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RNS Number:1469Q
Inditherm PLC
25 September 2003
25 September 2003
INDITHERM PLC
Interim Results for the six months to 30 June 2003
Inditherm plc, the specialist heating technology company, today announces its
interim results for the six months ended 30 June 2003. Inditherm's technology is
based on an innovative flexible polymer that heats uniformly across its entire
surface powered by an energy-efficient, low voltage charge. Current uses include
heated products for maintaining core body temperature during operations and
heated solutions and frost protection for a wide range of pipelines and storage
containers. Other products include heated inserts for steering wheels and pizza
delivery bags, plus a heating system for pharmaceutical transportation.
Highlights
* The first half saw significant organisational and product changes, which
have strengthened the Group's product offering and market coverage for the
longer term
* These changes have started to show through in improved trading and in
recent months the rate of orders has increased rapidly, from an expanded
customer base
* Discussions are underway with two major international companies
concerning potential new applications for our technology in the automotive
and construction sectors, and with a leading USA based supplier of operating
theatre equipment. If successful these have the potential to
generate significant revenues
* The improvement in order rate occurred too late to impact first half
results, which reflect a drop in Medical sales, partly offset by growth in
Industrial Products. The shortfall in Medical sales was due to issues, now
resolved, with the Group's distributor
- Turnover for the half year was #165,000 (2002: #417,000, including #200,000
non-recurring exclusivity payments)
- Tight cost control kept administrative expenses 15% below the comparable
period. On a comparable basis (excluding non-recurring exclusivity payments in
2002) the operating loss improved to #427,000 (2002: #498,000).
- The loss before tax was #421,000 (2002: loss #274,000)
* The Group expects to achieve its first break-even month during the
second half
Current Trading and Prospects
Commenting on prospects Mark Abrahams, Chairman, said:
"During the remainder of the year we expect the rapid strengthening of sales to
continue such that we would expect to achieve our first break-even month in this
second half. Industrial sales in quarter three have continued to improve as a
result of both increased enquiry levels and improved conversion rates. Medical
sales are expected to start to recover during quarter four following the
retrieval of direct sales in-house. Custom Product sales are also growing but
from a small base.
"The Board recognises that establishing new technology in naturally conservative
markets has taken longer than anticipated, but is confident that the changes
made to the organisation and products combined with the increased rate of sales
seen in the third quarter, has put the company in a good position to capitalise
on its innovative technology."
- ends -
For further information:
Inditherm plc 01709 761000
Colin Tarry, Chief Executive
Keith Lees, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Nick Oborne
25 September 2003
INDITHERM PLC
Interim Results for the six months to 30 June 2003
Chairman's Statement
Introduction
In our 2002 Annual Report we referred to an increased level of enquiries
although we expected the sales to be somewhat erratic depending upon the speed
that these enquiries could be converted to orders. I am pleased to report that
we have seen a rapid increase in the rate of orders recently, particularly from
our core Industrial markets, though this occurred too late to impact the first
half results. The results for the period reflect a drop in Medical sales partly
offset by growth in sales of Industrial products. The shortfall was due to
issues with our medical distributor which have now been satisfactorily resolved.
We expect to move forward in this area once again.
During the first half of the year significant organisational and product changes
have been made to improve the way our products are taken to market. The
Industrial sales team has been strengthened by the recruitment of new field
sales engineers, and a new heating system was launched in May that provides an
off-the-shelf range offering the same technical benefits but in a more cost
effective standard package.
These changes strengthen the product offering and our market coverage for the
longer term. They have also started to show through into improved trading. It is
pleasing that the improved trading comes from a broad spectrum of customers,
which indicates that the Inditherm technology has been proven and accepted by
the market place.
Financial Review
Turnover on products for the first half of 2003 was #165,000 (2002: #217,000).
No exclusivity payments were received this year (2002: #200,000). Despite the
overall decline there was an increase of 106% in Industrial sales.
Ongoing tight control on costs, whilst maintaining the fabric of the business,
kept administrative expenses 15% below 2002 first half levels at #479,000 (2002:
#566,000), leaving an operating loss of #427,000. On a comparable basis,
excluding non recurring income, the 2002 first half operating loss was #498,000
(2002 actual: #298,000). Pre-tax loss was #421,000 (2002: #274,000). A further R
&D tax credit of #9,000 (2002: #7,000) resulted in a post tax loss of #412,000
(2002: #267,000) and a loss per share of 3.9p (2002: 2.6p).
Net working capital was held at around the same level as the end of 2002, with
the loss for the period resulting in an operational cash outflow of #379,000
(2002: #436,000) and net funds at 30 June of #401,000 (2002: #1.57m).
Operational Review
The substantial product changes referred to above in Industrial Solutions
significantly change and simplify our selling process and expand our potential
customer base. The changes eliminate the need for bespoke designs of heated
jackets by having heating pads that can be easily fitted to pipe work, tanks
etc. simplifying the specification, installation and operation of heating
systems. This is already receiving significant acceptance from our customers
with order rates having more than doubled in the second half.
Armed with the new products, our strengthened sales team is making excellent
progress and has increased both the enquiry level and the sales conversion rate,
from a considerably expanded customer base.
Medical product sales have declined significantly compared to last year's
performance due to distributor issues that restricted market access. Our medical
sales team now manages control of global sales activity for all Medical products
with a direct sales capability being established for the UK market. Clinical
evidence for the latest version of patient warming products has shown that
significant advantages in patient care can be gained by using them before,
during and after surgery. A clinical trial has been completed for use of the
theatre products in A&E, again showing recovery benefits and improvement to
patient care, thereby opening up a new application.
Custom Products continues to make steady progress with improving sales
performance compared to the first half of 2002, although we are still in the
early stages of launch of the heated steering wheel product. Laminar Medica's
Activheat range of pharmaceutical heating systems is undergoing extensive trials
with their customer base, and the first production order has been received in
September. Sales of pizza and other food heating systems have improved against
the same period last year.
Outlook
During the remainder of the year we expect the rapid strengthening of sales to
continue such that we would expect to achieve our first break-even month in this
second half. Industrial sales in quarter three have continued to improve as a
result of both increased enquiry levels and improved conversion rates. Medical
sales are expected to start to recover during quarter four following the
retrieval of direct sales in-house. Custom Product sales are also growing but
from a small base.
Discussions are underway with two major international companies concerning
potential new applications for the Inditherm technology in the automotive and
construction sectors. If successful, these have the potential to generate
significant revenues. Discussions are also underway with a leading USA based
supplier of operating theatre equipment for an OEM arrangement providing access
to the North American hospital market for our patient warming systems.
The Board recognises that establishing new technology in naturally conservative
markets has taken longer than anticipated, but is confident that the changes
made to the organisation and products combined with the increased rate of sales
seen in the third quarter, has put the company in a good position to capitalise
on its innovative technology.
MARK ABRAHAMS
Chairman
25 September 2003
- ends -
For further information:
Inditherm plc 01709 761000
Colin Tarry, Chief Executive
Keith Lees, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Nick Oborne
Inditherm plc
Unaudited consolidated profit and loss account
For the six months ended 30 June 2003
Year 6 months 6 months
ended ended ended
31 December 30 June 30 June
2002 2003 2002
#'000 Note #'000 #'000
Continuing income from
483 product sales 165 217
200 Non recurring income - 200
683 Turnover 165 417
(330) Cost of Sales (113) (149)
______ ________ ________
353 Gross profit 52 268
(1,134) Administrative expenses (479) (566)
______ ________ ________
(781) Operating loss (427) (298)
49 Interest receivable 11 28
(7) Interest payable (5) (4)
______ ________ ________
Loss on ordinary activities
(739) before taxation (421) (274)
Taxation credit from loss on
22 ordinary activities 9 7
______ ________ ________
Sustained deficit for the
(717) period/year (412) (267)
====== ======== ========
Loss per share - basic and
(6.8)p diluted 7 (3.9)p (2.6)p
====== ======== ========
All amounts relate to continuing activities
All recognised gains and losses are included in the profit and loss account.
Inditherm plc
Unaudited Consolidated balance sheet
As at 30 June 2003
31 December 30 June 30 June
2002 2003 2002
#'000 Note #'000 #'000
Fixed assets
84 Intangible assets 77 91
386 Tangible assets 326 330
_______ ________ ________
470 403 421
_______ ________ ________
Current assets
250 Investment 250 250
63 Stocks 81 53
282 Debtors 175 223
897 Cash at bank and in hand 451 1,398
_______ _______ _______
1,492 957 1,924
Creditors: amounts falling due
(435) within one year (266) (348)
_______ _______ _______
1,057 Net current assets 691 1,576
_______ _______ _______
Total assets less current
1,527 liabilities 1,094 1,997
Creditors : amounts falling due
(46) after more than one year (25) (65)
________ ________ ________
1,481 Net assets 1,069 1,932
======== ======== ========
Capital and reserves - equity
105 Called up share capital 105 105
2,800 Share premium account 2,800 2,800
50 Other reserve 50 50
(1,474) Profit and loss account (1,886) (1,023)
________ ________ ________
1,481 Shareholders' funds 6 1,069 1,932
======== ======== =========
Inditherm plc
Unaudited consolidated cash flow statement
For the six months ended 30 June 2003
Year Note 6 months 6 months
ended ended ended
31 30 30
December June June
2002 2003 2002
#'000 #'000 #'000
Net cash outflow from
(855) operating activities 3 (378) (436)
Returns on investments and
servicing of finance
49 Interest received 11 28
(2) Interest paid - -
Interest element of hire purchase
(5) payments (5) (4)
_______ _______ _______
Net cash inflow from returns on
42 investments and servicing of finance 6 24
- Taxation 15 -
Capital expenditure and financial investment
(250) Purchase of current asset investment - (250)
(318) Purchase of tangible fixed assets (2) (125)
10 Sale of tangible fixed assets 38 6
_______ _______ _______
Net cash inflow/(outflow) from capital
(558) expenditure and financial investment 36 (369)
_______ _______ _______
Net cash outflow before management of liquid
(1,371) resources and financing (321) (781)
Management of liquid resources
Decrease in cash on short
1,158 term deposit 4 398 796
Financing
125 Issue of share capital - 117
(9) Share issue expenses - -
Capital element of hire purchase
(37) payments (49) (30)
64 Movement on factoring account (69) (26)
_______ _______ _______
143 Net cash (outflow)/inflow from financing (118) 61
_______ _______ _______
(70) (Decrease)/increase in cash 5 (41) 76
======= ======= =======
Inditherm plc
Notes to the interim report
1. Basis of preparation
The interim report has been prepared using accounting policies consistent with
those adopted in the statutory accounts of the group for the year ending 31
December 2002 except where any changes, and the reasons for them, are disclosed.
2. Taxation
No corporation tax has been provided for in the period due to the projected
result for the period not exceeding the losses brought forward.
Deferred tax assets arising from accelerated capital allowances and trading
losses have not been recognised on the basis that their future economic benefit
is uncertain.
3. Reconciliation of operating loss to net cash outflow from operating
activities
Year 6 months 6 months
ended ended ended
31 December 30 June 30 June
2002 2003 2002
#'000 #'000 #'000
(781) Operating loss (427) (298)
63 Depreciation and amortisation 46 19
3 Loss on sale of fixed assets - 7
1 (Increase)/decrease in stock (18) 11
121 Decrease in debtors 102 186
(262) Decrease in creditors (81) (361)
________ _______ ________
(855) Net cash outflow from operating activities (378) (436)
======== ======= ========
4. Reconciliation of net cash flow to movements in net funds
(70) (Decrease)/increase in cash in period/year (41) 76
(27) Cash outflow from decrease in debt 118 306
(1,158) Cash inflow from decrease in liquid resources(398) (796)
________ _______ ________
(1,255) Decrease in net debt from cashflows (321) (414)
(110) Inception of hire purchase contracts (16) (121)
________ _______ ________
(1,365) Movement in net funds (337) (535)
2,103 Net funds brought forward 738 2,103
________ _______ ________
738 Net funds carried forward 401 1,568
======== ======= ========
5. Analysis of changes in net funds
1 January 2003 Cash flow Other non 30 June
cash changes 2003
#'000 #'000 #'000 #'000
Cash at bank and in hand 897 (446) - 451
Overdraft (7) 7 - -
Less: deposits treated as
liquid resources (842) 398 - (444)
______ ______ ______ ______
48 (41) - 7
Factoring account (69) 69 - -
Obligations under hire
purchase contracts (83) 49 (16) (50)
Term deposits 842 (398) - 444
______ ______ ______ ______
738 (321) (16) 401
====== ====== ====== ======
6. Reconciliation of movement in shareholders' funds
Year 6 months 6 months
ended ended ended
31 December 30 June 30 June
2002 2003 2002
#'000 #'000 #'000
(717) Loss for the period (412) (267)
125 Issue of share capital (including premium) - 117
(9) Expense of share issue - -
________ ________ _______
(601) Net movement in shareholders' funds (412) (150)
2,082 Opening shareholders' funds 1,481 2,082
________ ________ ________
1,481 Closing shareholders' funds 1,069 1,932
________ ________ ________
7. Loss per share
The calculation of loss per share is based on losses of #412,000 (31 December
2002: #717,000, 30 June 2002: #267,000) and on a weighted average number of
shares of 10,534,990 (31 December 2002:10,486,691, 30 June 2002:10,397,832) in
issue for the period.
The outstanding share options are anti-dilutive due to the loss in the period.
8. Copies of this interim report are available from the Company's registered
office.
9. The interim financial information for the period ended 30 June 2003 is
unaudited and does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. The financial information for the year
ended 31 December 2002 is derived from the statutory accounts. Full accounts
were delivered to the Registrar of Companies with an unqualified audit report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUURABUPWGQC
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