TIDMIUG
RNS Number : 5666J
Intelligent Ultrasound Group PLC
17 August 2023
Half Year Report
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to
clinic' ultrasound company, specialising in artificial intelligence
(AI) software and simulation, announces its unaudited half year
results to 30 June 2023.
Financial highlights
-- Revenue for the period to 30 June 2023 has grown by 3% to GBP6.1m (H1 2022: GBP5.9m)
o H1 2022 revenue figures included GBP1.4m of one-off orders
from the NHS in the UK, so on an adjusted 'like-for-like' * basis,
revenue in H1 2023 increased by 35% (H1 2022 adjusted * :
GBP4.5m)
o The Group's clinical AI products continue to gain traction and
revenues more than doubled to GBP0.7m (H1 2022: GBP0.3m)
-- Operating loss increased by GBP0.2m to GBP1.5m (H1 2022: GBP1.3m) in the period
-- Cash at bank on 30 June 2023 was GBP3.3m (31 December 2022:
GBP7.2m), impacted by working capital seasonality in respect of
timing of revenues and receipts of inventory in H1
-- Cash utilisation in H2 is expected to be materially lower
-- The Group anticipates reaching profitability with its current cash
Operational highlights
-- ScanNav Anatomy Peripheral Nerve Block (PNB) AI software
upgrades released in UK and US market
-- BabyWorks 2.0 simulator product update released
-- ScanTrainer Endometriosis simulator module released
Stuart Gall, CEO of Intelligent Ultrasound commented:
"This has been another positive start to the year. We are
growing sales of our AI-related clinical products, as they move out
of the early phase of commercialisation and we continue to have an
excellent relationship with GE Healthcare, our OEM partner in
women's healthcare AI. Our simulation products are performing well
in the market and our new releases, including the endometriosis
training module for the ScanTrainer simulator, have been well
received.
We are building an exciting 'Classroom to Clinic' ultrasound
business and we continue to anticipate reaching profitability with
our current cash"
Enquiries:
Intelligent Ultrasound Group www.intelligentultrasound.com
plc
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate
Finance)
Dale Bellis / Julian Morse (Sales)
TB Cardew - PR Advisors Intelligentultrasound@tbcardew.com
Ed Orlebar Tel: +44 (0)7738 724630
Allison Connolly Tel: +44 (0)7587 453955
Emma Pascoe-Watson Tel: +44 (0)7774 620415
Hero Kurzeja Tel: +44 (0)7827 130430
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world's leading
'classroom to clinic' ultrasound companies, specialising in
real-time hi-fidelity virtual reality simulation for the ultrasound
training market ('classroom') and artificial intelligence-based
clinical image analysis software tools for the diagnostic medical
ultrasound market ('clinic'). Based in Cardiff in the UK and
Atlanta in the US, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through
simulation. Our main products are the ScanTrainer obstetrics and
gynaecology training simulator, the HeartWorks echocardiography
training simulator, the BodyWorks Eve Point of Care and Emergency
Medicine training simulator with Covid-19 module and the new
BabyWorks Neonate and Paediatric training simulator. To date over
1,500 simulators have been sold to over 750 medical institutions
around the world.
Clinical AI software
Deep learning-based algorithms to make ultrasound machines
smarter and more accessible using our proprietary ScanNav
ultrasound image analysis technology. Current products on the
market utilising this technology are GE Healthcare's SonoLyst
software that is incorporated in their Voluson Expert 22 and SWIFT
ultrasound machines; ScanNav Anatomy PNB that simplifies
ultrasound-guided needling by providing the user with real-time
AI-based
anatomy highlighting for a range of medical procedures; and NeedleTrainer that teaches real-time ultrasound-guided needling and incorporates ScanNav Anatomy PNB.
www.intelligentultrasound.com
NOTE: ScanNav Anatomy PNB is CE approved and cleared for sale in
the US by the FDA, but is not available for sale in any other
territory requiring government approval for this type of
product.
* This is an a lternative performance measure defined on page
6.
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2023
This has been another positive trading period for the Group. A
strong simulation sales performance in North America was combined
with promising progress in our clinical AI software revenues that
put us in a good position to continue the growth of the business in
2023 in this exciting sector of the market.
Simulation
Revenue
Although our simulation revenue declined by 5% to GBP5.3m (H1
2022: GBP5.6m), the H1 2022 simulation revenue included GBP1.4m of
one-off UK sales to an NHS training initiative, so when compared on
a 'like-for-like'* basis our, simulation revenue increased by
27%.
Sales from the Group's direct sales team in North America grew
154% to GBP2.7m (H1 2022: GBP1.1m), reflecting the increased
product range and investment in the expansion of the sales team
over the last 12 months.
The Group's reseller network also had a positive period of
trading and increased revenues by 104% to GBP1.1m (H1 2022:
GBP0.5m). This was a good recovery after a difficult couple of
years for our rest of the world revenues, but we believe there
remains a significant opportunity for further sales growth in a
number of the large European markets such as France and
Germany.
The Chinese simulation market has shown signs of recovery,
following two years of inactivity and we are working with our
reseller to build on this tentative revival and grow sales in this
potentially important market.
As expected, the strong H1 weighting to our simulation sales in
the UK market last year, resulted in a period on period decline of
61% to GBP1.6m (H1 2022: GBP4.0m). This was mainly due to the
majority of our 2022 UK sales, which also contained a large one-off
NHS training initiative worth GBP1.4m, being ordered in the first
half of the year, rather than following the more normal seasonal
spread. If the GBP1.4m one-off order is removed, on a
like-for-like* basis, the decline was 40%. The UK remains an
important market for us, both in terms of product testing and
revenue, and with a more normal seasonal spread being experienced
this year, we expect the UK's simulation sales to close the gap on
the 2022 like-for-like full year revenue figure of GBP3m.
Research and Development
In the period we focussed on releasing the:
-- BabyWorks 2.0 simulator product update, which included
improvements to the lung and brain imaging, as well as new cardiac
pathologies
-- Endometriosis training module for the ScanTrainer simulator
to help sonographers develop an increased understanding of
endometriosis using real ultrasound images
Clinical AI software
Revenue
Our clinical AI revenue, which is now moving out of the early
stage of commercialisation, grew 144% to GBP0.7m (H1 2022: GBP0.3m)
based on sales of three AI related products:
-- Our ScanNav Assist AI technology drives GE HealthCare's
SonoLyst X/IR software, the world's first fully integrated
ultrasound AI tool that automatically and in real-time recognises
the 21 views recommended for fetal sonography imaging and is an
optional extra on the Expert 22 and SWIFT ultrasound machines. We
continue to have an excellent relationship with GE Healthcare.
-- ScanNav Anatomy Peripheral Nerve Block ("PNB") , is our own
CE and FDA cleared, direct-to-market device, that simplifies
ultrasound-guided needling by providing the user with real-time
AI-based anatomy highlighting for a range of medical procedures.
Our aim is to support the large number of anaesthetists, who are
competent but less confident in the specialist knowledge of
ultrasound anatomy, to perform nerve blocks and as a result
increase the number of ultrasound-guided nerve blocks that they can
perform. As such we are focussed on releasing studies during the
year to support the adoption of the system and educate and grow the
market for ScanNav Anatomy PNB.
-- NeedleTrainer, our second direct-to-market device, teaches
real-time ultrasound-guided needling and incorporates ScanNav
Anatomy PNB to enable medical professionals to develop hand-eye
coordination, optimum positioning, and accuracy in
ultrasound-guided interventional procedures.
We continue to make positive progress in the commercialisation
of these products and revenue is expected to continue to grow in H2
and beyond.
Research and Development
In the period we focussed on releasing the:
-- NeedleTrainer software and calibration enhancements
-- ScanNav Anatomy Peripheral Nerve Block AI software upgrades for the UK and US market
In addition we continue to work on new developments in the areas
of women's health, emergency medicine and liver.
Operations
We continue to operate out of our head office in the centre of
Cardiff and warehouse in Caerphilly and successfully operate a
flexible hybrid work environment, whereby the majority of employees
combine office and at-home working that is appropriate to the
Company and employee.
Board changes
In June 2023, Ian Whittaker who has served as an Executive
Director and Chief Operating Officer (COO) since joining the Group
on the acquisition of Inventive Medical Ltd in August 2016,
announced he would not be seeking re-election to the Board of
Directors at the Annual General Meeting and that he would retire
from his position as COO on 31 December 2023.
The Board extends its thanks to Ian for his commitment and
invaluable contribution to growing the simulation revenue and
profitability significantly over the last seven years and wishes
him continued success in his business and personal endeavours.
Environmental, Social, and Governance (ESG)
In May we published our second ESG report in the annual report
and accounts and for the first time we have provided a full
calculation of our Scope 3 emissions. We are also delighted to be
working with the World Federation for Ultrasound in Medicine and
Biology ("WFUMB") in their mission to bring sustainable ultrasound
training programmes to the underserved areas of the world.
We continue to instigate new initiatives to promote better
employee and local engagement and believe we are having a positive
impact locally, nationally and globally.
The full report can be viewed here: 2022 ESG Report
Financial Review
-- Revenue of GBP6.1m (H1 2022: GBP5.9m)
-- Operating loss for the period of GBP1.5m (H1 2022: GBP1.3m)
-- Cash and cash equivalents at 30 June 2023 of GBP3.3m (31 December 2022: GBP7.4m)
-- Net cash outflow from operating activities of GBP2.7m (H1 2022: GBP0.7m)
H1 2023 was a positive trading period for the Group, seeing a
significantly improved performance from the North American and
Reseller sales regions as well as continued growth in Clinical AI
revenues. Gross profit for the period increased by GBP0.1m to
GBP3.9m with the average gross margin improving to 65% (H1 2022:
64%).
The Group's operating loss for the period increased by GBP0.2m
to GBP1.5m (H1 2022: loss of GBP1.3m), with administrative expenses
increasing by GBP0.3m to GBP5.4m (H1 2022: GBP5.1m), largely
attributable to increased marketing activity in the US and UK as
well as inflationary increases in salaries and other G&A costs,
partly offset by GBP0.3m lower expensed research and development
(R&D). Total research and development (R&D) expenditure in
H1 2023 was GBP1.5m (H1 2022: GBP1.7m) of which GBP0.8m (H1 2022:
GBP1.1m) has been expensed and GBP0.7m (H1 2022: 0.6m) has been
capitalised.
The tax credit for the period of GBP0.3m relating to the UK SME
R&D tax credit scheme was slightly lower than the previous
period as a result of the reduction in SME R&D tax relief rates
introduced as part of the R&D Tax Relief reforms which came
into effect from 1 April 2023. These Government changes are
expected to reduce the Group's annual R&D tax credit by around
40% in 2023 and 45% in 2024.
The loss after taxation for the period was GBP1.2m (H1 2022:
GBP1.0m).
The Group's net assets at 30 June 2023 reduced by GBP1.2m to
GBP11.0m (31 December 2022: GBP12.2m). Intangible assets increased
by GBP0.2m to GBP3.5m relating to capitalised development costs.
Property, plant and equipment increased by GBP0.1m with additions
of demonstration equipment.
The profile of sales invoicing was weighted towards the end of
the period resulting in significantly higher trade and other
receivables at the period end of GBP3.7m (31 December 2022:
GBP2.0m). Included within trade and other receivables is the
current tax asset of GBP1.0m, representing the R&D tax credit
from FY2022 not yet received plus the anticipated R&D tax
credit accrued for H1 2023Inventory was also GBP0.3m higher at 30
June 2023 impacted by timings of inventory receipts.
Trade and other payables at 30 June 2023 were GBP2.6m (31
December 2022: GBP2.7m), consisting mainly of trade payables of
GBP1.1m and accruals of GBP1.3m. Total lease liabilities increased
by GBP0.1m to GBP0.6m (31 December 2022: GBP0.5m) attributable to a
new lease for our US sales office.
The Group had cash and cash equivalents of GBP3.3m at 30 June
2023 (31 December 2022: GBP7.2m), a movement of GBP3.9m in the
period (H1 2022: GBP1.5m). Operating cash outflows in the period
increased by GBP2.0m to GBP2.7m (H1 2022: GBP0.7m) with the cash
position being significantly impacted by higher working capital
balances within trade receivables and inventory. Cash outflows from
investing activities totalled GBP0.9m, of which GBP0.7m related to
capitalised R&D costs (H1 2022: GBP0.6m) and GBP0.2m of
additions to property, plant and equipment (H1 2022: GBP0.4m).
The net cash outflow from financing activities was GBP0.1m (H1
2022: GBP0.1m), principally relating to lease payments. The net
cash outflow in the second half of the year is expected to
significantly reduce with lower inventory and trade receivables in
addition to the receipt of the FY2022 R&D tax credit of
GBP0.7m.
Outlook
This has been another positive start to the year.
We are growing sales of our AI-related clinical products, as
they move out of the early phase of commercialistion and we
continue to have an excellent relationship with GE Healthcare, our
OEM partner in women's healthcare AI. Our simulation products are
performing well in the market and we are building an exciting
'Classroom to Clinic' ultrasound business.
We continue to anticipate reaching profitability with our
current cash.
Stuart Gall
CEO
17 August 2023
*This is an alternative performance measure that adjusts H12022
revenue for one-off exceptional orders. 'Like-for-like' revenue is
reconciled to Revenue as follows:
H12022 Group Revenue (as reported) GBP5.9m
Adjusted for exceptional one-off orders GBP(1.4)m
Adjusted 'like-for-like' revenue GBP3.5m
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
Note 2023 2022 2022
GBP'000 GBP'000 GBP'000
REVENUE 4 6,064 5,900 10,100
Cost of sales (2,129) (2,133) (3,766)
--------- --------- ------------
GROSS PROFIT 3,935 3,767 6,334
Other income 4 6 8
Administrative expenses (5,439) (5,121) (10,014)
--------- --------- ------------
OPERATING LOSS (1,500) (1,348) (3,672)
Finance income 16 - 1
Finance costs (12) (19) (31)
--------- --------- ------------
LOSS BEFORE INCOME TAX (1,496) (1,367) (3,702)
Taxation 5 256 333 718
--------- --------- ------------
LOSS ATTRIBUTABLE TO THE EQUITY
SHAREHOLDERS OF THE PARENT (1,240) (1,034) (2,984)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
Items that will or may be reclassified
to profit or loss:
Exchange (loss)/gain arising on
translation of foreign operations (84) 175 238
OTHER COMPREHENSIVE (EXPENSE)/INCOME
FOR THE PERIOD (84) 175 238
--------- --------- ------------
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE
TO THE EQUITY SHAREHOLDERS OF THE
PARENT (1,324) (859) (2,746)
========= ========= ============
LOSS PER ORDINARY SHARE (PENCE)
ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS
OF THE PARENT
Basic and diluted 6 (0.38) (0.38) (1.08)
========= ========= ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Intangible assets 7 3,541 2,776 3,272
Property, plant and equipment 1,316 1,277 1,174
Trade and other receivables 61 61 61
---------- ---------- -------------
4,918 4,114 4,507
---------- ---------- -------------
CURRENT ASSETS
Inventories 1,869 1,359 1,603
Trade and other receivables 3,725 2,193 2,025
Current tax asset 972 1,107 713
Cash and cash equivalents 3,335 3,544 7,166
---------- ---------- -------------
9,901 8,203 11,507
---------- ---------- -------------
TOTAL ASSETS 14,819 12,317 16,014
---------- ---------- -------------
CURRENT LIABILITIES
Trade and other payables 8 (2,561) (1,966) (2,732)
Deferred income (336) (284) (337)
Lease liabilities (193) (117) (188)
Provisions (22) (22) (22)
---------- ---------- -------------
(3,112) (2,389) (3,279)
---------- ---------- -------------
NON-CURRENT LIABILITIES
Deferred income (237) (349) (209)
Lease liabilities (391) (447) (298)
Other payables (65) (65) (65)
---------- ---------- -------------
(693) (861) (572)
---------- ---------- -------------
TOTAL LIABILITIES (3,805) (3,250) (3,851)
---------- ---------- -------------
NET ASSETS 11,014 9,067 12,163
========== ========== =============
EQUITY
Share capital 9 3,269 2,707 3,269
Share premium 30,207 25,959 30,207
Accumulated losses (31,191) (28,001) (29,951)
Share-based payment reserve 1,928 1,580 1,753
Merger reserve 6,538 6,538 6,538
Foreign exchange reserve 98 119 182
Other reserves 165 165 165
TOTAL EQUITY 11,014 9,067 12,163
========= ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based
payment Foreign
Share Share Accumulated reserve Merger exchange Other Total
capital premium losses reserve reserve reserves equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
AT 1 JANUARY
2022 2,707 25,959 (26,967) 1,373 6,538 (56) 165 9,719
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
COMPREHENSIVE
EXPENSE FOR THE
PERIOD
Loss for the
period - - (1,034) - - - - (1,034)
Other
comprehensive
income - - - - - 175 - 175
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Share-based
payments - - - 207 - - - 207
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
AT 30 JUNE 2022 2,707 25,959 (28,001) 1,580 6,538 119 165 9,067
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
COMPREHENSIVE
INCOME/(EXPENSE)
FOR THE PERIOD
Loss for the
period - - (1,950) - - - - (1,950)
Other
comprehensive
income - - - - - 63 - 63
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Issue of share
capital 562 4,248 - - - - - 4,810
Share-based
payments - - - 173 - - - 173
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
AT 31 DECEMBER
2022 3,269 30,207 (29,951) 1,753 6,538 182 165 12,163
---------- ---------- ------------- ------------ ---------- ---------- ---------- ---------
COMPREHENSIVE
INCOME/(EXPENSE)
FOR THE PERIOD
Loss for the
period - - (1,240) - - - - (1,240)
Other
comprehensive
expense - - - - - (84) - (84)
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Share-based
payments - - - 175 - - - 175
AT 30 JUNE 2023 3,269 30,207 (31,191) 1,928 6,538 98 165 11,014
========== ========== ============= ============ ========== ========== ========== =========
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 31 December
ended ended 2022
30 June 2023 30 June 2022
GBP'000 GBP'000 GBP'000
CASH FLOW FROM CONTINUING OPERATING ACTIVITIES
Loss before tax (1,496) (1,367) (3,702)
Add back:
Depreciation 306 287 604
Amortisation of intangible assets 466 363 780
Net finance (income)/costs (4) 19 30
Share-based payments expense 175 207 380
------------- ------------- ------------
Operating cash flows before movement
in working capital (553) (491) (1,908)
Movement in inventories (267) (160) (404)
Movement in trade and other receivables (1,763) 531 739
Movement in trade and other payables (123) (743) (70)
------------- ------------- ------------
Cash used in operations (2,706) (863) (1,643)
Income taxes (paid)/received (2) 181 959
------------- ------------- ------------
NET CASH USED IN OPERATING ACTIVITIES (2,708) (682) (684)
------------- ------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (213) (157) (357)
Interest received 16 - 1
Internally generated and purchase of intangible
assets (737) (582) (1,467)
NET CASH USED IN INVESTING ACTIVITIES (934) (739) (1,823)
------------- ------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - - 5,200
Share issue costs - - (390)
Principal elements of lease payments (139) (112) (231)
Finance costs paid (14) (19) (37)
NET CASH (USED IN)/GENERATED BY FINANCING
ACTIVITIES (153) (131) 4,548
------------- ------------- ------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (3,795) (1,552) 2,041
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 7,166 4,950 4,950
Exchange (losses)/gains on cash and cash
equivalents (36) 146 175
CASH AND CASH EQUIVALENTS AT OF PERIOD 3,335 3,544 7,166
============= ============= ============
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2023
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information contained in this interim report has
not been audited by the Group's auditor and does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Directors approved and authorised this interim report on
16 August 2023. The financial information for the preceding full
year is extracted from the statutory accounts for the financial
year ended 31 December 2022. Those accounts, upon which the auditor
issued an unqualified opinion and did not include a statement under
Section 498(2) or (3) of the Companies Act 2006, have been
delivered to the Registrar of Companies. The report drew attention
by way of emphasis to note 4 of the financial statements regarding
key estimation uncertainty in respect of the timing of forecasted
sales of Clinical AI products used in the recoverability assessment
of the Clinical AI intangible assets, investment value and
intercompany receivables.
This interim report has been prepared in accordance with UK AIM
Rules for Companies. The Group has not applied IAS 34 "Interim
Financial Reporting" (which is not mandatory for AIM listed
companies) in the preparation of this interim report. The interim
report has been prepared in a manner consistent with the accounting
policies set out in the statutory accounts for the financial year
ended 31 December 2022.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange. The Group
financial statements are presented in pounds Sterling.
Going concern
The Board has reviewed recently updated cash flow forecasts for
the period to the end of 2024 based on latest trading and estimates
and assumptions for future product development projects, sales
pipeline, revenues and costs and timing and quantum of investments
in the R&D programmes. The Directors have a reasonable
expectation that the Group has adequate cash resources and support
to continue in operational existence for the foreseeable future,
considered to be at least 12 months from the date of approval of
this Interim report.
2. BASIS OF CONSOLIDATION
The consolidated interim report incorporates the results of the
Company and its subsidiary undertakings.
3. NEW ACCOUNTING STANDARDS
Several amendments and interpretations apply for the first time
in 2023, but do not have an impact on the interim condensed
consolidated financial statements of the Group.
4. REVENUE ANALYSIS
The following table provides an analysis of the Group's revenue
by geography based upon location of the Group's customers.
Period ended 30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
United Kingdom 1,899 4,145 5,145
North America 2,795 1,179 2,943
Rest of World 1,370 576 2,012
-------- ----------------- -----------------
6,064 5,900 10,100
======== ================= =================
Clinical AI royalty income is included in the regions, but based
on the external customer's invoicing country rather than the
destination of the end customer.
5. TAXATION
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 30 June ended 30 ended 31
2023 June 2022 December
2022
GBP'000 GBP'000 GBP'000
R&D tax credit 258 336 711
R&D tax credit relating to prior
periods - - 7
US corporation tax (2) (3) -
256 333 718
--------------- ----------- -----------
6. LOSS PER SHARE
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 year ended
June 2023 June 2022 31 December
2022
GBP'000 GBP'000 GBP'000
Loss for the year after taxation (1,240) (1,034) (2,984)
------------ ------------ -------------
Number of shares: No. No. No.
Basic and diluted weighted average
number of ordinary shares 326,869,921 270,653,485 275,274,014
------------ ------------ -------------
Basic and diluted loss pence per
share (0.38) (0.38) (1.08)
------------ ------------ -------------
In the periods ended 30 June 2023, 30 June 2022 and 31 December
2022 there were share options in issue which could potentially have
a dilutive impact, but as the Group is loss making in all periods,
they are anti-dilutive and therefore the weighted average number of
ordinary shares for the purpose of the basic and dilutive loss per
share is the same.
7. INTANGIBLE ASSETS
The net book value of intangible assets at 30 June 2023 includes
intellectual property and brands acquired with the purchase of
Intelligent Ultrasound Limited totalling GBP0.6m (31 December 2022:
GBP0.7m). The remaining net book value of intangible assets relate
to capitalised development costs of GBP2.9m.
8. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Trade payables 1,053 874 1,3 59
Taxation and social security 255 137 397
Other payables 1 - 5
Accruals 1,252 955 971
2,561 1,966 2,7 32
========== ========== =============
9. SHARE CAPITAL
Allotted, issued and fully paid: No. GBP'000
Ordinary shares of 1p each
Balance at 1 January 2022 and 30 June 2022 270,653,485 2,707
Shares issued for cash 56,216,436 562
----------- -------
Balance at 31 December 2022 and 30 June
2023 326,869,921 3,269
----------- -------
10. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at
Intelligent Ultrasound .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR DBGDIIBBDGXL
(END) Dow Jones Newswires
August 17, 2023 02:00 ET (06:00 GMT)
Intelligent Ultrasound (LSE:IUG)
Historical Stock Chart
From Apr 2024 to May 2024
Intelligent Ultrasound (LSE:IUG)
Historical Stock Chart
From May 2023 to May 2024
