Angle - prelims

Angle released their preliminary results this morning, and apart from confirming the excellent progress that they have already made this year, there were no big surprises.

Just reading through the report does fill me with cautious optimism for the future of this company and the success of its Parsortix PR1 system.

The outlook statement summarises as follows:-

Garth Selvey, Chairman, commented:

 

"In a highly successful year, ANGLE not only completed the key development phase for its Parsortix system for capturing circulating tumour cells (CTCs) but also developed a new capability to harvest intact CTCs from patient blood for DNA analysis.  The Parsortix system has already been well received by our research partners and is now being evaluated by key opinion leaders in the fields of cancer diagnosis and treatment.  ANGLE is now focused on securing regulatory authorisations to allow it to address the multi-billion pound clinical market for the treatment of cancer patients."  

 

Indications suggest that revenues should start to flow and be meaningful towards the later part of 2013 and into 2014 and beyond.

 

At the moment Angle still has £1.8m cash on the balance sheet (at year end at least), and there was no cash call to accompany the preliminary statement this morning. I think it's fair to say that they will need more cash in the not too distant future, but I am hopeful that this will now be possible to raise through the sale of Geometrics or from a fund raising at a substantial premium to the current share price.

 

I notice that Geometrics appears to be prospering  "Enlighten has now become recognised by leading customers as the best lighting solution for the next generation platforms and sales are significantly up on the prior year. " From what I can ascertain, Angle's 31% holding in Geometrics has a book value around £4m? Although I am happy to be corrected on this.

 

I continue to hold, and no advice is intended or given. For any potential investors they are producing a webcast today which may be of interest:-

 

See below:-

 

 

"A meeting for analysts will be held at 11.30am today at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.  For a webcast of the analyst meeting, please log on to the following web address about 5 minutes before 11.30am:

 

http://mediaserve.buchanan.uk.com/2013/angle310713/registration.asp.

 

A recording of the webcast and presentation will be made available on ANGLE's and Buchanan's websites, www.ANGLEplc.com and www.buchanan.uk.com, following the analyst meeting."