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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Biotest AG | TG:BIO | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 41.60 | 41.60 | 42.40 | 0.00 | 14:18:06 |
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RNS Number:7420P
BioFocus PLC
15 September 2003
For Immediate Release 15 September 2003
BIOFOCUS PLC
INTERIM RESULTS
for the six months ended 30 June 2003
BioFocus plc, a leading drug discovery company, is pleased to announce its
results for the six months ended 30 June 2003.
Highlights:
* Turnover up by 7.1% to #7.5m (2002: #7.0m)
* 30% increase in discovery products turnover to #2.9m (2002: #2.2m)
* 22.4% increase in technology access fees to #0.93m (2002: #0.76m)
* Research and development expenditure increased to #0.9m (2002: #0.7m)
* EPS before goodwill amortisation 0.23p (2002: 3.29p)
* Profitability before goodwill amortisation maintained since flotation
* Strong progress made towards building long term revenue base
* Additional contract with GlaxoSmithKline
* Significant achievements in projects with Amgen, Australian Cancer
Technology, Axxima and Biovitrum
Chief Executive, Geoff McMillan, said:
"The company's ability to improve the productivity of drug research, the biggest
issue facing today's pharmaceutical industry, gives me great confidence for the
future. We will continue to exercise scientific and commercial rigour to deliver
a cash generative business and long term value for our shareholders."
For further information, please contact:
BioFocus +44 (0)1799 533500
Geoff McMillan, Chief Executive
Stephen France, Finance Director
Buchanan Communications +44 (0)20 7466 5000
Mark Court/Rebecca Skye Dietrich
About BioFocus
BioFocus is a leading drug discovery company working in partnership with major
pharmaceutical and biotechnology companies. Additionally it is developing a
portfolio of internal drug discovery programmes aimed at providing drug leads
for partnering. The company was founded in 1997 and is quoted on the
Alternative Investment Market of the London Stock Exchange. BioFocus works with
a wide range of global clients and in 2002 provided services and/or products to
22 leading pharmaceutical companies.
Notes to Editors
BioFocus has concentrated its work in three target areas. These are kinases,
which are important in the treatment of cancer, heart failure and arthritis;
G-protein coupled receptors, implicated in many diseases including depression,
high blood pressure and diabetes; and ion channels, which are linked to
conditions such as angina, epilepsy and rheumatoid arthritis.
Chairman's Statement
I am pleased to present my first report since my appointment as Chairman on 30
April this year.
BioFocus has performed well in a difficult market. The Company has increased
sales by 7.1% and maintained its record as a profitable business. In addition,
significant progress has been made in building a pipeline of potential future
income from licensing fees, milestones and royalties.
The number of discovery programmes in which BioFocus has an interest in
downstream revenues has grown to 28, up from 17 at the beginning of the year.
The Board anticipates that milestones will become a more regular and significant
source of revenue from 2004 onwards as projects move forward towards clinical
trials. Recent announcements have demonstrated BioFocus' ability to generate
potential drugs with greater efficiency than the industry average.
A strong performance from our discovery products division, which supplies
compound libraries, together with an improvement in income from technology
access fees, has more than compensated for a subdued market in contract
services. The Company has concluded a number of new agreements for the supply of
compounds for screening and discovery services.
Financial Performance
Total turnover in the six months to 30 June were #7.46m, an increase of 7.1%
over the first half of 2002. Income from discovery products was up by 30% on
the previous year at #2.9m. Technology access fees contributed #0.93m, an
increase of 22.4%. Income from contract services was down by 8.7% at #3.63m.
Profit before amortisation of goodwill on consolidation and taxation was #0.06m
(2002: #0.69m).
Basic earnings per share before amortisation of goodwill was 0.23p (2002:
3.29p). Fully diluted earnings per share before amortisation of goodwill was
0.23p (2002: 3.28p).
The reduction in profitability has been caused by an increase in research and
development expenditure together with a decrease in operating margins from 20.3%
to 15.2%.. During the period under review, the Company incurred the running
costs of increased biology facilities built in the previous year, which are now
being utilised as new collaborations have since come on stream. In addition,
organisational changes in senior and middle management gave rise to one-off
expenses of approximately #0.25m.
Research and Development
The Company continued its investment in new compound libraries as well as its
own early stage discovery programmes and enabling technologies. Expenditure in
the period was up to #0.96m from #0.74m last year.
BioFocus has concentrated its work in three target areas: Kinases, which are
important in the treatment of cancer, heart failure and arthritis; G-protein
coupled receptors, which are implicated in many diseases including depression,
high blood pressure and diabetes; and Ion channels, which are linked to
conditions such as angina, epilepsy and rheumatoid arthritis.
Progress has been made in many of the Company's collaborations. In a recent
joint press release with our partner Australian Cancer Technology, we announced
that novel lead compounds had been identified which may enhance the treatment of
cancer. Similarly, our partnership with Axxima has also developed lead
compounds which may provide novel approaches to treating HIV, an achievement
that has been recognised by the payment of a milestone to BioFocus in the second
half of the year.
Since its commencement in September 2002, the joint venture with Biovitrum has
made significant progress. Lead compounds based on BioFocus' proprietary
libraries have already been identified, demonstrating the speed and efficiency
of our combined approach. We anticipate partnering some of these leads over the
coming year.
In our collaboration with Amgen, which has already been running since the
beginning of the year, the Company has already transferred assays that have
given rise to fees payable under the agreement.
Relocation of Sittingbourne Operation
The closure of our Sittingbourne laboratories and the relocation of the
operation and staff to Chesterford Research Park is progressing well. A
five-year lease on a second building at Chesterford Research Park has been
signed and a modest amount of refurbishment work is under way. The relocation
will be completed before the end of the year and the cost is within budget.
I am pleased to report that all key staff have agreed to relocate and therefore
the Company does not expect any material disruption to its business over the
next few months.
Quality Assurance
The Company has been accredited under ISO 9001 and I would like to thank the
management and staff for their part in helping to achieve this.
Outlook
Taking account of recent improvements in market conditions and the easing of
budget constraints in the pharmaceutical industry, the Board has reassessed its
forecast for the full year and, as stated in the trading update on 31 July, has
concluded that the likely outcome in terms of profit before exceptional items
will be similar to that achieved in 2002.
The Board remains confident that the company's record of profitability will
continue and looks forward to an upturn in business over the next six to twelve
months from contract services while returns from the research and development
efforts begin to flow.
David Stone
Chairman
15 September 2003
Consolidated Profit & Loss Account
Unaudited Interim Results for the six months ended 30 June 2003
6 months to 6 months to Year to
30 June 30 June December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Turnover 7,462 6,965 14,445
Operating profit before research & development
expenditure 1,138 1,419 3,302
Research & development expenditure (957) (740) (1,575)
Operating profit 181 679 1,727
Interest receivable 6 44 68
Interest payable (130) (38) (239)
Exceptional items - - 525
Profit on ordinary activities before
amortisation and taxation 57 685 2,081
Amortisation of goodwill (544) (623) (1,088)
(Loss)/Profit on ordinary activities
before taxation (487) 62 993
Taxation (20) (150) (560)
(Loss)/Profit on ordinary activities
after taxation (507) (88) 433
(Loss)/Earnings per share (note 5)
- basic (3.1p) (0.54p) 2.66p
- fully diluted (3.1p) (0.54p) 2.66p
Earnings per share before amortisation
of goodwill
- basic 0.23p 3.29p 9.36p
- fully diluted 0.23p 3.28p 9.34p
Note:
Analysis of Turnover
Contract services 3,628 3,972 8,378
Technology access fees / milestones 930 760 2,150
Discovery products 2,904 2,233 3,917
7,462 6,965 14,445
Consolidated Balance Sheet
Unaudited Interim Results for the six months ended 30 June 2003
30 June 30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Fixed Assets
Intangible fixed assets 19,556 23,785 20,083
Tangible fixed assets 4,983 4,549 5,059
Investments 300 - 300
24,839 28,334 25,442
Current Assets
Stocks and work in progress 2,894 1,554 2,181
Deferred tax asset 2,028 - 2,618
Debtors 6,628 8,724 6,046
Cash at bank and in hand 2,092 2,820 3,486
13,642 13,098 14,331
Creditors
Amounts falling due within one year (3,119) (3,386) (3,290)
Net current assets 10,523 9,712 11,041
Total assets less current liabilities 35,362 38,046 36,483
Creditors
Amounts falling due after more than one year (967) (3,196) (1,371)
Provisions for liabilities and charges - (340) (210)
Net assets 34,395 34,510 34,902
Equity capital and reserves
Called-up share capital 4,065 4,065 4,065
Share premium account 29,232 29,237 29,232
Profit and loss accounts 1,098 1,207 1,605
Equity shareholders' funds 34,395 34,509 34,902
Consolidated Cash Flow Statement
Unaudited Interim Results for the six months ended 30 June 2003
6 months to 6 months to Year to
30 June 30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Net cash inflow/(outflow) from operating activities (382) (155) 2,094
Returns on investments and servicing of
finance
Interest received 6 44 68
Interest paid - - (19)
Interest element of finance lease rentals and loan and
hire purchase repayments (130) (38) (220)
(124) 6 (171)
Taxation
Corporation tax received 14 113 113
Corporation tax paid - - (43)
14 113 70
Capital expenditure
Payments to acquire intangible fixed assets (37) (52) (92)
Payments to acquire tangible fixed assets (563) (870) (2,184)
Receipts from sales of tangible fixed assets - - 61
Payments to acquire fixed asset investments - (200) (300)
(600) (1,122) (2,515)
Financing
Issue of share capital (net of expenses) - 9 3
Repayment of loan notes - - (475)
Proceeds of sale and lease back of tangible fixed assets - 1,700 1,950
Loan received - - 350
New hire purchase agreements 365 - 327
Capital element of finance lease rentals and loan and
hire purchase repayments (667) (410) (826)
(302) 1,299 1,329
Increase/(decrease) in cash (1,394) 141 807
Reconciliation of operating profit to net cash inflow/(outflow) from operating
activities
Operating profit before amortisation of goodwill 181 679 1,727
Depreciation 658 501 1,081
Profit on disposal of tangible fixed assets - - (1)
(Increase) in stocks (713) (546) (1,172)
(Increase)/Decrease in debtors (582) (1,880) 742
Increase/(Decrease) in creditors 74 1,091 (283)
Net cash inflow/(outflow) from operating activities (382) (155) 2,094
Notes
Unaudited Interim Results for the six months ended 30 June 2003
1. The interim results are unaudited and do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
figures for the year ended 31 December 2002 have been extracted from the
statutory accounts which have been reported on by the Company's auditors and
have been delivered to the Registrar of Companies. The auditors' report did not
contain any statement under Section 237(2), (3) or (4) of the Companies Act
1985.
2. The results of the Company and its subsidiaries have been consolidated
using the acquisition method. Goodwill arising on consolidation is amortised
over 20 years.
3. The Group had no recognised gains or losses other than the results shown
above.
4. The interim financial statements have been prepared using the accounting
policies set out in the 2002 accounts.
5. The basic earnings per share is calculated on the weighted average
number of shares in issue during the period. The fully diluted earnings per
share takes account of outstanding share options.
6. Copies of this statement will be available from Teather & Greenwood
Limited, Beaufort House, St Botolph Street, London EC3A 7QR or Nomura
International plc, Nomura House, St Martin's-le-Grand, London EC1A 4NP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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