TIDMVLS
RNS Number : 6381A
Velocys PLC
30 September 2015
News release
Velocys plc
("Velocys" or "the Company")
30(th) September 2015
Interim results for the period ended 30th June 2015
Velocys plc (VLS.L), the company at the forefront of smaller
scale gas-to-liquids (GTL), is pleased to announce its interim
results for the six months ended 30(th) June 2015.
Highlights
-- Manufacture of the reactors and catalyst complete for
Velocys' commercial reference plant, currently under construction
adjacent to Waste Management's landfill in Oklahoma City (post
period end).
-- Ashtabula project progress:
- Water permit granted.
- Letters of support from a major lender and a potential investor in the project.
- Gas suppliers and product off-takers identified.
-- Sales pipeline: existing opportunities continue to progress
and new sales opportunities are continually being identified.
-- Settlement of intellectual property court case with Johnson
Matthey, including payment to Velocys (post period end).
-- Strong, established management team ensuring the business has
been uninterrupted following CEO's departure.
-- Appointment of a Non-executive Director, Mark Chatterji,
bringing considerable banking and finance sector experience to the
Board (post period end).
-- Revenue of GBP0.1 million (H1 2014: GBP1.0 million).
-- Cash* at period end of GBP46.2 million (31 December 2014: GBP59.8 million).
Pierre Jungels, CBE, Chairman of Velocys, said:
"2015 is a year of delivery for Velocys. It is pleasing to see
the tangible progress of commercialisation within the Company,
recently culminating in the completion of the reactors and catalyst
for the Oklahoma City plant that will be completed next year.
Velocys continues to lead in the emerging market of smaller scale
GTL and to demonstrate the strength of the structural
opportunity."
* Defined as cash, cash equivalents and short term
investments.
- Ends -
For further information, please contact:
Velocys
Susan Robertson, CFO and acting +44 1235 841
CEO 700
Numis Securities (Nomad and Broker)
Alex Ham - Corporate Broking
Stuart Skinner / Jamie Lillywhite +44 20 7260
- Nominated Adviser 1000
Camarco (financial communications
& PR) +44 20 3757
Billy Clegg / Georgia Mann 4983
Notes to editors
About Velocys
Velocys is the company at the forefront of smaller scale
gas-to-liquids (GTL) that turns natural gas or biomass into premium
liquid products such as diesel and jet fuel. Smaller scale GTL adds
value to shale gas and bio-waste, and makes stranded or flared gas
economic - an untapped market of up to 25 million barrels per
day.
Velocys technology, protected by several hundred patents in over
30 countries, is specifically designed for smaller scales,
combining super-active catalysts with intensified reactor systems.
The Company's standardised modular plants are easier to ship and
faster to install, at lower risk, even in the most remote or
challenging locations. Together with world-class partners, Velocys
works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu
per day, allowing more companies to take advantage of more
opportunities.
Velocys plc is listed on the AIM market of the London Stock
Exchange (LSE: VLS). The Company is well capitalised and has a
multi-disciplinary staff of over 100 operating from its commercial
centre in Houston, Texas, USA and technical facilities near Oxford,
UK and Columbus, Ohio, USA. Its first commercial plant, funded by
Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech
Engineers, is expected to reach mechanical completion in H1
2016.
www.velocys.com
Think Smaller(TM). Velocys is changing the way fuels are
made.
Chairman's statement
Pierre Jungels, CBE
In a company like Velocys that is transitioning to commercial
operations, a change in CEO is neither unusual, nor to be feared.
The departure of our CEO, Roy Lipski, was sudden. But Susan
Robertson, CFO, who joined the Company in 2007 and is now acting
CEO, has stepped up to the challenge without missing a beat. She
and her very able management team have been given the Board's full
authority to make the decisions the Company needs at this time, and
I have every confidence in them. The team benefits from a good
balance of solid experience in entrepreneurial ventures and in the
manufacturing and energy industries, a track record of delivery,
combined with the flair, passion and vision needed to drive Velocys
forwards.
The Board was strengthened further on 29(th) September 2015 with
the appointment of Mark Chatterji as Non-executive Director. The
Company has also appointed Jeremy Gorman, FCA, of Corporate
Governance Limited as Company Secretary, allowing Susan Robertson
to concentrate on her present position as acting CEO and CFO.
The Board has appointed a leading search firm to identify
external candidates for the permanent CEO role who have the
appropriate skills and experience to lead the Company in its
commercial phase. We will be considering applications from both
internal and external candidates.
In a market environment where oil prices have dominated the
headlines, natural gas continues to be an abundant, low cost and,
in many situations, under-utilised resource. As such, there are
still many opportunities for smaller scale GTL that are likely to
retain their value, even with reduced gas-oil differentials at the
major hubs.
This is particularly the case for Velocys, whose reactor and
catalyst system delivers high conversion and a high yield of
valuable products. This enables project developers to achieve the
best possible economic returns, which is particularly important at
present. In today's market, attractive projects either utilise
cheap gas or other low-cost (or even negative-cost) feedstocks, or
serve a market where a premium can be realised, for example by
producing high-value speciality products or by serving isolated
areas where liquid fuel costs are very high.
Velocys is strongly positioned during this challenging period.
It has a leading technology advantage, a commercial plant committed
and under construction, a strong balance sheet, a good pipeline of
sales opportunities and one of the largest, most experienced
Fischer-Tropsch teams in the industry.
The key priority for Velocys at this time is the successful
build and start-up of ENVIA Energy's Oklahoma City plant, scheduled
for mechanical completion in H1 2016. Velocys and its supply chain
partners have successfully completed the manufacture of the
reactors and the initial catalyst charge for the plant. Extensive
work is in progress to be fully prepared for its start-up, and we
and our joint venture partners have the benefit of an experienced
team to support this coordinated effort.
During H1, Velocys has continued to progress its sales pipeline
by developing new opportunities and advancing existing ones. Whilst
the timeline for developing projects can be long, the quality of
these opportunities continues to be high and we remain confident
that real progress is being achieved. In the medium term, the much
larger mainstream market for smaller scale GTL will become
available as oil-gas arbitrage opportunities return. In the short
term, delivery of the Company's commercial reference plant
positions Velocys well for this more favourable world.
Revenues for the period reflected the Company's transition to
commercial operations and timing of revenues from the Oklahoma City
plant, which will arise from H2 onwards. Total revenues for the
period were GBP0.1 million (H1 2014: GBP1.0 million). Cash* at 30
June 2015 stood at GBP46.2 million (31 December 2014: GBP59.8
million), while cash outflow** was GBP13.6 million (H1 2014: GBP9.3
million).
Outlook
2015 has started with some very real, tangible achievements,
culminating in the recent completion of the reactors and catalyst
for our commercial reference plant. Velocys continues to occupy its
leading position in the emerging market of smaller scale GTL and,
in a challenging market environment, continues to demonstrate the
strength of the opportunity. The sales pipeline continues to
develop and the management team is focusing on commercial progress
with renewed energy.
* Defined as cash, cash equivalents and short term investments.
** Defined as cash movement excluding monies from fund raising and issuance of shares.
Chief executive's report
Susan Robertson
Introduction
Velocys is more focused than ever before. The priority of 2015
is project delivery, in particular the Oklahoma City plant, which
represents a transformational event for the Company. This year is a
challenging year for our growing technical and project development
teams - a "backstage" year that may not attract headlines, but
through its many small yet significant steps is reinforcing our
foundations and ensuring the many successes to come.
Market conditions
In the current environment where oil prices are much lower than
in recent years, a significant number of attractive opportunities
continue to exist for smaller scale GTL. The beauty of the
technology is that it can address specific niche opportunities and
does not rely solely on general market conditions. Such niches
exist where there is low value feedstock, or a remote market with
limited access to fuel supplies, or a demand for high value
speciality products. Opportunities such as these can show
attractive economics not predicated on oil prices at the major
hubs.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
As an example, the wax market in the US and worldwide continues
to undergo structural changes, decreasing supply and decoupling
pricing from WTI. There will be sufficient market demand for waxes
to support a number of smaller scale GTL projects. Velocys is the
company that is best placed to take advantage of this opportunity.
Our technology is best-in-class in terms of yield of long chain
hydrocarbons, which form the basis of high value speciality
products, thereby maximising project revenues.
Competitive environment
Velocys frequently receives feedback from respected individuals
in the industry that the Company is regarded as the market leader
in smaller scale GTL. As such, members of the Velocys team have
been asked, for example, to present keynote speeches at three
GTL-specific conferences in 2015, and continue to be asked to
contribute by-lined articles to trade publications.
The development of an innovative process technology such as ours
is a costly, resource-intensive and time-consuming exercise.
Velocys' ability to complete this process is now being fully
demonstrated. Our investment in development and our exhaustive,
proven patent protection now represent a significant barrier to
entry to competitors.
However, fundamentally at this stage of the market's
development, each new project that proceeds, whoever is involved,
helps the development of a thriving smaller scale GTL industry.
Commercialisation
Joint venture and commercial reference plant
During 2015 the joint venture between Waste Management, NRG,
Ventech and Velocys was renamed ENVIA Energy. This partnership,
which was formed in March 2014 to produce renewable fuels and
chemicals from biogas and natural gas using GTL, is building its
first plant in Oklahoma City.
Velocys and its supply chain partners have now completed the
manufacture of the reactors and initial catalyst charge for the
plant. All ASME (American Society of Mechanical Engineers)
certifications required for the reactors prior to installation and
commissioning of the plant have been issued. All other QA/QC
protocols have been fully achieved. The catalyst meets all
performance criteria for the project, with excellent alignment of
test results between commercially-produced and laboratory-produced
catalysts. Fabrication of the modular process units is continuing
at Ventech in Pasadena, Texas.
In preparation for the plant's start-up, commissioning and
operation, significant time and effort has been expended to
identify and address any potential risks. Velocys is working
closely with Ventech (the overall project engineers) to mitigate
those risks.
Our experienced technical teams have been strengthened further
with some key appointments over the past year. New employees
include highly-skilled process engineers and scientists who have
considerable experience in designing, commissioning and operating
commercial GTL plants. In addition, extensive work with our various
engineering, service and manufacturing partners has enabled us to
refine our technology so that it is optimised not only for peak
performance but also to meet robustly the challenges of every day
operation.
Commercial pipeline
Velocys' pipeline of sales opportunities continues to be
developed, with projects advancing towards final investment
decision (FID). In addition to third party business opportunities,
Velocys is developing its own pipeline of projects, the most
advanced of which is Ashtabula. The economics of Ashtabula continue
to be robust due to the high value of the speciality products it
will produce. We have progressed the project on a number of
fronts:
-- The water permit has been granted.
-- We have identified product off-takers and gas suppliers and
have a number of letters of intent in place.
-- We have secured letters of support from a major lender and a
potential investor in the project.
We now have a clear path to achieve the EPC (Engineering
Procurement and Construction) and performance guarantee structure
that is needed to achieve project financing for Ashtabula. We have
secured the services of a major engineering firm with the strength
to make this happen. During this process it became clear that the
requirement to further improve our understanding of the integrated
plant design with additional engineering detail needed to occur
prior to FID rather than after that point.
In relation to third party prospects, Velocys continues to
believe that the development of the commercial reference plant in
Oklahoma will be a significant catalyst for future sales. The
development cycle for a GTL project can be long, and having a
pipeline of opportunities at different stages of the cycle is
important. A significant number of our opportunities are not in the
public domain, but it is important to note that some of these
projects are, in fact, more advanced than some of the projects that
have been announced.
These include an opportunity with a major fuels player in the US
that has the potential to progress swiftly to FID. The project has
an advantageous site with low-cost feedstock. Equity investors,
feedstock suppliers and product offtakes are all in place.
Despite the problems facing the oil industry at present we
continue to work on new project opportunities with companies,
including a number of national oil companies, seeking to develop
stranded gas and associated gas projects.
Equally importantly, we continue to see interest from financial
institutions in financing GTL projects, providing evidence that
funds are still available for economically-advantaged projects.
Of projects that are already in the public domain, we can only
comment on progress that the customers themselves have announced.
In this context, we are pleased to note that Red Rock Biofuels has
made a number of announcements over the course of 2015 that
included securing partner financing from Flagship Ventures and an
offtake agreement signed with FedEx. Between Southwest Airlines and
FedEx offtake of all the jet fuel that will be produced by the
biomass-to-liquids plant has been contracted. The project developer
still has the target of reaching FID in 2015.
Other projects
In 2014 Velocys announced that it had received an order from a
CIS-based customer for a 175 barrel per day reactor for delivery in
2015. This reactor has now been completed and partial upfront
payments have been received. Although the customer's project is
progressing more slowly than anticipated, discussions are underway
in relation to a revised schedule under which the reactor would be
delivered to the customer in 2016. All payments for the reactor are
held on the balance sheet as advance payments and the reactor costs
are included in inventory. The customer remains confident that the
project will be completed.
Pilot plant and operational facilities
The Velocys pilot plant continues to provide a valuable resource
for the Company, both in terms of validating our technology, and of
demonstrating performance under client-specific operating
conditions. We have seen excellent results over the course of 2015,
including most recently, demonstration of above-expectation
performance at Ashtabula conditions. The pilot plant also provides
product samples for client studies as well as the capability to
further improve our operating procedures. We have demonstrated all
the protocols required in a commercial plant such as start-up,
catalyst regeneration, shut-down, and operation, including
potential upset and transient conditions. The ability of the team
to learn and improve on these processes is noteworthy. For example,
plant start-up protocols now enable the pilot plant to reach target
conditions more than six times faster than they did 18 months ago.
As a direct result, our commercial plants will have increased
availability, further improving their economics.
In addition to the pilot plant, during H1 we installed a single
core reactor (identical to a full scale reactor except that it
incorporates a single core instead of the standard four) as a
permanent resource at our Ohio technical centre. It has undergone
rigorous pressure testing to validate certain aspects of our
reactor and catalyst system. It has the same workspace conditions
as a reactor in a commercial plant, and so provides a valuable
facility for training staff in the protocols for in-situ catalyst
loading and unloading as well as providing the opportunity for
additional validation and enhancement of catalyst handling
procedures and equipment.
Manufacturing and supply capability
Our supply chain, for both reactors and catalyst, has been fully
validated over the course of 2015 through the completion of the
reactors and catalyst for ENVIA Energy's plant. This has enabled
Velocys to ensure the various processes, including quality
assurance and quality control, are operating effectively, and that
we and our supply chain partners are ready to deliver future
orders.
Intellectual property
Velocys continues actively to seek intellectual property
protection in the UK and internationally. While the Company's
various proprietary intellectual property rights are important to
its success Velocys believes its business as a whole is not
materially dependent on any particular group of patents or
licences. Velocys has built a pioneering patent portfolio, and
owns, or is licensed under, several hundred patents with coverage
in more than 30 countries.
Following the UK High Court's ruling in 2014 in favour of
Velocys in the intellectual property case it brought against
CompactGTL, an injunction restraining that company from infringing
the patents in dispute or enabling, procuring, or assisting any
third party to infringe the patents remains in place. CompactGTL's
request for appeal concerning the judgement of validity and
infringement on some of the infringed claims has been denied.
Determination by the court of damages (or an account of profits) to
Velocys is continuing. An appeal of the validity and infringement
ruling for the remaining claims will be heard in 2016.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
After the end of the period, Velocys settled with Johnson
Matthey regarding the patent infringement case Velocys had filed in
the US against Catacel Corporation in April 2010. Catacel, a
supplier of catalysts to CompactGTL's demonstration unit at
Petrobras' facility in Aracaju, Brazil, was purchased by Johnson
Matthey in 2014. Under the terms of the settlement, Johnson Matthey
has paid to Velocys an undisclosed amount in recognition of the
Company's intellectual property, and has acknowledged the validity
of Velocys' patent rights and committed to respect them.
Financials
Velocys' financial results continue to reflect a company moving
out of its development phase and preparing for full commercial
activities. Revenue from engineering services of GBP0.1 million was
booked in H1. No revenue from the sale of reactors has been booked
in H1; the reactors for ENVIA's project were not completed until
after the period end.
Total revenues for the period were GBP0.1 million (H1 2014:
GBP1.0 million). Cash* at period end stood at GBP46.2 million (31
December 2014: GBP59.8 million), while cash outflow** was GBP13.6
million (H1 2014: GBP9.3 million). The Company is taking measures
to manage cash flow and preserve cash given the market
environment.
* Defined as cash, cash equivalents and short term investments.
** Defined as cash movement excluding monies from fund raising and issuance of shares.
Consolidated income statement
for the six months ended 30 June 2015
6 months Year
6 months ended
ended ended 31 December
30 June 30 June
2015 2014 2014
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------- --------------- ---------------
Revenue 3 120 958 (6)
Cost of sales (20) (459) 1,206
--------------- --------------- ---------------
Gross profit 100 499 1,200
--------------- --------------- ---------------
Unfunded research and
development costs (6,036) (5,637) (11,163)
Share-based payments (1,513) (842) (3,407)
Other administrative
expenses (5,092) (4,341) (11,181)
--------------- --------------- ---------------
Total administrative
expenses (12,641) (10,820) (25,751)
--------------- --------------- ---------------
Operating loss (12,541) (10,321) (24,551)
Finance income 4 389 77 1,225
Finance costs 5 (244) (318) (29)
Other income 12 14 56
--------------- --------------- ---------------
Finance income, net 157 (227) 1,252
Income tax credit 341 416 929
--------------- --------------- ---------------
Loss for the period
attributable to the
owners of Velocys plc (12,043) (10,132) (22,370)
=============== =============== ===============
Loss per share attributable
to the owners of Velocys
plc
Basic and diluted loss
per share (pence) 6 (8.49) (8.67) (18.33)
=============== =============== ===============
The results from the periods shown above are derived entirely
from continuing operations.
Consolidated statement of comprehensive income
for the six months ended 30 June 2015
6 months Year
6 months ended
ended ended 31 December
30 June 30 June
2015 2014 2014
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------- --------------- ---------------
Loss for the period (12,043) (10,132) (22,370)
--------------- --------------- ---------------
Other comprehensive
expense
Items that will be reclassified
subsequently to profit
or loss when specific
conditions are met
Foreign currency translation
differences 7 (276) (567) 1,108
--------------- --------------- ---------------
Total comprehensive
expense for the period (12,319) (10,699) (21,262)
=============== =============== ===============
Consolidated statement of financial position
as at 30 June 2015
31 December
30 June 30 June 2014
2015 2014
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------- --------------- -------------
Assets
Non-current assets
Intangible assets 28,086 26,875 28,347
Property, plant and
equipment 5,418 3,039 4,065
Investments 8 2,563 - 1,711
36,067 29,914 34,123
--------------- --------------- -------------
Current assets
Trade and other receivables 821 1,049 653
Current income tax asset 1,140 1,265 1,778
Inventory 1,421 259 291
Derivative financial
instruments - - 435
Short term investments
- funds held on deposit 23,998 3,610 28,083
Cash and cash equivalents 22,154 14,692 31,693
--------------- --------------- -------------
49,534 20,875 62,933
--------------- --------------- -------------
Total assets 85,601 50,789 97,056
--------------- --------------- -------------
Current liabilities
Trade and other payables (10,138) (7,612) (10,902)
Borrowings (265) (100) (267)
(10,403) (7,712) (11,169)
--------------- --------------- -------------
Non-current liabilities
Trade and other payables (318) (233) (69)
Borrowings (855) (1,104) (999)
Deferred tax (269) - (269)
--------------- --------------- -------------
Total liabilities (11,845) (9,049) (12,506)
--------------- --------------- -------------
Net assets 73,756 41,740 84,550
=============== =============== =============
Capital and reserves
attributable to owners
of Velocys plc
Called up share capital 9 1,419 1,178 1,419
Share premium account 9 149,238 98,659 149,225
Merger reserve 9 369 369 369
Share-based payment
reserve 9 14,732 10,654 13,220
Foreign exchange reserve (2,427) (3,826) (2,151)
Accumulated losses 9 (89,575) (65,294) (77,532)
(MORE TO FOLLOW) Dow Jones Newswires
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Total equity 73,756 41,740 84,550
=============== =============== =============
The financial statements were approved by the Board of Directors
on 29(th) September 2015, and were signed on its behalf by:
Susan Robertson
Chief Financial Officer
Consolidated statement of cash flows
for the six months ended 30 June 2015
6 months 6 months Year ended
ended ended 31 December
30 June 30 June
2015 2014 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------- --------------- --------------- ----
Cash flows from operating
activities
Operating loss before
taxation (12,541) (10,321) (24,551)
Depreciation and amortisation 513 449 909
Loss on disposal of property,
plant and equipment - - 11
Loss on disposal of intangible
assets 123 - 154
Impairment of intangible
assets - - 1,328
Share-based payments 1,512 842 3,407
(Gain) loss on derivative
financial instruments 435 - (698)
Changes in working capital
(excluding the effects
of exchange differences
on consolidation)
-Trade and other receivables (76) (200) 282
-Trade and other payables (443) (383) 2,507
-Inventory (1,150) (6) (8)
Tax credit received 978 900 901
Other - 4 -
--------------- --------------- ---------------------
Net cash used in operating
activities (10,649) (8,715) (15,758)
--------------- --------------- ---------------------
Cash flows from investing
activities
Purchases of property,
plant and equipment (1,874) (419) (1,544)
Purchases of intangible
assets (219) (209) (429)
Investment in ENVIA (901) - (1,613)
Interest received 85 321 358
Interest paid (18) (19) (37)
Proceeds from sale of
fixed assets 12 10 56
(Increase) decrease in
funds placed on deposit 4,085 8,265 (16,208)
Net cash from (used in)
investing activities 1,170 7,949 (19,417)
--------------- --------------- ---------------------
Cash flows from financing
activities
Net proceeds of issuance
of ordinary shares 13 1,225 51,570
Decrease in borrowing (135) (52) (104)
Net cash generated from
(used in) financing activities (122) 1,173 51,466
Net increase (decrease)
in cash and cash equivalents (9,601) 407 16,291
Cash and cash equivalents
at the beginning of the
period 31,693 14,475 14,475
Exchange gains/(losses)
on cash and cash equivalents 62 (190) 927
Cash and cash equivalents
at the end of the period 22,154 14,692 31,693
=============== =============== =====================
Notes to the accounts
for the six months ended 30 June 2015
1. Basis of preparation and accounting policies
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union (IFRSs as adopted by the EU), IFRIC
Interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS and Article 4 of the IAS Regulation including
those applicable to accounting periods ending 31 December 2015 and
the accounting policies set out in Velocys plc's annual report for
the year ended 31 December 2014. These unaudited interim financial
statements have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting". They do not
include all the statements required for full annual financial
statements, and should be read in conjunction with the consolidated
financial statements of the Company as at 31 December 2014.
2. Publication of non-statutory accounts
The financial information for the six month periods ended 30
June 2015 and 30 June 2014 has not been audited or reviewed and
does not constitute full financial statements within the meaning of
Section 434 of the Companies Act 2006.
The financial information relating to the year ended 31 December
2014 does not constitute a full financial statement within the
meaning of Section 434 of the Companies Act 2006. This information
is based on the Company's statutory accounts for that period. The
statutory accounts were prepared in accordance with IFRS, received
an unqualified audit report, did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying the report and did not contain a statement under
section 498(2) or (3) of the Companies Act 2006. These accounts
have been filed with the Registrar of Companies.
3. Segmental information
Business segments
At 30 June 2015 the Company is organised as a world-wide
business comprising a single segment.
Geographic segments
The Company's business operates in three main geographical
areas. Revenue is allocated based on the country in which the
customer is located.
6 months ended 30 June 2015 6 months ended 30 June 2014
(unaudited) (unaudited)
Europe Americas Asia Pacific Europe Americas Asia Pacific
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- ---------- -------------- ---------- ---------- --------------
Revenue - 107 13 162 504 292
=========== ========== ============== ========== ========== ==============
4. Finance income
6 months 6 months Year ended
ended ended 31 December
30 June 30 June
2015 2014 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------- --------------- ---------------
Interest income
on bank deposits 173 77 164
Net fair value
gains on forward
foreign exchange
contracts 216 - 394
Foreign exchange
gains - - 667
--------------- --------------- ---------------
389 77 1,225
=============== =============== ===============
5. Finance costs
6 months 6 months Year ended
ended ended 31 December
30 June 30 June
2015 2014 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------- --------------- ---------------
Unwinding of discount
on deferred licence
payments payable - 10 (8)
Interest on finance
leases 5 6 12
Interest on borrowings 13 13 25
Net fair value
losses on forward
foreign exchange
contracts - 41 -
Foreign exchange
losses 226 248 -
--------------- --------------- ---------------
244 318 29
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