RNS Number:2790P
Henderson Morley PLC
26 July 2005
FOR IMMEDIATE RELEASE 26 JULY 2005
HENDERSON MORLEY PLC
(AIM)
FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2005
The Board of Henderson Morley plc ("Henderson Morley" or "the Company")
announces its audited final results for the year to 30 April 2005.
Key Points:
* The Company continues to work in growing markets
* ICVT continues to progress in several disease areas
* Fully committed to the negotiation of further licences
Commenting, Andrew Knight, Executive Chairman said:
"We are fully committed to our ongoing programme of attracting further
commercial partners to out-license the ICVT platform. These licenses will bring
milestone payments and ultimately, royalties.
"Also, we are aware of the need to keep the market and shareholders informed and
in May 2005, we commissioned independent research from Growth Equities and
Company Research and this research will be updated on a monthly basis.
"I would like to thank shareholders for their continued support."
CHAIRMAN'S STATEMENT
Financial Summary
Turnover for the period under review was #5,735 (2004: #7,623) which related to
the sale of nutraceuticals from the company's websites. Research, development
and administrative expenses for the year amounted to #844,428 (2004: #772,259),
which resulted in a loss of #848,845 (2004: #773,903). Cash at bank at 30 April
2005 was #688,725.
Review of Operations
Overview
Henderson Morley continues to work in the exciting field of anti-viral drug
discovery - a growing market currently at $10 billion per year, and forecast to
be worth $14 billion per year by 2007.
The platform technology, ICVT, which was developed by the Company's scientists,
continues to progress in several disease areas. The broad anti-viral effects of
ICVT mean that it has the potential to treat numerous diseases such as skin
warts, verrucae, pre-cancerous lesions of the genital tract, infections of the
skin, eyes and mucous membranes, and various childhood infections.
Over the last 12 months, many successful scientific milestones have been met.
These include granted patents in the US and Europe; completion of various
formulation studies; the development of a lead formulation and subsequent lead
optimization; proof of concept in human studies against one of the target
disease areas, as well as the preparation for filing of 4 new patent
applications for new and enhanced formulations.
Whilst the scientific program progresses, the Board remains fully committed to
the negotiation of further licenses for the ICVT platform. The engagement of
Strasbourg based licensing consultant Dr Daniel Kirchherr has facilitated
discussions with several important potential licensees. His previous experience
as Director of Business Development at Johnson and Johnson has brought many
years of industry experience, giving depth and breadth to the business
development program.
Research
The trial being conducted by Croma Pharma is still ongoing but we are unable to
give shareholders any further news at the present time. We are in regular
dialogue with Croma and they remain totally committed.
Issue of Equity
During the year, the Board issued and allotted a total of 124,728,283 new
Ordinary shares through Placings to institutional investors.
The purpose of these Placings is to provide the Company with working capital to
continue to invest in its research and development and intellectual property.
Directors' Share Purchases
Andrew Knight purchased a further 2 million shares and chief executive Dr Ian
Pardoe purchased 6,458,240 shares.
ANDREW KNIGHT
Executive Chairman
--ENDS--
Copies of this announcement will be available free of charge to the public at
the Company's registered office at Metropolitan House, 2 Salisbury Road,
Moseley, Birmingham, B13 8JS and at the offices of Brewin Dolphin Securities
Ltd, 34 Lisbon Street, Leeds LS1 4LX for 14 days.
Enquiries:
HENDERSON MORLEY PLC Tel: 0121 442 4600
Andrew Knight, Chairman
BREWIN DOLPHIN SECURITIES LTD Tel: 0113 241 0126
Neil Baldwin
H-B CORPORATE Tel: 020 7538 1166
Jon Levinson
BISHOPSGATE COMMUNICATIONS LTD Tel: 020 7430 1600
Maxine Barnes Mobile 07860 489571
Dominic Barretto
Henderson Morley plc and Subsidiary Undertakings
Profit and Loss Account for the Year Ended 30 April 2005
30.4.05 30.4.04
# #
TURNOVER 5,735 7,623
Cost of sales 17,385 5,607
___________ ___________
GROSS (LOSS)/PROFIT (11,650) 2,016
Administrative expenses 563,233 503,599
Research and development 281,195 268,661
___________ ___________
Total administrative expenses 844,428 772,259
___________ ___________
OPERATING LOSS (856,078) (770,243)
Interest receivable and
similar income 9,820 930
___________ ___________
(846,258) (769,313)
Interest payable and
similar charges 2,587 4,590
___________ ___________
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (848,845) (773,903)
Tax on loss on ordinary
activities 67,487 60,280
___________ ___________
LOSS FOR THE FINANCIAL YEAR
AFTER TAXATION (781,358) (713,623)
Deficit brought forward (2,489,990) (1,776,367)
___________ ___________
DEFICIT CARRIED FORWARD #(3,271,348) #(2,489,990)
=========== ===========
Basic and Diluted Loss per
Ordinary Share (0.27p) (0.36p)
CONTINUING OPERATIONS
None of the company's activities were acquired or discontinued during the
current and previous years.
TOTAL RECOGNISED GAINS AND LOSSES
The company has no recognised gains or losses other than the losses for the
current and previous years.
Henderson Morley plc and Subsidiary Undertakings
Consolidated Balance Sheet as at 30 April 2005
30.4.05 30.4.04
# # # #
FIXED ASSETS:
Intangible assets 121,512 141,565
Tangible assets 42,510 82,476
164,022 224,041
__________ __________
CURRENT ASSETS:
Stocks 2,831 15,013
Debtors 128,173 97,396
Cash at bank 688,725 87,690
__________ __________
819,729 200,099
CREDITORS: Amounts falling
due within one year 104,047 100,643
__________ __________
NET CURRENT ASSETS: 715,682 99,456
__________ __________
TOTAL ASSETS LESS CURRENT
LIABILITIES: 879,704 323,497
CREDITORS: Amounts falling
due after more than one year - 10,044
__________ __________
#879,704 #313,453
CAPITAL AND RESERVES:
Called up share capital 417,411 261,500
Share premium 3,733,641 2,541,943
Profit and loss account (3,271,348) (2,489,990)
__________ __________
EQUITY SHAREHOLDERS' FUNDS: #879,704 #313,453
========== ==========
Henderson Morley plc and Subsidiary Undertakings
Cash Flow Statement for the Year Ended 30 April 2005
30.4.05 30.4.04
# # # #
Net cash outflow
from operating activities (797,420) (720,140)
Returns on investments and
servicing of finance 7,233 (3,660)
Taxation 60,280 46,883
Capital expenditure 15,394 (16,766)
(714,513) (693,683)
Financing 1,334,676 764,800
__________ __________
Increase in cash in the period #620,163 #71,117
========== ==========
Reconciliation of net cash flow
to movement in net funds
Increase in cash in the period 620,163 71,117
Cash outflow from decrease in
debt and lease financing 19,638 15,660
Change in net funds resulting
from cash flows 639,801 86,777
__________ __________
Movement in net funds in
the period 639,801 86,777
Net funds/(debt) at 1 May 45,414 (41,363)
__________ __________
Net funds at 30 April #685,215 #45,414
========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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