000 (2007 £18,000). In the six months ended 31
March 2008, our loss from operations was £0.6 million (2007: £0.9 million).
Total administration expenses were reduced by 23% to £0.7 million (2007:
£0.9 million) of which £15,000 (2007: £183,000) related to operations
discontinued in 2006.
The net loss in fair value of financial assets of £1.8 million (2007: £34,000
profit) reflects the mark-to-market revaluation of our listed and quoted
investments following the continuing difficult stock market conditions discussed
above. We
made a small exchange profit of £0.2 million (2007: £0.6 million loss) following
some improvement in the dollar:sterling exchange rate. Financial income was
reduced to £0.1 million (2007: 0.4 million) in line with the reduction in our
cash
deposits as we added further investments to the portfolio.
Overall the net loss for the period increased to £2.1 million (2007: £1.0
million). Losses per share for the period were 14.18p as against 7.26p for the
corresponding period in 2007.
Conclusion and outlook
The investment in Stanmore during the period demonstrates that excellent
investments are possible in the medtech sector and that MDY Healthcare can
attract sophisticated investors to invest alongside us. Whilst we continue to
expect the remainder of
2008 to be challenging for smaller public companies, we are confident that the
underlying quality of our portfolio will deliver longer term shareholder value
as our investments fulfil their potential and market conditions stabilise.
MDY Healthcare plc
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
2008 2007 2007
______ ______ ______
Notes Continuing Continuing Continuing
Operations Operations Operations
£'000 £'000 £'000
______ ______ ______
Revenue 2 90 18 28
Cost of sales - - -
______ ______ ______
Gross profit 90 18 28
Selling and distribution costs - - -
______ ______ ______
Administration expenses (656) (688) (1,628)
Costs related to operations (15) (183) (421)
discontinued in 2006 ______ ______ ______
Administration expenses 4 (671) (871) (2,049)
Loss from operations (581) (853) (2,021)
Net change in fair value of
financial assets at fair value (1,814) 34 (543)
through profit or loss
Net gains on disposal of
available for sale financial - - 367
assets transferred from equity
Foreign exchange profit 196 (589) (877)
/(loss)
Financing income 125 393 628
Financing costs - - -
______ ______ ______
Loss before tax (2,074) (1,015) (2,446)
Income tax expense - - 175
______ ______ ______
Net loss for the period (2,074) (1,015) (2,271)
______ ______ ______
Basic and diluted loss per 3 (14.18)p (7.26)p (16.02)p
share ______ ______ ______
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
______ ______ ______
2008 2007 2007
Total Total Total
£'000 £'000 £'000
______ ______ ______
Net change in the fair value
of available for sale (517) (19) 896
financial assets
Deferred tax liability arising
on net change in fair value of - - (146)
available for sale financial
assets
Net change in fair value of
available for sale financial - - (367)
assets transferred to profit ______ ______ ______
and loss
Income and expenses recognised
directly in equity in the (517) (19) 383
period
Loss for the period (2,074) (1,015) (2,271)
______ ______ ______
Total recognised income and (2,591) (1,034) (1,888)
expense for the period
Attributable to
- Equity holders of the (2,591) (1,034) (1,888)
Company ______ ______ ______
Total recognised income and (2,591) (1,034) (1,888)
expense for the period ______ ______ ______
MDY Healthcare plc
CONSOLIDATED BALANCE SHEET
For the six months ended 31 March 2008
Unaudited as at Unaudited as at Audited as at 30
31 March 2008 31 March 2007 September 2007
Notes
£'000 £'000 £'000
______ ______ ______
Non-current assets
Property, plant and equipment 95 113 105
Investments 5 8,629 3,387 6,45
______ ______ ______
8,724 3,500 6,559
______ ______ ______
Current assets
Investments 5 2,103 2,800 2,904
Trade and other receivables 184 452 1,470
Cash and cash equivalents 2,163 9,425 5,090
4,450 12,677 9,464
Total assets 13,174 16,177 16,023
______ ______ ______
Liabilities
Non-current liabilities
Deferred tax liability - (29) -
Total non-current liabilities - (29) -
Liabilities
Current liabilities
Trade and other payables (233) (339) (493)
Total current liabilities (233) (339) (493)
______ ______ ______
Total liabilities (233) (368) (493)
______ ______ ______
Net assets 12,941 15,809 15,530
______ ______ ______
Equity
Issued capital 7,020 7,013 7,020
Share premium account 101,419 100,851 101,419
Other reserves 22,993 22,993 22,993
Shares issuable - 63 -
Retained earnings (118,491) (115,111) (115,902)
Total equity 12,941 15,809 15,530
______ ______ ______
MDY Healthcare plc
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2008
Unaudited six months Unaudited six months Audited year ended
to 31 March to 31 March 30 September
______ ______ ______
2008 2007 2007
Notes £'000 £'000 £'000
______ ______ ______
Cash flows from operating
activities
Loss from operations (2,074) (1,442) (2,271)
Adjustments for:
Depreciation 10 7 17
Income tax credit - - (175)
Net change in fair value of
financial assets at fair value 1,814 3 543
through profit or loss
Net gains on disposal of - -
available for sale financial (367)
assets transferred from equity
Foreign exchange (gain)/loss (196) 589 910
Interest receivables (125) - (628)
______ ______ ______
Operating loss before changes
in working (571) (843) (1,971)
capital and provisions
Decrease/(increase) in trade 1,286 93 (925)
and other receivables
Decrease in trade and other (260) (1,835) (1,681)
payables ______ ______ ______
Cash generated from/(absorbed 455 (2,585) (4,577)
by) operations
Interest paid - - -
______ ______ ______
Net cash inflow/(outflow) from 455 (2,585) (4,577)
operating activities
Cash flow from investing
activities
Interest received 125 393 628
Purchase of financial asset at (3,795) (4,923) (10,150)
fair value through profit or
loss
Proceeds from sale of
financial asset at fair value 92 - 1,666
through profit or loss
Proceeds from the sale of - - 753
available for sale financial
assets
Purchase of property, plant - (51) (54)
and equipment ______ ______ ______
Net cash outflow from (3,578) (4,581) (7,157)
investing activities
Cash flows from financing
activities
Proceeds from issue of share - - 575
capital
Bank loan repayment - - -
______ ______ ______
Net cash outflow from - - 575
financing activities ______ ______ ______
Decrease in cash and cash 6 (3,123) (7,166) (11,159)
equivalents
Cash and cash equivalents at 1 5,090 17,159 17,159
October
Effect of exchange rate 196 (568) (910)
fluctuations on cash held ______ ______ ______
Cash and cash equivalents at 2,163 9,425 5,090
end of period ______ ______ ______
MDY Healthcare plc
Notes to the Interim Financial Statement (unaudited) for six months ended 31
March 2008
1 Accounting policies
Reporting Entity
MDY Healthcare plc (the 'Company') is a Public Limited Company (traded on AIM)
incorporated in and domiciled in the United Kingdom. The address of the
Company's registered office is 23 Bridge Street, Ellon, Aberdeenshire, Scotland.
The consolidated
financial statements of the Company as at and for the six month period ended 31
March 2008 comprise the Company and its subsidiaries (together referred to as
the 'Group'). The Group is a healthcare sector specialised investment company.
Basis of preparation
* Statement of compliance
The Group and parent company interim financial statements have been prepared and
approved by the directors in accordance with International Financial Reporting
Standards ('IFRSs') as adopted by the EU.
The accounting policies set out below have, unless otherwise stated, been
applied consistently to all periods presented in these consolidated financial
statements.
The interim financial statements were approved by the Board of Directors on 9
June 2008.
The interim financial statements have been prepared on the going concern basis.
b) Basis of Measurement
The consolidated financial statements have been prepared on the historical cost
basis except for the following:
* Financial investments at fair value through profit or loss account are
measured at fair value
* Available for sale financial assets are measured at fair value
* Share based payments under the Group's scheme are measured as fair value
at grant date.
c) Functional and presentation currency
The financial statements are presented in pounds sterling, rounded to the
nearest thousand, which is the Company's functional currency. Functional
currencies within the Group consist primarily of pounds sterling.
d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expenses.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimates are
revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and
critical judgements in applying accounting policies that have the most
significant effect on the amounts recognised in the interim financial statements
is included in
Note 5 - Investments.
2 Revenue and Segment Information
Primary reporting segment -geographical segments
2008 2007
£'000 £'000
______ ______
Revenue
United Kingdom 90 18
90 18
Loss on ordinary activities before taxation
United Kingdom (2,199) (1,408)
(2,199) (1,408)
Financing costs (net) 125 393
(2,074) (1,015)
Assets by location of undertaking
United Kingdom 13,174 14,139
United States - 2,038
13,174 16,177
Liabilities by location of undertaking
United Kingdom (233) (368)
(233) (368)
Borrowing and other debt - -
(233) (368)
Geographical revenue is shown by location of customers. Geographic revenue by
location from which products and services are supplied is not materially
different.
The Group's secondary reporting format is its class of business. All income
statement and balance sheet items in the current year relate to the strategic
investing business.
3 Loss per share
Unaudited six months Unaudited six months Audited year ended 30
to 31 March to 31 March September
2008 2007 2007
______ ______ ______
Basic
Net loss for the financial (2,074) (1,015) (2,271)
period (£'000)
Weighted average number of 14,623 13,984 14,179
shares outstanding ('000)
Basic loss per share (14.18)p (7.26)p (16.02)p
______ ______ ______
Basic loss per share is calculated by dividing the weighted average number of
ordinary shares in issue into the loss after taxation for the year attributable
to ordinary shareholders. There is no difference for 2008 and 2007 between the
basic loss per
share and the diluted loss per share as ordinary share equivalents from share
options have been excluded from the computation as their effects are
anti-dilutive.
4 Administration expenses
Included in administration costs for the period ended 31 March 2008 are costs
related to businesses discontinued in previous periods of £15,000 (31 March
2007: £183,000).
5 Financial asset investments
Available for sale financial assets 2008
£000
_____
_
At 1 October 2007 1,417
Additions at fair value -
Revaluation (517)
Disposals -
At 31 March 2008 900
At 31 March 2007 1,255
_____
_
Financial assets designated at fair value through profit or loss 2008
£000
At 1 October 2007 5,043
Additions at fair value 3,599
Revaluation (876)
Disposals (37)
At 31 March 2008 7,729
At 31 March 2007 2,132
_____
_
Financial assets held for trading at fair value through profit or loss 2008
£000
At 1 October 2007 2,904
Additions at fair value 191
Revaluation (937)
Disposals (55)
At 31 March 2008 2,103
At 31 March 2007 2,800
_____
_
6 Analysis of changes in net funds
At 30 September Cash flow Exchange rate At 31 March
2007 movements £'000 2008
£'000 ______
______
£'000
£'000 ______
______
Cash at bank 5,090 (3,123) 196 2,163
Overdraft - - - -
Bank loans - - - -
Total 5,090 (3,123) 196 2,163
______ ______ ______ ______
7 Reconciliation of movements in equity
2008 2007
£'000 £'000
______ ______
Total recognised income and expense for the period (2,591) (1,034)
Net decrease in equity (2,591) (1,034)
Opening equity 15,530 16,843
Closing equity 12,939 15,809
______ ______
8 Transactions with key management personnel
During the six months ended 31 March 2008 £150,000 (year ended 30 September
2007: £300,000) was paid to Pacific Corporate Consultants Limited of which Dr
David Wong is a retained consultant.
9 The interim report for the six months ended 31 March 2008 has been prepared by
the Company and was approved by the Directors on 9 June 2008.
10 Copies of this announcement are available to members of the public from the
Company's head office, 11 Stanhope Gate, London W1K 1AN. A copy will also be
posted on the Group's website: www.mdyhealthcare.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAFKNEADPEAE
