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Share Name | Share Symbol | Market | Type |
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NYSE:SLH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 55.84 | 0 | 01:00:00 |
RNS Number:2140R Shiloh PLC 23 October 2003 SHILOH PLC Interim Results for the Six Months ended 30th September 2003 Shiloh PLC, the Oldham based healthcare company, announces interim results for the six months ended 30 September 2003. Interim Interim 2003 2002 Turnover #22.57 m #19.0m Operating Profit #0.1m #0.4m Profit (Loss) before tax (#0.2m) #0.2m Earnings per share (2.31p) 1.54p Interim dividend 1.5p 1.5p The benefits from continued sales growth of 3% have been offset by increased costs and the unfavourable movement in exchange rates. The Sterilisation Services division has performed well and there are good prospects of this business expanding as a result of the National Health Service's five year programme for upgrading sterilisation services. The Medical division has been most affected by the unfavourable impact of currency. The division has improved its gross margin and the new products introduced last year are selling well. The Active Care division has made a loss and the re-organisation of the division into one entity is taking longer than expected. The division will benefit from the common branding of products and the launch of a new mail order catalogue. Shiloh is currently reviewing its cost base and has identified significant cost savings that can be taken out of the business in the second half year. Commenting on the future, Edmund Gartside, Chairman, said: 'Although the full year performance will not meet current market expectations, the scene is set for a recovery in profit during the second half year as new products move in greater volume and we consolidate on our excellent reputation with the National Health Service.' Ends For further information please contact Shiloh PLC Edmund Gartside, Chairman, (direct line 0161 785 3492) 0161 624 8161 Graham Collyer, Chief Executive (direct line 0161 785 3400) Weber Shandwick Square Mile Louise Robson 0207 067 0700 City Press PR David Tattersall 01704 226370 Chairman's Statement The first half of the year has proved to be more difficult than expected with the benefits from our continuing growth in sales being offset by increased costs and an unfavourable exchange rate. Whilst sales were #22.58 million (2002: #21.89 million), an increase of 3%, operating profit before tax, interest and amortisation of goodwill was #110,000 (2002:#392,000). The loss before tax was #175,000 (2002: #200,000 profit). A major factor has been the weakening of sterling against the euro, which has adversely affected profit by #254,000. In addition we have had to absorb some significant cost increases, most notably a 36% rise in insurance costs, the increase in national insurance contributions, and additional overhead costs incurred as part of our strategy to expand the Group into new markets. These cost increases have had a severe impact on our Medical and Active Care divisions, both of which have under-performed during the half year. The Sterilisation Services division, which provides sterilisation services to local hospitals, located at Bellshill, near Glasgow, has made good progress and is now operating profitably. The National Health Service has revealed its long awaited proposals for the upgrading of sterilisation units in England and we are hopeful of securing further contracts which will enable us to commission additional units as this five year programme unfolds. The Medical division has been the most affected by the unfavourable impact of currency. However, there have been some positive developments. Most notably, gross margin in this division has increased from 29.8% to 31% as a result of switching to higher margin business. We have had an encouraging response to the new products launched last year, but they are not yet selling in sufficient volume to cover the increase in overhead costs incurred to establish and support their development. The Comfi range of tubular bandages has performed well and we have already gained a 10% share of the market in the NHS acute sector. The Clinisan brand of emollient cleansing foam, which we acquired in February 2003, is now fully integrated into our product portfolio and is also performing well. Sales in our traditional wipes and continence pads remain strong and I am pleased to report that the NHS has renewed our wipes contract for a further four years. We continue to operate a Home Delivery Service to over twenty Health Authorities. However, the cost of servicing these Home Delivery contracts is high, and we are currently reviewing our strategy with regard to this activity. The Active Care division has made a loss and the integration of the four original businesses acquired into one division has taken longer than expected. Two outlets have been closed during the half year and further rationalisation is planned. Common branding is being introduced and a new mail order catalogue, launched in September, should boost sales to the private sector, the part of the division that has under-performed. The first of two mill property sales was completed in August 2003. The net proceeds were #656,000 and there was a book loss of #44,000, which is the exceptional loss shown in the profit and loss account. Contracts have now been exchanged for the sale of the second mill following receipt of planning approval for residential development. We expect to complete this within the next few weeks and realise a book profit of #200,000. We are currently reviewing all our costs in an effort to reduce the cost base to bring it more into line with sales volume. We have already identified significant cost savings and these will start to take effect in the second half year. We believe that our excellent record of sales growth should ultimately be reflected in profits. Our priority is to make the business profitable enough to create a sound base for future expansion both through organic growth and through the acquisition of complementary businesses. Although the turn round will take time and the full year performance will not meet current market expectations, the scene is set for a recovery in profit during the second half year as new products move in greater volume and we consolidate on our excellent reputation with the National Health Service. Accordingly the Directors have declared an unchanged interim dividend of 1.5p per share in anticipation of a better trading performance in the second half year. This will be paid on 28th November 2003 to those shareholders on the register on 14th November 2003. Edmund T. Gartside 22nd October 2003 Consolidated Profit and Loss Account Half-year to Half-year to Year ended 30 Sept 03 30 Sept 02 31 March 03 #000's unaudited unaudited audited TURNOVER 22,575 21,886 45,441 OPERATING (LOSS)/PROFIT Continuing operations 110 392 835 Amortisation of goodwill (142) (127) (223) (32) 265 612 NON OPERATING EXCEPTIONAL ITEMS Loss on sale of property (44) - - (76) 265 612 Net interest payable (99) (65) (122) (LOSS)/PROFIT BEFORE TAXATION (175) 200 490 Taxation 20 (98) (182) (LOSS)/PROFIT AFTER TAXATION (155) 102 308 Dividends (100) (100) (358) RETAINED (LOSS)/PROFIT (255) 2 (50) EARNINGS PER SHARE BEFORE AMORTISATION OF GOODWILL AND EXCEPTIONAL ITEMS Basic 0.27p 3.44p 12.13p (LOSS)/EARNINGS PER SHARE Basic (2.31p) 1.54p 4.62p Diluted (2.28p) 1.51p 4.55p ORDINARY DIVIDEND PER SHARE 1.5p 1.5p 5.35p Notes: (1) The financial information set out above does not constitute full accounts within the meaning of section 254 of the Companies Act 1985. The unqualified audited accounts for the year ended 31st March 2003 have been filed with the Registrar of Companies. (2) Taxation has been provided at an estimated rate of 30% (30% last year). Consolidated Balance Sheet 30 Sept 03 30 Sept 02 31 March 03 #000's unaudited unaudited audited FIXED ASSETS Intangible assets 5,251 4,782 5,393 Tangible assets 4,580 6,143 5,509 9,831 10,925 10,902 CURRENT ASSETS Stocks 5,797 5,043 5,754 Assets held for resale 776 - 776 Debtors 8,506 8,617 7,842 Short term deposits - 450 450 Cash at bank and in hand - - 297 15,079 14,110 15,119 CREDITORS-falling due within one year 11,589 11,423 11,847 NET CURRENT ASSETS 3,490 2,687 3,272 TOTAL ASSETS LESS CURRENT LIABILITIES 13,321 13,612 14,174 CREDITORS-falling due after more than one year 998 913 1,592 PROVISION FOR LIABILITIES AND CHARGES 294 210 294 DEFERRED CREDITOR 107 114 111 11,922 12,375 12,177 CAPITAL AND RESERVES Called up share capital 1,672 1,671 1,672 Share premium account 1,273 1,270 1,273 Capital redemption reserve 62 62 62 Revaluation reserve 761 959 802 Profit and loss account 8,154 8,413 8,368 EQUITY SHAREHOLDERS' FUNDS 11,922 12,375 12,177 Consolidated Cash Flow Statement Half-year to Half-year to Year ended 30 Sept 03 30 Sept 02 31 March 03 #000's unaudited unaudited audited NET CASH FLOW FROM OPERATING ACTIVITIES Operating (loss)/profit (32) 265 612 Depreciation 449 389 878 Movement in working capital and other adjustments (1,887) (1,292) (58) (1,470) (638) 1,432 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (164) (17) (118) TAXATION - (18) (299) CAPITAL EXPENDITURE Net cost of plant and machinery (181) (913) (1,901) Disposal of property 656 - - ACQUISITION ACTIVITY (100) (506) (460) EQUITY DIVIDENDS PAID (257) (244) (345) MANAGEMENT OF LIQUID RESOURCES 450 - - FINANCING (133) (80) (162) DECREASE IN CASH (1,199) (2,416) (1,853) Analysis of debt Cash at bank and in hand - - 297 Bank overdraft (3,153) (2,517) (2,251) Debt due within one year - (450) - Finance leases (747) (512) (838) Short term deposits - 450 450 (3,900) (3,029) (2,342) This information is provided by RNS The company news service from the London Stock Exchange END IR VLLFLXBBBFBE
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