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Share Name | Share Symbol | Market | Type |
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IsoPlexis Corporation | NASDAQ:ISO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.7616 | 0.8468 | 0.79 | 0 | 01:00:00 |
RNS Number:3192P Isotron PLC 03 September 2003 DATE: Embargoed until 07.00am, Wednesday 3rd September 2003 CONTACT: John Barker, Chief Executive Paul Wynne, Finance Director Isotron plc Tel: 01793 567900 Alistair Mackinnon-Musson Philip Dennis Hudson Sandler Tel: 020 7796 4133 Email: isotron@hspr.co.uk ISOTRON PLC Preliminary Results Isotron, whose principal business is contract sterilisation of medical products, is pleased to announce its preliminary results for the year ended 30 June 2003. The Group operates in four main market sectors: Medical, Biological, Chemical and Laboratory Services. During 2002, Isotron doubled in size having acquired Gammaster and has become a multinational, market leading UK based company. Isotron now owns and operates plants in the UK, Ireland, Holland, France, Germany, South Africa, Malaysia and Thailand. The key points are: * Financial benefits from Gammaster acquisition beginning to come through * Group turnover increased 47% to #32.6m * Pre-tax profit increased 43% to #7.3m (before exceptionals and amortisation) * Earnings per share increased 17% to 26.2p (before exceptionals and amortisation) * Main medical market remains strong. Commenting, John Barker, Chief Executive said: "Isotron had a good second half of the year with the financial benefits of the Gammaster acquisition beginning to come through. The Group's main medical market also remained strong. In the current year we expect to continue to see volumes grow in all the countries in which we operate." Note to Editors: Please find attached: i) Results Statement ii) Tables of figures Isotron Results Statement I am pleased to report Isotron had a good second half of the year and the financial benefits from the acquisition of Gammaster are now beginning to come through. Financials Group turnover for the year to 30 June 2003 increased 47% to #32.6m (2002: #22.2m); although a proportion of this increase is down to Gammaster, acquired in January 2002. Operating profit before amortisation of goodwill and exceptional items rose 51% to #8.6m (2002: #5.7m). Pre tax profit before exceptional items and amortisation of goodwill rose 43% to #7.3m (2002: #5.1m). Earnings per share (before exceptional items and amortisation of goodwill) were up 17% at 26.2p (2002: 22.4p), most of the increase coming in the second half of the year. The net effect of exchange rate movements over the year has been to increase revenues and operating profit by approximately 2%. The exceptional charges of #3.3m include a write down of #2.5m in the book value of the Group's processing plant at Thorne (UK). This one time 'non cash' charge recognises that the site's revenue growth prospects remain unclear at present, and, as a result, the investment is now carried at the cost of its land and buildings in the Group's balance sheet. The site is budgeted to make an operating profit in the coming year and is expected to increase its contribution over time as the market improves. The balance of the exceptional costs cover the closure of the electron beam plant in Sweden, as previously reported at the half year, and redundancy costs associated with rationalising the management structure of the enlarged Group. The higher interest charge this year reflects a full year of the acquisition finance for Gammaster. Net debt of #16.2m at the year-end is at a similar level to last year, and slightly down from #16.7m at the half-year. Trading Although not apparent due to the lack of comparability between this and last year's figures, underlying revenue, excluding currency effect, has grown 13% year on year. In the UK, revenue increased by 10% during the year, primarily from steady growth in the Medical market and strong Laboratory sales growth. We made good progress in most European countries, while Malaysia and Thailand both doubled revenue on a like for like basis. The Thai business has grown very significantly and is now one of the Group's largest gamma processors. During the year, plans were drawn up to improve the efficiency of this plant and these were successfully implemented by the year-end. While the customer base in Asia has increased, the substantial growth in Malaysia and Thailand has come mainly from its European based customers, with whom we have multiyear agreements. The outstanding 8% minority interest in Thailand was acquired for #0.4m cash in May 2003, bringing the Group's ownership to 100%. Turning to the market analysis, the sterilisation of medical products continues to be the Group's main market with revenue growth in Ireland, Malaysia and Thailand coming almost exclusively from processing greater medical volumes. Medical device manufacturing in Europe has continued to expand, and although there continues to be pressure on commodity medical products to relocate to low cost manufacturing countries, this did not adversely affect our performance. Revenue from the Biological market has also grown, the Group having acquired food and healthcare packaging volumes as a result of the Gammaster acquisition. In particular, this market is expanding in Holland and France. The Laboratory business is also seeing a period of rapid growth with JMJ Laboratories continuing to expand its testing for drugs of abuse (toxicology), and the microbiology labs in Ireland and the UK have also had a very successful year providing added value services to the sterilisation customer base. While remaining flat for much of the year, the Chemical market has also seen some improvement, but now it represents less than 10% of total Group revenue. Board of Directors As announced in July, I will be stepping down from the Board after the conclusion of the next AGM in November, after being Chairman of Isotron since 1983. After serving 18 years as a non-executive director, Christopher Thompson plans to retire from the Board in October this year. In November 2002 we welcomed Jonathan Azis to the Board as a non-executive director. Jonathan was subsequently appointed Vice Chairman and as already announced he will be taking over as Chairman of Isotron in November. In July 2003 we announced the appointment of Giles Weaver as a non-executive director. Giles was formerly Managing Director and then Chairman of Murray-Johnstone Ltd, and has other non-executive directorships. On 1 September 2003 we appointed Edward Buchan as a non-executive director. Edward is Managing Director - Corporate Finance of LCF Rothschild Securities and has other non-executive directorships. Dividend Your Board is recommending a final dividend of 5.50p, an increase of 10% on last year. Together with the interim dividend of 3.23p, this brings the total dividend to 8.73p an increase of 10% on last year (2002: 7.94p). The dividend will be paid on 14 November 2003, to shareholders registered on 17 October 2003. Outlook In the current year we expect volumes to grow in all of the countries in which we operate, and we plan to continue to improve margins. Our strategy is built around gaining the full benefit from the enlarged Group and generating more profit from existing subsidiaries. C G Clive, Chairman 3 September 2003 GROUP PROFIT AND LOSS Year ended 30 June 2003 2003 2002 Notes #000 #000 Turnover 1 32,646 22,201 Operating Costs (28,368) (17,201) Operating profit before amortisation and exceptional items 8,568 5,675 Amortisation of goodwill (1,020) (453) Exceptional items 2 (3,270) (222) Operating profit from continuing operations 4,278 5,000 Net interest payable (1,274) (582) Other finance costs (16) (7) Profit on ordinary activities before taxation, amortisation of goodwill and exceptional items 7,278 5,086 Amortisation of goodwill (1,020) (453) Exceptional items 2 (3,270) (222) Profit on ordinary activities before taxation 2,988 4,411 Taxation on profit on ordinary activities (837) (1,277) Profit on ordinary activities after taxation 2,151 3,134 Minority interests - equity (85) (34) Profit for the year 2,066 3,100 Dividends paid and proposed (1,839) (1,673) Retained profit for the year 227 1,427 Earnings per ordinary share - basic and diluted 6 9.8p 18.7p Earnings per ordinary share (before amortisation of goodwill and exceptional items) 6 26.2p 22.4p GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended 30 June 2003 2003 2002 #000 #000 Profit for the financial year 2,066 3,100 Exchange differences 341 291 Actual return less expected return on pension scheme assets (29) (13) Experience gains and losses arising on the scheme liabilities (31) 9 Changes in assumptions underlying the present value of the scheme liabilities (312) - Deferred tax on actuarial loss 63 - Corporation tax on actuarial loss 67 - Actuarial loss on pension scheme (242) (4) Total recognised gains and losses relating to the financial year 2,165 3,387 GROUP BALANCE SHEET As at 30 June 2003 2003 2002 Notes #000 #000 Fixed assets Intangible assets 17,021 19,446 Tangible assets 57,618 56,469 74,639 75,915 Current assets Stocks 632 476 Debtors 6,452 5,957 Cash at bank and in hand 2,549 3,684 9,633 10,117 Creditors: amounts falling due within one year (10,073) (11,088) Net current liabilities (440) (971) Total assets less current liabilities 74,199 74,944 Creditors: amounts falling due after one year (14,066) (14,605) Provisions for liabilities and charges (5,688) (6,334) Net assets before pension 54,445 54,005 Pension liability (650) (153) Minority interests - equity (260) (643) Net assets 1 53,535 53,209 Capital and reserves Called up share capital 5,268 5,268 Share premium account 22,898 22,898 Profit and loss account 25,369 25,043 Equity shareholders' funds 5 53,535 53,209 GROUP CASHFLOW STATEMENT Year ended 30 June 2003 2003 2002 Note #000 #000 Net cash inflow from operating activities 3 13,170 9,710 Returns on investments and servicing of finance Interest received 38 97 Interest paid (1,550) (299) Interest element of finance lease payments (14) - Dividends paid to minority interests (103) - Net cash outflow from returns on investments and servicing of finance (1,629) (202) Taxation UK corporation tax (625) (1,095) Overseas tax paid (886) (615) Return of overpayment 32 17 Tax paid (1,479) (1,693) Capital expenditure Payments for fixed assets (7,133) (7,994) Proceeds from the sale of fixed assets 34 19 Net cash outflow for capital expenditure (7,099) (7,975) Acquisitions Purchase of subsidiary undertakings 83 (29,554) Cash at bank and in hand acquired with subsidiaries - 2,393 Overdraft acquired with subsidiaries - (819) Exceptionals due to integration of acquisition - (100) Purchase of minority interests (398) - Net cash outflow from acquisitions (315) (28,080) Equity dividends paid (1,734) (1,259) Net cash inflow/(outflow) before use of liquid resources and financing 914 (29,499) Management of liquid resources Decrease in short term deposits 49 2,353 Financing Issue of ordinary share capital - 22,827 Share issue costs - (661) Cash inflow from increase in debts 91 5,653 Repayments of obligations under finance leases (95) - Net cash (outflow)/inflow from financing (4) 27,819 Increase in cash in the year 959 673 Liquid resources are defined as deposits repayable within three months. NOTES Year ended 30 June 2003 1. Turnover Turnover represents amounts invoiced in respect of services provided during the year excluding value added tax. All turnover arises from the Group's principal activity. Segmental information 2003 2002 #000 #000 Turnover by location of customer United Kingdom 14,314 13,005 Rest of Europe 14,280 7,735 Rest of World 4,052 1,461 32,646 22,201 Turnover by origin United Kingdom 14,136 12,840 Rest of Europe 14,526 7,879 Rest of World 3,984 1,482 32,646 22,201 Turnover by market sector Medical 19,753 13,503 Biological 7,666 4,928 Chemical 2,173 1,418 Laboratory Services 3,054 2,352 32,646 22,201 Operating profit United Kingdom * 114 2,735 Rest of Europe *+ 3,291 2,061 Rest of World + 873 204 4,278 5,000 * After exceptional costs + After amortisation of goodwill Net interest payable (including other finance costs) United Kingdom 508 145 Rest of Europe 479 235 Rest of World 303 209 1,290 589 Net assets by location United Kingdom 12,200 13,311 Rest of Europe 27,679 27,071 Rest of World 13,656 12,827 53,535 53,209 2. Exceptional items Exceptional items are analysed below: 2003 2002 #000 #000 Costs associated with the integration of the acquired Gammaster business 159 222 Reorganisation costs associated with the acquired Gammaster business 213 - Closure of the Swedish e-beam plant 404 - Impairment of the UK EtO plant 2,494 - 3,270 222 The closure costs of #404k for the Swedish e-beam plant includes an impairment of #257k. 3. Reconciliation of operating profit to net cashflow from operating activities 2003 2002 #000 #000 Operating profit 4,278 5,000 Depreciation charges 6,131 4,033 Amortisation of goodwill 1,020 453 Exceptional items from acquisition - 100 Exceptional items from closure (includes #257k impairment) 329 - Exceptional items from impairment 2,494 - Charges in relation to defined benefit pension schemes 156 31 (Profit) / loss on sale of tangible assets (12) 53 Increase in stocks (134) (56) Increase in debtors (103) (792) (Decrease) / increase in creditors (989) 888 Net cash inflow from operating activities 13,170 9,710 4. Reconciliation of net cash flow to movement in net debt 2003 2002 #000 #000 Increase in cash 959 673 Cash inflow from short term deposits (49) (2,353) Decrease in debts 2,954 8,057 Cash flow from new loans (2,950) (22,606) Deferred charges of loan issue costs (36) - New finance leases (715) - Exchange difference (544) (249) Movement in net debt in the period (381) (16,478) Net (debt)/cash at the beginning of the period (15,807) 671 Net debt at period end (16,188) (15,807) 5. Reconciliation of movements in shareholders' funds 2003 2002 #000 #000 Profit for the financial year 2,066 3,100 Dividends (1,839) (1,673) Retained profit for the financial year 227 1,427 Exchange differences 341 291 New share capital - 22,166 Actuarial losses recognised on STRGL (242) (4) Net addition to shareholders' funds 326 23,880 Opening shareholders' funds as previously reported 53,209 29,329 Closing shareholders' funds 53,535 53,209 6. Earnings per share The calculation of earnings per share is based on earnings of #2.07 million (2002: #3.10 million) and the weighted average share capital of 21.07 million ordinary shares of 25 pence in issue (2002: 16.54 million). The calculation of the diluted earnings per share is based on earnings of #2.07 million (2002: #3.10 million) and 21.08 million ordinary shares (2002: 16.55 million). Earnings per ordinary share before amortisation of goodwill and exceptional items has been based on current year profit of #2.07 million (2002: #3.10 million), amortisation of goodwill #1.02 million (2002: #0.45 million) and exceptional items net of tax #2.44 million (2002: #0.16 million). 7. Dividend The final dividend, if approved, of 5.50 pence will be paid on 14 November 2003, to shareholders registered on 17 October 2003. 8. Basis of preparation The financial information set out in this preliminary results announcement does not constitute the Company's statutory accounts for the years ended 30 June 2003 or 30 June 2002 but is derived from those accounts. This announcement was approved by a Committee of the Board of Directors on 2 September 2003. Statutory accounts for 2001/2002 have been delivered to the Registrar of Companies, whereas those for 2002/2003 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 9. Annual Report The Annual Report and Accounts will be posted to shareholders on 3 October 2003. Extra copies will be available from the Company Secretary, Isotron plc, Moray Road, Elgin Industrial Estate, Swindon, Wiltshire SN2 8XS. - ENDS - This information is provided by RNS The company news service from the London Stock Exchange END FR ILFVAAFIFIIV
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