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NYSE:SLH | NYSE | Common Stock |
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0.00 | 0.00% | 55.84 | 0 | 01:00:00 |
RNS Number:6056K Shiloh PLC 01 May 2003 1 May 2003 SHILOH PLC ("Shiloh" or "the Group") Preliminary Results for the year ended 31 March 2003 Shiloh PLC, the Oldham based healthcare company, announces preliminary results for the year ended 31 March 2003. Full Year Full Year 2003 2002 Turnover #45.44m #39.93m Like for like sales* #42.0m #37.0m Operating profit before exceptional items and amortisation #1.23m #1.35m Profit before tax #0.49m #0.82m Earnings per share 4.6p 7.9p Dividend per share - final 3.85p 3.70p - total 5.35p 5.20p * adjusted for the acquisitions made shortly before the start of the year and for the loss of the disposable surgical instruments business in England * On a like for like basis*, operating profit increased by 56% to #1.1 million (2002: #0.7 million) * Gross profit as a percentage of sales increased to 27.4% (2002: 26.1%) * Operating cash inflow before exceptional items of #1.8 million (2002: #1.6 million) * Total dividend increased to 5.35p (2002: 5.20p) * Business restructured into three divisions - Medical, Active Care and Sterilisation Services * Strengthened operational management team * Good progress on new product launches during the year - Comfi range of tubular bandages - Sahara range of washable continence care products - Conti range of nelaton catheters and urine drainage bags - Acquisition of Clinisan emollient cleansing foam * Appointment of Robert Hough as a Non-Executive Director Commenting on the outlook for the year, Edmund Gartside, Chairman, said: "During the year, we have made much progress in changing the shape of the Group and are now in a strong position to move forward and enjoy the benefits arising from these changes. We believe we are now better placed than ever before to develop further the business both organically and through acquisition". For further information please contact: Shiloh PLC Edmund Gartside, Chairman 0161 785 3492 Graham Collyer, Chief Executive 0161 785 3420 John Edwards, Finance Director 0161 785 3420 Weber Shandwick Square Mile Louise Robson or Cass Helstrip 020 7067 0700 1 May 2003 SHILOH PLC ("Shiloh" or "the Group") Preliminary Results for the year ended 31 March 2003 In a year of significant change within the Group, the results for the full year are broadly in line with our expectations when we announced the interim results. Financial Results Group sales for the year were #45.44 million compared with #39.93 million last year, an increase of 14%. As indicated at the half year, the loss of the disposable surgical instruments sales to the English health authorities, following a reversion to reusable instruments, affected turnover this year and comparisons with last year. Like for like sales, adjusted for the acquisitions made shortly before the start of the year and for the loss of the disposable surgical instruments business, increased by 12.5% to #42.0 million from #37.0 million in 2002. Gross profit as a percentage of sales increased from 26.1% to 27.4%, reflecting the improving margins within the business, despite the adverse impact of the strengthening Euro in the second half. Operating profits before exceptional items were #1.23 million (2002: #1.35 million). On a like for like basis, operating profits before exceptional items increased by 56% to #1.1 million from #0.7 million in 2002. Exceptional charges were less than anticipated at the interim results and totalled #395,000 for the year. These non-recurring costs comprised #23,000 on aborted corporate transactions, #301,000 on organisational restructuring and #71,000 pension top up payments. However, the anticipated exceptional gains from property disposals did not materialise as the sales were not completed within the financial year. We are confident that these sales will be achieved during the current financial year and will generate circa #1.9 million cash net of costs. Profit before tax was #490,000 (2002: #817,000), resulting in earnings per share of 4.6p (2002: 7.9p). Cash flow was a key focus for the Group during the year, resulting in a strong operating cash inflow before exceptional items of #1.8 million (2002: #1.6 million). Dividend A final dividend of 3.85p is being recommended, which represents a 4% increase over last year. This makes a total dividend for the year of 5.35p (2002: 5.20p). The final dividend, if approved, will be payable on 19 June 2003 to shareholders on the register on 30 May 2003. Review of Operations During the year, we have restructured the business into three divisions - Medical, Active Care and Sterilisation Services - to enable the Group to be understood more easily and to ensure that it is appropriately structured to support future growth. Medical This division is focused primarily on disposable products for use within the NHS and the private healthcare sector. It provides product and service solutions in the areas of continence care, infection prevention and wound management. Divisional sales were #33.3 million, up from #29.9 million, an increase of 11.4%. Within the division we saw another strong performance from our Scottish distribution business, Fast-Aid Products, whilst Macdonald & Taylor, our cotton wool business, delivered a good set of results despite difficult trading conditions. Shiloh Healthcare, comprising the continence care, infection prevention and wound management businesses, has been brought together under a newly appointed subsidiary Managing Director, Gerry Hay. Our focus during the year has been on internal development supported by acquisition. Key initiatives during the year were: * the introduction in August 2002 of the Comfi range of tubular bandages * the introduction in October 2002 of the new Sahara range of washable continence care products * the introduction in November 2002 of the Conti range of nelaton catheters and urine drainage bags * the acquisition in February 2003 of the Clinisan emollient cleansing foam Another area of focus was home delivery, where we have improved operational efficiency and commenced the process of standardising our IT offering, Shiloh Connect. During the year we withdrew from certain low margin protective clothing businesses to concentrate on our own brand, Primeguard. Since the year-end, the sales force has been reorganised so that even more focus is devoted to the higher margin products. Active Care This division supplies and maintains a comprehensive range of mobility and rehabilitation equipment across the UK. The range includes wheelchairs, scooters, hoists, slings, stair lifts, ramps, chairs, beds and general aids for daily living. Division sales were #10.0 million, up from #6.1 million, an increase of 63.8%. Of this increase, #2.9 million (45%) was as a result of the acquisition of Care & Mobility in March 2002, just before the end of the previous financial year. The four companies we acquired between 2000 and 2002 are now being brought together under one brand, Shiloh Active Care. With the appointment of a Managing Director, Steve Dootson, and the recruitment of an experienced sector marketing specialist, we expect significant organic growth from this Division as we position ourselves as one of the largest players in this extensive and fast growing market. During the year we signed two exclusive UK distribution agreements which reflect our strong position within the market. In May 2002, we signed an agreement with Sumed International UK Ltd for bespoke seating and heavy duty wheelchairs and, in December 2002, with Roho Inc for the Roho brand of dry flotation products. We anticipate significant growth from these products in the year ahead. Our first acquisition in this sector, ICR Mobility, which is based in Bootle, Stoke, Cardiff and Ringwood, performed strongly during the year. However, our northern units (Hunters and Lakesway) encountered tougher trading conditions. These businesses are far more reliant on private purchases, which are heavily influenced by general economic conditions, rather than contract purchases by the NHS or Social Services. The Sumed and Roho agreements will shift our divisional sales mix away from private sales to more contract-orientated business. In the year ahead we will focus on deriving benefit from the new branding and from our purchasing strength. Sterilisation Services This division was established as a new concept for the decontamination of surgical instruments in the private sector. It operates from custom-built sterilisation facilities at Strathclyde Business Park, Lanarkshire, supporting hospitals across central Scotland. In April 2002, we acquired the minority shareholding in Trust Sterile Services Ltd enabling us to fully integrate this company as one of our three key divisions. The base business performed well with sales of #2.2 million. The loss of the disposable tonsillectomy business had an adverse effect on the division and the Group as a whole and the lack of sales of reusable instruments from our inclusion in the national contract has been a disappointment, albeit recognising that the industry as a whole has had similar frustrations. We await news from the Department of Health as to how sterilisation instrument services within the NHS are to be upgraded and remain confident that this initiative will result in significant opportunities for us to develop new sites. Accordingly we have split the responsibilities of the two founders of this business. Isobel Kelly has been appointed Managing Director, Sterilisation Services and Gerry Heneaghan has been appointed Projects Director, Shiloh Group and will focus on the development of new business and sites. Strategy Our aim is to develop innovative, long-term mutually-beneficial partnerships with healthcare providers in the supply of continence care, mobility, and rehabilitation, prevention of infection and wound management. Partnerships that will add value through the supply, distribution and brand development of the products and services we provide. The Group has traditionally operated in low margin healthcare sectors, which demand high level of overhead expenditure due to the high service levels expected by our key customers. Our focus during the year has been on higher margin branded products and services either through internal development or acquisition. Our intention is to grow all three business areas organically. However, within Medical we also plan to make strategic acquisitions combined with organic growth. In addition, we will dispose of, or discontinue where appropriate, certain areas of our business which have lower margins. We will continue to focus on strong operating cash flow generation which will, in part, help to finance any future acquisitions. Management The year has been one in which we have introduced significant changes to people, to products and to culture and, as a result, have spent considerable time and effort during the year restructuring the Group and preparing it for the future. Two directors left the Group during the year. Mark Lewis, Managing Director of the Healthcare division resigned and Lincoln Jones, Managing Director of Shiloh Healthcare retired. We would like to thank both for their contribution to the Group over the years. The other main change was the appointment of Graham Collyer as Chief Executive on 1 January 2003. Graham brought with him a wealth of experience of the healthcare industry and considerable knowledge and expertise of the markets in which we operate. Announced today, Robert Hough joins the Board as a Non-Executive Director. Robert currently holds a number non-executive directorships, including as Deputy Chairman of Peel Holdings plc, Chairman of Liverpool Airport plc, a Non-Executive Director of Alfred McAlpine plc and a Non-Executive Director of the Cheshire Building Society. Darrell Shaw, currently Senior Independent Non-Executive Director, has announced that he will retire from the Board immediately after the Annual General Meeting on 17 June 2003. We would like to thank Darrell for his considerable contribution over many years. At the operating level, as well as strengthening our Human Resources and Information Technology functions, we have made key appointments in the areas of: * Pricing, contract negotiation, and customer services with the appointment of Bernard Braiden as Director of Commercial Services * Purchasing and planning - Joe Mitchell as Director of Procurement * Manufacturing - Garry Wilson as Director of Manufacturing These appointments, as well as the others mentioned within the divisional review, are key to the future development of the business. Together, they bring more than 100 years of experience in relevant fields of the healthcare industry. Outlook During the year, we have made much progress in changing the shape of the Group and are now in a strong position to move forward and enjoy the benefits arising from these changes. We believe we are now better placed than ever before to develop further the business both organically and through acquisition. For further information, please contact: Shiloh PLC Edmund Gartside, Chairman 0161 785 3492 Graham Collyer, Chief Executive 0161 785 3420 John Edwards, Finance Director 0161 785 3420 Weber Shandwick Square Mile Louise Robson or Cass Helstrip 020 7067 0700 Shiloh PLC Consolidated Profit and Loss Account For the year ended 31 March 2003 2003 2002 Ordinary Amortisation Total Total Activities and Exceptional Items #000's #000's #000's #000's Turnover 45,441 - 45,441 39,927 Cost of sales (32,997) - (32,997) (29,500) Gross profit 12,444 - 12,444 10,427 Net operating expenses (11,214) (395) (11,609) (9,078) Operating profit before amortisation of intangible assets 1,230 (395) 835 1,349 Amortisation of intangible assets - (223) (223) (134) Operating profit after amortisation of intangible assets 1,230 (618) 612 1,215 Loss on sale of previously discontinued operations - - - (338) Profit on ordinary activities before interest 1,230 (618) 612 877 Net interest payable (122) - (122) (60) Profit on ordinary activities before taxation 1,108 (618) 490 817 Taxation (301) 119 (182) (227) Profit after taxation 807 (499) 308 590 Minority interests - equity - - - (71) Profit attributable to ordinary shareholders 807 (499) 308 519 Dividends (358) - (358) (342) Retained (loss)/ profit for the year 449 (499) (50) 177 Earnings per share before amortisation of intangible assets and exceptional items Basic 12.13p 15.13p Diluted 11.93p 14.89p Earnings per share Basic 4.62p 7.92p Diluted 4.55p 7.79p Shiloh PLC Consolidated Balance Sheet At 31 At 3 March March 2003 2002 #000's #000's FIXED ASSETS Intangible assets 5,393 3,952 Tangible assets 5,509 5,750 10,902 9,702 CURRENT ASSETS Stocks 5,754 4,967 Assets held for re-sale 776 - Debtors 7,842 7,307 Short term deposits 450 450 Cash at bank and in hand 297 240 15,119 12,964 CURRENT LIABILITIES Creditors 11,847 8,667 NET CURRENT ASSETS 3,272 4,297 TOTAL ASSETS LESS CURRENT LIABILITIES 14,174 13,999 LIABILITIES FALLING DUE AFTER ONE YEAR Creditors 1,592 1,478 PROVISION FOR LIABILITIES AND CHARGES 294 210 DEFERRED CREDITOR 111 117 12,177 12,194 CAPITAL AND RESERVES Called up share capital 1,672 1,652 Share premium account 1,273 1,140 Capital redemption reserve 62 62 Revaluation reserve 802 967 Profit and loss account 8,368 8,403 EQUITY SHAREHOLDERS' FUNDS 12,177 12,224 EQUITY MINORITY INTERESTS - -30 12,177 12,194 Shiloh PLC Consolidated Cash Flow Statement For the year ended 31 March 2003 2003 2002 #000's #000's NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 612 1,215 Depreciation 878 715 Amortisation of intangible fixed assets 223 134 Profit on sale of tangible fixed assets (3) (5) Government grant released to profit and loss account (6) (6) Increase in stocks (787) (139) Increase in debtors (560) (1,403) Increase in creditors 1,075 1,106 1,432 1,617 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (118) (8) TAXATION (299) (388) CAPITAL EXPENDITURE (1,901) (789) ACQUISITIONS AND DISPOSALS (460) (2,830) EQUITY DIVIDENDS PAID (345) (326) MANAGEMENT OF LIQUID RESOURCES - 3,894 FINANCING (162) (1,328) DECREASE IN CASH (1,853) (158) Analysis of changes in net debt At 31st Other At 31st March Cash non cash March 2002 Flow changes 2003 #000's #000's #000's #000's Cash at bank and in hand 240 57 - 297 Bank overdraft (341) (1,910) - (2,251) (101) (1,853) - (1,954) Debt due after one year (450) - 450 - Finance leases (621) 195 (412) (838) Short term deposits 450 - - 450 (722) (1,658) 38 (2,342) Shiloh PLC Notes to the Accounts This preliminary results statement was approved by the Board of Directors on 1 May 2003. The above results for the year ended 31 March 2003 have been abridged from the full Group accounts for that year, which received an unqualified auditors' report and which will be delivered to the Registrar of Companies shortly. The above results for the year ended 31 March 2002 have been abridged from the full Group accounts for that year, which received an unqualified auditors' report and which have been delivered to the Registrar of Companies. The Annual Report and Financial Statements will be posted to shareholders as soon as practicable. Further copies will be available from the company's registered office at Shiloh House, Fitton Street, Royton, Oldham, OL2 5JX. This information is provided by RNS The company news service from the London Stock Exchange END FR SDSESSSDSELL
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