It'll be some time before the sp will rise Cynic, it has risen on potential in the past, then fallen on disappointment but I think it is a little more stable these days and far more representative of where this company now is. An upbeat statement from the Chairman in the latest results, as you would expect, but having had a quick run through them, and in light of the government's keenness to push Beating the Blues, I think there is a future for ULT.
Results for the year to 31st July 2007
Consolidated turnover of 1,577,000 shows a 27%
increase on 2006 (1,243,000). It should be noted that turnover in the second half was 52% ahead of last year with first half growth of only 4% as a result of theNHS withholding expenditure pending the completion of the National Framework Agreement for Beating the Blues. Deferred income at the balance sheet date stands at 1,388,000, which includes some recent sizeable contract wins not yet reflected in turnover or operating profit. In accordance with FRS 20 the Group has incurred a non
cash charge of 495,000 in respect of options granted. (2006 as restated: 175,000).Other administrative expenses increased by 29%, mostly through recruitment of additional personnel needed to deliver Beating the Blues in the NHS. This has resulted in an operating loss of 269,000 before share-based payments and 764,000 after share-based payments (2006: 188,000 and as restated 363,000 respectively). The Group remains debt free with cash balances of 879,000 at 31 July 2007
Statement from Chairman and Chief Executive
This year has been defined by the announcement of the then Secretary of State, The Rt Hon Patricia Hewitt MP, that Beating the Blues should be available from April 2007 to all patients with mild to moderate depression, via their GP. It has become clear that funding for this had not been set aside resulting in the majority of PCTs struggling o meet the commitment and a slow uptake. We were therefore delighted when the Prime Minister
confirmed in his Comprehensive Spending Review that extra funding would be directed to PCTs for treating depression and anxiety. This was swiftly supported with
the announcement by Alan Johnson of an additional 170m funding over the next three years for the Improving Access to Psychological Therapies (IAPT) programme. We expect this to now result in the full implementation of Beating the Blues across the NHS as directed by NICE.
Beyond this we are delighted to report our moves into new markets for our products and that continued sales successes have produced a strong cash balance, with no
borrowings, and a sales pipeline making us financially secure and self financing.
I would recommend that you take a look at the results at:-
http://www.ultrasis.com/downloads/Annual%20Report%20and%20Accounts%20for%20the%20year%20ending%2031%20July%202007.pdf