SPECIALTY SCANNERS PLC: Final Results y-e 31 Aug 2012

31-January-2013 


                            SPECIALTY SCANNERS PLC                             
                                 FINAL RESULTS                                 
                       FOR THE YEAR ENDED 31 AUGUST 2012                       

Specialty Scanners plc, the developer of a new breed of Intra-Operative
Magnetic Resonance ("MR") Scanners and other MR-compatible interventional
devices for cancer management, is pleased to announce its audited results for
the year ended 31 August 2012. The information contained in this announcement
has been extracted from the Group's Annual Report for the year ended 31 Aug
2012.
                             CHAIRMAN's STATEMENT                              

I am pleased to report that the Company, during the year, continued to advance
its further growth strategy in its new, modern West London facility. As
previously communicated, the Company's further growth strategy has three major
strands which can be summarised as (1) the Products Development Programme, (2)
the Clinical Service Development Programme, and (3) the Market Entry & Revenue
Generation Programme.

(1) The Products Development Programme: During the year, this exciting
programme continued to progress well and it is estimated that the development
of a portfolio of prototype products will be completed by 31 March 2013. The
strategic objective of your Company is not to be a `single-product' company but
to be one with a substantial portfolio of products. As previously reported,
this programme is partly funded by a prestigious, £1.6 Million Technology
Strategy Board (TSB) grant.

(2) The Clinical Service Development Programme: In parallel with the Products
Development Programme, during the year, this pioneering programme also
progressed well. As previously reported, the main objective of this programme
is the establishment of a centre (under the brand name of mini-OP CENTRE)
within the Company's new West London facility which will enable the performance
of image-guided diagnostic and minimally invasive treatment procedures. It is
estimated that the construction of the basic infrastructure of the first
mini-OP Centre will be completed by 31 March 2013. This first, pioneering
centre will help to show case the novel features of the Company's technologies
as well as their capacity to deliver a first class and compassionate clinical
service.

(3) The Market Entry & Revenue Generation Programme: Under this all important
programme, the Company's objective is to become revenue generative by (a)
marketing and offering its portfolio of products for outright purchase, and (b)
marketing and offering its mini-OP CENTRE infrastructure to clinical oncology
service providers who wish to perform image-guided, minimally invasive,
interventional oncology procedures on a revenue sharing basis. Like all medical
products and services, the Company's products and clinical service
infrastructure will also require Pre-Market Approvals (PMAs). The PMA process
includes making regulatory approval submissions - based on clinical performance
requirements - to the relevant authorities in target countries and territories.
The Directors estimate that the PMAs could be granted within 6 to 12 months. A
further focus of this programme is to promote and market the Company's first,
mini-OP Centre with a view to identifying and forming additional business
partnerships with reputable clinical partners and, as a result, create a
network of mini-OP Centres, all using the Company's intra-operative products.

Although the availability of the prestigious TSB grant will continue to assist
the Company, the Directors estimate that, in order to successfully execute
their Market Entry & Revenue Generation plans and its goal to become a leading
player in the management of cancer, the Group will be required to raise
additional funds. The process of raising these further funds has commenced with
discussions with a range of institutions and individuals with a view to raising
the required additional funds and Shareholders will be updated in due course.
                         Strategic Links with Academia                         

In line with the Group's further development programmes, the Group continues to
maintain its well-established links with two, pre-eminent academic
institutions; namely, the Institute of Cancer Research (ICR) and the UK
Government's Science and Technology Facilities Council (STFC). Both the ICR and
the STFC have considerable resources and the Group values greatly its links
with these pre-eminent institutions.
                        Intellectual Property Ownership                        

The Group continues to maintain its focus on the protection of intellectual
property emerging from its new Products Research & Development Programme. As
previously reported, in order to maintain its competitive advantage in the
international markets through wider protection of its intellectual property
rights, the Group owns several international patents covering the USA,
Australia and European Union territories. The Group also holds a Registered
European Community Design Certificate issued by the European Community's Office
for Harmonization in the Internal Market (OHIM).
                               Financial Summary                               

Group's Consolidated Profit and Loss Account and Balance Sheet, which covers
the period from 1 September 2011 to 31 August 2012, is summarised below and
these audited results are in line with Directors' forecast.

At the year-end, the Group had Cash of GBP314,398 in the bank.

Total assets less current liabilities at 31 August 2012 were GBP2,993,647.

I can report that the Group's planned operations continue to be adequately
funded and future prospects for the Company's business model continue to be
good.

The Company's growth prospects are not limited to the United Kingdom and there
are many opportunities for the Company to grow internationally. Therefore, the
Company continues to evaluate interests from both UK and international entities
who wish to form business relationships.

The Directors are confident that, even under the current rather challenging
financial and economic conditions, the Company's technologies and the business
model have the capacity to continue to perform and still create value for
Shareholders.

The Board remains committed to turning the Company's compelling business
prospects into a commercial success story for its Shareholders.

Professor Martin O Leach, PhD, CPhys, CSci, FMedSci, FInstP, FIPEM

Chairman

Date: 15 January 2012
                         GROUP PROFIT AND LOSS ACCOUNT                         
                       FOR THE YEAR ENDED 31 AUGUST 2012                       
                                   [Audited]                                   
                                                           2012            2011
                                                                               


                                                          £               
£ 
                                                                           
Turnover                                                      -               - 
                                                                           
Administrative expenses                               (159,089)       (159,234) 
                                                                           
Other operating income                                   41,437          40,161 
                                                                           
Operating loss                                        (117,652)       (119,073) 
                                                                           
Interest receivable and similar income                      110              39 
                                                                           
Loss on ordinary activities before                    (117,542)       (119,034)
taxation                                                                        
                                                                           
Taxation                                                   (20)               - 
                                                                           
Loss for the financial year                           (117,562)       (119,034) 
                                                                           
Dividends                                                     -               - 
                                                                           
Loss for the year                                     (117,562)       (119,034) 
                                                                           
Accumulated loss brought forward                      (460,274)       (341,240) 
                                                                           
Accumulated loss carried forward                      (577,836)       (460,274) 
                                                                           
Basic and diluted Loss per ordinary                    (0.275)p        (0.278)p
share                                                                           
The profit and loss account has been prepared on the basis that all operations
are continuing operations. 
There are no recognised gains and losses other than those passing through the
profit and loss account. 


                              GROUP BALANCE SHEET                              
                             AS AT 31 AUGUST 2012                              
                                   [Audited]                                   


                                                  2012                  
2011 
                                                                             
                                         £           £         £         
  £ 
                                                                             
Fixed assets                                       282,517               
315,592 
                                                                             
Intangible assets                                2,342,265             
2,167,608 


                                                                                

Tangible assets                                                                 
                                                                                


                                             2,624,782             
2,483,200 
                                                                             
Current assets                          75,550                13,362             
                                                                             
Debtors                                314,398               196,561             


                                                                                

Cash at bank                                                                    
                                                                                
                                       389,948               209,923            
                                                                                

Creditors                            (258,171)             (118,643)            
                                                                                

Amounts falling due within one                                                  

year                                                                            
                                                                                

Net current assets                                 131,777                
91,280
                                                                                

Total assets less current                        2,993,647             
2,574,480
liabilities                                                                     
                                                                                

Deferred income                                (2,086,925)           
(1,550,196)
                                                                                


                                               906,722             
1,024,284 
                                                                             
Capital and reserves                               427,695               
427,695 
                                                                             
Called up share capital                          1,056,863             
1,056,863 
                                                                             
Share premium account                            (577,836)             
(460,274) 
                                                                             
Profit and loss account                                                          


                                                                                

Shareholders' funds                                906,722             
1,024,284

On behalf of the Board:

Dr Ali Akgun - Director

Raymond L Hughes - Director

Approved by the Board on 15 January 2013
                             COMPANY BALANCE SHEET                             
                             AS AT 31 AUGUST 2012                              
                                   [Audited]                                   
                                                     2012                  2011
                                                                               


                                          £         £           £        
 £ 
                                                                           
Fixed Assets                                            -                     - 
                                                                           
Tangible assets                                   260,000               260,000 
                                                                           
Investments                                                                     


                                                                               
                                                  260,000               260,000


                                                                           
Current assets                          946,744               946,615           
                                                                           
Debtors                                   4,479                31,004           
                                                                           
Cash at bank                                                                    


                                                                               
                                        951,223               977,619          


                                                                           
Creditors                               (7,747)               (7,205)           
                                                                           
Amounts falling due within one                                                 
year                                                                            
                                                                           
Net current assets                                943,476               970,414 
                                                                           
Total assets less current                       1,203,476             1,230,414
liabilities                                                                     
                                                                           
Capital and reserves                              427,695               427,695 
                                                                           
Called up share capital                         1,056,863             1,056,863 
                                                                           
Share premium account                           (281,082)             (254,144) 
                                                                           
Profit and loss account                                                         
                                                                           
Shareholders' funds                             1,203,476             1,230,414 
On behalf of the Board: 
Dr Ali Akgun - Director 
Raymond L Hughes - Director 
Approved by the Board on 15 January 2013 
Registered No: 04056406 (England and Wales) 
                                 *****                                      
                               ENQUIRIES                                    
For further information please contact: 
Dr Ali Akgun,CEO
Specialty Scanners plc
T: 020 8845 5648
E: aliakgun@specialtyscanners.com 
Heena Karani
Peterhouse Corporate Finance Limited
T: 020 7469 0933
E: heena@pcorpfin.com 
Directors of Specialty Scanners plc accept responsibility for the content of
this announcement. 
                                  END                                       
END 
-0- Jan/31/2013 17:11 GMT
 
 
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