Date: Thursday 28 Jun 2012
Shares of Photo-Me International, the photo booth and vending machine operator, shot ahead after it said it expects further progress in the year ahead and posted a 12% increase in full year profit.
Pre-tax profit rose to £20.1m for the year ended April 30 from £18m the previous year. Revenue fell to £207.8m versus £219.8m in 2011 after continued weakness at its sales and servicing division overshadowed a robust performance at its operations division.
"Despite the difficult trading background we intend to press ahead with new product development and we remain keen to add to our current portfolio of businesses if the right opportunities arise," said non-executive chairman John Lewis.
"Subject to the risks and uncertainties detailed in the business and financial review, the Board once again anticipates further progress over the coming year," he added.
Net cash resources climbed £11m to almost £52m. The group is recommending a final dividend of 1.25p a share, giving a total dividend of 2.5p for the year, up 25%.
ReNeuron Group, a UK-based stem cell company, suffered a decline in its share price on Thursday after posting an increase in pre-tax losses for the year ended March 31st.
Loss before tax widened from £6.64m to £6.8m year-on-year (y/y), while revenues rose from £0.029m to £0.04m, representing royalty income from the group's non-therapeutic licensing activities.
Research and development (R&D) costs increased from £3.76m to £4.87m, while general and admin costs fell from £3.1m to £2.1m y/y, primarily as a result of the group ceasing to incur legal fees in connection with an intellectual property dispute with a competitor business, which settled in January 2011.
Basic losses per share came in at 1.0p compared to 1.3p the year previous.
Chairman Bryan Morton said: "During the period under review, our therapeutic programmes have continued to progress well. We are encouraged by the recently presented interim data from the PISCES clinical trial of our ReN001 therapeutic candidate for stroke and we remain on track to file an application, later this year, to commence clinical development of our ReN009 therapeutic candidate for critical limb ischaemia. The pre-clinical development of our ReN003 therapeutic candidate for retinitis pigmentosa also progresses to plan.
"We are actively pursuing a range of future funding sources, including potentially non-dilutive sources such as grants. We are also exploring the potential to reduce longer term funding requirements by the partnering of certain of our stem cell technologies and therapeutic programmes to commercial development partners in due course. Early discussions with interested parties have commenced in this regard."
The group had cash and cash equivalents totalling £4.0m as at March 31st (2011: £9.7m).
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