We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Alliance Pharma Plc | LSE:APH | London | Ordinary Share | GB0031030819 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 34.90 | 35.10 | 35.20 | 34.25 | 35.00 | 3,856,879 | 16:22:33 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 167.42M | 936k | 0.0017 | 205.88 | 189.05M |
TIDMAPH
RNS Number : 2505R
Alliance Pharma PLC
10 September 2014
For immediate release 10 September 2014
ALLIANCE PHARMA PLC
("Alliance" or the "Company")
Interim Results for the six months ended 30 June 2014
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, is pleased to announce its interim results for the six months ended 30 June 2014.
Highlights of the year to date:
-- Half year revenue including share of joint ventures GBP22.5m (H1 2013: GBP22.8m)
o Year on year underlying revenue growth of 9.3% (14.8% including joint ventures) when the cyclical toxicology product is excluded
-- Hydromol(TM) continues to grow well, with sales up 15% to GBP3.0m (H1 2013: GBP2.6m)
-- Ashton & Parsons Infants' Powders(TM) sales jumped to GBP0.7m (H1 2013: GBP0.1m) on unconstrained supply
-- Half year profit before tax GBP5.4m (H1 2013: GBP6.8m)
o Year on year underlying pre-tax profit growth of 31% when the cyclical toxicology product is excluded
-- Basic earnings per share 1.68p (H1 2013: 2.22p) -- Interim dividend up 10% to 0.333p (H1 2013: 0.303p) -- Net bank debt GBP25.5m (31 December 2013: GBP25.2m) -- Acquisition of Irenat(TM) in Germany from Bayer in January 2014
Commenting on the results, Andrew Smith, Alliance Pharma's Chairman, said:
"Alliance made a solid start to 2014 with revenue and profits in line with expectations and good underlying revenue growth of 9.3%. We see growth potential from our Hydromol range, from other products in our portfolio including Ashton & Parsons Infants' Powders, and from potential acquisitions. With some GBP22m of our acquisition bank facility still undrawn we have ample headroom for deals and are working hard on an attractive pipeline of opportunities. Current trading is in line with management forecasts and we expect full year results to be in line with market expectations."
For further information:
Alliance Pharma plc + 44 (0) 1249 466966 John Dawson, Chief Executive Richard Wright, Finance Director www.alliancepharma.co.uk Buchanan + 44 (0) 20 7466 5000 Mark Court / Fiona Henson / Sophie Cowles Numis Securities Limited + 44 (0) 20 7260 1000 Nominated Adviser: Michael Meade / Freddie Barnfield Corporate Broking: David Poutney
Chairman's and Chief Executive's Statement
Alliance made a solid start to 2014, with both revenue and profits for the first half in line with expectations. Alliance benefits from a substantial portfolio of products, many of which maintain sales and continue generating cash without requiring promotional support. Of the products where we do invest in marketing, such as the Hydromol range, we have seen attractive growth. During the past few years we have acquired a number of consumer healthcare products and are excited by the potential of this product area to complement our portfolio of predominantly prescription products.
Pre-tax profit of GBP5.4m was lower than in the same period last year (H1 2013: GBP6.8m), when our cyclical toxicology product was reaching the peak of its sales cycle. While, as expected, sales of this product were much lower in the first half of 2014, the impact was largely offset by robust growth of some GBP3m in the rest of the portfolio. As a result, turnover reduced only slightly to GBP22.5m (H1 2013: 22.8m) including share of joint ventures.
Excluding joint ventures, revenue totalled GBP21.4m (H1 2013: 22.8m); in line with IFRS 11, this is the basis on which we will be reporting group turnover from 2014 onwards.
Continuing strong cash flow has enabled us to finance the acquisitions made in January internally without significantly increasing our net bank debt. We are strongly placed to maintain our buy and build strategy in the second half of the year and through 2015.
Trading performance
Sales of our cyclical toxicology product reduced to a minimal level in 2014, compared with GBP3.2m in the first half of 2013, in line with the two-and-a-half year replacement cycle of the product. As indicated previously, competitors have now come into this market and the price has dropped substantially. The main replacement contract has been awarded to competitors, and so revenues from the product are likely to remain very low.
The impact of the reduction in toxicology product sales was balanced by strong growth elsewhere in the portfolio.
This was led by the continuing advance of our Hydromol dermatology range, where sales rose 15% year on year to GBP3.0m in the first half. Hydromol has plenty of room for further progress as its share of the highly fragmented prescription emollient market is only 4%.
Sales of Ashton & Parsons Infants' Powders have picked up strongly, reaching GBP0.7m in the first half compared with GBP0.1m in H1 2013. We expect further growth now that we have overcome the production problems that had limited our ability to meet demand. We have developed a dedicated website for the product (www.ashtonandparsons.co.uk), as an information resource for parents and with details of where the product can be bought online.
Sales of Nu-Seals(TM) enteric-coated low-dose aspirin were GBP1.4m (H1 2013: GBP1.6m), reflecting continuing competition from generic competitors. The Health Products Regulatory Authority (HPRA), the Irish regulator, is currently considering which low-dose aspirin products should be included on the list of interchangeable medicines, which would allow pharmacists to dispense generic products against branded prescriptions. An announcement is expected soon. If the HPRA decides that Nu-Seals should be included on this list, it is likely that Nu-Seals sales will fall substantially and consequently the value in use of Nu-Seals will fall markedly below the GBP9.1m book value of the Nu-Seals intangible asset, which would be reflected in a non-cash impairment charge.
Gelclair(TM) , a treatment for oral mucositis, continues to grow well. Sales of Gelclair rose 15% compared to the same period last year. MolluDab(TM) , a treatment for the highly infectious skin condition molluscum contagiosum, has continued to make good progress since we launched it in the first half of 2013.
International sales now make up about a fifth of our turnover. In H1 2014 we benefited from a full six-month contribution from Syntometrine(TM) , after acquiring the international rights for this obstetric drug in June 2013.
Following supply disruptions in 2013, Forceval(TM) is now back in stable supply. Our sales to China are back to previous levels and UK demand is recovering progressively month by month.
Financial performance
Although the reduction in toxicology product sales was largely balanced by growth in other products, the changed mix carried lower margins. The gross margin rate has reduced from 61.9% in H1 2013 to 55.6% in H1 2014, in line with historic levels. We expect margins to remain at about this level going forward.
Our continuing focus on managing costs achieved a useful reduction in operating costs to GBP6.1m (H1 2013: GBP6.3m). We aim to ensure that full-year costs for 2014 remain below last year's level.
While total marketing investment remains broadly unchanged, the mix has gradually shifted in favour of consumer products. We are now investing modestly in brands such as Lypsyl(TM) , Ashton & Parsons Infants' Powders and MolluDab.
Overall operating profit reduced to GBP6.0m (H1 2013: GBP7.5m), representing 28% of sales. This reflected the reduction in gross margin from the changing product mix.
Cash generation remained strong. Free cash flow of some GBP4.4m (H1 2013: GBP4.0m) covered the cost of our acquisitions in the first half, leaving net debt virtually unchanged at GBP25.5m (December 2013: GBP25.2m). However, the reduction in earnings increased the bank debt:EBITDA ratio to 1.9 times (December 2013: 1.6 times).
Finance costs reduced to GBP0.5m (H1 2013: GBP0.7m), largely due to the completion of loan stock conversions.
EPS and dividend
Basic earnings per share reduced to 1.68p (H1 2013: 2.22p) as a result of lower profits and dilution arising from the final conversions of the Convertible Unsecured Loan Stock during 2013.
In line with our progressive dividend policy, the interim dividend will be 0.333p (H1 2013: 0.303p) per ordinary share. This provides an increase of 10% on last year's figure while still being well covered by profits. The interim dividend will be paid on 15 January 2015 to shareholders on the register on 5 December 2014.
Strategy
Our successful business model is based on running a well balanced portfolio. The majority of the brands we acquire are well established in their market niches and require no promotion in order to maintain sales. Within the portfolio we have identified several products with growth opportunities that provide an economic return on promotional investment. In recent years we have been broadening the growth element of our portfolio to include consumer healthcare products, which typically require some modest marketing investment but offer potential for organic growth. They also help to balance risk across the portfolio because they are not exposed to government price control.
In December 2013 we acquired the Lypsyl lip care range, which we believe has significant turnaround potential. We have been revamping the product and developing promotional plans in order to encourage retailers to relist it. Sales in the first half were GBP0.5m and we will continue reinvesting margin to grow the brand this year and through 2015.
In 2012 we began the process of replicating our successful UK buy and build strategy in overseas markets, particularly in France and Germany. In January 2014 our German business acquired Irenat, an established thyroid product in steady demand. This has performed as expected, with first-half sales of GBP0.4m.
We are seeing a good flow of acquisition opportunities in both France and Germany, and are confident that these will yield further assets in due course, thus building up our presence in these key Western European markets.
Since acquiring the international rights to Syntometrine from Novartis we have developed and largely implemented a substantial transition programme involving many countries that were new to us. In most territories, we have replaced the existing distribution arrangements that were largely run by the vendor with our own distributor. We are also progressively switching production to our own manufacturer for all markets.
In January 2014 we expanded our position in the mother and baby marketplace in China by the acquisition of a minority stake in Synthasia International, which markets Suprememil(TM), a high quality infant milk formula product sourced from Switzerland. This business complements our existing Forceval joint venture in China. We have joint managerial control of Synthasia and this has enabled us to improve systems and obtain better credit terms with the company's major product supplier, which will facilitate expansion by easing cash flow. Synthasia's market position has been enhanced by a Chinese government review of infant milk formula products which has removed a considerable number of competitors.
Team
The evolution of the Company's Board has continued in 2014. At the AGM in May we welcomed Andrew Smith as our new Chairman, following Michael Gatenby's retirement. We thank Michael for his valuable contribution to the Company's growth and development over the past 10 years. Andrew knows the business well, having been a Non-Executive Director since 2006, and will continue to give us the benefit of his experience gained at senior levels of the pharmaceutical industry from start-ups to global corporations in the UK and US.
In April David Cook joined the Board as a Non-Executive Director. A chartered accountant who has held senior financial positions in a number of European and US pharma companies, he took over the chair of our Audit Committee on Michael Gatenby's retirement.
Non-Executive Director Paul Ranson steps down later this year and we are currently recruiting a replacement.
Charity
We continue to donate some GBP20,000 of products a year to International Health Partners, a charity that distributes medicines to doctors in the world's neediest areas.
In July 2014 a group of eight employees took part in a cycle ride from Bristol to Bordeaux in aid of PROPS, a local charity that provides opportunities and support for young people with special needs. They raised GBP9,000 including a contribution from the company.
Outlook
For the remainder of this year and next we expect a consistent performance from the existing portfolio. Growth potential will come from the continuing success of Hydromol, the anticipated re-introduction of ImmuCyst(TM) in 2015, rising contributions from our consumer products such as Ashton & Parsons Infants' Powders and Lypsyl and, potentially, from new acquisitions.
We are actively building the Ashton & Parsons Infants' Powders franchise now that production is not a constraint, and we will also put increasing support behind Lypsyl once our re-shaping of the brand is completed.
Regulatory validation of the refurbished ImmuCyst manufacturing facilities at Sanofi's plant in Canada is taking a little longer than anticipated but we expect to resume sales in the first half of 2015. This should have a substantial financial impact over time, building progressively as hospitals revert to ImmuCyst. We have received encouraging feedback from the market reflecting a continued demand for the product. Meanwhile, discussions continue about possible redress for the lost sales.
Nu-Seals faced continuing competitive pressure in the first half of 2014. This may increase in the second half, depending upon the outcome of Irish regulatory considerations.
However, we confidently expect new acquisitions to offset this impact. With some GBP22m of our acquisition bank facility still undrawn we have ample headroom for deals and are working hard on an attractive pipeline of opportunities.
Consolidated Income Statement
For the six months ended 30 June 2014
Hot Features
Premium
6 months Year to
6 months to to 31 December
30 June 2014 30 June 2013 2013
Note GBP 000s GBP 000s GBP 000s
Restated* Restated*
Revenue 21,425 22,781 45,275
Cost of sales (9,502) (8,682) (17,944)
Gross profit 11,923 14,099 27,331
Administration and marketing
expense (5,754) (6,048) (12,917)
Amortisation of intangible
assets (179) (200) (422)
Share-based employee remuneration (350) (238) (632)
Share of joint venture
profits / (losses) 335 (79) (48)
Operating profit 5,975 7,534 13,312
Finance costs
Interest payable (545) (649) (1,281)
Interest income 24 25 50
Foreign exchange rate movement (6) (74) (72)
(527) (698) (1,303)
-------------- -------------- -------------
Profit on ordinary activities
before taxation 5,448 6,836 12,009
Taxation 4 (999) (1,347) (2,425)
Profit for the period attributable
to equity shareholders 4,449 5,489 9,584
-------------- -------------- -------------
Earnings per share
Basic (pence) 8 1.68 2.22 3.82
============== ============== =============
Diluted (pence) 8 1.67 2.13 3.68
============== ============== =============
* Restated due to adoption of IFRS 11, please see notes 3 and 10
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2014
6 months
to 6 months Year to
30 June to 31 December
2014 30 June 2013 2013
GBP 000s GBP 000s GBP 000s
Profit for the period 4,449 5,489 9,584
Other items recognised directly
in equity:
Items that may be reclassified
to profit or loss:
Interest rate swaps - cash flow
hedge (47) 113 443
Deferred tax on interest rate swap 14 (25) (93)
Total comprehensive income for
the period 4,416 5,577 9,934
------------------------------------ --------- -------------- -------------
Consolidated Balance Sheet
At 30 June 2014
30 June 31 December
30 June 2014 2013 2013
Note GBP 000s GBP 000s GBP 000s
Restated* Restated*
Assets
Non-current assets
Intangible fixed assets 5 89,762 85,269 87,111
Property, plant and equipment 524 593 592
Joint venture investment 10 1,367 532 533
Joint venture receivable 1,462 1,462 1,462
Derivative financial asset 396 113 443
93,511 87,969 90,141
-------------- ---------- -------------
Current assets
Inventories 5,580 5,878 5,468
Trade and other receivables 6 10,721 10,508 10,641
Cash and cash equivalents 430 1,409 687
16,731 17,795 16,796
-------------- ---------- -------------
Total assets 110,242 105,764 106,937
============== ========== =============
Equity
Ordinary share capital 2,641 2,512 2,641
Share premium account 29,388 26,806 29,380
Share option reserve 1,774 1,030 1,424
Reverse takeover reserve (329) (329) (329)
Other reserve 317 88 350
Retained earnings 33,253 27,111 31,202
Total equity 67,044 57,218 64,668
-------------- ---------- -------------
Liabilities
Non-current liabilities
Long-term financial liabilities 22,183 21,225 20,881
Deferred tax liability 6,425 6,238 6,294
Provisions for other liabilities
and charges 99 282 199
-------------- ---------- -------------
28,707 27,745 27,374
Current liabilities
Cash and cash equivalents 855 1,846 2,125
Financial liabilities 2,895 5,000 2,895
Convertible debt - 2,694 -
Corporation tax 875 1,561 1,154
Trade and other payables 7 9,679 9,518 8,531
Provisions for other liabilities
and charges 187 182 190
-------------- ---------- -------------
14,491 20,801 14,895
Total liabilities 43,198 48,546 42,269
Total equity and liabilities 110,242 105,764 106,937
============== ========== =============
* Restated due to adoption of IFRS 11, please see notes 3 and 10
Consolidated Statement of Cash Flows
For the six months ended 30 June 2014
6 months Year to
6 months to to 31 December
30 June 2014 30 June 2013 2013
GBP 000s GBP 000s GBP 000s
Restated* Restated*
Operating activities
Result for the period before
tax 5,448 6,836 12,009
Interest payable 545 649 1,281
Interest receivable (24) (25) (50)
Other finance costs 6 74 72
Depreciation of property,
plant and equipment 152 133 266
Amortisation of intangible
assets 179 200 422
Change in inventories (112) (485) (75)
Change in investments (335) 79 48
Change in trade and other
receivables 424 (1,001) (1,134)
Change in trade and other
payables (535) (1,227) (1,574)
Tax paid (1,133) (1,019) (2,516)
Share options charge 350 238 632
-------------- -------------- -------------
Cash flows from operating
activities 4,965 4,452 9,381
-------------- -------------- -------------
Investing activities
Interest received 24 25 50
Dividend received - 390 420
Payment of deferred consideration (20) (641) (20)
Development costs capitalised (13) (6) (63)
Purchase of property, plant
and equipment (84) (164) (298)
Purchase of other intangible
assets (2,817) (7,523) (9,534)
Investment in joint venture (1,003) - -
Net cash used in investing
activities (3,913) (7,919) (9,445)
-------------- -------------- -------------
Financing activities
Interest paid and similar
charges (491) (675) (1,232)
Loan issue costs - - (500)
Proceeds from exercise of
share options 8 82 82
Dividend paid (800) (666) (2,040)
Receipt from borrowings 2,750 3,500 28,500
Repayment of borrowings (1,500) (3,750) (30,725)
Net cash used in financing
activities (33) (1,509) (5,915)
-------------- -------------- -------------
Net movement in cash and
cash equivalents 1,019 (4,976) (5,979)
Cash and cash equivalents
at beginning of period (1,438) 4,613 4,613
Exchange losses on cash and
cash equivalents (6) (74) (72)
Cash and cash equivalents
at end of period (425) (437) (1,438)
============== ============== =============
* Restated due to adoption of IFRS 11, please see notes 3 and 10
Consolidated Statement of Changes in Equity
At 30 June 2014
Ordinary Share Share Reverse
share premium option takeover Other Retained Total
capital account reserve reserve reserve earnings equity
GBP
GBP 000s GBP 000s GBP 000s GBP 000s 000s GBP 000s GBP 000s
Balance 1 January
2013 2,430 25,297 792 (329) - 23,658 51,848
--------- --------- --------- --------- -------- --------- ---------
Issue of shares 211 4,083 - - - - 4,294
Dividend paid - - - - - (2,040) (2,040)
Employee benefits - - 632 - - - 632
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners 211 4,083 632 - - (2,040) 2,886
Profit for the period - - - - - 9,584 9,584
Other comprehensive
income
Interest rate swaps
- cash flow hedge - - - - 443 - 443
Deferred tax on interest
rate swap - - - - (93) - (93)
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Total comprehensive
income for the period - - - - 350 9,584 9,934
Balance 31 December
2013 2,641 29,380 1,424 (329) 350 31,202 64,668
--------- --------- --------- --------- -------- --------- ---------
Balance 1 January
2013 2,430 25,297 792 (329) - 23,658 51,848
--------- --------- --------- --------- -------- --------- ---------
Issue of shares 82 1,509 - - - - 1,591
Dividend payable/paid - - - - - (2,036) (2,036)
Employee benefits - - 238 - - - 238
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners 82 1,509 238 - - (2,036) (207)
Profit for the period - - - - - 5,489 5,489
Other comprehensive
income
Interest rate swaps
- cash flow hedge - - - - 88 - 88
Total comprehensive
income for the period - - - - 88 5,489 5,577
Balance 30 June 2013 2,512 26,806 1,030 (329) 88 27,111 57,218
--------- --------- --------- --------- -------- --------- ---------
Balance 1 January
2014 2,641 29,380 1,424 (329) 350 31,202 64,668
--------- --------- --------- --------- -------- --------- ---------
Issue of shares - 8 - - - - 8
Dividend payable/paid - - - - - (2,398) (2,398)
Employee benefits - - 350 - - - 350
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners - 8 350 - - (2,398) (2,040)
Profit for the period - - - - - 4,449 4,449
Other comprehensive
income
Interest rate swaps
- cash flow hedge - - - - (33) - (33)
Total comprehensive
income for the period - - - - (33) 4,449 4,416
Balance 30 June 2014 2,641 29,388 1,774 (329) 317 33,253 67,044
--------- --------- --------- --------- -------- --------- ---------
Notes to the Half Yearly Report
For the six months ended 30 June 2014
1 Nature of operations
Alliance Pharma plc ("the company") and its subsidiaries (together "the Group") acquire, market and distribute pharmaceutical products. The company is a public limited company incorporated and domiciled in England. The address of its registered office is Avonbridge House, Bath Road, Chippenham, Wiltshire, SN15 2BB.
The company is listed on the London Stock Exchange, Alternative Investment Market (AIM).
2 General information
The information in these financial statements does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and is un-audited. A copy of the Group's statutory accounts for the period ended 31 December 2013, prepared under International Financial Reporting Standards as adopted by the European Union, has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain statements under section 498(2) or section 498(3) of the Companies Act 2006.
The interim financial report for the six month period ended 30 June 2014 (including comparatives for the six months ended 30 June 2013) was approved by the Board of Directors on 9 September 2014.
The current rate of cash generation by the Group comfortably exceeds the capital and debt servicing needs of the business (though there cannot, of course, be absolute certainty that the rate of cash generation will be maintained). The Board remains confident that all the bank covenants will continue to be met. The Group has a GBP5m Working Capital Facility of which GBP4.5m is undrawn at the balance sheet date and which the Board believes should comfortably satisfy the Group's working capital needs for at least the next 12 months.
3 Accounting policies
Following IFRS 11 becoming effective and the subsequent adoption by the company in January 2014, the company now accounts for its investment in joint ventures using the equity method in accordance with IAS 28. This replaces the proportionate consolidation method of accounting applied previously, and has also required the restatement of comparative numbers. See note 10 for details of joint ventures.
All other accounting policies and methods of computation followed in the interim financial report are as published by the company in its 31 December 2013 Annual Report. The Annual report is available on the company's website at www.alliancepharma.co.uk.
4 Taxation
Analysis of charge in period.
30 June 30 June 31 December
2014 2013 2013
GBP 000s GBP 000s GBP 000s
United Kingdom corporation
tax at 22%/23.5%/23.25%
In respect of current
period 854 1,258 2,242
Adjustment in respect
of prior periods - - 106
Current tax 854 1,258 2,348
Deferred tax 145 89 77
Taxation 999 1,347 2,425
========= ========= =============
5. Intangible assets
Technical
know-how,
trademarks
Goodwill Purchased and distribution Development
on consolidation Goodwill rights costs Total
The Group GBP 000s GBP 000s GBP 000s GBP 000s GBP 000s
Restated Restated
---------------------------- ----------------- --------- ----------------- ----------- --------
Cost
At 1 January 2014 1,144 2,449 85,687 373 89,653
Additions - - 2,817 13 2,830
At 30 June 2014 1,144 2,449 88,504 386 92,483
---------------------------- ----------------- --------- ----------------- ----------- --------
Amortisation and impairment
At 1 January 2014 - - 2,542 - 2,542
Amortisation for the
period - - 179 - 179
At 30 June 2014 - - 2,721 - 2,721
---------------------------- ----------------- --------- ----------------- ----------- --------
Net book amount
At 30 June 2014 1,144 2,449 85,783 386 89,762
---------------------------- ----------------- --------- ----------------- ----------- --------
At 1 January 2014 1,144 2,449 83,145 373 87,111
---------------------------- ----------------- --------- ----------------- ----------- --------
Additions in the period include Irenat, acquired from subsidiaries of Bayer AG. Irenat, a sodium perchlorate monohydrate, is marketed in Germany and is mainly used for diagnosing and treating hyperthyroidism.
6 Trade and other receivables
30 June 30 June 31 December
2014 2013 2013
GBP 000s GBP 000s GBP 000s
Restated Restated
Trade receivables 8,684 9,529 9,131
Other receivables 654 236 536
Prepayments and accrued
income 561 635 804
Amounts owed by joint
venture 822 108 170
10,721 10,508 10,641
========= ========= =============
7 Trade and other payables
30 June 30 June 31 December
2014 2013 2013
GBP 000s GBP 000s GBP 000s
Restated Restated
Trade payables 2,611 2,524 1,118
Other taxes and social
security costs 832 1,022 1,069
Accruals and deferred
income 4,407 4,538 6,028
Other payables 231 64 316
Dividend payable 1,598 1,370 -
9,679 9,518 8,531
========= ========= =============
8 Earnings per share (EPS)
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
A reconciliation of the weighted average number of ordinary shares used in the measures is given below:
Year ended
6 months to 6 months to 31 December
30 June 2014 30 June 2013 2013
Weighted average Weighted average Weighted average
number of number of number of
shares 000s shares 000s shares 000s
--------------------------- ----------------- ----------------- -----------------
For basic EPS 264,108 246,975 250,836
Share options 2,033 1,768 2,020
Conversion of Convertible
Unsecured Loan Stock
(CULS) - 12,867 12,155
--------------------------- ----------------- ----------------- -----------------
For diluted EPS 266,141 261,610 265,011
--------------------------- ----------------- ----------------- -----------------
6 months
to 6 months Year ended
30 June to 31 December
2014 30 June 2013 2013
GBP 000s GBP 000s GBP 000s
------------------------------- --------- -------------- -------------
Earnings for basic EPS 4,449 5,489 9,584
Interest saving on conversion
of CULS - 108 204
Tax effect of interest
saving on conversion
of CULS - (25) (47)
------------------------------- --------- -------------- -------------
Earnings for diluted
EPS 4,449 5,572 9,741
------------------------------- --------- -------------- -------------
The resulting EPS measures are:
6 months
to 6 months Year ended
30 June to 31 December
2014 30 June 2013 2013
Pence Pence Pence
Basic EPS 1.68 2.22 3.82
------------- --------- -------------- -------------
Diluted EPS 1.67 2.13 3.68
------------- --------- -------------- -------------
9 Dividends
Year ended
6 months to 6 months to 31 December
30 June 2014 30 June 2013 2013
GBP Pence/share
Pence/share GBP 000s Pence/share 000s GBP 000s
Amounts recognised as
distributions to owners
in the year
Interim dividend for
the prior financial year 0.303 800 0.275 666 0.275 666
Final dividend for the
prior financial year - - - - 0.550 1,374
0.605 1,598 - -
-------- ---- ---------- --------
Proposed final dividend
for the prior financial
year 0.550 1,370
----------------------------- ----------- -------- -------- ---------- ------ -----
2,398 2,036 2,040
----------------------------- ----------- -------- -------- ---------- ---------- --------
The proposed final dividend for the prior financial year was approved by the Board of Directors on 25 March 2014 and subsequently by the shareholders at the Annual General Meeting on 21 May 2014. The proposed dividend has been included as a liability as at 30 June 2014 in accordance with IAS 10 Events After the Balance Sheet Date. The proposed final dividend for the prior financial year was paid on 10 July 2014 to shareholders who were on the register of members at 13 June 2014.
10 Joint Venture
Country of
Name Principal Activity Incorporation % Owned
------------------------- -------------------------------- ---------------- ----------
Distribution of pharmaceutical British Virgin
Unigreg Limited products to China Islands 60
------------------------- -------------------------------- ---------------- ----------
Synthasia International Distribution of infant milk
Company Ltd formula products in China Hong Kong 20
------------------------- -------------------------------- ---------------- ----------
In the prior period joint ventures were accounted for using the proportionate consolidation method of accounting. Following IFRS 11 Joint Arrangements becoming effective, the Group considered the categorisation of Unigreg Limited and Synthasia International Company Limited and determined they are joint ventures. A joint venturer shall recognise its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures
The following table shows the aggregate movement in the Group's investment in joint ventures:
GBP 000s
--------------------------- ---------
At 1 January 2014 533
Additions 499
Share of post-tax profits
of joint ventures 335
--------------------------- ---------
At 30 June 2014 1,367
--------------------------- ---------
Additions in the period relate to a 20% investment in Synthasia International Company Limited, a subsidiary of which supplies the Chinese market with Suprememil, an advanced infant milk formula brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFIIASIAIIS
1 Year Alliance Pharma Chart |
1 Month Alliance Pharma Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
