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: firstname.lastname@example.org Heena Karani Peterhouse Corporate Finance Limited T: 020 7469 0933 E: email@example.com Directors of Specialty Scanners plc accept responsibility for the content of this announcement. END END -0- Jan/31/2013 17:11 GMT
SPECIALTY SCANNERS PLC: Final Results y-e 31 Aug 2012
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