RNS Number:4801X
Henderson Morley PLC
26 January 2006
FOR IMMEDIATE RELEASE 26 JANUARY 2006
HENDERSON MORLEY PLC
(AIM)
INTERIM RESULTS FOR THE SIX MONTHS TO 31 OCTOBER 2005
CHAIRMAN'S STATEMENT
Financial Summary
The Board of Henderson Morley plc ("Henderson Morley" or "the Company"), the AIM
listed Drug Discovery Company, announces its Interim results for the six months
to 31 October 2005. Turnover for the period was #1,081 (2004: #3,120) which,
after expenses and R & D costs showed a pre-tax loss of #382,976 (2004:
(#391,331)). Cash at Bank as at 31 October 2005 was #355,271. No dividend is
proposed.
Issue of Equity
During the period the Company issued 50 million new Ordinary shares through a
Placing to an investor at a price of 0.5p per share, raising #250,000 for the
Company which will be used as working capital. The total number of shares in
issue is now 383,928,632.
Business Review
Research continues in the anti-viral and vaccine pipeline. The technology known
as PREPS and L-particles, which was originally developed by the UK Government's
Medical Research Council Virology unit in Glasgow, is owned by the Company.
Following independent research in the USA, new and potentially valuable
applications of this technology have been discovered in the multi-billion dollar
organ transplant rejection market. A new patent has been filed for the new use
of PREPS and L-particles as immunomodulators, with potential application as a
treatment for diseases of an overactive immune system such as Rheumatoid
Arthritis, acute and chronic organ rejection and connective tissue disorders. As
a result, the Company has retained a US based biotechnology licensing consultant
with a view to exploiting this potential application.
The Company now has 25 granted patents in respect of its ICVT technology
platform with a significant number of other patents filed and under examination
by the patent authorities.
Update on Croma Trial
The Boards of both Croma and Henderson Morley are working together to explore
certain options which may include moving the trial to a new location. I hope to
be able to provide shareholders with news in this respect as soon as possible.
Dr Daniel Kirrcherr, Business Development consultant, is continuing discussions
with potential partners for the dermal application of ICVT. We will keep
shareholders informed of progress in this respect.
--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
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 months to 6 months to Year Ended
31 October 31 October 30 April
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER 1,081 3,120 5,735
Cost of sales (763) (2,516) (17,385)
--------- --------- --------
GROSS PROFIT 318 604 (11,650)
Administrative expenses (200,903) (198,629) (548,493)
Research and development (186,375) (184,966) (281,195)
Amortisation of goodwill (7,370) (7,370) (14,740)
--------- --------- --------
OPERATING LOSS (394,330) (390,361) (856,078)
Net Interest received/(paid) 11,354 (970) (7,233)
--------- --------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (382,976) (391,331) (848,845)
Tax on loss on ordinary activities 30,772 28,218 67,487
--------- --------- --------
RETAINED LOSS FOR THE PERIOD (352,204) (363,113) (781,358)
========= ========= ========
Loss per Ordinary Share
Basic and Diluted (0.11)p (0.14)p (0.27)p
HENDERSON MORLEY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2005
CONSOLIDATED BALANCE SHEET
As at As at As At
31 October 31 October 30 April
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
# # #
FIXED ASSETS
Intangible assets 111,486 134,194 121,512
Tangible assets 45,381 52,246 42,510
156,867 186,440 164,022
CURRENT ASSETS
Stocks 2,532 14,013 2,831
Debtors 88,459 194,935 128,173
Called up Share Capital not paid 242,500 - -
Cash at bank 355,271 476,600 688,725
688,762 685,548 819,729
CREDITORS: Amounts falling due
within one year (75,629) (78,439) (104,047)
TOTAL ASSETS LESS CURRENT
LIABILITIES 770,000 793,549 879,704
=========== =========== ===========
CAPITAL AND RESERVES
Called up Share Capital 479,911 358,320 417,411
Share Premium Account 3,913,641 3,288,333 3,733,641
Profit and Loss Account (3,623,552) (2,853,104) (3,271,348)
--------- ---------- ---------
EQUITY SHAREHOLDERS FUNDS 770,000 793,549 879,704
========= ========== =========
HENDERSON MORLEY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2005
SUMMARISED CONSOLIDATED CASH FLOW
STATEMENT
6 months to 6 months to Year Ended
31 October 31 October 30 April
2005 2004 2005
(Unaudited) (Unaudited) (Audited)
# # #
Net cash outflow from operating
activities (400,001) (434,029) (797,420)
(Note 1)
Returns on investments and servicing
of finance 11,354 (970) 7,233
Taxation 67,487 - 60,280
Capital expenditure (8,784) 15,394 15,394
Financing
Issue of ordinary share capital - 843,209 1,334,676
Loans and Hire Purchase - (15,566) -
--------- --------- --------
Increase/(Decrease) in cash (329,944) 408,038 620,163
========= ========= ========
Reconciliation of net cash flow to
movement in net debt
Increase/(Decrease) in cash (329,944) 408,038 620,163
Cash outflow from finance leases - 15,566 19,638
--- -------- --------
Movement in net debt in the period (329,944) 423,604 639,801
Net funds at beginning of period 685,215 45,414 45,414
--------- --------- --------
Net funds at end of period 355,271 469,018 685,215
========= ========= ========
Note1 Reconciliation of operating loss
to cash outflow from operating
activities.
Operating Loss (394,330) (390,361) (856,078)
Depreciation and amortisation charges 15,939 17,101 39,520
Loss on sale of fixed assets - 5,105 5,105
Decrease in stocks 299 1,000 12,182
(Increase)/decrease in debtors 2,999 (69,320) (23,570)
Increase/(decrease) in creditors (24,908) 2,446 25,421
--------- --------- --------
Net cash outflow from operating
activities (400,001) (434,029) (797,420)
========= ========= ========
NOTES TO THE INTERIM RESULTS
1.The interim financial statements have been prepared on the basis of the
accounting policies set out in the audited statutory accounts for the year ended
30 April 2005
2. The calculation of loss per share is based on the loss after tax for the
period and on 335,025,589 (30 April 2005 -287,155,624 and 31 October 2004-
263,240,084) ordinary shares, being the weighted average number of shares in
issue during the period.
3. On 28 October 2005 the Company issued 50,000,000 ordinary shares of 0.125p at
0.5p per share for cash. The proceeds of this issue were received in November
2005.
4. This statement does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The statutory accounts for the period to 30 April
2005, upon which the auditors issued an unqualified report, have been filed with
the Registrar of Companies.
5.This interim report is being sent to all shareholders and is available to the
public from the Company's registered office at Metropolitan House, 2 Salisbury
Road, Moseley, Birmingham B13 8JS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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