Advanced Oncotherapy (AVO) – Update on financing and Harley Street building work update

Advanced Oncotherapy (AVO), the developer of next generation proton therapy systems for cancer treatment, announces that further to the financing agreement with Bracknor announced on 22 February 2017, the first tranche has been drawn down by the Company and the initial funds of £1.3 million received (less 5%, in accordance with terms for receipt of 95% of nominal value of each tranche). Bracknor is prohibited from short selling ahead of any conversion notice, being the notice given to the Company that Bracknor wishes to convert the loan notes into AVO shares.

The Company will make the requisite announcements in relation to the application for admission of the new Ordinary Shares deriving from the conversion of the loan notes and the issue of warrants and will also publish on its website (at http://www.advancedoncotherapy.com/Investors ) a table with the number of outstanding convertible loan notes from time to time, the number of outstanding warrants and the warrant exercise prices.

The Company also announces that following the successful grant of planning permission for the Harley Street site in October 2016, a tender process took place to appoint a principal contractor to undertake the building works for the site.

As a result of that tender process, Deconstruct (UK) Limited were appointed by Howard de Walden Estates as principal contractor to the project and were on site in January carrying out preliminary assessment and works.

Following the preparatory works, excavation is due to commence by the end of Q1 2017. A detailed roadmap of key milestones for the manufacture and commercialisation of Advanced Oncotherapy’s LIGHT system, including installation at the Harley Street site, will be provided at the investor presentations being held in London on Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March 2017. Full details can be read in the RNS Reach announcement released on 16 February 2017 and available here: http://www.advancedoncotherapy.com/Investors/news

For further information, please contact:

Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Executive Officer Tel: +44 20 3617 8728
Michael Sinclair, Executive Chairman
Stockdale Securities (Nomad & Joint Broker) Tel: +44 20 7601 6100
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Broker) Tel: +44 20 7710 7600
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR & IR) Tel: +44 20 7933 8780 or avo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Anna Dunphy Mob: +44 7876 741 001

About Advanced Oncotherapy plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac for Image Guided Hadron Therapy (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Rightmove Outstanding

Rightmove RMV describes its 2016 performance as outstanding and is raising its final dividend to 27p per share to give a total increase in the yearly dividends of 19%. Revenue and underlying operating profit both rose by 15%, whilst basic earnings per share were up by 18%. Strong traffic growth of 10% meant that visitors rose to 120m per month. The Board expects more success in 2017.

Intl Con Airline Group IAG That you will remember is the airline which used to have a short sensible name which everyone could remember but swopped it for one which is so long it has to make silly abbreviations to it. CEO Willie Walsh says it put in a good performance in a challenging year and the full year dividend is being increased by 17.5% from 20 to 23.5 cents per share. Passenger revenue fell by 2% and total revenue by 1.3% but operating profit managed a rise of 8.6%. Currency movements were unfavorable and produced an adverse impact of 460m. Euro. 2017 is expected to show a year on year improvement.

William Hill WMH faced a challenging year in 2016 but believes the corner has been turned with positive strength shown in all four divisions in the 7 weeks to 14th February with UK net gaming revenue up by 8% and UK sportsbook wagering by 10%. Profit before tax for the year to 27th December rose a smidgeon by 1% but earnings per share were down by 13%

IMI plc IMI Claims 2016 was a year of significant progress in difficult market conditions. Preliminary results for the year to 31st December show a rise of 6% in revenue, although on a like for like basis, it was down by 5%. Operating profit and profit before tax each rose by 1% and basic earnings per share was up by 2%. The final dividend is being raised by 1%, although there is a warning that the first half of 2017 is expected to see revenue fall by a similar amount to that experienced in the first half of 2016

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Brand CEO Alan Green discusses Feedback (FDBK), Advanced Oncotherapy (AVO) & Defenx (DFX) on VOX Markets podcast

Brand CEO Alan Green discusses Feedback (FDBK), Advanced Oncotherapy (AVO) & Defenx (DFX) with Justin Waite on the VOX Markets podcast. The interview is 35 minutes, 29 seconds in.

4 – Forthcoming TexRAD presentations at European Congress of Radiology (ECR) – Feedback (FDBK)

Presentation at forthcoming European Congress of Radiology (March 1-5 2017)

Provided by University of Brescia.

Presentation Details
Presentation Title: Correlation between locally advanced HPV positive oropharyngeal squamous cell carcinoma and quantitative MRI parameters
Author Block: M. Leali, E. Tononcelli, E. Lleshaj, A. Grammatica, M. Ravanelli, D. Farina, R. Maroldi;  Brescia/IT
(The presenting author is underlined.)
Disclosure Block:  M. Leali: None. E. Tononcelli: None. E. Lleshaj: None. A. Grammatica: None. M. Ravanelli: None. D. Farina: None. R. Maroldi: None.
Session Number: SS 308
Topic: Head and Neck
Session Title: Head and neck cancer: value of multiparametric and advanced imaging techniques
Session Date/Time: Wednesday Mar 1 2017, 14:00 – 15:30
Room: 09/L 8

Below is a view of your accepted abstract:
Purpose: to evaluate the association between quantitative MR parameters and HPV status in advanced oropharyngeal squamous cell carcinoma (OPSCC).
Methods and Materials: 24 patients with locally advanced OPSCC underwent pre-treatment MR. Histogram analysis was performed on TSE-T2, DWI and post-gadolinuim 3D-VIBE sequences before and after application of a Laplacian of Gaussian spatial scale filter (ssf) at the primary tumor site. Search of HPV DNA on biopsies was performed to evaluate HPV status. Mann-Whitney test was used to assess differences in quantitative MR parameters between HPV+ and HPV- groups.
Results: 10 patients were HPV-positive (41,7%). Mean ADC was significantly lower in HPV+ compared to HPV- patients (0.83 vs 1.04 x 10-3mm2/s respectively, p=0.015). Skewness measured on 3D-VIBE with 1mm-ssf was significantly higher in HPV+ compared to HPV- patients (p=0.03).
Conclusion: quantitative MR parameters, especially mean ADC, may reflect microstructural differences between HPV+ and HPV- OPSCC.

Link to ECR presentation page here

 

3 – Forthcoming TexRAD presentations at European Congress of Radiology (ECR) – Feedback (FDBK)

Presentation at forthcoming European Congress of Radiology (March 1-5 2017)

Provided by University of Brescia.

Presentation Details
Presentation Title: CT texture analysis as a predictor of response to therapy and prognosis in patients with metastatic renal cell carcinoma treated with first-line tyrosine kinase inhibitors
Author Block: G. Bonera, G. Agazzi, M. Ravanelli, D. Farina, V. Ferrari, A. Berruti, R. Maroldi;  Brescia/IT
(The presenting author is underlined.)
Disclosure Block:  G. Bonera: None. G. Agazzi: None. M. Ravanelli: None. D. Farina: None. V. Ferrari: None. A. Berruti: None. R. Maroldi: None.
Session Number: SS 216
Topic: Oncologic Imaging
Session Title: Imaging and predicting treatment response and outcome in oncology
Session Date/Time: Wednesday Mar 1 2017, 10:30 – 12:00
Room: 19/M 3

Below is a view of your accepted abstract:
Purpose: To investigate if texture analysis (TA) on pretreatment contrast-enhanced CT (CECT) images can predict response to tyrosine kinase inhibitors (TKI) and prognosis in patients with metastatic renal cell carcinoma (mRCC).
Methods and Materials: 65 pretreatment CECT studies of mRCC patients treated with first-line TKI were retrospectively reviewed. Objective response was assessed every 3 months according to RECIST 1.1 and modified Choi (mChoi) criteria. TA was performed on a 5-mm-thick central slice for each target lesion using a commercially available software (TexRAD Ltd, UK). Primary texture features and a novel HeteroDensity Index (HDI), accounting for size-standardised heterogeneity and mean pixel density, were quantified using different spatial-scale filters (ssf). Per-patient texture features were correlated with objective response, progression-free and overall survival (PFS, OS) using logistic regression and survival analysis, statistical significance was corrected to control false discovery rate.
Results: Primary texture features were not able to discriminate responders and non-responders. HDI obtained with a 3-mm ssf (ssf3) was positively correlated with objective response (odds ratio 0.14 for RECIST and 0.2 for mChoi criteria, p 0.018 and 0.026, respectively). Low ssf3 HDI was associated with worse PFS (hazard ratio 4.14, p 0.0001) and OS (hazard ratio 3.36, p 0.0008).
Conclusion: TA on pretreatment CECT helps to predict objective response and prognosis in mRCC patients treated with first-line TKI.
.

Link to ECR presentation page here

 

Metro Bank – Providing A Service, Does Pay

Metro Bank MTRO Cheeky little Metro Bank is giving the big bad banks a lesson in growth and has now moved into profit for each quarter of the second half. Profit before tax in quarter 3 was a tiny £0.6m, increasing to £1.5m in quarter 4. Losses for the full year shrank from £46.4m in 2015 to  £11.7m. Asset growth came in at 64%, lending and deposit growth were both at record levels with rises  56% and 66% respectively, whilst revenue was up by 62%. Somebody must love its policy of actually trying to provide a service to its customers.

Barratt Developments BDEV Despite a fall of 5.8% in completions and revenue down by 3.2% in the six months to 31st December, Barratt claims it was a strong half year with profit before tax up by 8.8% and shareholders rewarded with a rise of 21.7% in the interim dividend. Total forward sales orders now stand at record levels after a rise of 17%. The one statistic which is omitted for some strange reason, is the increase in the average selling price. I wonder why.

Lloyds Banking Group LLOY is increasing its final ordinary dividend by 13% and maintaining last year’s special dividend of 0.5p meaning an overall rise for the year of 11%. Statutory 2016 profit before tax rose by 158% to £4.2b and earnings per share by 263%, whilst operating costs were reduced by 3%.

Gooch & Housego GHH good trading conditions during the first four months of the current financial year enabled GHH to see its order book up by 64.9% as at 31st January compared to last year, although on a like for like basis, excluding foreign exchange movements and acquisitions, the figure comes in at a more modest 19.4%. So far trading for the full year is expected to be in line but there does seem to be a hint of optimism in today’s trading update as a result of continuing good market conditions.

Hotel Chocolat HOTC produced strong growth in both sales and profitability in the 6 months to 25th December. Profit before tax rose by 28% on reported revenue up by 14% and the net cash position was transformed with a positive balance of £16.1m compared to debt of £1m at the end of the previous year.

Blue Prism Group PRSM now expects full year revenue will be materially ahead of current market expectations following the positive trading momentum evidenced at the end of last year, continuing into the current year.

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Advanced Oncotherapy (AVO) – Financing agreement

Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces it has secured a flexible and staged £26 million financing agreement with Bracknor Investment Group, a Dubai-based investment firm.

The Agreement gives the Company the ability to issue a minimum of £13 million in convertible loan notes (Minimum Requirement), in tranches of £1.3 million each, up to a maximum, at the Company’s sole discretion, of £26 million over the next 24 months.

The ability to control the timing of each issuance beyond the Minimum Requirement, the opportunity to reimburse the tranches partly in cash (up to 50%) and its stepped nature, give the Company great confidence in its relationship with Bracknor and its willingness to support significant value creation, through continued development and commercialisation of the LIGHT system. The Company will continue to review any future fundraising options on merit, while being able to rely on this Agreement to meet all financing demands in the short to medium term.

Use of proceeds

Proceeds from the Agreement will be allocated to the Company’s projects, including the cost of installing the first LIGHT system at Harley Street, the funding of the Company’s pipeline and for general working capital purposes.

Terms of the Agreement

o  Minimum two year term;

  • Unsecured convertible notes;
  • Minimum of 10 tranches of £1.3 million of convertible loan notes each, with the option – at the Company’s sole discretion – to draw down up to 10 additional tranches within two years;
  • Each tranche must be converted into new or existing shares of the Company within twelve months of issuance;

o  The Conversion Price will be equal to the lowest daily VWAP (Volume Weighted Average Price) during the fifteen trading days preceding issuance by Bracknor of a notice to convert (Conversion Notice);

  • Drawdown of notes can be requested, by the Company, subject to (a) all previously issued convertible loan notes being converted at the Conversion Price (see above), or (b) a period of twenty business days having elapsed since the last issuance;
  • Upon issuance of a tranche, Bracknor shall receive warrants to purchase shares with an aggregate value equivalent to 20% of the nominal value of each tranche. These warrants will be exercisable for up to four years from issue;

o  For the first tranche, the exercise price will be 130% of the lowest of either (a) the lowest daily VWAP during the ten trading days preceding the signing of the Agreement or (b) the lowest daily VWAP of the 10 trading days preceding the request to issue the first tranche;

o  The exercise price of the subsequent warrants (i.e. bar the first tranche), will be 130% of the lowest daily VWAP during the five trading days immediately preceding the request to issue a new tranche;

  • Bracknor, with any concert parties, is prevented from acquiring more than 29.9% of the Company’s shares.

Options at Company’s sole discretion

  • While the Company commits to the Minimum Requirement, the Company has the right to refuse up to two calls during the term;
  • Subject to compliance with the Minimum Requirement, the Company shall control the timing and total number of tranches issued;
  • The Company has a further option to raise up to an additional £26 million, on the same terms, for a potential total commitment of £52 million, provided issuance of the initial £26 million has occurred within the first two years.  As outlined below, the Company is also considering other sources of funding;
  • The Company has the ability to redeem tranches for cash, upon receipt of a Conversion Notice, for up to 50% of the total amount, to limit possible dilution.

Fees

  • The Company shall receive 95% of the nominal value of each tranche;
  • A commitment fee of 3% of the nominal value of the total initial commitment, payable in convertible loan notes. £40,000 of this fee is payable immediately; the remaining £740,000 falls due upon passing of the resolutions to be put to the General Meeting of the Company, referred to below;
  • A conversion fee equal to 3% of the nominal value of the notes converted, payable in cash or shares at the Company’s discretion;
  • A maximum of £40,000, excluding VAT, for legal and due diligence fees incurred by Bracknor, payable in cash and/or convertible loan notes.

First Tranche draw down and General Meeting

The first tranche will be drawn down with immediate effect and is not subject to Shareholder approval; however drawdown of further tranches will be subject to Shareholder approval at a General Meeting of the Company where the Directors will seek the requisite authorities to allot the new shares deriving from the conversion of the loan notes and exercise of related warrants. The Company has existing shareholder approval to issue up to 2,633,954 shares. The Company will, in due course, send to Shareholders a circular convening the General Meeting, which will also contain the resolutions to be voted on. The circular will be made available on the Company’s website once posted.

Based on a warrant exercise price of 85p and conversion price of 65p, the Company would have to issue a total of up to 48.6 million new shares to honour the Agreement, assuming all conversion fees are paid in cash, and assuming the issuance of a maximum of 20 tranches.

Non-dilutive financing

Further to the update from Advanced Oncotherapy on 23 January 2017 on a non-dilutive financing plan, the Company can confirm that this option remains in consideration, as does the Metric Capital financing. The Company will update shareholders on further developments at the appropriate time.

Investor presentations

As outlined in the announcement on 16 February 2017, the Company will be hosting investor and analyst presentations in London on Monday 6 March 2017 and in Zürich, Switzerland on Tuesday 7 March 2017 covering the Agreement, the development, commercialisation and production of the LIGHT system and the key benefits and advantages of proton therapy and of LIGHT.

To register and attend either presentation, or to receive further information on Advanced Oncotherapy, please contact Walbrook PR on 020 7933 8780 or email avo@walbrookpr.com.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: I am delighted that we have been able to finalise a flexible funding partnership with Bracknor that helps us fund the development of our first LIGHT system to completion, supports our first installation in Harley Street, as well as underpinning our plans to move into volume manufacturing and full commercialisation. The flexibility to draw down further funds provides the Company with the security needed to pursue our plans to deliver shareholder value through the commercialisation of our unique proton therapy technology.”

Pierre Vannineuse, CEO & Founding Partner of Bracknor Investment, commented: “AVO is a perfect match in our strategy to provide solid funding partnerships with investment grade healthcare companies across the world, allowing companies to focus on what matters most: the commercial and scientific development of their own technologies.

The conditions and covenant we have given to Advanced Oncotherapy are a clear indication of our belief in the future of the enterprise. However, the potential for success is most notably demonstrated by the world-leading partners who have teamed with them, such as Thales, CERN – where the technology originated – and Howard de Walden Estates (Harley Street), home to healthcare providers of world-class renown, not to mention the world-leading opinion leaders and managers who came together to build this company.

“Not only do we see this as an opportunity to support a Company at the forefront of a revolutionary field of proton beam therapy for cancer with a solution that answers all current impediments, but also as the opportunity to leverage our own contacts in the Middle East to ensure the commercial success of the LIGHT system in this region too.”

For further information, please contact:

Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Executive Officer Tel: +44 20 3617 8728
Michael Sinclair, Executive Chairman
Stockdale Securities (Nomad & Joint Broker) Tel: +44 20 7601 6100
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Broker) Tel: +44 20 7710 7600
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR & IR) Tel: +44 20 7933 8780 or avo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Anna Dunphy Mob: +44 7876 741 001

About Advanced Oncotherapy plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac for Image Guided Hadron Therapy (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

About Bracknor www.bracknor.com

Bracknor is a Dubai-based investment firm with a track record of investing in early stage and mid-sized companies located, primarily, in Europe. Since its creation in mid-2015 Bracknor has financed over 16 companies, for the most part in the healthcare sector, providing them with the paramount capital and technical support needed.

 

JRP Group (JRP) – VectorVest reiterates buy rating, says stock is undervalued and offers strong earnings growth

JRP Group plc, formerly Just Retirement Group plc, is a UK-based financial services company. VVUKlogoIn April, the merger with Partnership Assurance completed, following which the Company now provides retirement income products, services to individuals and corporate clients and insurance products. JRP also provides individually underwritten annuities (IUAs) and equity release lifetime mortgages (LTMs). In the IUA market it offers better annuity rates compared with standard annuity providers.

The Company has focused primarily on the core segments of the IUA market (medically enhanced and lifestyle). The LTM product provides a longevity hedge and a high risk-adjusted yield, whilst supporting the credit profile of Just Retirement’s investment portfolio. During the year, the merger with Partnership Assurance completed.

I first noticed JRP.L in November and wrote about the share in this forum on the 9thNovember 2017. Link here to that article. The chart of the share is shown below using my normal template. The chart shows the price, the VectorVest valuation as a green line study and earnings per share (EPS) as a blue line study.

jrp.l

The chart shows the share as undervalued with strong earnings growth. VectorVest calculates that JRP will grow earnings by 25% next year.

Technically since November, the share has broken upwards from an inverted head and shoulders reversal and subsequently traded back and “kissed” the neckline. This is solid bullish behavior. As I write, JRP is pushing on a 52 week high. With the solid fundamentals noted above, JRP.L looks highly likely to break north of this important resistance.

The technical target from the inverted head and shoulders reversal is around 200, while the present VectorVest valuation is 220. At present, the share is trading at 156. If the share can breakout, there is a 30% move to the technical target.

David Paul

February 21st 2016

PS: Readers can examine the opportunity at JRP, and indeed on a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 5-week trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.

FREE! For free VectorVest analysis on any stock, go to this link here

VectorVest Unisearch

On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.

Link here for more info and to set up a trial. 

European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com

Trakm8 Chairmans’ Frustration Comes Too Late

Trakm8 Holdings TRAK Route Monkey is in a trend to move to SaaS revenues. Once you get extreme jargon like that in a company’s trading update you know it has been having a fairly bad time and Trakm8 is no exception. It witters on about its pipelines and how strong they are as if nobody is aware that company’s only start talking about pipelines when things have got bad. In good or even normal times, they are referred to as orders and order books but in bad times the company wants to pretend it is a big oil major so it begins to warble on about pipelines.

The Executive Chairman claims to be frustrated because the company is having to substantially reduce its expectations for this year, despite having such a “strong pipeline”. Looking at the list of woes which the company has produced, it is surprising that his frustrations have only surfaced now just before the year end on the 31st March.

Firstly the growth of installed base units has been lower than expected. Then new revenues are being delayed, some into the next financial year. Short term revenue and cash generation are being suppressed. A reduction in contract manufacturing for third parties has led to a specific revenue loss of £2.5m. The adjusted operating profit for the year will be significantly below that of 2016 and will impact both indebtedness and cash flow. Annualised overheads are being reduced by £1.5m to try and reduce the damage.

The signs were all there at half time when profit before tax for the 6 months to 30th September collapsed by 90%

Interco, Hotels Group IHG is increasing the total dividend for the year to the end of December by 11%, after a rise of 4.6% in revenue, 9.5% in underlying operating profit and 23.1% in adjusted earnings per share. The Chief executive claims that the results demonstrate the strong operational performance of the Group and its long term strategy. At the same time the fundamentals for the hospitality industry remain compelling, he adds.

Lighthouse Group LGT saw profit before tax surge by 119% to £1.9m for the year to 31st December and the final dividend is to be raised from 16p per share to 18p. EBITDA rose by 37%. Revenue rose slightly by 2% but operating costs were kept in check falling by 7%. That plus an increase in the annualised average revenue  per advisor led to the substantial increase in earnings.

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Feedback Plc (FDBK) – Interim Report for six months ended 30 November 2016

Feedback plc – Interim Report for the six months ended 30 November 2016

Chairman’s Statement

We are pleased to present the interim results for the six months ended 30 November 2016. Revenue for the six months period was £203,000 (2015: £225,000) and the loss after tax was £126,000 (2015: Loss £143,000). The loss before interest, tax and amortisation was £115,000 (2015: Loss £132,000). The cash balance at 30 November 2016 was £63,000 (30 November 2015: £164,000).

As previously announced, we received a significant number of purchase orders for TexRAD research versions during the period, the majority of which were installed shortly before the period end. Accordingly, these sales only made a modest contribution to revenue in the period. We are continuing to install the remaining orders and have received additional new orders from customers in Singapore and Korea. We therefore expect there to be a substantial increase in TexRAD-related revenue in the second half of the current financial year and growth in our revenue for the year as a whole. Cambridge Computed Imaging again performed steadily during the period.

In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance’s network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. An abstract was accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which highlighted the results from the technical and clinical evaluation. The next steps include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. We hope to gain the CE mark before the end of the current financial year. Thereafter the plan is to expand our customer base significantly by developing relationships with imaging hardware companies as well as Alliance to ensure wide market access. This will be linked to a changed business model from a one-off access fee to one of pay-per-use.

During the period Feedback announced a large-scale collaboration with Future Processing Sp. z o.o., a software development service provider based in Gliwice, Poland to develop medical imaging software. Feedback’s assistance has resulted in another successful EU grant application made by Future Processing. The directors of Feedback consider that by CCI working jointly with the Future Processing healthcare team, CCI’s product portfolio can be updated and improved and new products developed more rapidly including further applications for TexRAD. The intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement. Under this collaboration with Future Processing, the Company is currently making substantial savings in software development costs although there could be some strategic advantage in re-establishing some UK-based software development capability.

We are encouraged by the continued strong interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications, particularly in areas such as liver, prostate and adrenal cancers. We are seeing new opportunities in Asia to make further sales of TexRAD research versions by partnering with companies with a strong local presence. In addition to the TexRAD sales, Feedback is well placed to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. After several years of relying on very limited resources we have plans to invest in product development, regulatory and marketing resource to step up our activity and take full advantage of our very positive growth prospects. We are excited by the developments in our marketplace in machine learning and artificial intelligence applied to medical images. We have extensive experience in machine learning and the prospects of combining TexRAD with other companies’ proprietary technologies could lead to exciting opportunities.

Dr AJ Riddell

Chairman

Enquiries:

Feedback plc

Dr AJ Riddell – Chairman                                                                                      Tel: 01954 718072

Allenby Capital Limited (Nominated Adviser and Joint Broker)

David Worlidge / James Thomas / Graham Bell                                             Tel:  020 3328 5656

Peterhouse Corporate Finance Ltd (Joint Broker)

Lucy Williams / Duncan Vasey                                                                             Tel: 020 7469 0936

Brand Communications

Alan Green                                                                                                           Tel: 07976 431608

 

UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT

6 months to

30 November 2016

6 months to

30 November 2015

Year to

31 May

2016

(unaudited)

(unaudited)

(audited)

£’000

£’000

£’000

Revenue

204

225

431

Cost of sales

(5)

(2)

(7)

Gross profit

199

223

     424

Other operating expenses

(329)

(378)

        (677)

Total operating expenses

(329)

(378)

  (677)

Operating loss

 

(130)

 

(155)

 

  (253)

       

Net finance income

1

Loss before tax

(130)

(155)

  (252)

Tax credit

4

        12

            23

Loss for the period attributable to the equity shareholders of the parent

Loss on ordinary activities after tax

 

 

(126)

 

 

(143)

 

 

   (229)

Profit on disposal of investments

45

Other comprehensive expense

Translation differences on overseas operations

 –

         –

Total comprehensive expense for the period

(126)

(143)

(184)

Basic and diluted earnings per share

 2

(0.06p)

(0.07p)

(0.09p)

UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

Share Capital

Share Premium

Capital Reserve

Retained Earnings

Translation Reserve

Convertible Debt Option Reserve

Total

£’000

£’000

£’000

£’000

£’000

£’000

£’000

Balance at 31 May 2015

477

1,409

300

(2,076)

(210)

189

89

New shares issued

32

190

222

Costs associated with the raising of funds

(7)

(7)

Share option and warrant costs

4

4

Total comprehensive expense for the period

 

 

 

 

(143)

 

 

 

(143)

Balance at 30 November 2015

509

1,592

300

(2,215)

(210)

189

165

Total comprehensive expense for the period

 

 

 

 

(36)

 

 

 

Balance at 31 May 2016

509

1,592

300

(2,251)

(210)

189

129

New shares issued

38

151

     (189)

Total comprehensive expense for the period

 

 

 

 

(126)

 

 

 

(126)

Balance at 30 November 2016

547

1,743

300

(2,377)

(210)

3

UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

30 November 2016

30 November 2015

31 May

2016

(unaudited)

(unaudited)

(audited)

£’000

£’000

£’000

ASSETS

Non-current assets

Property, plant and equipment

4

5

4

Intangible assets

97

125

111

Investments

1

5

1

102

       135

116

Current assets

Trade receivables

121

  70

41

Other receivables

50

83

64

Cash and cash equivalents

63

164

106

234

317

211

Total assets

336

452

327

EQUITY

Capital and reserves attributable to the Company’s equity shareholders

Called up share capital

547

509

509

Share premium account

1,743

1,592

1,592

Capital reserve

300

300

300

Translation reserve

(210)

(210)

(210)

Retained earnings

(2,377)

(2,215)

(2,251)

3

(24)

(60)

Convertible debt option reserve

189

189

Total equity

3

165

129

LIABILITIES

Non-current liabilities

Deferred tax liabilities

10

24

20

Current liabilities

Trade payables

67

43

22

Other payables

256

220

156

323

263

178

Total liabilities

333

287

198

Total equity and liabilities

336

452

327

UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

 

6 months to

30 November 2016

6 months to

30 November 2015

Year to

31 May

2016

(unaudited)

(unaudited)

(audited)

£’000

£’000

£’000

Cash flows from operating activities

Loss before tax

(130)

(155)

(251)

Adjustments for:

Share option and warrant costs

4

8

Net finance income

(1)

Depreciation and amortisation

23

23

46

(Increase)/Decrease in trade receivables

(80)

41

70

Decrease in other receivables

14

26

43

Increase/(Decrease) in trade payables

46

3

  (19)

Increase/(Decrease) in other payables

98

(45)

(110)

Corporation tax

(5)

10

96

52

47

Net cash used in operating activities

(34)

(103)

(204)

Cash flows from investing activities

Purchase of tangible fixed assets

(1)

Purchase of intangible assets

(8)

(6)

(14)

Proceeds from sale of assets held for resale

1

Purchase of share in joint venture

(5)

(2)

Proceed from sale of joint venture

46

Net cash used in investing activities

(9)

(11)

31

Cash flows from financing activities

Net proceeds from share issues

215

216

Net cash generated from financing activities

215

216

Net (Decrease)/Increase in cash and cash equivalents

(43)

101

43

Cash and cash equivalents at beginning of period

106

63

63

Cash and cash equivalents at end of period

63

164

106

FEEDBACK PLC

NOTES TO THE UNAUDITED INTERIM REPORT

1              BASIS OF PREPARATION

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union (“IFRS”) and expected to be effective for the year ending 31 May 2017. The accounting policies are unchanged from the financial statements for the year ended 31 May 2016.

This interim report was approved by the directors on 17 February 2017.

2              LOSS PER SHARE

Basic earnings per share are calculated by reference to the loss on ordinary activities after and on the weighted average number of shares in issue.

6 months to

30 November 2016

 

6 months to

30 November 2015

 

Year ended

31 May 2016

 

(unaudited)

(unaudited)

(audited)

£’000

£’000

£’000

Net loss attributable to ordinary equity holders

(126)

(143)

(184)

Weighted average number of ordinary shares for basic earnings per share

203,733,005

 

 

203,355,562

203,514,709

Effect of dilution:

Share Options

       Warrants

Weighted average number of ordinary shares adjusted for the effect of dilution

203,733,005

 

 

203,355,562

203,514,709

Loss per share (pence)

Basic and Diluted

(0.06)

(0.07)

(0.09)

 

3              INTANGIBLE ASSETS

Software

Customer relationships

Patents

Goodwill

Total

£’000

£’000

£’000

£’000

£’000

Cost

At 31 May 2015

563

100

74

272

1,009

Additions

6

6

At 30 November 2015

563

100

80

272

1,015

Additions

8

8

At 31 May 2016

563

100

88

272

1,023

Additions

8

At 30 November 2016

563

100

96

272

1,031

Amortisation

At 31 May 2015

563

25

10

272

870

Charge for the period

13

7

20

As at 30 November 2015

563

38

17

272

890

Charge for the period

12

10

22

At 31 May 2016

563

50

27

272

912

Charge for the period

13

9

22

At 30 November 2016

563

63

36

272

934

Net Book Value

At 30 November 2016

37

60

97

At 31 May 2016

50

61

111

At 30 November 2015

62

63

125

 

4              AVAILABILITY OF THE INTERIM REPORT

Copies of the report will be available from the Company’s office and also from the Company’s website www.fbk.com

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.