REG - Microgen PLC - Audited Preliminary Results <Origin Href="QuoteRef">MCGN.L</Origin> - Part 2

Aptitude SoftwareAnnouncement

08/03/2017 07:00

- Part 2: For the preceding part double click  ID:nRSH7793Ya 

£000         
 Trade payables                         1,367        715          
 Other tax and social security payable  1,323        875          
 Other payables                         235          60           
 Accruals                               4,305        2,336        
 Deferred income                        20,617       16,991       
                                        27,847       20,977       
 
 
8.   Financial liabilities 
 
                                                                                     31 Dec 2016  31 Dec 2015  
                                                                                     £000         £000         
 Bank Loan                                                                           10,250       13,250       
 The borrowings are repayable as follows:                                                                      
 Within one year                                                                     3,000        3,000        
 In the second year                                                                  7,250        3,000        
 In the third to fifth years inclusive                                               -            7,250        
                                                                                     10,250       13,250       
 Less: Amount due for settlement within 12 months (shown under current liabilities)  (3,000)      (3,000)      
 Amount due for settlement after 12 months                                           7,250        10,250       
 
 
9.     Provisions 
 
                                         Provisions   
                                         31 Dec 2016  31 Dec 2015  
                                         £000         £000         
 At 1 January                            275          276          
 Charged/(credited) to income statement  46           (2)          
 Utilised                                (20)         (2)          
 Arising on acquisition                  -            10           
 Foreign exchange movement               10           (7)          
 At 31 December                          311          275          
 
 
Provisions have been analysed between current and non-current as follows: 
 
              Provisions   
              31 Dec 2016  31 Dec 2015  
              £000         £000         
 Current      24           35           
 Non-current  287          240          
              311          275          
 
 
10.  Share capital 
 
 Ordinary shares of 6 3/7p each (2015: 6 3/7p each)  Number      £000   
 Issued and fully paid:                                                 
 At 1 January 2016                                   59,060,521  3,796  
 Issued under share option schemes                   236,509     15     
 At 31 December 2016                                 59,297,030  3,811  
 
 
11.  Notes to the Group Cash Flow Statement 
 
Reconciliation of profit before tax to net cash generated from operations: 
 
                                                                   Year ended31 Dec 2016  Year ended31 Dec 2015  
                                                                   £000                   £000                   
 Profit before tax                                                 7,881                  4,885                  
 Adjustments for:                                                                                                
 Depreciation                                                      601                    597                    
 Amortisation                                                      812                    429                    
 Impairment of fixed assets                                        -                      1,532                  
 Research and development credit                                   -                      (101)                  
 Share-based payment expense                                       610                    110                    
 Finance income                                                    (66)                   (104)                  
 Finance costs                                                     397                    492                    
                                                                                                                 
 Changes in working capital excluding the effects of acquisition:                                                
 Increase in receivables                                           (3,412)                (1,162)                
 Increase in payables                                              6,173                  828                    
 Increase/(decrease) in provisions                                 36                     (11)                   
                                                                                                                 
 Cash generated from operations                                    13,032                 7,495                  
 
 
12.  Statement by the directors 
 
The preliminary results for the year ended 31 December 2016 and the results
for the year ended 31 December 2015 are prepared under International Financial
Reporting Standards as adopted for use in the EU ("IFRS").  The accounting
policies adopted in this preliminary announcement are consistent with the
Annual Report for the year ended 31 December 2015. 
 
The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts for the years ended 31 December
2016 or 31 December 2015.  The financial information for the year ended 31
December 2015 is derived from the Annual Report delivered to the Registrar of
Companies.  The Annual Report for 2016 will be delivered to the Registrar of
Companies in due course. The auditors' report on those accounts was
unqualified and neither drew attention to any matters by way of emphasis nor
contained a statement under either section 498(2) of Companies Act 2006
(accounting records or returns inadequate or accounts not agreeing with
records and returns), or section 498(3) of Companies Act 2006 (failure to
obtain necessary information and explanations). 
 
The Board of Microgen approved the release of this audited preliminary
announcement on 8 March 2017. 
 
The Annual Report for the year ended 31 December 2016 will be posted to
shareholders in due course and will be delivered to the Registrar of Companies
following the Annual General Meeting of the Company.  The report will also be
available on the investor relations page of our web site (www.microgen.com). 
Further copies will be available on request and free of charge from the
Company Secretary at Old Change House, 128 Queen Victoria Street, London, EC4V
4BJ. 
 
This information is provided by RNS
The company news service from the London Stock Exchange