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Share Name | Share Symbol | Market | Type |
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Gentex Corp. | TG:GTX | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.40 | -4.64% | 28.80 | 28.60 | 28.80 | 30.00 | 28.00 | 30.00 | 140 | 22:50:16 |
RNS Number:0451O Genetix Group PLC 29 July 2003 Genetix Group plc announces Interim Financial Results for the six months ended 30 June 2003 New Milton, UK, 29 July 2003 - Genetix Group plc (LSE:GTX), the genomics and proteomics technology group, today announces its interim financial results for the six months ended 30 June 2003. Summary: * Sales of #4.9 million (2002: #6.3 million) in continuing difficult trading environment * Pre-tax profit of #0.4 million (excluding goodwill of #0.2 million) (2002: #1.1 million); pre-tax profit #0.2 million (2002: #1.0 million) * Sustained investment in R&D and sales and marketing * Strengthened sales presence in key US market * New aQuire scanner successfully launched; aliQuot micro-dispenser ready for launch * Cash balance increased to #21.4 million (2002: #21.1 million) Commenting on the results, Mark Reid, Chief Executive of Genetix, said: "In line with many other companies in our sector, Genetix faced challenging conditions throughout the first six months of 2003. Difficulties for the biotechnology sector in raising funds, cutbacks and delays in academic grants, and pressure on pharmaceutical companies to orientate their R&D towards late-stage products have put pressure on supplier companies such as Genetix. We have reacted by sustaining investment in R&D and sales and marketing, to ensure we will benefit fully from the expected upturn in our core markets. In particular, we are focusing our new products more towards the biopharmaceutical sector, strengthening our US sales team through key appointments and concentrating on improving sales opportunities across all areas of the business. Despite these tough conditions, Genetix remains profitable overall and financially strong with #21.4 million of cash in the bank and an innovative pipeline of new products to generate future revenue." Enquiries: Genetix Group plc Mark Reid, Chief Executive Gary Corsi, Finance Director Tel: 01425 624600 Financial Dynamics Jonathan Birt/Sarah MacLeod Tel: 020 7831 3113 The release will be available on the Company's website: www.genetix.com Notes to Editors About Genetix Group plc Genetix Group plc is leading developer of automated systems for the understanding of systems biology. Genetix made a significant contribution to the Human Genome Project by supplying high-throughput equipment to seven of the leading eight laboratories in the consortia. Genetix, through its R&D expertise and scientific resource, is committed to the continual development of innovative solutions to accelerate the rate of global scientific discovery. Genetix is quoted on the London Stock Exchange and is based in New Milton, Hampshire, UK. Chairman's Statement Financial review Genetix generated turnover of #4.9 million in the first six months of the year. Like many companies in our sector, we encountered cash conservation among customers that has slowed the pace of order placement. Consequently, turnover was down 23% compared to the same period last year and the resultant loss of gross margin produced #0.4 million profit before tax (excluding goodwill of #0.2 million). Sales of instruments fell 29% to #3.2 million compared with #4.5 million in the same period last year; sales of consumables and services were down 9% to #1.7 million from #1.9 million in 2002. The Group's gross margin was stable at 49% (2002: 50%). An operating profit of #0.1 million (excluding goodwill of #0.2 million) was achieved despite increased investment in sales and marketing expenditure and continued commitment to research and development. R&D expenditure was #0.7 million (2002: #0.7 million) before taking credit for UK governmental LINK grant recoveries of #0.1 million (2002: nil). The Group's earnings per share excluding goodwill were 0.49p (2002: 1.11p). In May 2003, Genetix purchased and cancelled 1,000,000 ordinary shares at a price of 24p. The Group generated cash during the first six months through careful management of working capital, interest received and modest capital expenditure requirements. Cash increased by #0.7 million (including exchange gains) before funding the share buy-back of #0.2 million, bringing the balance at the end of June 2003 to #21.4 million. The current intention of the Directors is that any earnings will be retained in the business and no dividend is proposed for 2003. Operational review Despite the challenging economic climate, Genetix continued to make progress against its key objectives for 2003. We established four business groups to concentrate our sales opportunities on our main areas of interest - Picking, Microarraying, Liquid Handling and Consumables and Services. This is the first stage of a reallocation of responsibilities within the business, with direct accountability for the strategic development of our product groups. By the fourth quarter of 2003, we will have completed the recruitment of key people to operate the new structure. We recruited a senior sales executive to manage North America (which now represents 52% of total sales) and have added sales staff for consumables and applications support, based in our Boston office. In the second half of the year, we will be recruiting another US sales person to cover the mid-West territory. We have made further improvements to our aQuire scanner since its launch at the end of 2002, including new software and imaging. We have already made initial sales and plan to follow this up with marketing campaigns during the second half of the year. Our new micro-dispensing instrument, the aliQuot, has moved from prototype to finished product within the last six months. We are excited about prospects for this product in view of its potential applications within the pharmaceutical sector and, in general, the wider opportunities for new liquid handling products over the medium-term given our growing expertise in this area. We have developed a new cell picker based on our QPix and gelPix technologies that will be launched at the end of 2003. This product has many applications within the cell biology sector, with the bio-pharmaceutical market being targeted as one of the fastest growing areas of interest for Genetix. Research collaborations We continue to make good progress on the LINK research project for protein-protein interaction. Genetix has produced its first prototype of an automated system and validated it against the standard manual method of measuring protein-protein interactions. We have also demonstrated a method of measuring protein-protein interactions in mammalian cells using modified Genetix equipment. Our expertise in genomics was further recognised by the award of an EU grant to investigate environmental effects on gene regulation. Genetix is contracted to provide genomics-based reagents and services worth Euro0.2 million over 3 years to members of the consortium. Outlook Genetix continues to be a significant player in the markets it serves and we remain confident in the Company's ability to increase its share of these as well as the opportunities to enter new markets. Whilst the external environment continues to remain tough, we will continue to do what is necessary to position the business to take advantage of current and future opportunities arising, including the positioning of new products into growing sectors. In view of the continuing uncertain trading environment, we remain cautious about prospects for 2003, but anticipate maintaining a strong cash position of over #20 million throughout the year. We are encouraged by recent signs of a return of investor confidence in the biotech sector on the back of promising clinical data and product approvals, which underline the long-term promise of the industry. We believe that the changes we are making in sales and marketing will begin to improve our sales performance towards the end of the year and leave Genetix well positioned to respond to the challenges of this dynamic market place. John Morgan Chairman Unaudited consolidated profit & loss account for the six months ended 30 June 2003 Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ Turnover - continuing operations 4,889 6,329 12,572 Cost of sales (2,503) (3,186) (6,255) ______ ______ ______ Gross profit 2,386 3,143 6,317 Research & development (591) (689) (1,448) Sales & administrative expenses (1,743) (1,686) (3,356) Amortisation of goodwill (181) (181) (362) ______ ______ ______ Total administrative expenses (2,515) (2,556) (5,166) ______ ______ ______ Operating (loss) / profit - continuing operations (129) 587 1,151 Net interest receivable 379 381 799 ______ ______ ______ Profit on ordinary activities before taxation 250 968 1,950 Tax on profit on ordinary activities (75) (290) (585) ______ ______ ______ Profit for the period 175 678 1,365 ______ ______ ______ Adjusted earnings per share 0.49p 1.11p 2.23p Earnings per share 0.24p 0.87p 1.76p Unaudited consolidated statement of total recognised gains and losses for the six months ended 30 June 2003 Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ Profit for the period 175 678 1,365 Currency translation differences on foreign currency net investments (5) (8) (28) ______ ______ ______ Total recognised gains and losses for the period 170 670 1,337 ______ ______ ______ Unaudited consolidated balance sheet at 30 June 2003 Unaudited Unaudited Audited 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 ______ ______ ______ Fixed assets Intangible assets 6,627 6,996 6,826 Tangible assets 2,291 2,366 2,329 Investments 1 3 1 ______ ______ ______ 8,919 9,365 9,156 ______ ______ ______ Current assets Stocks 1,518 1,929 1,522 Debtors 2,081 2,161 2,255 Cash at bank and in hand 21,372 21,050 20,867 ______ ______ ______ 24,971 25,140 24,644 Creditors due within one year (2,813) (2,824) (2,654) ______ ______ ______ Net current assets 22,158 22,316 21,990 ______ ______ ______ Total assets less current liabilities 31,077 31,681 31,146 Provisions for liabilities and charges (403) (238) (401) ______ ______ ______ Net assets 30,674 31,443 30,745 ______ ______ ______ Capital and reserves Share capital, premium, merger and other reserves 25,464 25,463 25,464 Profit and loss account 5,210 5,980 5,281 ______ ______ ______ Equity shareholders' funds 30,674 31,443 30,745 ______ ______ ______ Unaudited reconciliation of movements in consolidated shareholders' funds for the six months ended 30 June 2003 Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ Profit for the period 175 678 1,365 Currency translation differences (5) (8) (28) Share capital issued (net of costs) - 20 21 Share capital re-purchased (including fees) (241) - (1,366) ______ ______ ______ Net movement in shareholders' funds (71) 690 (8) Opening shareholders' funds 30,745 30,753 30,753 ______ ______ ______ Closing shareholders' funds 30,674 31,443 30,745 ______ ______ ______ Unaudited consolidated cash flow statement for the six months ended 30 June 2003 Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ Net cash inflow from operating activities 593 456 1,234 ______ ______ ______ Returns on investments and servicing of finance Interest received 379 381 808 Interest paid - - (9) ______ ______ ______ 379 381 799 ______ ______ ______ Taxation Corporation tax (paid) / refund (259) 183 13 ______ ______ ______ Capital expenditure and financial investment Purchase of tangible fixed assets (99) (153) (289) Purchase of intangible fixed assets (37) (33) (61) Sale of tangible fixed assets 7 - - ______ ______ ______ (129) (186) (350) ______ ______ ______ Net cash inflow before use of liquid resources and financing 584 834 1,696 ______ ______ ______ Financing Issue of share capital (net of expenses) - 20 21 Share capital re-purchased (including expenses) (241) - (1,366) ______ ______ ______ Net cash (outflow) / inflow from financing (241) 20 (1,345) ______ ______ ______ Increase in cash 343 854 351 ______ ______ ______ Notes to the unaudited interim results 1. Basis of preparation of interim report The interim financial information of Genetix Group plc is made up to 30 June 2003. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the year ended 31 December 2002. The results for the year ended 31 December 2002 have been extracted from the audited financial statements, which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified. The unaudited profit and loss account for each of the six month periods and the unaudited balance sheet as at 30 June 2003 do not amount to full accounts within the meaning of section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. The interim report was approved by the Board of Directors on 29 July 2003. 2. Turnover In the opinion of the Directors, the Group operates only one class of business, namely the provision of instrumentation, consumables and services for systems biology. Turnover can be analysed as follows: Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ By geographic destination UK 683 992 1,487 Rest of Europe 1,066 1,329 2,402 North America 2,563 2,767 6,565 Rest of World 577 1,241 2,118 ______ ______ ______ 4,889 6,329 12,572 ______ ______ ______ Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ By type Instrumentation 3,179 4,451 9,063 Consumables and services 1,710 1,878 3,509 ______ ______ ______ 4,889 6,329 12,572 ______ ______ ______ 3. Tax on profit on ordinary activities The tax charge for the period is based upon the estimated effective rate for the year of 30% (December 2002 - 30%). 4. Earnings per share Adjusted earnings per share are calculated on earnings of #175,000 (2002: #678,000) adjusted for amortisation of goodwill of #181,000 (2002: #181,000) and weighted average shares in issue of 72,461,119 (2002: 77,532,696). Earnings per share are calculated on earnings of #175,000 (2002: #678,000) and weighted average shares in issue of 72,461,119 (2002: 77,532,696). 5. Notes to the consolidated cash flow statement (a) Reconciliation of operating profit to net cash inflow from operating activities Unaudited Unaudited Audited first half first half full year 2003 2002 2002 #000 #000 #000 ______ ______ ______ Operating (loss) / profit (129) 587 1,151 Depreciation and amortisation of patents and licences 192 181 367 Amortisation of goodwill 181 181 362 (Profit) / loss on sale of fixed assets (7) - 2 Decrease / (increase) in stocks 4 (152) 255 Decrease / (increase) debtors 175 (385) (479) Increase / (decrease) in creditors 339 98 (50) Exchange gain on foreign currency (162) (54) (374) ______ ______ ______ Net cash inflow from operating activities 593 456 1,234 ______ ______ ______ (b) Analysis of changes in net funds At 1 January Cash Exchange At 30 June 2003 flow movement 2003 #000 #000 #000 #000 ______ ______ ______ ______ Cash at bank and in hand 20,867 343 162 21,372 ______ ______ ______ ______ Total 20,867 343 162 21,372 ______ ______ ______ ______ 6. Copies of this report are being sent to all shareholders and copies are available from the Company's registered office at Queensway, New Milton, Hampshire, BH25 5NN. Independent review report by the auditors to Genetix Group plc Introduction We have been instructed by the Company to review the financial information for the six months ended 30 June 2003 which comprise the consolidated profit and loss account, the consolidated statement of total recognised gains and losses, the consolidated balance sheet, the consolidated cash flow statement, and the related notes 1 to 6, together with the reconciliation of movements in consolidated shareholders' funds. 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. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. 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 interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 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 excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom 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 30 June 2003. Deloitte & Touche Chartered Accountants Southampton 29 July 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR NKFKBABKDFOB
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