20 April 2017 – final results
The company has announced results for the 17 months ended 31 December 2016. Revenue was minimal at £2.39m, albeit well up on the year to 31 July 2015 when revenue was £466k). Heavy losses continue and an operating loss of £22.4m was reported (year ended 31 July 2015: loss £10.9m). The loss per share was 25.04p (year ended 31 July 2015: loss 15.62p). The increase in net cash outflow from operations to £26.4m (year ended 31 July 2015: £11.8m) was in line with expectations. Existing cash resources as at 31 December 2016 were £28.9m, comprised of cash and cash equivalents of £19.0m and investments of £9.9m (31 July 2015: £17.5m, comprised of cash and cash equivalents of £15.9m and investments of £1.5m) and remains debt free. Tax losses of approximately £42.4m were available to offset against future taxable profits as at the period end (31 July 2015: £19.8m). The opportunity remains significant but there are also considerable risks. SPECULATIVE BUY.