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SDI Sdi Group Plc

56.00
1.00 (1.82%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sdi Group Plc LSE:SDI London Ordinary Share GB00B3FBWW43 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 1.82% 56.00 55.00 57.00 56.00 55.00 56.00 87,096 08:00:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Coml Physical, Biologcl Resh 67.58M 3.87M 0.0372 15.05 58.27M

Scientific Digital Imaging Plc Interim Results (8972U)

24/01/2017 7:00am

UK Regulatory


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TIDMSDI

RNS Number : 8972U

Scientific Digital Imaging Plc

24 January 2017

Scientific Digital Imaging plc

("SDI", the "Company" or the "Group")

(AIM: SDI)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS TO 31 OCTOBER 2016

The Board of Scientific Digital Imaging plc, the AIM quoted group focused on the design and manufacture of scientific and technology products for use by the life science, healthcare, astronomy, consumer manufacturing and art conservation markets, is pleased to announce its unaudited interim results for the six months ended 31 October 2016.

Highlights

   --      Revenue increased by 33% to GBP4,902,000 (2015: GBP3,671,000) 
   --      Profit before taxation for the period increased to GBP410,000 (2015: GBP13,000) 
   --      Adjusted profit before taxation* for the period increased to GBP421,000 (2015: GBP173,000) 
   --      Gross margin increased to 63.6% (2015: 58.0%) 
   --      Sentek continued to contribute strong sales growth and profitability 

-- Post period event - the acquisition of a manufacturer and supplier of chemical dosing and control systems, Astles Control Systems Limited on 12 January 2017 for an initial consideration of GBP3.446 million. At the same time, SDI announced an equity fundraising of GBP3.1 million before expenses.

* before acquisition costs, costs of reorganisation, and share based payments

Ken Ford, Chairman of SDI, commented:

"It has been a positive performance in the first half of the year, and the outlook for the full year is strong. SDI now has a growing portfolio of profitable businesses which are providing the Group with increased and sustained profitability. We have been particularly pleased with the performance of Sentek, the manufacturer of electrochemical sensors that we acquired in October 2015, and we will continue to grow as we seek to diversify our existing product range and widen our addressable market.'

Enquiries

   Scientific Digital Imaging plc                                                  01223 727144 

Ken Ford, Chairman

Mike Creedon, CEO

www.scientificdigitalimaging.com

finnCap Ltd 020 7220 0500

Ed Frisby/Simon Hicks - Corporate Finance

Mia Gardner- Corporate Broking

   JW Communications                                                                   07818 430877 

Julia Wilson - Investor & Public Relations

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Copies of the interim report are being sent to shareholders and can also be viewed on the Company's website: www.scientificdigitalimaging.com

About SDI:

Scientific Digital Imaging plc designs and manufactures scientific and technology products for use in applications including life sciences, healthcare, astronomy, consumer manufacturing and art conservation. SDI intends to continue to grow through its own technology advancements as well as strategic, complementary acquisitions.

SDI operates through four main brands:

Synoptics

Synoptics designs and manufactures innovative systems for use in the life science and clinical markets. The Company exploits digital imaging technologies for a range of applications and offers its products through three brands:

-- Syngene - manufactures equipment for life scientists to image and analyse gels and blots used for DNA and protein analysis

-- Synbiosis - produces equipment for microbiologists to automate microbial colony counting and inhibition zone analysis

-- Synoptics Health - focuses on imaging proteins on surgical instruments in the hospital and clinical environments using the ProReveal system.

Artemis CCD

Artemis designs and manufactures sensitive cameras for deep-sky astronomical and life science imaging applications under the Atik brand.

Opus Instruments

Opus designs and manufactures Osiris, an infrared camera, which is used to examine and authenticate works of art.

Sentek

Sentek manufactures and sells both reusable and single-use electrodes for the measurement of pH and conductivity of aqueous solutions. Applications range from laboratory use, to monitoring food, beverage and biologics-based pharmaceuticals manufacturing, as well as personal care and leisure applications.

Chairman's statement

OVERVIEW

In the six-month period ended 31 October 2016, SDI has continued to successfully increase the profitability of the business.

Total revenue for the period increased by over 33% to GBP4,902,000 in the six months to 31 October 2016 (an increase of GBP1,231,000, relative to revenue of GBP3,671,000 for the six months to 31 October 2015). This increase predominantly came from Atik, Opus Instruments and Sentek with the latter becoming an important stream of revenue and profitability since being acquired in October 2015 fulfilling the Board's predicted positive impact on Group trading.

To ensure that Synoptics continues to thrive, we have appointed Dr Brian Stammers, an experienced life science expert, as CEO for Synoptics. Having worked previously with SDI through the UK Trade & Investment (UKTI) to improve the commercial success of the Synbiosis Division of Synoptics, he is reshaping the strategic direction of the Synoptics business and driving the international sales and marketing effort.

Artemis CCD also continues to report increased sales and profitability through direct and OEM camera sales.

Basic earnings per share was 0.64p (2015: 0.04p) and fully diluted earnings per share was 0.63p (2015: 0.04p).

As at 31 October 2016, the Group has net cash of GBP1,198,000 which will be used to advance SDI's own technologies as well as the acquisition of new companies with complementary technologies and it is hoped further announcements will be made in 2017 that will continue to support the expansion of the Company.

PRODUCT PORTFOLIO

Syngene, which remains the largest of the Synoptics brands, has had continued investment in order to improve software and hardware in several of its products and expects to launch new systems in 2017.

During the period, Syngene has introduced an updated version of its GeneSys image capture software. This can now acquire stain-free protein gel images and will help update the G:BOX and NuGenius systems to match the capabilities of Syngene's major competitor. North America and Asia-Pac regions remain major target markets for Syngene growth. To remain competitive in these markets a new version of the high-end G:BOX imager is being introduced in early 2017.

Synbiosis has broadened its portfolio to include additional automation for the food and clinical microbiology market. A new Minimum Inhibitory Concentration (MIC) point software module to measure antibiotic resistance has been released, which further extends the application of the ProtoCOL 3 and ChromoZona in clinical markets. This has resulted in sales growth ahead of budget. As a result of the strong worldwide drive to develop and test new antibiotics in response to increasing concerns about antimicrobic resistance, Synbiosis believes sales of its automation for this sector will continue to grow in 2017.

Synoptics Health has continued to sell ProReveal, a fluorescence test to detect proteins on re-usable surgical instruments in North American hospitals. These hospitals are using the ProReveal system to optimise the performance of their washer-disinfection process. The uptake of the test has been slower by the NHS in the UK. However, since the UK Department of Health (DoH) published additional new guidelines in July 2016 which provide the limit of acceptable protein contamination on re-usable surgical instruments (https://www.gov.uk/government/publications/management-and-decontamination-of-surgical-instruments-used-in-acute-care), there has been increased interest in ProReveal. Currently, it is the only available CE-marked instrument capable of measuring less than 50ng of protein and thus meeting DoH requirements.

During the period, Artemis CCD delivered better than expected sales and profitability. The business continues to develop market-led new products and launched the Atik 16200 camera in 2016. This high-specification CCD camera, which can be fitted to a range of telescopes, is proving popular with astronomers and there are already forward orders for the Atik 16200 which will be delivered in 2017. We continue to invest in product focused R&D and plan to bring further new products and developments to market in 2017.

The first six months have seen a significant increase in Atik sales to OEM customers. These mainly operate in the life science area where Atik cameras are used to detect end points including fluorescence and luminescence in a range of analysis techniques. Atik is able to work closely with such OEM customers bringing their experience and knowledge of low light detection to help win design-ins. We are expanding our production team in Lisbon to keep up with demand from these repeat orders and remain committed to controlling production costs. The Board expects OEM sales will continue to make a positive contribution to trading.

Opus Instruments' Osiris camera sales continue to be on budget, supported by additional sales of the Macro Lens and Illumination Kit accessories. With servicing of existing cameras and new models now being developed at our Norwich site, the Board believes the Osiris camera can be produced more cost-effectively over time. Opus is looking at ways to develop the product portfolio, including the possibility of enhanced performance versions of the existing Osiris.

Sentek reported strong growth in the first half of the year for its single-use electrode for use in bioprocessing applications. Automated systems in pharmaceuticals and biotech companies are becoming more widely used, and Sentek expects revenues from the single-use electrodes required by these systems to continue to grow. The company has been brought into the Group with no disruption and we have invested in a new website that is reaping rewards through the generation of new prospects (http://www.sentek.co.uk/).

ACQUISITIONS

SDI acquired Astles Control Systems Limited on 12 January 2017. The company, a manufacturer and supplier of chemical dosing and control systems, based in the UK, has growing revenues (five-year revenue CAGR of 17%) and is a profitable business (five-year PBT CAGR of 22%), with 70-80% of sales exported globally. The maximum consideration of GBP4.8m payable will be financed by the GBP3.1m placing, the issue of GBP100,000 in SDI shares to the vendor, GBP850,000 of existing cash as well as drawing down GBP750,000 on a new five-year term loan.

SDI is actively seeking further profitable scientific and technology acquisition targets in the GBP1m to GBP10m price range to continue its buy and build strategy.

OUTLOOK

SDI now has a growing portfolio of profitable businesses which are providing the Group with increased profitability. The Board expects the Company to continue to make good progress over the remainder of the financial year as it continues to pursue an organic and acquisitive growth strategy.

Ken Ford, Chairman

23 January 2017

Consolidated income statement

Unaudited for the six months ended 31 October 2016

 
                                          6 months      6 months   12 months 
                                                to            to          to 
                                        31 October    31 October    30 April 
                                              2016          2015        2016 
                                         Unaudited     Unaudited     Audited 
                                Note       GBP'000       GBP'000     GBP'000 
-----------------------------  -----  ------------  ------------  ---------- 
 Revenue                                     4,902         3,671       8,473 
                                                                  ---------- 
 Costs of sales                            (1,784)       (1,541)     (3,298) 
-----------------------------  -----  ------------  ------------  ---------- 
 Gross Profit                                3,118         2,130       5,175 
                                                                  ---------- 
 Administrative expenses                   (2,672)       (1,941)     (4,437) 
-----------------------------  -----  ------------  ------------  ---------- 
 Adjusted operating profit                     446           189         738 
                                                                  ---------- 
 Reorganisation costs                          (4)          (17)        (17) 
                                                                  ---------- 
 Share based payments                          (1)           (4)         (7) 
                                                                  ---------- 
 Acquisition and fundraising 
  costs                                        (6)         (139)       (178) 
                                                                  ---------- 
 
 Operating profit                              435            29         536 
                                                                  ---------- 
 Net financing expense                        (25)          (16)        (40) 
-----------------------------  -----  ------------  ------------  ---------- 
 Profit before taxation                        410            13         496 
                                                                  ---------- 
 Income tax credit                               3             -          75 
-----------------------------  -----  ------------  ------------  ---------- 
 Profit for the period                         413            13         571 
-----------------------------  -----  ------------  ------------  ---------- 
 Earnings per share 
                                                                  ---------- 
 Basic earnings per share          2         0.64p         0.04p       1.17p 
-----------------------------  -----  ------------  ------------  ---------- 
 Diluted earnings per share                  0.63p         0.04p       1.17p 
-----------------------------  -----  ------------  ------------  ---------- 
 

Consolidated statement of comprehensive income

Unaudited for the six months ended 31 October 2016

 
                                                     6 months      6 months   12 months 
                                                           to            to          to 
                                                   31 October    31 October    30 April 
                                                         2016          2015        2016 
                                                    Unaudited     Unaudited     Audited 
                                                      GBP'000       GBP'000     GBP'000 
-----------------------------------------------  ------------  ------------  ---------- 
 Profit for the period                                    413            13         571 
                                                                             ---------- 
 Other comprehensive income 
  Items that will be reclassified subsequently 
  to profit and loss 
                                                                             ---------- 
 Exchange differences on translating 
  foreign operations                                      218             -          82 
-----------------------------------------------  ------------  ------------  ---------- 
 Total comprehensive profit for the 
  period                                                  631            13         653 
-----------------------------------------------  ------------  ------------  ---------- 
 

Consolidated balance sheet

Unaudited at 31 October 2016

 
                                                     31 October   31 October   30 April 
                                                           2016         2015       2016 
                                                      Unaudited    Unaudited    Audited 
                                              Note      GBP'000      GBP'000    GBP'000 
-------------------------------------------  -----  -----------  -----------  --------- 
 Assets 
                                                                              --------- 
 Non-current assets 
                                                                              --------- 
 Property, plant and equipment                              422          367        382 
 Intangible assets                                        4,303        4,103      4,309 
 Deferred tax asset                                          76          105         67 
-------------------------------------------  -----  -----------  -----------  --------- 
                                                          4,801        4,575      4,758 
 Current assets 
 Inventories                                              1,766        1,159      1,378 
 Trade and other receivables                              1,573        1,244      1,496 
 Current tax assets                                           -            -        132 
 Cash and cash equivalents                                1,773          365      1,708 
-------------------------------------------  -----  -----------  -----------  --------- 
                                                          5,112        2,768      4,714 
-------------------------------------------  -----  -----------  -----------  --------- 
 Total assets                                             9,913        7,343      9,472 
-------------------------------------------  -----  -----------  -----------  --------- 
 Liabilities 
                                                                              --------- 
 Current liabilities 
                                                                              --------- 
 Overdraft                                                  127          108        128 
                                                                              --------- 
 Trade and other payables                                 1,442        1,432      1,447 
                                                                              --------- 
 Provisions for warranty                                     21           19         18 
                                                                              --------- 
 Borrowings                                      3          282        1,343        273 
                                                                              --------- 
 Current tax payable                                          -            -        151 
-------------------------------------------  -----  -----------  -----------  --------- 
                                                          1,872        2,902      2,017 
                                                                              --------- 
 Non-current liabilities 
                                                                              --------- 
 Borrowings                                      3          166          372        314 
                                                                              --------- 
 Trade and other payables                                   107           73          - 
                                                                              --------- 
 Deferred tax liability                                     373          174        377 
-------------------------------------------  -----  -----------  -----------  --------- 
                                                            646          619        691 
-------------------------------------------  -----  -----------  -----------  --------- 
 Total liabilities                                        2,518        3,521      2,708 
-------------------------------------------  -----  -----------  -----------  --------- 
 Net assets                                               7,395        3,822      6,764 
-------------------------------------------  -----  -----------  -----------  --------- 
 Equity 
                                                                              --------- 
 Share capital                                              642          329        642 
 Merger reserve                                           3,030        3,030      3,030 
 Share premium account                                    3,457        1,472      3,457 
 Foreign exchange reserve                                   231         (72)         13 
 Own shares held by Employee Benefit Trust                 (85)         (85)       (85) 
 Other reserves                                              81           80         81 
 Retained earnings                                           39        (932)      (374) 
-------------------------------------------  -----  -----------  -----------  --------- 
 Total equity                                             7,395        3,822      6,764 
-------------------------------------------  -----  -----------  -----------  --------- 
 

Consolidated statement of cash flows

Unaudited for the six months ended 31 October 2016

 
                                                                       12 months 
                                           6 months to   6 months to          to 
                                            31 October    31 October    30 April 
                                                  2016          2015        2016 
                                             Unaudited     Unaudited     Audited 
                                               GBP'000       GBP'000     GBP'000 
----------------------------------------  ------------  ------------  ---------- 
 Operating activities 
                                                                      ---------- 
 Profit for the period                             413            13         571 
 Depreciation and amortisation                     354           256         663 
 Finance costs and income                           25            16          40 
 Taxation expense in the income 
  statement                                          -             -        (75) 
 Increase in provisions                              3             1           - 
 Employee share based payments                       -             4           8 
----------------------------------------  ------------  ------------  ---------- 
 Operating cash flow before movement 
  in working capital                               795           290       1,207 
 (Increase)/decrease in inventories              (321)         (177)       (166) 
 Changes in trade and other receivables            133           340         421 
 Changes in trade and other payables                67          (48)       (164) 
----------------------------------------  ------------  ------------  ---------- 
 Cash generated from operations                    674           405       1,298 
 Interest paid                                    (25)          (16)        (40) 
 Income taxes (received)/paid                    (151)             5           5 
----------------------------------------  ------------  ------------  ---------- 
 Cash generated from operating 
  activities                                       498           394       1,263 
 
 Cash flows from investing activities 
 Capital expenditure on fixed 
  assets                                         (166)          (97)       (209) 
 Expenditure on development and 
  other intangibles                              (196)         (137)       (511) 
 Acquisition of subsidiaries, 
  net of cash                                        -       (2,111)     (2,360) 
 Proceeds from sale of property, 
  plant and equipment                                -            40          65 
----------------------------------------  ------------  ------------  ---------- 
 Net cash used in investing activities           (362)       (2,305)     (3,015) 
 Cash flows from financing activities 
 Movement in finance leases                        (5)          (13)        (21) 
 Share issue costs                                               (6)           - 
 Proceeds from share issue                                         -       2,292 
 Share based payment reserve                                       7 
 Repayment of borrowings                                        (50)       (189) 
 
 Other loans                                      (50)           100 
 Proceeds from bank borrowings                    (85)         1,253         500 
----------------------------------------  ------------  ------------  ---------- 
 Net cash from/(used in) financing 
  activities                                     (140)         1,291       2,582 
----------------------------------------  ------------  ------------  ---------- 
 Net (decrease)/increase in cash 
  and cash equivalents                             (4)         (620)         830 
 Cash and cash equivalents, beginning 
  of period                                      1,708           876         876 
 Foreign currency movements on 
  cash balances                                     69             1           2 
----------------------------------------  ------------  ------------  ---------- 
 Cash and cash equivalents, end 
  of period                                      1,773           257       1,708 
----------------------------------------  ------------  ------------  ---------- 
 
 

Consolidated statement of changes in equity

Unaudited for the six months ended 31 October 2016

 
 6 months to 31 October                                             Own 
  2016 - unaudited                                               shares 
                                 Share     Merger      Share       held       Other     Foreign    Retained 
                               capital    reserve    premium     by EBT    reserves    exchange    earnings      Total 
                               GBP'000    GBP'000    GBP'000    GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 1 May 2016             642      3,030      3,457       (85)          81          13       (374)      6,764 
 Share based payments                -          -          -          -           -           -           -          - 
  Issue of share capital             -          -          -          -           -           -           -          - 
  Fundraising costs                             -          -          -           -           -           - 
 Transactions with owners            -          -          -          -           -           -           -          - 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Profit for the period               -          -          -          -           -           -         413        413 
 Foreign exchange on 
  consolidation 
  of subsidiary                      -          -          -          -           -         218           -        218 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Total comprehensive income 
  for the period                     -          -          -          -           -         218         413        631 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 31 October 2016        642      3,030      3,457       (85)          81         231          39      7,395 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 
 
 6 months to 31 October                                             Own 
  2015 - unaudited                                               shares 
                                 Share     Merger      Share       held       Other     Foreign    Retained 
                               capital    reserve    premium     by EBT    reserves    exchange    earnings      Total 
                               GBP'000    GBP'000    GBP'000    GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 1 May 2015             329      3,030      1,478       (85)          73        (69)       (945)      3,811 
 Share based payments                -          -          -          -           7           -           -          7 
 Fundraising costs                   -          -        (6)          -           -           -           -        (6) 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Transactions with owners            -          -        (6)          -           7           -           -          1 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Profit for the period               -          -          -          -           -           -          13         13 
 Foreign exchange on 
  consolidation 
  of subsidiary                      -          -          -          -           -         (3)           -        (3) 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Total comprehensive income 
  for the period                     -          -          -          -           -         (3)          13         10 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 31 October 2015        329      3,030      1,472       (85)          80        (72)       (932)      3,822 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 
 
 12 months to 30 April 2016                                         Own 
  - audited                                                      shares 
                                 Share     Merger      Share       held       Other     Foreign    Retained 
                               capital    reserve    premium     by EBT    reserves    exchange    earnings      Total 
                               GBP'000    GBP'000    GBP'000    GBP'000     GBP'000     GBP'000     GBP'000    GBP'000 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 1 May 2015             329      3,030      1,478       (85)          73        (69)       (945)      3,811 
 Shares issued                     313          -      1,979          -           -           -           -      2,292 
 Share based payments                -          -          -          -           8           -           -          8 
 Transactions with owners          313          -      1,979          -          81           -           -      2,300 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Profit for the year                 -          -          -          -           -           -         571        571 
                                                                                                             --------- 
 Foreign exchange on 
  consolidation 
  of subsidiaries                    -          -          -          -           -          82           -         82 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Total comprehensive income          -          -          -          -           -          82         571        653 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 Balance at 30 April 2016          642      3,030      3,457       (85)          81          13       (374)      6,764 
---------------------------  ---------  ---------  ---------  ---------  ----------  ----------  ----------  --------- 
 

Notes to the interim financial statements

Unaudited for the six months ended 31 October 2016

The accompanying accounting policies and notes form an integral part of these interim financial statements.

Reporting entity

Scientific Digital Imaging plc (the "Company"), a public limited company, is the Group's ultimate parent. It is registered in England and Wales. The consolidated interim financial statements of the Company for the period ended 31 October 2016 comprise the Company and its subsidiaries (together referred to as the "Group").

Basis of preparation

The unaudited consolidated interim financial statements are for the six months ended 31 October 2016. These interim financial statements have been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively EU IFRS). The financial information for the year ended 30 April 2016 is based upon the audited statutory accounts for that year. The consolidated interim financial information has been prepared on the historical cost basis. The consolidated interim financial statements are presented in British pounds (GBP), which is also the functional currency of the ultimate parent company.

The consolidated interim financial information was approved by the Board of Directors on 23 January 2017.

The financial information set out in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The figures for the year ended 30 April 2016 have been extracted from the statutory financial statements of Scientific Digital Imaging plc which have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial information for the six months ended 31 October 2016 and for the six months ended 31 October 2015 has not been audited.

1. Principal accounting policies

The principal accounting policies adopted in the preparation of the condensed consolidated interim information are consistent with those followed in the preparation of the Group's financial statements for the year ended 30 April 2016.

The accounting policies have been applied consistently throughout the Group the purposes of preparation of these interim financial statements.

2. Earnings per share

The calculation of the basic earnings per share is based on the profits attributable to the shareholders of Scientific Digital Imaging plc divided by the weighted average number of shares in issue during the year, excluding shares held by the Synoptics Employee Benefit Trust. All profit per share calculations relate to continuing operations of the Group.

 
                                                                 Basic 
                                      Profit     Weighted     earnings 
                             attributable to      average    per share 
                                shareholders    number of    amount in 
                                     GBP'000       shares        pence 
-------------------------  -----------------  -----------  ----------- 
 Period ended 31 October 
  2016                                   413   64,224,808         0.64 
                                                           ----------- 
 Period ended 31 October 
  2015                                    13   32,912,308         0.04 
                                                           ----------- 
 Year ended 30 April 
  2016                                   571   48,697,240         1.17 
-------------------------  -----------------  -----------  ----------- 
 

The calculation of diluted earnings per share is based on the profits attributable to the shareholders of Scientific Digital Imaging plc divided by the weighted average number of shares in issue during the year, as adjusted for dilutive share options, dilutive deferred consideration and shares held by the Synoptics Employee Benefit Trust.

 
                                    Diluted 
                                   earnings 
                                  per share 
                                  amount in 
                                      pence 
------------------------------  ----------- 
 Period ended 31 October 2016          0.63 
                                ----------- 
 Period ended 31 October 2015          0.04 
                                ----------- 
 Year ended 30 April 2016              1.17 
------------------------------  ----------- 
 

The reconciliation of average number of ordinary shares used for basic and diluted earnings is as below:

 
                                        31 October   31 October     30 April 
                                              2016         2015         2016 
-------------------------------------  -----------  -----------  ----------- 
 Weighted average number of ordinary 
  shares used for basic earnings 
  per share                             64,224,808   32,912,308   48,697,240 
 Weighted average number of ordinary 
  shares under option                    1,033,000      793,000      885,877 
-------------------------------------  -----------  -----------  ----------- 
 Weighted average number of ordinary 
  shares used for diluted earnings 
  per share                             65,257,808   33,705,308   49,583,117 
-------------------------------------  -----------  -----------  ----------- 
 

At 31 October 2016 206,000 share options are dilutive. At 31 October 2015 and 30 April 2016 all share options are non-dilutive. Share options could potentially dilute basic earnings per share in the future.

3. Borrowings

 
                                   31 October   31 October   30 April 
                                         2016         2015       2016 
                                      GBP'000      GBP'000    GBP'000 
--------------------------------  -----------  -----------  --------- 
 Within one year: 
 Bank finance                             264        1,167        378 
 Other loan                                 -          150          - 
 Finance leases                            18           26         23 
                                          282        1,343        401 
--------------------------------  -----------  -----------  --------- 
 After one year and within five 
  years: 
 Bank finance                             166          367        264 
 Other loan                                 -            -         50 
 Finance leases                             -            5          - 
--------------------------------  -----------  -----------  --------- 
                                          166          372        314 
--------------------------------  -----------  -----------  --------- 
 Total borrowings                         448        1,715        715 
--------------------------------  -----------  -----------  --------- 
 

The Group utilises short-term facilities to finance its operation. The Group has one principal banker with an invoice discounting facility of up to GBP500,000. At the end of the period the Group had utilised GBP126,902 of this facility. SDI has subsequently given NatWest notice to terminate the facility.

Scientific Digital Imaging plc

Beacon House

Nuffield Road

Cambridge

CB4 1TF

UK

   Telephone:        +44 (0)1223 727144 
   Fax:                  +44 (0)1223 727101 
   Email:               info@scientificdigitalimaging.com 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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