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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:9762H Isotron PLC 26 February 2003 DATE: Embargoed until 07:00am, Wednesday, 26 February 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 ISOTRON PLC Interim Results Isotron doubled its size last year by acquiring Gammaster and has become a multinational, market leading UK based company. Isotron, whose principal business is contract sterilisation of medical products, is pleased to announce its Interim results for the six months ended 31 December 2002. The Group operates in four main market sectors: medical, biological, chemical and laboratory services. The key points are: * Group turnover increased to #15.7m * EPS increased by 6% to 11.6p before goodwill and exceptionals * Interim dividend increased by 10% to 3.23p * Opportunities identified to improve the efficiency of the acquired sites * The Group's main medical market remains buoyant * Laboratory business continues to make good progress Commenting, John Barker, Chief Executive said: "We are now seeing the benefit of Isotron's increased international presence particularly in relation to the Far East. The Group's main medical market has remained buoyant and, along with the Laboratory market, it should see further gains. Management's focus is now on improving margins through price reviews and productivity gains." Note to Editors: Please find attached: i) Chairman's Statement ii) Tables of figures Chairman's Statement Result I am pleased to report steady progress in the first half year. Group turnover rose to #15.7m (#8.2m) with #6.2m coming from the Gammaster acquisition. Excluding this acquisition the Group generated turnover of #9.5m, a 17% increase on the previous year, with volume growth in Malaysia being the main contributor. Operating profit (before amortisation and exceptional costs) was #3.96m (#1.97m) with the Gammaster acquired businesses being consolidated from 16 January 2002 onwards. The increase in interest payable reflects the cost of the borrowings taken out to fund the acquisition. Earnings per share (before amortisation and exceptional costs) at 11.6p, was 6% higher than last year (10.9p). The exceptional cost of #563k includes a provision for the closure of the electron beam plant in Sweden of #404k, together with other integration costs. Trading The countries with the strongest results were Thailand, Malaysia and Ireland, with much of the growth coming from the increased throughput of medical products such as surgeons' gloves, stents, drapes and gowns. By the end of the first half year, Thailand had nearly trebled its throughput and is scheduled to grow further in the second half year. Profitability in Thailand was however below expectations. This was mainly due to processing inefficiencies and action is now being taken to improve profitability. Following a detailed review, the Board considered that the electron beam in Sweden was not economically viable in the long term and so it ceased operating in December and was closed in January 2003. As a result, a trading loss of #0.1m was reported in the period instead of an expected small profit. Most of the exceptional costs relate to writing-off its assets. The Laboratories made good progress with JMJ Laboratories increasing revenues from drug abuse testing and the other laboratories in the UK and Ireland securing new business in contract microbiology. Nearly all businesses have succeeded in increasing selling prices to a large part of their customer base. The expansion in revenue, particularly in the Far East, has required significant investment in cobalt (#3.7m) but the net debt at the half year of #16.7m is broadly in line with expectations. Interim Dividend The Directors are pleased to report that they have declared an interim dividend of 3.23p per share, an increase of 10% on last year (2.94p). This will be paid on 25 April 2003 to shareholders on the register at 21 March 2003. Board of Isotron The Board of Isotron announced in November 2002 that it had appointed Mr Jonathan Azis to the Board as a non executive director. We are very pleased to have the benefit of his skills and experience for the future development of the company. Outlook The chemical and biological markets are expected to remain relatively flat, but the medical and laboratory markets should see further progress. The processing inefficiencies in Thailand are being addressed and should be resolved during the second half of the year. The focus of management is on improving margins through price reviews and through productivity gains. C G Clive, Chairman 26 February 2003 Independent review report by KPMG Audit Plc to Isotron Plc Introduction We have been instructed by the company to review the financial information set out on pages 4 to 9 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are to be disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4: Review of interim financial information issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 December 2002. KPMG Audit Plc Chartered Accountants Registered Auditor 26 February 2003 Group Profit and Loss Account Half year ended Half year ended Year ended 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Turnover (2 & 3) 15,727 8,164 22,201 Operating costs (12,830) (6,193) (17,201) Operating profit before amortisation and exceptional 3,957 1,971 5,675 items Amortisation of goodwill (497) - (453) Exceptional items (4) (563) - (222) Operating profit 2,897 1,971 5,000 Net interest payable (636) (20) (582) Other finance costs (6) - (7) Profit on ordinary activities before taxation (2) 2,255 1,951 4,411 Taxation on profit on ordinary activities (5) (779) (557) (1,277) Profit on ordinary activities after taxation 1,476 1,394 3,134 Minority interests - equity (35) - (34) Profit for the period/year 1,441 1,394 3,100 Dividends paid and proposed (681) (619) (1,673) Retained profit for the period/year 760 775 1,427 Earnings per ordinary share - basic and diluted (6) 6.8p 10.9p 18.7p Earnings per ordinary share (before amortisation of goodwill and exceptional items) (6) 11.6p 10.9p 22.4p Statement of Total Recognised Gains and Losses 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Profit for the financial period/year 1,441 1,394 3,100 Exchange differences (395) (10) 291 Expected return on pension scheme assets - - (13) Experience gains and losses arising on scheme - - 9 liabilities Total recognised gains and losses relating to the 1,046 1,384 3,387 financial period/year Prior period adjustment (7) - (1,938) (1,938) 1,046 (554) 1,449 Group Balance Sheet As at As at As at 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Fixed assets Intangible assets 18,949 - 19,446 Tangible assets 57,537 33,828 56,469 76,486 33,828 75,915 Current assets Stocks 536 383 476 Debtors 6,002 3,570 5,957 Cash at bank and in hand 3,195 1,101 3,684 9,733 5,054 10,117 Creditors: amounts falling due within one year (10,399) (3,592) (11,088) Net current (liabilities)/assets (666) 1,462 (971) Total assets less current liabilities 75,820 35,290 74,944 Creditors: amounts falling due after one year (15,043) (2,469) (14,605) Provisions for liabilities and charges (6,476) (2,727) (6,334) Minority interests - equity (541) - (643) Net assets before pension 53,760 30,094 53,362 Pension liability (186) - (153) Net assets 53,574 30,094 53,209 Capital and reserves Called up share capital 5,268 3,192 5,268 Share premium account 22,898 2,808 22,898 Profit and loss account 25,408 24,094 25,043 Equity shareholders' funds (8) 53,574 30,094 53,209 Group Cash Flow Half year ended Half year ended Year ended 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Net cash inflow from operating activities 6,769 3,141 9,710 Servicing of finance and returns on investments Interest received 20 71 97 Interest paid (852) (99) (299) Net cash outflow from servicing of finance and returns on investments (832) (28) (202) Taxation UK corporation tax (303) (416) (1,095) Overseas tax paid (295) - (615) Return of overpayment - - 17 Tax paid (598) (416) (1,693) Capital expenditure Payments for fixed assets (4,768) (4,387) (7,994) Proceeds from the sale of fixed assets 19 15 19 Net cash outflow for capital expenditure (4,749) (4,372) (7,975) Acquisitions Purchase of subsidiary undertakings (60) - (29,554) Cash at bank and in hand acquired with - - 2,393 subsidiaries Overdraft acquired with subsidiaries - - (819) Exceptionals due to integration of acquisition (275) - (100) Net cash outflow from acquisitions (335) - (28,080) Equity dividends paid (1,156) (638) (1,259) Net cash outflow before use of liquid resources (901) (2,313) (29,499) and financing Management of liquid resources (Increase)/decrease in short term deposits (58) 2,434 2,353 Financing Issue of ordinary share capital - - 22,827 Share issue cost - - (661) Cash inflow from increase in debts 1,054 - 5,653 Net cash inflow from financing 1,054 - 27,819 Increase in cash in the period/year 95 121 673 Liquid resources are defined as deposits repayable within three months. Notes to the Interim Financial Statements Half year ended 31 December 2002 - unaudited 1. Basis of presentation of accounts The Group profit and loss account and balance sheet for the half years ended 31 December 2002 and 31 December 2001 have been prepared on a basis consistent with accounting policies disclosed in the Group's Annual Report and Accounts 2002. The comparative figures for the financial year ended 30 June 2002 are extracted from the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. Copies of the Annual Report and Accounts 2002 are available from the Company's registered office by applying to the Company Secretary, Isotron plc, Moray Road, Elgin Industrial Estate, Swindon SN2 8XS. The Company is registered in England Number 1771333. 2. Turnover Turnover represents amounts invoiced in respect of services provided during the period excluding value added tax. All turnover arises from the Group's principal activity. Segmental information Half year ended Half year ended Year ended 31 December 2002 31 December 2001 30 June 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Turnover by location of customer United Kingdom 7,083 6,475 13,005 Rest of Europe 6,808 1,487 7,735 Rest of World 1,836 202 1,461 15,727 8,164 22,201 Turnover by origin United Kingdom 7,052 6,610 12,840 Rest of Europe 6,863 1,352 7,879 Rest of World 1,812 202 1,482 15,727 8,164 22,201 Turnover by market sector Medical 9,575 5,145 13,503 Biological 3,762 1,370 4,928 Chemical 1,009 527 1,418 Laboratory Services 1,381 1,122 2,352 15,727 8,164 22,201 Profit/(loss) before taxation United Kingdom * 1,354 1,666 2,735 Rest of Europe *+ 1,123 381 2,061 Rest of World + 420 (76) 204 Operating profit 2,897 1,971 5,000 Net interest payable (including other finance costs) (642) (20) (589) Profit before taxation 2,255 1,951 4,411 * After exceptional costs + After amortisation of goodwill 3. Turnover relating to acquisitions Within turnover the amounts relating to the Gammaster business that was acquired in January 2002 are detailed below. This information has been provided to add comparability and is not a requirement of FRS 3 in the current period. Half year ended Half year ended Year ended 31 December 2002 31 December 2001 30 June 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Turnover 6,177 - 5,408 4. Exceptional items Exceptional items relate to costs of #159k (#nil) associated with the integration of the acquired Gammaster business, and #404k (#nil) relating to the closure of the Swedish e-beam plant. 5. Tax charge The tax charge in the period has been based on the estimated effective rate applicable to each significant category of income for the full year. 6. Earnings per share Earnings per share and fully diluted earnings per share are based on the profit after taxation and 21.07 million ordinary shares. Earnings per share before amortisation of goodwill and exceptional items is based on profit of #2,453k (#1,394k) and 21.07 million (12.77 million) ordinary shares. 7. Prior period adjustment The Group adopted FRS 19 "Deferred Tax" in the year ended 30 June 2002. The comparatives for the period ended 31 December 2001 were restated to include a charge of #1,938k. The cumulative effect of this restatement on previously recognised gains and losses is noted in the Statement of Total Recognised Gains and Losses. 8. Reconciliation of movements in shareholders' funds As at As at As at 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Profit for the financial period/year 1,441 1,394 3,100 Dividends (681) (619) (1,673) Retained profit for the financial period/ year 760 775 1,427 Exchange differences (395) (10) 291 New share capital - - 22,166 Actuarial losses recognised in STRGL - - (4) Prior period adjustment (7) - (1,938) - Net addition to shareholders' funds 365 (1,173) 23,880 Opening shareholders' funds as previously reported 53,209 31,267 31,267 Prior period adjustment (7) - - (1,938) Closing shareholders' funds 53,574 30,094 53,209 9. Reconciliation of Net Cash Flow to Movement in Net Debt Half year ended Half year ended Year ended 31 December 31 December 30 June 2002 2001 2002 unaudited unaudited audited (1) #'000 #'000 #'000 Increase in cash 95 121 673 Cash outflow/(inflow) from short term deposits 58 (2,434) (2,353) Decrease in debt 1,717 - 8,057 Cash flow from new loans (2,770) - (22,606) Deferred charges of loan issue costs (18) - - Exchange difference 65 - (249) Movement in net debt/cash in the period (853) (2,313) (16,478) Net (debt)/cash at the beginning of the period (15,807) 671 671 Net debt at period end (16,660) (1,642) (15,807) - ends - This information is provided by RNS The company news service from the London Stock Exchange END IR BCGDDSDDGGXU
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