RNS Number : 6855E
Personal Screening PLC
30 September 2008
30 September 2008
PERSONAL SCREENING PLC (the "Company")
Interim Results for the six month period to 30 June 2008
CHAIRMAN'S STATEMENT
The Company's sales of �20,582 for the six months to 30 June 2008 were lower than sales of �35,875 for the comparable period in 2007,
but as a result of tight control over operating and administrative costs the trading loss, before exceptional costs of �76,296 relating to a
writedown of goodwill for Personal Screening International Limited and the Intellectual Property in Mermaid Diagnostics Limited, of �165,246
for the first half of 2008 was significantly less than the trading loss of �188,747 for the first six months of 2007. The loss per share was
0.08p compared with a loss per share of 0.11p for the same period in 2007.
The Directors are hopeful that the Company's self-test kit operations will see somewhat higher sales in the second half of 2008 and that
recent acquisitions, like the Over 50s website, will make a positive contribution to Company's revenue.
Whilst the Directors continue to have every confidence in the long term prospects for the existing businesses of Personal Screening, the
operations have not performed as originally anticipated and, as stated on several previous occasions, the Directors have been seeking other
ways to improve shareholder value, in particular by means of a suitable acquisition.
On 1 September 2008, the Company announced that it was in discussions with a potential replacement Nominated Adviser in respect of a
possible transaction. We continue to work with the Nominated Adviser but no guarantee can be given that the talks will succeed. As it has
not been possible to conclude them by the end of September, trading in the Company's shares will be suspended as of 1 October 2008, when the
Company's current nominated adviser, Nabarro Wells & Co. Limited resigns. The Company expects to make a further announcement in due course
Michael Scorey
Chairman
30 September 2008
For further information:
Personal Screening PLC 01384 352 717
Michael Scorey, Chairman
michaelscorey@perscreen.com
Nabarro Wells & Co. Limited 020 7634 4705
Marc Cramsie
UNAUDITED CONSOLIDATED INCOME STATEMENT (IFRS)
6 months ended 30 6 months ended 30 12 months ended 31 December
June June 2007
2008 2007
Note Unaudited Unaudited Audited
Continuing Operations � � �
Revenue 20,582 35,875 48,970
Cost of sales (13,813) (31,323) (43,880)
Gross profit 6,769 4,552 5,090
Other income - grants received - - 18,000
Exceptional costs (76,296) - (541,168)
Administrative expenses (167,827) (190,431) (302,640)
Amortisation of intangible (4,188) (2,868) (8,375)
assets
Results from operating (241,542) (188,747) (829,093)
activities
Finance income 3,797 4,497 8,493
Finance expense (3,703) (8,586) (13,211)
Net finance income/(expense) 94 (4,089) (4,718)
Loss before taxation (241,448) (192,836) (833,811)
Income tax expense - - -
Loss for the period (241,448) (192,836) (833,811)
Loss per ordinary share 3 (0.08)p (0.11)p (0.39)p
There were no recognised gains or losses other than the loss for the financial period.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS)
For the six month period to 30 June 2008
Called Sharepremiumaccount Capital Profit Totalequity
upsharecapital redemptio andlossaccount
n
reserve
account
� � � � �
At 1 January 2008 310,235 1,642,038 2,667,179 (4,116,346) 503,106
Loss for the period - - - (241,448) (241,448)
At 30 June 2008 310,235 1,642,038 2,667,179 (4,357,794) 261,658
For the six month period to 30 June 2007
Called Sharepremiumaccount Capital Profit Totalequity
upsharecapital redemptio andlossaccount
n
reserve
account
� � � � �
At 1 January 2007 178,633 1,420,944 2,667,179 (3,282,535) 984,221
Loss for the period - - - (192,836) (192,836)
At 30 June 2007 178,633 1,420,944 2,667,179 (3,475,371) 791,385
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS)
For the year ended 31 December 2007
Called up Share Capital redemption Profit and
share premium reserve account loss Total
capital account account equity
� � � � �
At 1 January 2007 178,633 1,420,944 2,667,179 (3,282,535) 984,221
Issue of shares (net of issue 131,602 221,094 - - 352,696
costs)
Loss for the year - - - (833,811) (833,811)
At 31 December 2007 310,235 1,642,038 2,667,179 (4,116,346) 503,106
UNAUDITED CONSOLIDATED BALANCE SHEET (IFRS)
At At At 31
30 June 30 June December
2008 2007 2007
Unaudited Unaudited Audited
� � �
Assets
Goodwill 302,386 892,755 337,854
Other intangible assets - 50,523 45,016
Plant, Equipment and Motor Vehicle 11,668 15,649 12,258
Total non-current assets 314,054 958,927 395,128
Current assets
Inventories 10,258 22,382 10,087
Trade and other receivables 57,885 78,462 76,595
Cash and cash equivalents 215,392 263,102 348,165
Total current assets 283,535 363,946 434,847
Total assets 597,589 1,322,873 829,975
Current liabilities
Loans and borrowings (100,683) (25,730) (36,000)
Trade and other payables (166,128) (308,833) (170,797)
Total current liabilities (266,811) (334,563) (206,797)
Non-current liabilities
Loans and borrowings - (102,760) (79,072)
Trade and other payables (69,120) (94,165) (41,000)
Total non-current liabilities (69,120) (196,925) (120,072)
Total liabilities (335,931) (531,488) (326,869)
Net assets 261,658 791,385 503,106
Equity
Share capital 310,235 178,633 310,235
Share premium account 1,642,038 1,420,944 1,642,038
Capital Redemption Reserve account 2,667,179 2,667,179 2,667,179
Retained earnings (4,357,794) (3,475,371) (4,116,346)
Total equity 261,658 791,385 503,106
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS)
Note 6 months ended 30 6 months ended 30 June 12 months ended 31 December
June 2007 2007
2008
� � �
Net cash outflow from 4 (121,853) (132,795) (288,673)
operating activities
Cash flows from investing
activities
Purchase of subsidiary - - (5,000)
undertaking
Purchase of plant and (328) (1,262) (112)
equipment
Interest received 3,797 4,497 8,493
Net cash inflow from investing 3,469 3,235 3,381
activities
Cash flows from financing
activities
Proceeds from issue of share - - 300,000
capital
Payment of transaction costs - - (45,787)
Net cash from financing - - 254,213
activities
Decrease in cash and cash 5 (118,384) (129,560) (31,079)
equivalents
NOTES TO THE INTERIM RESULTS
1. BASIS OF PREPARATION OF INTERIM REPORT
The information for the period ended 30 June 2008 is not audited and does not constitute statutory accounts as defined in section 240 of
the Companies Act 1985. The statutory accounts for the year ended 31 December 2007 were given an unqualified audit report and have been
adjusted for the adoption of IFRS. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies.
The interim accounts for the six month period to 30 June 2007 were also unaudited.
2. ACCOUNTING POLICIES
Basis of Accounting
The interim results have been prepared in accordance with International Financial Reporting Standards (IFRS) accounting rules. The
accounting policies used in the preparation of these results were the accounting policies used in the preparation of the results for the
year ended 31 December 2007 and detailed in the notes to those results (see Accounts for the year ended 31 December 2007 issued 30 June
2008)
3. loss per share
The calculation is based on the loss attributable to ordinary shareholders divided by the weighted average number of ordinary shares in
issue during the period as follows:
6 months ended 30 6 months ended 30 June 12 months ended 31 December
June 2007 2007
2008
� � �
Loss for the period 241,448 192,836 833,811
Weighted average number of 310,234,245 178,633,198 214,742,736
shares
4. CASH FLOWS FROM OPERATING ACTIVITIES
6 months ended 30 6 months ended 30 June 12 months ended 31 December
June 2007 2007
2008
� � �
Results from operating (241,542) (188,747) (829,093)
activities
Adjustments for:
Depreciation 918 1,271 4,420
Amortisation of intangible 4,188 2,868 8,375
assets
Impairment of intangible 40,828 - -
assets
Impairment of Goodwill 35,468 - 657,287
Change in inventories (171) 659 12,954
Change in trade and other 18,710 (16,377) (14,510)
receivables
Change in trade and other 23,451 76,117 (114,895)
payables
Interest paid (3,703) (8,586) (13,211)
Net cash outflow from (121,853) (132,795) (288,673)
operating activities
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND CASH EQUIVALENTS
6 months ended 30 6 months ended 30 12 months ended 31 December
June June 2007
2008 2007
� � �
Decrease in cash and cash (118,384) (129,560) (31,079)
equivalents in the period
Opening cash and cash 233,093 264,172 264,172
equivalents (net of bank
borrowings)
Closing cash and cash 114,709 134,612 233,093
equivalents (net of bank
borrowings)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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