Interim Results
· Revenue of £486,000 (2012: £513,000) is broadly in line with the prior period. The sustained pause in NHS spending has continued, however we are pleased to report that invoiced sales for the half year totalled £255,000 compared with £211,000 last year and, consistent with previous years, we anticipate a stronger second half of the year. This provides a firm revenue base upon which to build, added to which Clinical Commissioning Groups ("CCGs") are now being formed and given authority to spend NHS funds.
· Loss before tax of £632,000 (2012: £771,000).
· Administrative expenses of £1,112,000 (2011: £1,289,000) reflect the effects of the cost saving measures implemented in the prior period.
· Cash balances of £614,000 (2012: £1,442,000) have reduced as the hiatus in UK sales revenue in the NHS continued. In February 2013, post period end, we secured an equity subscription of £0.5m at 0.28 pence per share together with two loan facilities totalling £2.35m, which together remove the material uncertainty about the Group's ability to continue as a going concern and provide Ultrasis with medium term financial security.
· We continue to pursue our strategy of diversifying into new markets at home and abroad with both "GetFit Wellness" solutions and "Beating the Blues" ("BtB"). Progress is being seen over a diverse range of markets in North America for our joint venture with University of Pittsburgh Medical Centre, USquared Interactive.