Cientifica’s Move To Graphene Aids Recovery
Cientifica – formerly Avia Health Informatics – posts operating and pre-tax losses of £73,892 for the six months to the end of September, down from £239,234 last time.
Chief executive Tim Harper said: “These results are not relevant to the on-going business. Following the restructuring in October we believe we now have the platform in place to build a substantial business based on generating revenue and profits from applications of graphene.
“We have a number of acquisition targets, each of which would allow us to enter a different segment of the market, and discussions have commenced”.
Cientifica said its former healthcare business continued to experience trading difficulties from the start of the current financial year. Sales disappointed and were behind expectations due to ordering delays within the NHS, the company’s principal customer, and cash flow continued to be tight.
In late June, after further ordering delays in the NHS, which resulted in a deferral of expected revenues, and a delay in entering into an agreement to license the company’s technology to a third party, the company announced that it had requested the suspension of its ordinary shares from trading on AIM, pending clarification of its financial position.
It said that all identified options were explored in the latter part of June and in the months up to September.
The board subsequently determined that the orderly disposal of Plain Healthcare Limited would most likely realise some value for shareholders and creditors.
On 19 September, the company announced that it proposed to dispose of Plain Healthcare Limited to Advanced Computer Software, enter into a creditors voluntary arrangement, adopt a new investing policy under AIM Rules and change the name of the company to Cientifica.
On 23 October, these and other related proposals were completed and the company’s enlarged issued share capital resumed trading on AIM.