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REG - BTG PLC - Half Yearly Report - Part 2

- Part 2: For the preceding part double click  ID:nRSJ1126Fa 

                                                          70.5                                78.2                       80.9       229.6    
 Cost of Sales1                                                              (21.3)                              (9.0)                      (40.0)     (70.3)   
 Gross Profit                                                                49.2                                69.2                       40.9       159.3    
 Selling, general and administrative expenses                                (42.1)                              (11.6)                     (11.2)     (64.9)   
 Contribution                                                                7.1                                 57.6                       29.7       94.4     
                                                                                                                                                                
 Amortisation of acquired intangibles                                                                                                                  (17.2)   
 Foreign exchange gains                                                                                                                                0.6      
 Research and development                                                                                                                              (33.6)   
 Profit on disposal of property, plant and  equipment and intangible assets                                                                            -        
 Acquisition and reorganisation costs                                                                                                                  -        
 Operating profit                                                                                                                                      44.2     
 Financial income                                                                                                                                      14.5     
 Financial expense                                                                                                                                     (5.8)    
 Profit before tax                                                                                                                                     52.9     
 Tax                                                                                                                                                   (1.6)    
 Profit for the period                                                                                                                                 51.3     
 Unallocated assets                                                                                                                                    1,080.5  
 
 
1) 2015 Cost of Sales includes a £1.5m release of a fair value adjustment to
inventory purchased on the acquisition of PneumRx, Inc. on 7 January 2015
within the Interventional Medicine segment. This release represents the
reversal of a fair value uplift applied to inventory purchased on acquisition
recognised through the income statement as the product is sold. 
 
                                                                            Six months ended 30 September 2014  
                                                                            Interventional Medicine             Specialty Pharmaceuticals  Licensing  Total   
                                                                            £m                                  £m                         £m         £m      
                                                                                                                                                              
 Revenue                                                                    51.8                                77.8                       61.6       191.2   
 Cost of Sales                                                              (14.2)                              (11.8)                     (29.9)     (55.9)  
 Gross Profit                                                               37.6                                66.0                       31.7       135.3   
 Selling, general and administrative expenses                               (28.8)                              (12.0)                     (14.4)     (55.2)  
 Contribution                                                               8.8                                 54.0                       17.3       80.1    
                                                                                                                                                              
 Amortisation of acquired intangibles                                                                                                                 (13.1)  
 Foreign exchange gains                                                                                                                               3.6     
 Research and development                                                                                                                             (27.2)  
 Profit on disposal of property, plant and equipment and intangible assets                                                                            0.3     
 Acquisition and reorganisation costs                                                                                                                 (0.9)   
 Operating profit                                                                                                                                     42.8    
 Financial income                                                                                                                                     -       
 Financial expense                                                                                                                                    (5.2)   
 Profit before tax                                                                                                                                    37.6    
 Tax                                                                                                                                                  1.6     
 Profit for the period                                                                                                                                39.2    
 Unallocated assets                                                                                                                                   759.3   
 
 
Revenue analysis 
 
An analysis of revenue, based on the geographical location of customers and
the source of revenue is provided below: 
 
 Geographical analysis  Six monthsended 30 September 2015  Six monthsended 30 September 2014  
                        £m                                 £m                                 
 USA                    203.7                              171.2                              
 Europe                 19.5                               14.2                               
 Other regions          6.4                                5.8                                
                        229.6                              191.2                              
 
 
 Revenue from major products and services  Six months ended 30 September 2015  Six months ended 30 September 2014  
                                           £m                                  £m                                  
 Product sales                             148.7                               129.6                               
 Royalties                                 80.9                                61.6                                
                                           229.6                               191.2                               
 
 
Major customers 
 
Products that utilise the Group's Intellectual Property Rights are sold by
licensees. Royalty income is derived from over 50 licences. One licence
individually generated royalty income in excess of 10% of Group revenue of
£61.2m (H1 14/15: one licence individually generated £50.6m). 
 
The Group's marketed products are sold both directly and through distribution
agreements in the USA, Europe and Asia Pacific region. No individual customer
generated income in excess of 10% of Group revenue (H1 14/15: one customer
individually generated product income of £20.6m). 
 
3.   Foreign exchange gains and losses in the income statement 
 
During the six months ended 30 September 2015 the Group recognised foreign
exchange gains of £0.6m
(H1 14/15: gains of £3.6m) within operating profit. These arose from the
retranslation of foreign currency balance sheet amounts, transactional
exchange gains and losses in the period and the settlement of the Group's
foreign exchange forward contracts during the period. 
 
Included within "Financial income" of £14.5m (H1 14/15: included within
"Financial expense" of £5.2m) is £1.7m (H1 14/15: £3.4m) which represents the
movement in the fair value of the Group's foreign exchange forward contracts. 
 
4.   Financial income and expense 
 
                                                                  Six months ended30 September 2015  Six monthsended 30 September2014  
                                                            Note  £m                                 £m                                
 Interest receivable on money market and bank deposits            0.1                                -                                 
 Fair value movement on foreign exchange forward contracts        1.7                                -                                 
 Fair value changes on contingent consideration             10    12.7                               -                                 
 Financial income                                                 14.5                               -                                 
                                                                                                                                       
 Fair value movement on foreign exchange forward contracts        -                                  3.4                               
 Fair value changes on contingent consideration             10    5.2                                1.3                               
 Other financial expense                                          0.6                                0.5                               
 Financial expense                                                5.8                                5.2                               
 
 
5.   Tax 
 
                                           Six months ended 30 September 2015  Six months ended 30 September 2014  
                                           £m                                  £m                                  
 Current tax                                                                                                       
 Current tax charge                        8.5                                 14.8                                
                                                                                                                   
 Deferred tax                                                                                                      
 Decrease in net deferred tax liability    (5.0)                               (16.4)                              
 Increase in net deferred tax asset        (1.9)                               -                                   
 Total tax charge/(credit) for the period  1.6                                 (1.6)                               
 
 
Tax for each six month period has been provided on the basis of the
anticipated tax charge/(credit) for the full year. The current tax charge of
£8.5m (H1 14/15: £14.8m) principally relates to US federal and state taxes. 
 
The deferred tax credit of £6.9m (H1 14/15: £16.4m credit) principally
reflects the reduction in the deferred tax liability recognised on acquired
intangible assets as these assets are amortised or impaired (£14.4m) and the
recognition of deferred tax assets (£13.7m), offset by use of recognised tax
losses (£17.6m).  £38.5m of previously unrecognised tax losses are expected to
be recognised in the year due to the expectation that there will be taxable
profits in the future against which they can be utilised. 
 
6.   Earnings per share 
 
The calculation of basic and diluted earnings per share is based on the
following data: 
 
                                              Six monthsEnded30 September 2015  Six monthsended 30 September 2014  
 Profit for the period (£m)                   51.3                              39.2                               
 Earnings per share (p)                                                                                            
 Basic                                        13.4                              10.8                               
 Diluted                                      13.2                              10.7                               
                                                                                                                   
 Number of shares (m)                                                                                              
 Weighted average number of shares - basic    382.3                             361.6                              
 Effect of share options in issue             5.9                               5.3                                
 Weighted average number of shares - diluted  388.2                             366.9                              
 
 
The calculation of basic and diluted earnings per share from underlying
earnings is based on the following data: 
 
                                                       Six months ended30 September 2015  Six months ended 30 September 2014  
 Profit for the period from operations (£m)            51.3                               39.2                                
 Add back:                                                                                                                    
 Fair value adjustment on acquired inventory(i)        0.9                                -                                   
 Amortisation of acquired intangible fixed assets(ii)  11.7                               9.1                                 
 Acquisition and reorganisation costs(iii)             -                                  0.7                                 
 Fair value changes on contingent consideration(iv)    7.5                                1.3                                 
 Underlying earnings                                   71.4                               50.3                                
                                                                                                                              
 Earnings per share (p)                                                                                                       
 Basic                                                 18.7                               13.9                                
 Diluted                                               18.4                               13.7                                
                                                                                                                                
 
 
Adjustments to profit are shown after taking into account the tax effect of
such adjustments on the results as shown in the condensed consolidated income
statement as follows: 
 
i.    In the period ended 30 September 2015 there was £0.6m tax impact on fair
value adjustment of inventory acquired of £1.5m. 
 
ii.    The release of deferred tax liability of £5.5m (H1 14/15: £4.0m) has
been deducted from the amortisation of acquired intangible assets of £17.2m
(H1 14/15: £13.1m) as shown in the condensed consolidated income statement. 
 
iii.   In the period ended 30 September 2014 £0.2m tax impact on acquisition
and reorganisation costs of £0.9m. 
 
iv.   No tax adjustment was required on the fair value changes on the
contingent consideration. 
 
The denominators used are the same as those above for both basic and diluted
earnings per share. 
 
7.   Goodwill and intangible assets 
 
a)   Goodwill 
 
Goodwill at 30 September 2015 is £181.3m (31 March 2015: £183.8m; 30 September
2014: £125.5m). The movements in the period relate to the foreign exchange
retranslation of goodwill denominated in foreign currencies at the closing
exchange rate at 30 September 2015. 
 
b)   Intangible assets 
 
                                         30 September 2015  31 March  30 September 2014  
                                                            2015                         
 Net book value                          £m                 £m        £m                 
 Developed technology(i)                 461.6              486.2     366.1              
 Contractual relationships(i)            0.2                0.3       0.1                
 In-process research and development(i)  97.5               100.0     16.6               
 Computer software                       0.5                0.7       0.6                
 Patents                                 3.1                3.2       1.9                
 Purchase of contractual rights(ii)      29.3               7.5       7.0                
                                         592.2              597.9     392.3              
 
 
(i)    Developed technology, Contractual relationships and In-process research
and development 
 
Intangible assets comprising developed technology, contractual relationships
and in-process research and development relate to assets acquired through
business combinations. Movements in these categories of intangible assets
between 31 March 2015 and 30 September 2015 are predominately driven by
amortisation charges and foreign exchange retranslation of the assets
denominated in foreign currencies at the closing exchange rate at 30 September
2015. 
 
(ii)    Purchase of contractual rights 
 
In May 2015, BTG purchased the residual financial interest of the originator
of Varithena® foam sclerotherapy technology for a one-off cash payment of
£23.0m, ensuring that the business retains 100% of the future value of
Varithena®. This addition has been included in purchase of contractual rights
and the asset is being amortised through cost of sales. 
 
8.   Defined benefit pension fund 
 
The Group has recognised a net defined benefit asset of £17.0m on the Group's
balance sheet in accordance with IAS19 - Employee benefits in relation to the
BTG Pension Fund (31 March 2015: asset of £13.2m; 30 September 2014: asset of
£7.6m). The £3.8m increase since 31 March 2015 relates principally to an
increase in the discount rate used to value the defined benefit obligation and
contributions paid being higher than the cost of benefits accruing over the
period. These effects are partially offset by a small increase in the
inflation assumption used to value the obligation and lower than expected
investment returns. Actuarial gains/losses are recognised in the condensed
consolidated statement of comprehensive income. 
 
In July 2014, the Group finalised the triennial actuarial valuation of the BTG
Pension Fund as at 31 March 2013. The valuation showed a deficit of £9.8m and
the Group committed to deficit repair payments of £6.0m in aggregate over the
three years ending 31 March 2017. In the period to 30 September 2015, deficit
repair payments of £1.2m (H1 14/15: £1.2m) have been made. 
 
9.   Business Combinations 
 
PneumRx acquisition 
 
In the prior year, BTG completed the acquisition of 100% of PneumRx, Inc. on 7
January 2015 for an initial cash consideration of £153.4m ($231.0m) and up to
$245m in contingent consideration based upon performance related future
milestones. The contingent consideration was recognised at a carrying value
equal to its fair value of £28.8m using acquisition date trading assumptions
and probability adjusted forecasts to assess the likelihood of revenue and FDA
approval milestone payments to be made. The final determination of these fair
values will be completed as soon as possible but no later than one year from
the acquisition date. 
 
PneumRx owns, manufactures and distributes RePneu® Coil System (RePneu®), a
minimally invasive treatment for advanced emphysema, which seeks to enhance
patients' quality of life by improving lung function and exercise capacity. At
the date of acquisition, RePneu® was in 11 European countries and had a fully
recruited US pivotal clinical trial underway. A decision on US approval is
anticipated during 2016. The acquisition complements BTG's Interventional
Medicine platform, expanding it into the emerging area of Interventional
Pulmonology. 
 
At acquisition, intangible assets principally comprised £109.2m relating to
RePneu® (Europe) developed technology and £80.4m relating to RePneu® (US)
in-process research and development assets. The estimated useful life of the
developed technology was 15 years, and amortisation expense is recorded on a
straight-line basis. Goodwill arising of £51.6m, which is not deductible for
tax purposes, was assigned to the Interventional Medicine operating segment.
Goodwill included the values of tax impacts, assembled workforce and future
potential indications for RePneu® which at the time of acquisition did not
meet the criteria for recognition as separate intangible assets. 
 
Under the terms of the acquisition agreement, BTG may be due to make further
contingent consideration payments dependent upon PneumRx achieving certain
revenue targets and US FDA approval. 
 
The contingent consideration payments include up to $20m payable if PneumRx
meets a global revenue target in calendar year 2015 of US$35 million and US$60
million payable if US FDA approval is received before 31 December 2017. During
the period, no contingent consideration payments were made. The Group
recognised a £12.7m fair value movement in Financial income relating to the
release of the first PneumRx acquisition milestone as the likelihood of
payment was deemed remote. This was offset by £1.7m of discount unwind of the
other PneumRx acquisition milestones, recognised in Financial expense. The
remaining contingent consideration payments on the Statement of Financial
Position are considered by management to be a level 3 financial instrument
(note 10). 
 
10. Financial risk management 
 
Financial instruments are classified into level 1, level 2 and level 3
financial instruments.  The different levels are defined as follows: 
 
Level 1 - quoted prices in active markets for identical assets and
liabilities 
 
Level 2 - observable inputs other than quoted prices in active markets for
identical assets and liabilities 
 
Level 3 - unobservable inputs 
 
The Group's level 1 and level 2 financial instruments comprise cash, short-
and medium-term deposits, foreign currency forward contracts, and various
items such as trade receivables and payables which arise directly from
operations. In addition, a number of debt and equity investments, both quoted
and unquoted, are held in technology based companies along with borrowings
including obligations under finance leases. 
 
The carrying amount of the Group's Level 1 and Level 2 financial instruments
is a reasonable approximation of the fair value. 
 
There have been no transfers between the levels of financial instruments in
the period. 
 
The Group's level 3 financial instruments predominantly represent: 
 
·      the contingent consideration payable on achievement of revenue targets
and product approval by PneumRx following the acquisition of PneumRx, Inc. in
January 2015; 
 
·      contingent consideration payable on achievement of revenue targets by
EKOS following the acquisition of EKOS Corporation in July 2013; 
 
·      contingent consideration payable upon the purchase of the US commercial
rights of product candidate uridine triacetate representing contingent
milestone payments upon NDA acceptance and approval of the product candidate. 
 
The movement in the level 3 financial liabilities is shown below: 
 
                          2015    2014   
                          £m      £m     
 At 1 April               (32.7)  (5.5)  
 Movements in fair value  7.5     (1.3)  
 Currency movements       0.7     (0.2)  
 At 30 September          (24.5)  (7.0)  
 
 
The Group recognised a fair value adjustment of £12.7m (H1 14/15: £nil)
related to a contingent milestone for the acquisition of PneumRx within
'Financial income'. The Group recognised a fair value adjustment of £5.2m (H1
14/15: £1.3) related to the contingent milestones for the acquisitions of
PneumRx and EKOS within 'Financial expense'. 
 
11. Related parties 
 
Giles Kerr, a non-executive director of BTG plc, is also the Director of
Finance for Oxford University and a director of Isis Innovations Limited, a
wholly-owned subsidiary of Oxford University. Wholly-owned subsidiaries of BTG
plc entered into revenue sharing agreements with these organisations prior to
Giles Kerr joining the BTG Board. The BTG Group has licensed the intellectual
property covered by these agreements to third party companies that are
developing and/or selling the licensed products. Under these licence
agreements, BTG is entitled to receive milestone payments and/or a royalty on
sales of the products made by the third party licensees. Payments made by BTG
to Oxford University and Isis Innovations Limited under the relevant licence
agreements were £15,700 in the period ended 30 September 2015 (H1 14/15:
£4,100) and there were no amounts outstanding and payable at 30 September 2015
(H1 14/15: £nil). 
 
Under the various revenue sharing agreements, the BTG Group pays a share of
any income it receives to Oxford University and Isis Innovations, depending on
the specific technology that generated the income. As the revenue sharing
agreements do not permit these organisations to have any input over the
commercialisation of the licensed products or the amount payable under the
relevant revenue sharing agreement, Giles Kerr is not able to influence the
amounts received in his position outside BTG. Because he has no influence over
any aspect of these agreements in his role outside the BTG Group, the Company
considers that his independence in relation to the BTG Group is not
compromised. 
 
Within the BTG Group, to avoid any possible conflict of interest, it has been
agreed that Giles Kerr will not participate in any discussions concerning the
relevant agreements either within the Board meetings of BTG plc or in any
other discussions or meetings with the executives of BTG plc and its
subsidiaries. The Board has considered, and is satisfied with this safeguard
through separation of duties. 
 
12. Post balance sheet event 
 
Subsequent to the period end, the Group signed a new £100m multi-currency
revolving credit facility providing access to funds for a period of three
years to November 2018 with the option to extend for a further two years. This
replaces the previous £60m facility. 
 
Principal risks and uncertainties 
 
We have considered the principal risks and uncertainties faced by the Group
for the remaining six months of the year and do not consider them to have
changed from those set out on pages 33 to 36 of the BTG plc Annual Report and
Accounts 2015, available from the Group's website at www.btgplc.com. These
include but are not limited to: interruption of product supply including
reliance on third-party contractors for the supply of key manufacturing
materials and services; patent validity and infringement challenges and the
inherent risks of managing an intellectual property portfolio; product
liability; competition for new programmes and projects; general market
competition affecting product sales or royalty income; pricing and
reimbursement issues; the inherent uncertainty of drug development; the highly
regulated nature of the pharmaceuticals industry; and movements in foreign
exchange rates. 
 
Responsibility statement of the directors in respect of the interim financial
report 
 
We confirm that to the best of our knowledge: 
 
·      the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the European
Union; 
 
·      the interim management report includes a fair review of the information
required by: 
 
a)   DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and 
 
b)   DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so. 
 
The Board 
 
The Board of Directors that served during the six-month period to 30 September
2015 and their respective responsibilities can be found on pages 38 to 39 of
the BTG plc Annual Report and Accounts 2015. 
 
By order of the Board 
 
 Dr Louise Makin  Chief Executive Officer  
 Rolf Soderstrom  Chief Financial Officer  
 
 
9 November 2015 
 
Independent Review Report to BTG plc 
 
Introduction 
 
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2015 which comprises the Group's condensed consolidated income
statement, condensed consolidated statement of comprehensive income, condensed
consolidated statement of financial position, condensed consolidated statement
of cash flows and the condensed statement of changes in equity and the related
explanatory notes. We have read the other information contained in the
half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements. 
 
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ('the DTR') of the UK's Financial Conduct Authority
('the UK FCA'). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work,
for this report, or for the conclusions we have reached. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA. 
 
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the EU. The condensed set of
financial statements included in this half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU. 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2015 is not prepared,
in all material respects, in accordance with IAS 34 as adopted by the EU and
the DTR of the UK FCA. 
 
Richard Broadbelt 
 
For and on behalf of KPMG LLP 
 
Chartered Accountants 
 
15 Canada Square 
 
London E14 5GL 
 
9 November 2015 
 
Shareholder information 
 
Financial calendar 
 
 Announcement of annual results for year ended 31 March 2016  May 2016  
 
 
Capita share dealing services 
 
A quick and easy share dealing service is available from Capita Share Dealing
Services, to either buy or sell more shares. An online and telephone dealing
facility is available providing shareholders with an easy-to-access and
simple-to-use service. For further information on this service, or to buy and
sell shares, please contact: www.capitadeal.com (online dealing) or +44 (0)
371 664 0445 (telephone dealing) - calls are charged at the standard
geographic rate and will vary by provider, lines are open 8am - 4.30pm Monday
- Friday. Full terms, conditions and risks apply and are available on request
or by visiting www.capitadeal.com. 
 
This is not a recommendation to buy or sell shares. The price of shares can go
down as well as up, and you are not guaranteed to get back the amount that you
originally invested. 
 
Shareholder change of address 
 
The Company offers the facility, in conjunction with Capita Asset Services,
our Registrars, to conduct a number of routine matters via the web including
the ability to notify any change of address. If you are a shareholder and are
either unable or would prefer not to use this facility, please do not send the
notification to the Company's registered office. Please write direct to Capita
Asset Services, at their address shown below, where the register is held. 
 
Relating to beneficial owners of shares with 'information rights' 
 
Please note that beneficial owners of shares who have been nominated by the
registered holder of those shares to receive information rights under section
146 of the Companies Act 2006 are required to direct all communications to the
registered holder of their shares rather than to the Company's registrar,
Capita Registrars, or to the Company directly. 
 
Addresses for correspondence 
 
 Registered office and head office                                                                                                                               Registrars                                                                                                                                                                                                                                                                  
 BTG plc5 Fleet PlaceLondonEC4M 7RD Tel: +44 (0)20 7575 0000 Fax: +44 (0)20 7575 0010 Email: info@btgplc.com Website: www.btgplc.com  Registered number 2670500  Capita Asset ServicesThe Registry34 Beckenham RoadBeckenhamKentBR2 4TU Tel (callers from the UK)  0871 664 0300(please note that calls cost 10p per minute, plus network extras, lines are open 9.00am - 5.30pm Monday - Friday)Tel (callers outside UK)  +44 208 639 3399  
 
 
Tel: 
 
+44 (0)20 7575 0000 
 
Fax: 
 
+44 (0)20 7575 0010 
 
Email: 
 
info@btgplc.com 
 
Website: 
 
www.btgplc.com 
 
Registered number 2670500 
 
Capita Asset ServicesThe Registry34 Beckenham RoadBeckenhamKentBR2 4TU Tel
(callers from the UK)  0871 664 0300(please note that calls cost 10p per
minute, plus network extras, lines are open 9.00am - 5.30pm Monday -
Friday)Tel (callers outside UK)  +44 208 639 3399 
 
Cautionary statement regarding forward-looking statements 
 
This Interim Report and Accounts may contain certain projections and other
forward-looking statements with respect to the financial condition, results of
operations and businesses of BTG plc ("BTG"). These statements are based on
current expectations and involve risk and uncertainty because they relate to
events and depend upon circumstances that will occur in the future. There are
a number of factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements. Although BTG currently believes that the assumptions underlying
these forward-looking statements are reasonable, any of the assumptions could
prove inaccurate or incorrect and therefore there can be no assurance that any
results contemplated in the forward-looking statements will actually be
achieved. Nothing contained in this Interim report should be construed as a
profit forecast or profit estimate. Investors or other recipients are
cautioned not to place undue reliance on any forward-looking statements
contained herein. BTG undertakes no obligation to update or revise (publicly
or otherwise) any forward-looking statement, whether as a result of new
information, future events or other circumstances. This Interim Report and
Accounts does not constitute an invitation or inducement to any person to
subscribe for or otherwise acquire securities in BTG. 
 
BTG and the BTG roundel logo are registered trademarks of BTG International
Ltd. CroFab and DigiFab are registered trademarks of BTG International Inc.
Voraxaze is a registered trademark of Protherics Medicines Development Ltd. DC
Bead is a registered trademark of Biocompatibles UK Ltd. TheraSphere is a
registered trademark of Theragenics Corporation used under license by
Biocompatibles UK Ltd. EKOS and EkoSonic are registered trademarks of EKOS
Corporation. Varithena is a registered trademark of Provensis Ltd. RePneu and
PneumRx are registered trademark of PneumRx, Inc. Protherics Medicines
Development Ltd, Biocompatibles UK Ltd, EKOS Corporation, Provensis Ltd, and
PneumRx, Inc. are all BTG International group companies. Zytiga is a trademark
of Johnson & Johnson; Lemtrada is a trademark of Genzyme Corporation. 
 
This information is provided by RNS
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