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Instem plc: Final Results
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===== At 1 January ===== |250 |250 |- |Acquisition |41 |<nowiki>-</nowiki> |- |Increase in provision during the year |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |At 31 December |291 |250 |} The Group holds a provision of £0.25m (2020: £0.25m) in respect of historical contract disputes against a maximum exposure of approximately £3.8m (2020: £4.0m). The maximum exposure includes additional claims for consequential losses. There are uncertainties around the outcome of contract disputes and any settlements may be higher or lower than the amount provided. The directors believe the provision represents the best estimate of the risks and considers all information and legal input received by the Group. The assumptions made in relation to the current period are consistent with those in the prior year. The utilisation of this provision is still expected to happen within two years due to the legal process taking longer than originally anticipated. The amount of £0.04m relates to the general provision that PDS provided for warranty and remained unchanged as of 31 December 2021 based on management estimates. '''13 Subsequent events''' No adjusting events have occurred between the 31 December reporting date and the date of approval of these financial statements. An historical contractual licence dispute, which does not affect the ongoing operations of the Group, was heard by a German court on 17 March 2022 and the official outcome is awaited. The Group has been defending the action and strongly believes that the claim should be dismissed. Notwithstanding this, the cost provision of £0.25m made in 2017 has been maintained in the 2021 financial statements. As the potential financial outcome cannot yet be determined with any certainty the Board has concluded that the £0.25m provision was appropriate at 31 December 2021. To date all legal expenses have been expensed. On 8 April 2022, the Group signed a new financing arrangement which consists of a committed facility of £10.m with HSBC UK Bank plc to support the Group's working capital needs and its acquisition strategy, which can be extended up to £20.0m if needed, subject to further bank approval. The financial covenants have been considered in the forecast to ensure compliance. '''14 Approval''' The Preliminary Announcement was approved by the Board of Directors on 26 April 2022. '''15 Preliminary Announcement''' A copy of this Preliminary Announcement is available on request to all Shareholders by post from the Company Secretary, (2 Diamond Way, Stone Business Park, Stone, Staffordshire, ST15 0SD). The announcement can also be accessed on the Internet at <nowiki>https://investors.instem.com</nowiki>. The 2021 Annual Report will be made available on the Group's website (www.instem.com) on or before 16 May 2022.
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