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Half-year Report

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RNS Number : 0488O
Advanced Oncotherapy PLC
30 September 2019
 

 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Half-year Report

 

Advanced Oncotherapy (AIM: AVO), the developer of a next generation proton therapy system for cancer treatment, announces its unaudited results for the six months ended 30 June 2019. 

 

Highlights:

·     All key hardware manufactured, and technical design now validated

·     Receipt of the ISO 13485:2016 certification, the internationally recognised quality standard to ensure the consistency and the safety of the design, development, production, installation and sale of medical devices

·     Comparative studies confirming the competitive advantages of the LIGHT system in terms of cost and expected improved medical outcomes as well as its breakthrough potential for FLASH therapy

·     Additional equity and debt financing secured for a total amount of £12.3 million, including a non-dilutive, two-year secured debt facility with Credit Suisse AG for £10.0 million

·     Appointment of Moataz Karmalawy as Chief Commercial Officer and President of the US division

 

Post Period End Highlights:

·     Further equity and debt funding totalling £18.4 million announced in August 2019, of which the final tranche is expected to be completed in early October 2019 for an increased amount of £2.9 million taking the total fundraising quantum to c. £18.8 million

·     Structural building work at the Harley Street clinical site completed; site now ready for the fit-out phase

·     Company featured in the Global Innovation Index 2019, the 10th edition of the Review of Accelerator Science & Technology and at the International Conference on Medical Accelerators and Particle Therapy, among others

 

Milestones and Outlook:

·     All remaining modules expected to be delivered to the assembly site by end of 2019

·     Resources of the Company increasingly focused on verification and validation activities, an important regulatory step for certification

·     Expanding demand for proton therapy: with 190,000 patients treated to date, the opening of the first NHS proton centre and the growing number of clinical studies (more than 230 ongoing clinical studies), the acceptance of proton therapy as a treatment of choice continues to grow rapidly

·     Pricing environment increasingly favourable towards proton therapy systems which are capable of treating patients in fewer visits through hypofractionation and FLASH, such as LIGHT

 

Nicolas Serandour, CEO of Advanced Oncotherapy, commented:

 

"We are delighted with the progress we have made over the first six months of 2019, on the technological as well as on the financial fronts.

 

"With the initial hardware manufacturing process and technical design now validated, we remain committed to completing the verification and validation needed to ensure the delivery of our plan. Focusing on the high energy testing of the LIGHT proton therapy system in compliance with the highest standards for safety and product performance will allow us to secure the approval of the medical device file and to make LIGHT available for first patient treatment.

 

"Proton therapy is currently available in only 209 treatment rooms worldwide; yet more than 9,000 additional treatment rooms are needed by 2040. This market - characterised by a highly unmet medical need - is, we believe, on the cusp of a significant inflection point which is supported by the growing support of the medical community for more efficient systems providing better medical outcomes. Now more than ever, Advanced Oncotherapy stands out as an incredibly exciting opportunity within this attractive medical segment."

 

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO




Allenby Capital Limited (Nominated Adviser & Joint Broker)


Nick Athanas / Liz Kirchner / Nicholas Chambers

Tel: +44 20 3328 5656



Stifel Nicolaus Europe (Joint Broker)


Jonathan Senior

Tel: +44 20 7710 7600



Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or [email protected]

Paul McManus

Mob: +44 7980 541 893

 

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy in the treatment of cancer, which harnesses the very best in modern technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva, focuses on the development of a proprietary proton accelerator - LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a compact and truly modular unit, offering significant cost advantages. LIGHT also delivers proton beams in a way that facilitates greater precision and electronic control, which are not achievable with currently available alternative technologies.

 

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

 

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton or particle therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company remains the prime provider of cutting edge, cost-effective systems for particle therapy.

 



 

CHAIRMAN'S STATEMENT

 

I am pleased to update shareholders and to provide a review for the six months ended 30 June 2019 of the further progress the Company has made in the technical development, assembly and integration of our next-generation proton therapy system, the securing of additional financing to provide a stable platform for the completion of the regulatory clearance of the LIGHT system, and the construction of the centre in Harley Street ahead of our first installation.

 

Update on the manufacturing activities

The LIGHT system includes innovative linear accelerators which are integrated with a fully functional treatment room system and operated through a suite of software components. All the units composing the LIGHT system are assembled on our assembly site in the Daresbury Laboratory. Thanks to the support of all our industrial partners, we have made good progress and I am pleased to say that most of the key parts of the LIGHT system that will be installed in Harley Street have been manufactured. We are very excited about the next steps and milestones.  

 

The following table summarises the current manufacturing and delivery status and a guideline for upcoming milestones.

 



Delivered at Daresbury (assembly site)

Components

Manufactured

As of 25 July 2019

As of 30 September 2019

Proton source

P

By end of September 2019

Delivered

RFQ

P

Already delivered

-

4 SCDTLs

P

By end of September 2019

1 delivered, 2 shipped in the week starting 30 September and 1 to be delivered in week starting 14 October 2019

13 CCLs

P

6 already delivered, 7 to be delivered by early Q4:2019

No change

Patient Positioning

P

By end of 2019

No change

 

  Note: RFQ: Radio Frequency Quadrupole; SCDTL: Side-Coupled Drift Tube Linac; CCL: Coupled-Cavity Linac

 

Update on the installation activities

Progress on the Harley street site remains on track and post period end has seen the completion of the building work and refurbishment reaching an important milestone. We will now move onto the fit-out phase where we can focus on the detailed design to support the installation of the LIGHT system.

 

Our ability to install our proton therapy equipment in narrow existing buildings such as the Harley Street building, without the need for significant building costs, is predicated on the nature of the LIGHT system's modular design. The LIGHT modules weigh less than 1,800 kg each, making it possible for them to be transported directly into the accelerator hall via a conventional lift. This modularity and weight offer significant cost benefits in comparison to the costs associated with the 2-3 diameter 90-tonne proton accelerators currently on the market.

 

The benefits of using a modular proton therapy system such as LIGHT - in terms of reduced building, transportation and installation costs - are further compounded by the much greater efficiency of the equipment. A highly efficient radiation system implies a limited loss of radiation within the building housing the equipment, hence minimising the need for expensive shielding requirements. A recent study showed that LIGHT has a transmission of more than 95%. Comparatively the transmission of a conventional cyclotron with energy degraders is less than 20% for an energy of 170MeV. This is highly relevant to address the challenges observed with the construction of buildings equipped with legacy technologies, the latter necessitating shielding walls sometimes in excess of 5 metres and doors in excess of 120 tonnes to block access to the accelerator hall.

 

 

Towards improved medical outcomes and increased patient throughput

The ability of a proton therapy equipment to enhance the damaging power of radiation on the tumour whilst avoiding the healthy surrounding tissue is subject to various criteria amongst which (i) the speed at which protons and their killing energy can cover the whole volume of the tumour, (ii) the size of the proton spots and (iii) the ability to deliver more radiation per patient's visit through hypofractionation and FLASH techniques.

 

LIGHT can deposit more than 200 pulses of protons with differing energy per second. In contrast, legacy systems can deliver only one to two pulses of differing energy per second. This fast energy modulation provides a major clinical breakthrough, particularly for targeting moving tumours, opening up the opportunity for treating a much wider range of cancer types, such as lung tumours.

 

Reducing the size of the proton spots carries significant benefits; more specifically, this allows us to deliver a more targeted therapy, which is particularly relevant when treating the edge of the tumour whilst sparing the healthy surrounding tissue. With our partner RaySearch AB, the Treatment Planning System (TPS) of LIGHT has been successfully upgraded to calculate sub-millimetre proton beam sizes, such as LIGHT is designed to produce. Calculations with the LIGHT beam, up to 5 times smaller than in existing systems, show expected improvement in conforming the radiation dose to the tumour - impactful for improving patient outcomes and hypofractionation (see below). The TPS now offers the ability to plan patient treatments in the seated position (as opposed to a lying position). This provides an essential tool to identify those patients who will benefit the most from the unique properties of the LIGHT system in comparison to conventional x-ray therapy.

 

The hypofractionation and FLASH techniques allow patients to be treated in fewer visits or even in one single visit in the case of FLASH - as opposed to 20 to 35 visits which are currently the norm. FLASH represents a clear shift in the treatment paradigm, given the improved convenience for patients and the increased patient throughput for clinical operators. This FLASH technique which is not yet on the market necessitates the delivery of a significantly higher dose of radiation (vs the current standards) in less than half of a second. Current studies suggest that the existing cyclotrons may offer FLASH treatment but only for a small set of deep-seated tumours. In contrast, data published by AVO scientists support the use of FLASH technique for all indicated tumours, regardless of their (deep or not) location within the body. The results of the study, "Investigation on FLASH therapy using a high frequency linac for protons" were presented at the Particle Therapy Co-Operative Group (PTCOG).    

 

In parallel, the performance tests for further improving the reliability of the system and hence maximising the patient throughput are being successfully performed in Geneva. These are expected to limit the down-time and improve the financial returns of clinical operators.

 

In this context, we are proud to report that the scientific and clinical communities have shown a continued interest in Advanced Oncotherapy's innovative, compact, modular, linear accelerator technology, which got most recently featured in the Global Innovation Index 2019, in the 10th edition of the Review of Accelerator Science & Technology and at the International Conference on Medical Accelerators and Particle Therapy, among others. 

 

Update on the regulatory process

In the period the Company has gained ISO 13485:2016 certification which was awarded following an audit by Lloyd's Register, an independent compliance specialist. This is an internationally recognised quality standard to ensure consistent, design, development, production, installation and sale of medical devices are safe for their intended purposes. The certification reflects our commitment to safety and the high quality of our product performance.

 

With the initial hardware manufacturing process and technical design now validated, we are shifting resources towards the completion of the verification and validation, a regulatory step aimed at ensuring that the system manufactured is based on the highest specifications, a pre-requisite for regulatory clearance.

 

Update on the financing activities

In May 2019 we secured additional equity and debt funding totalling £12.4 million in the form of a two-year secured debt facility with Credit Suisse AG for £10.0 million alongside a direct equity subscription raising a total of £2.4 million.

 

The new funds have supported the continued manufacturing, integration and testing of our first LIGHT system in Daresbury, ahead of the first commercial installation at the Harley Street site.

 

The interest rate on the loan from Credit Suisse AG is 2% above LIBOR per annum and the loan is repayable in full in May 2021. The loan is secured against an aggregated amount of £10.5 million with Nerano Pharma acting as Third Party Pledgor having placed £10 million in a pledged account and the remaining £0.5 million placed in a pledged account by the Company

 

In accordance with the equity subscription, we issued 5,862,500 new ordinary shares of 25 pence each in the capital of the Company at a price of 40 pence per share. These shares were subscribed for predominantly by Swiss institutional investors and admitted to trading on AIM on 14 May 2019.

 

Post period-end, we have announced further equity and debt facility to fund the progression of verification and validation activity. As announced on 7 August 2019, a total of £14.4 million of equity was subscribed for by new and existing investors, alongside a loan facility of £4.0 million from Nerano Pharma. The Company is also pleased to announce that with respect to the fundraising announced on 7 August 2019, it has, following additional investor demand, raised c. £2.9 million at 40p per share as part of the final tranche of the fundraising exceeding the anticipated final tranche amount of £2.5 million (the "Subscription"). The final tranche of the Subscription is expected to complete on 7 October 2019 and a further announcement has been released by the Company today providing further details.

 

Senior management appointment

Moataz Karmalawy was appointed as Chief Commercial Officer and President of the US division. Prior to his appointment, Mr. Karmalawy served as General Manager of the worldwide Particle Therapy Business for Varian Medical Systems Inc., the world's largest manufacturer of radiotherapy equipment; he has been responsible for all aspects of leading the proton therapy business unit for 12 years. Prior to that, he has also served in several senior executive roles at Philips Medical for 10 years.

 

Bringing someone of Mr Karmalawy's calibre and experience to the Company provides us with a great opportunity as we move closer towards the next generation of proton beam technology and the commercialisation of the LIGHT system.

 

Financials

The Company recorded a loss of £11.2 million in the six months to 30 June 2019 (H1 2018: £11.5 million), with shareholder funds increasing to £37.4 million over the same period (H1 2018: £34.8 million).

 

Cash and cash equivalents at 30 June 2019 were £3.6 million (as at 30 June 2018: £3.3 million).

 

Outlook

We believe the we have the necessary technology to deliver a system which offers more affordable, adaptive and precise proton therapy treatment. The LIGHT system is designed to have clear advantages over current proton therapy technologies in terms both of cost and clinical effectiveness. Our ability to generate proton beams with energies required to treat superficial tumours and the key intermediary steps to achieve such result - all as per the schedule communicated 30 months ago - have been significant steps forward. The additional funding we have received has contributed to de-risking the business model and provides a better position to pursue longer-term financing options. As indicated in the directors' report of our latest annual report, the Board remains committed to maintain the pace of our manufacturing and installation activities. This will involve further funding to support our plan.

 

On behalf of the Board and the rest of the staff, I would like to thank our shareholders for their continued support, and I look forward to updating the market with more positive news very soon.

 

Dr. Michael Sinclair

Executive Chairman

 

30 September 2019



 

 

 

Consolidated statement of profit or loss and other comprehensive income

Unaudited

Unaudited

Audited


6 months to

6 months to

year to


30-Jun-19

30-Jun-18

31-Dec-18









Revenue

                     -  

                     -  

                     -  

Cost of sales

                     -  

                     -  

(1,908,925)

Gross loss

                     -  

                     -  

(1,908,925)

Administrative expenses

(11,005,001)

(11,307,101)

(19,890,746)

Operating loss

(11,005,001)

(11,307,101)

(21,799,671)

Finance income

2,921

                     -  

13,496

Finance costs

(588,638)

(173,239)

(80,187)

Loss on ordinary activities before taxation

(11,590,718)

(11,480,340)

(21,866,362)

Taxation

375,728

                     -  

759,413

Loss after taxation from continuing operations

(11,214,990)

(11,480,340)

(21,106,949)

Profit/(Loss) for the period from discontinued operations

(25,122)

                     -  

(47,794)

Loss after discontinued operations

(11,240,112)

(11,480,340)

(21,154,743)

Loss for the period




Equity of shareholders of the parent company

(11,240,112)

(11,480,340)

(21,154,743)

Non-controlling interests

                     -  

                     -  

                     -  


(11,240,112)

(11,480,340)

(21,154,743)

Other comprehensive income




Items that will not be subsequently reclassified to profit or loss:




Exchange differences on translation of foreign operations

821,035

444,122

991,530

Total comprehensive loss for the period net of tax

(10,419,078)

(11,036,218)

(20,163,214)





Total comprehensive loss attributable to:




Equity of shareholders of the parent company

(10,419,078)

(11,036,218)

(20,158,434)

Non-controlling interests

                     -  

                     -  

(4,779)


(10,419,078)

(11,036,218)

(20,163,214)





 



 

 

Consolidated statement of financial position

Unaudited

Unaudited

Audited



6 months to

6 months to

Year to



30-Jun-19

30-Jun-18

31-Dec-18

Non-current assets









Intangible assets

45,061,007

35,198,019

40,165,073

Property, plant and equipment

15,263,633

1,198,155

4,086,730

Investment property

350,000

310,000

310,000

Trade and other receivables

699,941

850,592

1,210,874



61,374,582

37,556,766

45,772,677

Current Assets




Inventories

11,681,528

9,681,042

10,014,086

Trade and other receivables

2,414,698

1,327,881

1,964,695

Corporation tax R&D refund

685,764

2,850,000

685,764

Cash and cash equivalents

3,592,879

3,321,835

1,013,053



18,374,869

17,180,758

13,677,598

Total assets

79,749,451

54,737,524

59,450,275






Current liabilities




Trade and other payables

(4,961,920)

(3,445,434)

(5,954,777)

Lease liabilities

(1,329,998)

                     -  

                     -  

Borrowings

(2,230,000)

                     -  

(3,000,000)



(8,521,918)

(3,445,434)

(8,954,777)

Non-current liabilities




Licence Fee Received

(16,500,000)

(16,500,000)

(16,500,000)

Lease liabilities

(7,944,167)

                     -  

                     -  

Borrowings

(9,348,904)

                     -  

                     -  



(33,793,071)

(16,500,000)

(16,500,000)

Total liabilities

(42,314,989)

(19,945,434)

(25,454,777)

Net assets


37,434,462

34,792,090

33,995,498






Equity





Share capital

50,107,148

38,907,308

42,391,523

Share premium reserve

55,087,750

47,405,823

50,724,177

Share option reserve

8,011,287

6,100,016

7,198,580

Reverse acquisition reserve

11,038,204

11,038,204

11,038,204

Exchange movements reserve

2,272,975

545,266

1,451,939

Accumulated losses

(89,082,902)

(69,204,527)

(78,808,925)

Equity attributable to shareholders of the Parent Company

37,434,462

34,792,090

33,995,498

Total equity funds

37,434,462

34,792,090

33,995,498






 




 

Consolidated statement of changes in equity










Six months to 30 June 2019












Share capital

Share premium reserve

Share option reserve

Reverse acquisition reserve

Loan note conversion reserve

Exchange movement reserve

Accumulated losses

Equity share holders interest

Non-Controlling interest

Total












Balance at 01 January 2018

20,233,799

43,259,389

5,743,609

11,038,204

5,650,631

460,410

(57,724,185)

28,661,858

                    -  

28,661,858

Loss for the year

-  

                    -  

                    -  

                    -  

                    -  

                    -  

(21,149,965)

(21,149,965)

(4,779)

(21,154,744)

other comprehensive income exchange movement

-  

                    -  

                    -  

                    -  

                    -  

991,531

                    -  

991,531

                    -  

991,531

Total comprehensive Income

-  

                    -  

                    -  

                    -  

                    -  

991,531

(21,149,965)

(20,158,435)

(4,779)

(20,163,214)












Shares Issued in the period

17,448,866

7,473,151

760,031

                    -  

                    -  

                    -  

                    -  

25,682,048

                    -  

25,682,048

Expenses deducted from share premium

-  

(950,135)

                    -  

                    -  

                    -  

                    -  

                    -  

(950,135)

                    -  

(950,135)

Lapsed and cancelled options

-  

                    -  

(34,497)

                    -  

                    -  

                    -  

34,497

                    -  

                    -  

                    -  

Lapsed and cancelled warrants

-  

                    -  

(35,506)

                    -  

                    -  

                    -  

35,506

                    -  

                    -  

                    -  

Conversion of loan notes

4,708,859

941,772

                    -  

                    -  

(5,650,631)

                    -  

                    -  

                    -  

                    -  

                    -  

Share based payments











 - Share option charge

-  

                    -  

49,072

                    -  

                    -  

                    -  

                    -  

49,072

                    -  

49,072

- Share warrants charge

-  

                    -  

715,870

                    -  

                    -  

                    -  

                    -  

715,870

                    -  

715,870

Group provision for minority interest

-  

                    -  

                    -  

                    -  

                    -  

                    -  

(4,779)

(4,779)

4,779

                    -  

Balance at 31 December 2018

42,391,523

50,724,177

7,198,580

11,038,204

                    -  

1,451,941

(78,808,926)

33,995,499

                    -  

33,995,499












Balance at 01 January 2019

42,391,523

50,724,177

7,198,580

11,038,204

                    -  

1,451,941

(78,808,926)

33,995,499

                    -  

33,995,499

Loss for the year

-  

                    -  

                    -  

                    -  

                    -  

                    -  

(11,240,112)

(11,240,112)

                    -  

(11,240,112)

Lapsed and cancelled options

-  

                    -  

(966,135)

                    -  

                    -  


966,135

                    -  

                    -  

                    -  

other comprehensive income exchange movement

-  

                    -  

                    -  

                    -  

                    -  

821,035

                    -  

821,035

                    -  

821,035

Total comprehensive Income

-  

                    -  

(966,135)

                    -  

                    -  

821,035

(10,273,977)

(10,419,078)

                    -  

(10,419,078)












Shares Issued in the period

7,678,099

4,606,859

                    -  

                    -  

                    -  

                    -  

                    -  

12,284,958

                    -  

12,284,958

Expenses deducted from share premium

-  

(262,800)

                    -  

                    -  

                    -  

                    -  

                    -  

(262,800)

                    -  

(262,800)

Share based payments











 - Share option charge

-  

                    -  

919,553

                    -  

                    -  

                    -  

                    -  

919,553

                    -  

919,553

- Share warrants charge

-  

                    -  

859,289

                    -  

                    -  

                    -  

                    -  

859,289

                    -  

859,289

- Share Issued for debt

37,527

19,514

                    -  

                    -  

                    -  

                    -  

                    -  

57,040

                    -  

57,040

Group provision for minority interest

-  

                    -  

                    -  

                    -  

                    -  

                    -  


                    -  


                    -  

Balance at 30 June 2019

50,107,148

55,087,750

8,011,287

11,038,204

                    -  

2,272,975

(89,082,903)

37,434,461

                    -  

37,434,462


 

 

Consolidated statement of cash flows

Unaudited

Unaudited

Unaudited

Audited

Audited


6 months to

6 months to

6 months to

year to

year to


30-Jun-19

30-Jun-19

30-Jun-18

31-Dec-18

31-Dec-18


Continuing operations

Discontinued operations

Continuing operations

Continuing operations

Discontinued operations

Cash flow from operating activities






Loss after taxation

(11,214,990)

(25,122)

(11,480,340)

(21,106,949)

(47,794)







Adjustments to cash flows from non-cash items





Depreciation and amortisation

850,408

                      -  

182,858

411,134

                      -  

Finance income

(2,921)

                      -  

                      -  

(13,496)

                      -  

Finance costs

336,734

                      -  

173,239

80,187

                      -  

Taxation

                      -  

                      -  

                      -  

(759,413)

                      -  

Share based payments

1,835,882

                      -  

2,411,351

4,202,625

                      -  

Impairment of inventory

                      -  

                      -  

                      -  

1,908,925

                      -  

Foreign exchange

154,491

                      -  

                      -  

346,285

                      -  

Cash flows from operations before changes in working capital

(8,040,396)

(25,122)

(8,712,892)

(14,930,702)

(47,794)

Changes in inventories

(1,667,442)

                      -  

(2,051,750)

(4,293,719)

                      -  

Property deposits made

                      -  

                      -  

(11,705)

(371,988)

                      -  

Change in trade and other receivables

(450,003)

                      -  

636,911

97

                      -  

Change in trade and other payables

(945,010)

(41,168)

(3,160,337)

(1,387,909)

23,651

Deferred licence fees received

                      -  

                      -  

16,500,000

16,500,000

                      -  

Cash (used) / generated from operations

(11,102,851)

(66,290)

3,200,227

(4,484,221)

(24,143)

Interest paid

(653)

                      -  

(644,947)

(80,187)

                      -  

Convertible loan costs paid

                      -  

                      -  

(229,589)

                      -  

                      -  

Corporation Tax Receipt

                      -  

                      -  

                      -  

2,923,649

                      -  

Cash flows from operating activities

(11,103,504)

(66,290)

2,325,691

(1,640,759)

(24,143)

Cash flows from investing activities:






Interest received

2,921

                      -  

                      -  

13,496

                      -  

Purchase of buildings plant and equipment

(1,911,442)

                      -  

(200,076)

(3,293,238)

                      -  

Capital expenditure on intangible assets

(4,895,934)

                      -  

(4,628,040)

(8,799,893)

                      -  

Cash flows from investment activities

(6,804,455)

                      -  

(4,828,116)

(12,079,635)

                      -  

Cash flows from financing activities:






Proceeds from issue of ordinary shares

12,284,958

                      -  

14,415,000

21,052,563

                      -  

Costs of share issue

(262,800)

                      -  

                      -  

(650,135)

                      -  

Short term loan receipts

                      -  

                      -  

                      -  

4,500,000

                      -  

Short term loan payments

(770,000)

                      -  

(8,647,218)

(10,247,218)

                      -  

Long term loan receipts

9,300,000


                      -  

                      -  

                      -  

Intra Group Cash Transfers

(66,330)

66,330

                      -  

(24,483)

24,483

Cash flows from financing activities

20,485,828

66,330

5,767,782

14,630,727

24,483

Increase/(decrease) in cash and cash equivalents

2,577,869

40

3,265,357

910,334

340

Exchange gain on cash and cash equivalents

1,920

                      -  

                      -  

45,899

                      -  

Cash and cash equivalents at the beginning of the period

995,057

17,994

56,478

38,824

17,654

Cash and cash equivalents at the end of the period

3,574,845

18,034

3,321,835

995,057

17,994

 

 

Notes to interim results:

 

1.    Accounting policies

 

The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2019, and will be adopted in the 2019 annual financial statements. As of 1 January 2019, IFRS "16 Leases", became effective and requires lessees to recognise all lease assets and liabilities on the balance sheet for both finance leases and operating leases. The main impact has been to recognise right of use assets of £10.1m in property, plant and equipment and a lease liability for future payments of £9.3m.

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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