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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advanced Medical Solutions Group Plc | LSE:AMS | London | Ordinary Share | GB0004536594 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.80 | 2.53% | 194.20 | 193.40 | 194.00 | 195.80 | 189.60 | 191.40 | 454,937 | 16:35:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Plastics,resins,elastomers | 126.21M | 15.89M | 0.0732 | 26.48 | 420.95M |
TIDMAMS
RNS Number : 2151S
Advanced Medical Solutions Grp PLC
16 March 2016
16 March 2016
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Unaudited preliminary Results for the year ended 31 December 2015
Continued delivery of strong growth and innovation
Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a leading developer and manufacturer of advanced products for the global surgical and wound care markets, today announces its unaudited preliminary results for the year ended 31 December 2015.
Financial Highlights
2015 2014 Reported Growth growth at constant currency(1) ----------------------------- ----- ----- --------- ------------- Group revenue (GBP million) 68.6 63.0 9% 11% ----------------------------- ----- ----- --------- ------------- Adjusted(2) operating margin (%) 25.4 24.7 70bps - ----------------------------- ----- ----- --------- ------------- Adjusted(2) profit before tax (GBP million) 17.4 15.6 12% - ----------------------------- ----- ----- --------- ------------- Profit before tax (GBP million) 17.0 15.2 12% - ----------------------------- ----- ----- --------- ------------- Adjusted(2) diluted earnings per share (p) 6.86 6.26 10% - ----------------------------- ----- ----- --------- ------------- Diluted earnings per share (p) 6.68 6.08 10% - ----------------------------- ----- ----- --------- ------------- Net operating cash flow(3) 22.5 18.4 22% ----------------------------- ----- ----- --------- ------------- Net cash (GBP million)(4) 34.2 17.3 98% - ----------------------------- ----- ----- --------- -------------
-- Proposed final dividend of 0.55p per share, making a total dividend for the year of 0.80p (2014: 0.70p), up 14.3%
Business Highlights:
-- Good sales progress across all Business Units on a constant currency basis;
o Branded Distributed up 37% to GBP14.6 million (2014: GBP10.7 million)(5) , and up 38% at constant currency
o Branded Direct down 3% to GBP22.3 million (2014: GBP23.2 million)(5) , and up 3% at constant currency
o OEM up 10% to GBP27.7 million (2014: GBP25.3 million), and up 8% at constant currency
o Bulk Materials up 2% to GBP3.9 million (2014: GBP3.9 million), and up 12% at constant currency
-- Strong performance in the US with LiquiBand(R) tissue adhesive range
o Revenues up 79% at constant currency to GBP8.0m (2014: GBP4.1 million)
o As at 31 December 2015, market share by volume(6) increased to 16.8% (July 2015: 11.1%) in the combined hospital and non - hospital market
-- ActivHeal(R) continued to make good progress in the UK NHS, with an 8% increase in revenue
-- Silver alginate revenues increased by 10% at constant currency to GBP15.5 million (2014: GBP13.7 million)
-- Hernia mesh fixation device, LiquiBand(R) Fix8(TM), delivered GBP1.0m of sales in the first full year and launched in 20 countries
-- CE approval for antimicrobial foam including Polyhexamethylene Biguanide (PHMB) for Europe received on 27 August 2015 with launches expected in 2016
-- FDA approval for two new product claims for the octyl formulation product, LiquiBand Exceed(TM), giving it a competitive advantage in the US topical skin adhesive market
-- FDA approval to market suture portfolio in the US in line with strategy post acquisition of Resorba.
Commenting on the results Chris Meredith, Chief Executive Officer of AMS, said:
"We have delivered another strong year of growth and are pleased to report that all of our business units are performing well despite some challenging currency conditions. The growth in the US has been markedly strong for AMS where the performance and range of our LiquiBand(R) tissue adhesives, in particular, is driving market share gains. We have also been pleased with the number of new product approvals we have achieved this year, demonstrating the continuing success of our innovation and we are confident that, with our strong R&D pipeline, we will continue to deliver growth."
- End -
(1) Constant currency removes the effect of currency movements by re-translating the current period's performance at the previous period's exchange rates
(2) All items are shown before amortisation of acquired intangible assets which, in 2015, were GBP0.4 million (2014: GBP0.4 million) as defined in the financial review
(3) Operating cash flow is arrived at by taking the operating profit for the period and adjusting it for depreciation, amortisation, working capital movements and other non cash items
(4) Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans
(5) GBP0.4m of sutures for the dental market has been reclassified from the Branded Direct to the Branded Distributed segment. The 2014 revenues have been restated to aid comparison
(6) data supplied by Global Healthcare Exchange
For further information, please visit our new website www.admedsol.com or contact:
Advanced Medical Solutions Group Tel: +44 (0) plc 1606 545508 Chris Meredith, Chief Executive Officer Mary Tavener, Group Finance Director Consilium Strategic Communications Tel: +44 (0) 20 3709 5700 Mary-Jane Elliott / Jonathan Birt / Matthew Neal / Hendrik Thys Investec Bank PLC (NOMAD & Broker) Tel: +44 (0) 20 7597 5970 Gary Clarence / Daniel Adams / Patrick Robb
About Advanced Medical Solutions Group plc
AMS is a world-leading independent developer and manufacturer of innovative and technologically advanced products for the global surgical, wound care and wound closure markets, focused on quality outcomes for patients and value for payors. AMS has a wide range of products that include silver alginates, alginates, foams, tissue adhesives, sutures and haemostats, which it markets under its brands; ActivHeal(R), LiquiBand(R) and RESORBA(R) as well as supplying under white label.
AMS's products, manufactured out of two sites in the UK, one in the Netherlands, two in Germany and one in the Czech Republic, are sold in more than 70 countries via a network of multinational or regional partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, the Czech Republic and Russia. Established in 1991, the Company has 510 employees. For more information please see www.admedsol.com.
Chairman's Statement
AMS continues to progress as a leading, international provider of high quality, high value innovative and technologically advanced products for the advanced wound care and wound closure markets and has delivered another year of good growth.
The performance of LiquiBand(R) in the US was particularly strong. We continue to gain market share and are fast approaching our initial goal of building a 20% market share with our LiquiBand(R) range in the US. We are also pleased with the success of our LiquiBand(R) Fix8(TM) hernia mesh fixation device, our first device using medical adhesive inside the body. It is now being sold in 20 countries and has achieved GBP1 million of sales in its first full year since launch.
We have also received a number of product and market approvals in the year, demonstrating our continued success in innovation, with launches planned in 2016, supporting the sales growth in the Group.
Financially, we are pleased to report a 9% increase in revenue to GBP68.6 million (2014: GBP63.0 million), representing growth of 11% on a constant currency basis and an increase in adjusted(1) profit before tax of 12% to GBP17.4 million (2014: GBP15.6 million).
The strong cash flow generation of the Group was again evident and we ended the year with net cash of GBP34.2 million (2014: GBP17.3 million). AMS continues to be in robust financial health and is well positioned to invest in internal and external opportunities in line with the Group's strategy.
Dividend
The Board is proposing a final dividend of 0.55p per share, making a total dividend for the year of 0.80p per share, a 14.3% increase on 2014. If approved at the Annual General Meeting on 2 June 2016, this will be paid on 10 June 2016 to shareholders on the register at the close of business on 20 May 2016.
People
On behalf of the Board, I would like to thank all of our employees, customers, suppliers, business partners and shareholders for their support over the past year in helping AMS achieve its goals.
Peter Allen
Chairman
(1) All items are shown before amortisation of acquired intangible assets which, in 2015, were GBP0.4 million (2014: GBP0.4 million) as defined in the financial review
Chief Executive's Statement
I am pleased to report another strong set of results across the Group.
Branded Distributed
The Branded Distributed Business Unit reports the sales of our brands through third party distributors.
Branded Distributed revenue was 37% higher at GBP14.6 million (2014: GBP10.6 million)(5) and 38% higher at constant currency. The main contributor to this growth was LiquiBand(R) sales in the US, which accounted for 55% of the business unit's total sales.
LiquiBand(R) in the US
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Sales of LiquiBand(R) in the US increased by 93% to GBP8.0 million (2014: GBP4.1 million) at reported currency and by 79% at constant currency. The latest data(2) for December 2015 shows our volume market share in the US hospital sector increasing to 16.0%, up from 9% at July 2015, while our volume market share in the US non-hospital, or alternate site, market is now estimated(2) at 22.2%, increased from 21.5% at June 2015, making an overall market share of 16.8% (11.1% at July 2015).
The launch of our 2-octyl cyanoacrylate formulation, LiquiBand(R) Exceed(TM), has extended our portfolio of products and has contributed to the momentum of growth. We now have a number of formulations of cyanoacrylate within our marketed LiquiBand(R) product range, including very fast setting formulations with applicators allowing for quick, precision closure; film-forming formulations that are designed to close and provide a protective barrier layer over wounds as well as formulations that have properties in between. Our LiquiBand(R) products are now able to accommodate the full spectrum of wound closing needs, each in innovatively designed applicators favoured by surgeons.
On 3 November 2015, the FDA approved two new product claims for LiquiBand Exceed(TM) giving it a competitive advantage in the topical skin adhesive market. These claims allow AMS and its distribution partners to differentiate LiquiBand Exceed(TM) from the market leader on wound coverage, volume of useable glue and ability to re-use during the same operational procedure, saving both time and cost. The two new claims include the use of a single device to cover wounds of up to 30cm in length, as well as a single device being suitable for intra-operative reuse for up to 90 minutes on a single patient. Both claims are unique for the US Topical Skin Adhesive Market and will help us to continue to provide a superior product for clinicians and a versatile solution for healthcare providers in this key market, helping AMS to further grow its market share.
LiquiBand(R) in the EU and Rest Of the World
Elsewhere, within the EU and ROW, LiquiBand(R) sales through our distributors continued to show good growth. France and Italy remain our largest markets outside the US, UK and Germany. Overall sales increased by 12% to GBP1.7 million (2014: GBP1.5 million) at reported currency and constant currency.
The regulatory approval process for LiquiBand(R) in China has continued to be challenging. Given the difficulties that have been experienced due to changes in the regulatory pathway, we have withdrawn our original file and re-started the submission process with our most recent formulations and designs of LiquiBand(R) Exceed(TM) and LiquiBand(R) Flowcontrol(TM) and are not expecting approval in the current year.
Hernia Mesh Fixation device - LiquiBand(R) Fix8(TM)
We have been delighted with the response we have received from surgeons following the launch of LiquiBand(R) Fix8(TM). Feedback has been extremely positive about the ease of use of this device and the benefit it brings to patients regarding the reduced risk of post operative pain. A number of surgeons have been keen to endorse the product and we are also receiving valuable feedback about other possible applications suitable for this type of device on which we are currently working.
AMS received approval to market this highly innovative product, LiquiBand(R) Fix 8(TM), in Europe in May 2014. This was the Group's first application using medical cyanoacrylate technology inside the body. Through the accurate delivery of individual drops of cyanoacrylate adhesive, LiquiBand(R) Fix8(TM) is used to hold hernia meshes in place within the body instead of traditional tacks and staples. This accurate laparoscopic application of adhesive is expected to reduce surgical complications, in particular the potential pain associated with the use of tacks and staples, thereby improving the patient experience
(2) data supplied by Global Healthcare Exchange
and reducing healthcare costs overall.
We were able to expand the indications of LiquiBand(R) Fix 8(TM) in May 2015 and the device is now able to be used for the laparoscopic surgical mesh fixation for all types of abdominal hernia as well as for the closure of the membrane lining the abdominal wall (peritoneum). This was the first extension of the claims of LiquiBand(R) Fix 8(TM) and we expect to develop further opportunities for this kind of application, broadening the market for the use of adhesives internally.
In the first full reporting year, GBP1.0 million of LiquiBand(R) Fix 8(TM) sales have been achieved across the Group, with GBP0.7 million (2014: GBP0.1 million) resulting from sales to distributors. The product is now launched in 20 countries.
RESORBA(R)
Sales of RESORBA(R) products to all export markets (excluding Russia) declined by 7% at reported currency to GBP3.1 million (2014: GBP3.3 million)(3) , but increased by 4% at constant currency. France and Italy remain our largest markets for export and good growth was seen in both territorities, offset by a weak performance in China where sales declined 19%. Sales in Russia decreased by 10% at constant currency, but decreased 40% to GBP0.8 million (2014: GBP1.3 million) at reported currency, reflecting both the weak economic conditions within Russia and the impact of the weak Rouble.
We received approval from the FDA on 4 November 2015 that we had clearance to market the majority of our suture product portfolio, successfully adding to our first US suture approval from early 2015. With only one more suture type still awaiting US market approval, we are now well positioned to launch a comprehensive range of sutures into the US in mid-2016 through a combination of our branded and unbranded routes to market. The US surgical suture market is estimated to be in excess of $1billion in size and is dominated by a few major brands. Gaining US approval for the RESORBA(R) product range has been a strategic aim for the Group since we acquired the business in late 2011, providing a significant opportunity for AMS in the medium term.
In R&D our focus is on continuing to improve the formulations of the base monomers that are used in our adhesives as well as extending the applications of tissue adhesives for other internal uses.
Branded Direct
The Branded Direct Business Unit reports sales of our branded products through our own sales forces in the UK, Germany and Czech Republic. Reported revenue declined 3% to GBP22.3 million (2014: GBP23.2 million)(3) but grew by 3% at constant currency.
2015 was a year of investment in this Business Unit with a number of senior management hires and in particular, a new Business Unit Director was hired in June. As a consequence of these investments, a number of new initiatives have been put in place to drive the business forward in 2016.
ActivHeal(R)
ActivHeal(R) , which delivers a high quality range of woundcare dressings that offer significant cost savings without compromising on clinical outcomes or patient care, continues to be a compelling proposition for the NHS. Sales of our ActivHeal(R) range increased by 8% to GBP6.4 million (2014: GBP6.0 million). We continue to broaden our product range to the NHS, including our recently approved anti-microbial and atraumatic foam dressings within our offering.
LiquiBand(R)
Sales of LiquiBand(R) into the Accident and Emergency Room ('A&E') in the UK fell 13% to GBP2.3 million (2014: GBP2.6 million). We expect the initiatives we have taken to restore growth in 2016. Sales into the OR increased 17% to GBP0.7 million (2014: GBP0.6 million).
Sales of LiquiBand(R) in Germany increased 27% at constant currency to GBP1.6 million and by 13% at reported currency. Within this, sales of LiquiBand(R) Fix8(TM) contributed GBP0.3 million (2014: nil).
RESORBA(R)
Sales of RESORBA(R) branded products in Germany and the Czech Republic were 10% lower at GBP11.3
million (2014: GBP12.5 million)(3) at reported level but flat at constant currency with some pricing pressure being seen. Within this sales of haemostats increased by 1% at constant currency to GBP3.3 million (2014: GBP3.6 million) and sales of sutures and collagens into the dental market increased 5% at constant curency to GBP3.1 million, whilst sales of sutures into hospitals fell 2%.
We believe our ability to supply a comprehensive range of high quality sutures that provide cost savings to hospitals is compelling, and we are targetting smaller accounts where conversion will not be seen as such a difficult challenge. This strategy looks to be proving successful with a number of hospitals already agreeing to convert their suture ranges in the A&E departments in 2016.
In R&D, our focus is on extending the attributes of our collagens to meet the needs of dental practitioners and oral surgeons as well as including new antibiotics in our haemostats.
OEM
The OEM Business Unit reports the sales of products that are sold under third parties' brands.
OEM revenue increased by 10% at reported currency to GBP27.7 million (2014: GBP25.3 million) and by 8% at constant currency.
Our silver alginate ranges of dressings continued to perform well, with sales increasing by 13% at reported currency and by 10% at constant currency to GBP15.5 million (2014: GBP13.7 million). Our partners continued to do well with the range of silver fibre dressings we provide, gaining market share as well as accessing new geographical markets. We continue to support them with regulatory approvals and marketing data.
On 1 September 2015 we received CE approval in Europe for a new non-adhesive antimicrobial foam dressing containing Polyhexamethylene Biguanide (PHMB).
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PHMB has been shown to be effective against several bacteria including, amongst others, Staphylococcus Aureus including the methicillin resistant type, (MRSA) and Escherichia Coli (E-Coli). This antimicrobial foam wound dressing may be used throughout the healing process on moderate to heavily exuding chronic and acute wounds that are infected or are at risk of infection and may be used on pressure ulcers, leg and foot ulcers, diabetic ulcers and surgical wounds.
In addition, we also now have approval for an atraumatic wound dressing containing silicone which can be removed from a wound without damaging the skin. Contracts have been agreed to launch both the PHMB foam and the atraumatic foam with our OEM partners and are expected to launch in 2016. We expect that the launch of our antibiotic foam dressings may result in some initial substitution of our silver alginate dressings.
Sales of our existing foam-based dressings were flat at GBP1.8 million. With the expansion of our product portfolio, growth is expected in 2016.
Our other woundcare and skin protectant products delivered good growth and grew 6% to GBP9.7 million at constant currency (2014: GBP9.0 million), and 7% at reported currency.
We continue to work on extending our advanced woundcare ranges by looking to add other antimicrobial products to the range, improving the absorbancy of the dressings as well as combining a number of materials to enhance the performance of our dressings.
Bulk Materials
The Bulk Business Unit reports sales of bulk materials to third party convertors.
Bulk Materials revenue increased by 2% at reported currency to GBP3.9 million (2014: GBP3.9 million) and by 12% at constant currency.
(3) GBP0.4m of sutures for the dental market has been reclassified from the Branded Direct to the Branded Distributed segment. The 2014 revenues have been restated to aid comparison.
Rollstock foam contributed around 86% of Bulk revenue and good growth was seen by one signficant customer that had destocked in 2014. Sales by some newer and smaller partners are also now starting to gain traction and are expected to bring benefits in 2016.
In R&D, the focus is on developing new foam formulations with antimicrobials, working in conjunction with the OEM Business Unit.
Operations
Efficiency and gross margins
We continue to make operational improvements by reducing set up times, eliminating non-value added activities and increasing outputs. These incremental efficiencies are helping to improve gross margins acoss the Group and have helped to generate an improvement of approximately 100 basis points in 2015. We have invested in improving both our converting and packing capability in Winsford. This equipment has provided increased operational flexibility, improved efficiency and provided additional capacity.
Capacity and resource
The capacity of our collagen plant in Germany has been increased with a new freeze drier and ancillary services. The total cost of this investment is GBP0.8 million, of which GBP0.2 million was incurred in 2015. This plant is now fully running, following commissioning in February 2016 and has increased our collagen manufacturing capacity by 50%.
We continue to invest in improving our ERP (Enterprise Resource Planning) management and reporting systems and having already successfully completed the implementation in Winsford, Plymouth and Etten Leur facilities, are now working on improvements to our systems in Germany.
Regulatory and quality assurance
With the regulatory framework becoming increasingly complex, we have continued to invest in both Regulatory and Quality functions and systems to ensure that we are able to support our partners with winning approvals in new markets as well as obtaining approval for our own products. We have started work on scoping the process to gain approval to market LiquiBand(R) Fix 8(TM) in the US which will involve a full Pre Market Approval (PMA) and is likely to take at least three years. We are also working on identifying the regulatory pathway to include antibiotics in collagens.
Summary and Outlook
We have delivered a reported revenue growth of 9%, 11% at constant currency, and improved profitability and cash generation during the year.
All Business Units have delivered growth at constant currency with the US sales, in particular, delivering a very strong performance. We have been very pleased with the successful launch of our LiquiBand(R) Fix8(TM) hernia mesh fixation device. Sales in the first year have given us confidence that this product will drive growth and support our strategy of accessing the OR.
We have also received a number of approvals in the year demonstrating our continued success with new products and underlines our commitment to investing in R&D. We expect to make further advancements in these activities and to launch new products as a result of our innovation.
We are confident that the Group is well placed to drive growth and remain excited by the prospects for our future.
Financial Review
Summary
Group revenue increased by 9% to GBP68.6 million (2014: GBP63.0 million). At constant currency, revenue growth would have been 11%.
Comparisons with 2014 are made on a pre-amortisation of acquired intangible asset cost basis, as we believe that this provides a more relevant representation of the Group's trading performance. Amortisation of acquired intangible assets was GBP0.4 million in the period (2014: GBP0.4 million).
To aid comparison, the Group's adjusted income statement is summarised in Table 1 below.
Table 1 Year ended Year ended 31 Dec 31 Dec 2015 2014 Adjusted Income Statement GBP'000 GBP'000 % Change ---------------------------- -------------- -------------- --------- Revenue 68,596 63,010 9% ---------------------------- -------------- -------------- --------- Gross profit 39,908 35,843 11% Distribution costs (951) (853) Administration expenses(3) (22,138) (19,681) Other income 589 250 ---------------------------- -------------- -------------- --------- Adjusted operating profit 17,408 15,559 12% Net finance (costs) / income/ (45) 48 ---------------------------- -------------- -------------- --------- Adjusted profit before tax 17,363 15,607 11% Amortisation of acquired intangibles (367) (389) ---------------------------- -------------- -------------- --------- Profit before taxation 16,996 15,218 12% Taxation (2,877) (2,354) ---------------------------- -------------- -------------- --------- Profit for the period 14,119 12,864 10% ---------------------------- -------------- -------------- --------- Adjusted earnings per share - basic(4) 6.95p 6.39p 9% Earnings per share - basic(4) 6.78p 6.20p 9% ---------------------------- -------------- -------------- --------- Adjusted earnings per share - diluted(4) 6.86p 6.26p 10% Earnings per share - diluted(4) 6.68p 6.08p 10% ---------------------------- -------------- -------------- --------- 3 Administration expenses exclude amortisation of acquired intangible assets 4 See Note 7 Earnings per share for details of calculation
Revenues were negatively impacted by approximately GBP1.5 million due to the effects of currency movements in the year. This also had an impact on Group gross margins which were reduced by 30 bps as a result. Gross margins were positively impacted by sales mix effect by 60bps, as well as the 100bps improvement made from operational eficiences.
Adjusted operating profit increased by 12% to GBP17.4 million (2014: GBP15.6 million) and the adjusted operating margin increased by 70 bps to 25.4% (2014: 24.7%). Administration costs increased by 12% to GBP22.1m (2014: GBP19.7 million) as investments were made in selling and marketing, particularly to support the Branded Direct business unit. Within this, the Group expensed to the income statement GBP1.8 million on R&D (2014: GBP2.1 million). Spend as a percentage of sales reduced to 2.6% (2014: 3.3%).
Profit before tax for the year was 12% higher at GBP17.0 million (2014: GBP15.2 million).
The Group's effective rate of tax for the year was 16.9 % (2014: 15.5%). This is reflective of the utilisation of previously unrecognised brought-forward tax losses in the UK, together with Patent Box and R&D relief. It also reflects the impact of blending profits and losses from different countries and the different tax rates associated with these countries. The effective tax rate of the Group is expected to increase as the Group is no longer classified as a Small Medium Enterprise (SME) and will no longer be able to gain R&D relief at the SME rate from 2017.
A reconciliation between the standard rate of taxation in the UK and the Group's effective rate is summarised in Table 2 below.
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Table 2
Taxation % Standard taxation rate 20.25 Loss utilisation and recognition (1.58) Impact of differential between UK and overseas tax rate 2.09 Patent box relief (2.58) R&D relief (1.91) Expenses not deductible, prior year adjustments, depreciation & share based payments 0.65 -------------------------------------------------- ------- Effective taxation rate 16.9 -------------------------------------------------- -------
Earnings (excluding amortisation of acquired intangible assets) increased by 9% to GBP14.5 million (2014: GBP13.3 million), resulting in a 9% increase in adjusted basic earnings per share to 6.95p (2014: 6.39p) and a 10% increase in diluted adjusted earnings per share to 6.86p (2014: 6.26p).
Profit after tax increased by 9% to GBP14.1 million (2014: GBP12.9 million), resulting in a 9% increase in basic earnings per share to 6.78p (2014: 6.20p) and a 10% increase in diluted earnings per share to 6.68p (2014: 6.08p).
The Board is proposing a final dividend of 0.55p per share, to be paid on 10 June 2016 to shareholders on the register at the close of business on 20 May 2016. This follows the interim dividend of 0.25p per share that was paid on 30 October 2015 and would make a total dividend for the year of 0.80p per share (2014: 0.70p), a 14.3% increase on 2014.
The operational performance of the Business Units is shown in Table 3 below. The adjusted profit from operations and the adjusted margin are shown after excluding amortisation of acquired intangibles. To aid comparison and in determining the operational margins of the individual Business Units, the revenue of the Bulk Materials Business Unit sales made to other Business Units of GBP0.8 million (2014: GBP0.7 milllion) is included.
Table 3
Operating Result by Business Unit ------------------------------------------------------------------------ Year ended 31 December Branded Branded OEM Bulk 2015 Direct Distributed Materials GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ -------- ------------- -------- ----------- Revenue(6) 22,344 14,631 27,674 4,772 Profit from operations 5,235 4,366 7,139 814 Amortisation of acquired intangibles 214 127 25 - Adjusted profit from operations(5) 5,449 4,493 7,164 814 Adjusted operating margin(5) 24.4% 30.7% 25.9% 17.1% ------------------------ -------- ------------- -------- ----------- Year ended 31 December 2014 Revenue 23,194 10,663 25,275 4,580 Profit from operations 6,012 2,999 6,225 485 Amortisation of acquired intangibles 227 135 27 - Adjusted profit from operations(5) 6,239 3,134 6,252 485 Adjusted operating margin(5) 26.9% 29.4% 24.7% 10.6% ------------------------ -------- ------------- -------- -----------
(5) excludes amortisation of intangible assets
(6) GBP0.4m of sutures for the dental market has been reclassified from the Branded Direct to the Branded Distributed segment. The 2014 revenues have been restated to aid comparison.
Branded Direct
The adjusted operating margin of this Business Unit reduced to 24.4% (2014: 26.9%) and lower than the position at H1 2015 (26.7%). Operating margin was reduced partly as a result of some pricing pressure in Germany as well as the investment we have made in our direct sales teams which we highlighted at the half year. We expect the benefit of this investment to start coming through in 2016.
Branded Distributed
The adjusted operating margin of this Business Unit increased to 30.7% (2014: 29.4%), reflecting the improved profitability from the increase in sales in this Business Unit and, in particular, from sales to the US. The growth in sales to the US mitigated the impact in the reduction in margin from sales made into Russia and continued the improvement in margin seen at H1 2015 (26.5%).
OEM
The adjusted operating margin of this Business Unit was at a higher level to the prior year at 25.9% (2014: 24.7%), and lower than the margin reported at H1 2015 (26.8%) due to the mix of business.
Bulk Materials
The adjusted operating margin of this Business Unit increased to 17.1% (2015: 10.6%), and improved from the position in H1 2015 (12.6%). Margins were affected by the higher volumes of production and sales.
Geographic breakdown of revenues
The geographic breakdown of Group revenues in 2015 is shown in Table 4 below:
Table 4
Geographic Breakdown of Group Revenues --------------------------------------------------- GBP millions 2015 % of 2014 % of total total ------------------- ----- ------- ----- ------- Europe (excluding UK & Germany) 19.1 27.8% 18.7 29.7 Germany 13.4 19.5% 14.0 22.3 UK 16.7 24.3% 15.3 24.3 USA 17.8 25.9% 13.8 21.9 Rest of World 1.6 2.3% 1.1 1.8 ------------------- ----- ------- ----- -------
47% of the Group's sales are in Europe (excluding the UK), however, only around 30% of sales are denominated in Euros. Approximately 85% of all sales to the US are denominated in US Dollars. The Group hedges significant transactional exposure by using forward contracts and options, and aims to have 70% of its estimated transactional exposure for the next twelve months hedged.
The Group estimates that a 10% movement in GBP:US$ or GBP: Euro exchange rate will impact Sterling revenues by approximately 2.3% and 3.0% respectively and in the absence of any cash flow hedging this would have an impact on profit of 1.3% and 0.1%.
Cash Flow
Table 5 summarises the Group's cash flows.
Table 5
Group Cash Flows Year ended 31 December 2015 2014 GBP'000 GBP'000 ------------------------------------- -------- -------- Adjusted operating profit (Table 1) 17,408 15,559 Non-cash items 3,153 2,993 ------------------------------------- -------- -------- EBITDA 20,561 18,552 Working capital movement 1,983 (104) ------------------------------------- -------- -------- Net operating cashflow 22,544 18,448 Capital expenditure and capitalised R&D (2,675) (2,406) Net interest (paid)/received (47) 45 Tax paid (1,253) (1,876) ------------------------------------- -------- -------- Free cash flow 18,569 14,211 Dividends paid (1,521) (1,307) Proceeds from share issues 494 65 Net increase in cash and cash equivalents 17,542 12,969 ------------------------------------- -------- --------
Note: EBITDA is earnings before interest, tax, depreciation, intangible asset amortisation and share based payments
EBITDA increased by 11% to GBP20.6 million (2014: GBP18.6 million).
Working capital decreased in the year mainly due to the effects of translating overseas working capital balances held in Euros into Sterling. Inventory across the group slightly increased to 4.4 months of supply (2014: 4.2 months of supply). Trade debtor days were slightly lower than the prior year at 41 days (2014: 42 days) while trade payable days decreased slightly to 34 days (2014: 36 days).
The Group generated net cash from operating activities of GBP22.5 million (2014: GBP18.4 million) (see Table 5) and had net cash of GBP34.2 million (2014: GBP17.3 million) at the end of the year.
We invested GBP2.7 million in capital equipment, software and capitalised R&D in the year (2014: GBP2.4 million). We have invested in equipment around the Group that improves converting and packaging in Winsford as well increasing capacity in Germany.
The Group generated a free cash flow of GBP18.6 million in the year (2014: GBP14.2 million). The conversion of adjusted operating profit into free cash flow was 107% (2014: 91%).
The Group paid its final dividend for the year ended 31 December 2014 of GBP0.94 million (2014: for the year ending 2013, GBP0.85 million) on 29 May 2015, and its interim dividend for the six months ended 30 June 2015 of GBP0.59 million (2014: GBP0.46 million) on 30 October 2015.
In December 2014 the Group entered into a new, five-year, GBP30 million, multi-currency revolving credit facility with an accordion option under which AMS can request up to an additional GBP20 million on the same terms. The previous facility for GBP4 million was due to expire in 2015. The Group chose to take advantage of favourable credit conditions to put in place a more suitable facility to support its growth ambitions. The new facility is provided jointly by the Group's existing bankers, HSBC, as well as The Royal Bank of Scotland. It is unsecured and has not been drawn down. This facility carries an annual interest rate of LIBOR or EURIBOR plus a margin that varies between 0.65% and 1.75% depending on the Group's net debt to EBITDA ratio.
At the end of the period, the Group had net cash of GBP34.2 million (2014: GBP17.3 million). The movement in net cash from the start of the year to net cash at the end of the year is reconciled in Table 6 below:
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Table 6
Movement in net cash GBP'000 --------------------------------- -------- Net cash as at 1 January 2015 17,280 Exchange rate impacts (621) Free cash flow 18,569 Dividends paid (1,521) Proceeds from share issues 494 Net cash as at 31 December 2015 34,201 --------------------------------- --------
The Group's going concern position is fully described in note 2.
CONSOLIDATED INCOME STATEMENT
(Unaudited) (Audited) Year ended 31 2015 2014 December Total Total Note GBP'000 GBP'000 ------------------------ ----- ------------ ---------- Revenue from continuing operations 4 68,596 63,010 Cost of sales (28,688) (27,167) ------------------------- ----- ------------ ---------- Gross profit 39,908 35,843 Distribution costs (951) (853) Administration costs (22,505) (20,070) Other income 589 250 ------------------------- ----- ------------ ---------- Profit from operations 4,5 17,041 15,170 Finance income 73 49 Finance costs (118) (1) ------------------------- ----- ------------ ---------- Profit before taxation 16,996 15,218 Income tax 6 (2,877) (2,354) ------------------------- ----- ------------ ---------- Profit attributable to equity holders of the parent 14,119 12,864 ------------------------- Earnings per share Basic 7 6.78p 6.20p Diluted 7 6.68p 6.08p Adjusted diluted 7 6.86p 6.26p ------------------------- ----- ------------ ----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Audited) Year ended 31 December 2015 2014 GBP'000 GBP'000 ------------------------------------- ------------ ---------- Profit for the year 14,119 12,864 Items that may be reclassified subsequently to profit and loss: Exchange differences on translation of foreign operations (3,348) (4,200) Loss arising on cash flow hedges (3) (1,173) ------------------------------------- ------------ ---------- Other comprehensive expense for the year (3,351) (5,373) ------------------------------------- ------------ ---------- Total comprehensive income for the year attributable to equity holders of the parent 10,768 7,491 ------------------------------------- ------------ ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Audited) At 31 December 2015 2014 GBP'000 GBP'000 -------------------------------- ------------ ---------- Assets Non-current assets Acquired intellectual property rights 8,359 9,238 Software intangibles 2,009 1,835 Development costs 1,803 1,850 Goodwill 34,579 36,696 Property, plant and equipment 15,795 16,003 Deferred tax assets 135 1,108 Trade and other receivables 13 22 -------------------------------- ------------ ---------- 62,693 66,752 Current assets Inventories 8,843 7,532 Trade and other receivables 10,817 12,969 Current tax assets 9 - Cash and cash equivalents 34,201 17,280 -------------------------------- ------------ ---------- 53,870 37,781 -------------------------------- ------------ ---------- Total assets 116,563 104,533 -------------------------------- ------------ ---------- Liabilities Current liabilities Trade and other payables 9,139 7,649 Current tax liabilities 806 584 Other taxes payable 234 259 Obligations under finance leases 1 2 ------------ 10,180 8,494 Non-current liabilities Trade and other payables 415 472 Deferred tax liabilities 2,311 2,513 Obligations under finance leases - 1 2,726 2,986 -------------------------------- ------------ ---------- Total liabilities 12,906 11,480 -------------------------------- ------------ ---------- Net assets 103,657 93,053 -------------------------------- ------------ ---------- Equity Share capital 10,451 10,393 Share premium 33,196 32,742 Share-based payments reserve 2,253 1,563 Investment in own shares (152) (148) Share-based payments deferred tax reserve 437 278 Other reserve 1,531 1,531 Hedging reserve (525) (522) Translation reserve (8,215) (4,867) Retained earnings 64,681 52,083 -------------------------------- ------------ ---------- Equity attributable to equity holders of the parent 103,657 93,053 -------------------------------- ------------ ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of the Group
Share Investment Share based Share Share based in own payments Other Hedging Translation Retained capital premium payments shares deferred reserve reserve reserve earnings Total tax GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- At 1 January 2014 (audited) 10,343 32,364 1,326 (144) 158 1,531 651 (667) 40,526 86,088 --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- Consolidated profit for the year to 31 Dec 2014 - - - - - - - - 12,864 12,864 Other comprehensive income - - - - - - (1,173) (4,200) - (5,373) --------------- Total comprehensive income - - - - - - (1,173) (4,200) 12,864 7,491 --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- Share based payments - - 592 - 120 - - - - 712 Share options exercised 50 378 (355) - - - - - - 73 Shares purchased by EBT - - - (190) - - - - - (190) Shares sold by EBT - - - 186 - - - - - 186 Dividends paid - - - - - - - - (1,307) (1,307) --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- At 31 December 2014 (audited) 10,393 32,742 1,563 (148) 278 1,531 (522) (4,867) 52,083 93,053 --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- Consolidated profit for the year to 31 Dec 2015 - - - - - - - - 14,119 14,119 Other comprehensive income - - - - - - (3) (3,348) - (3,351) --------------- Total comprehensive income (unaudited) - - - - - - (3) (3,348) 14,119 10,768 --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- Share based payments - - 709 - 159 - - - - 868 Share options
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exercised 58 454 (19) - - - - - - 493 Shares purchased by EBT - - - (262) - - - - - (262) Shares sold by EBT - - - 258 - - - - - 258 Dividends paid - - - - - - - - (1,521) (1,521) --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- -------- At 31 December 2015 (unaudited) 10,451 33,196 2,253 (152) 437 1,531 (525) (8,215) 64,681 103,657 --------------- -------- -------- --------- ----------- --------- -------- -------- ------------ --------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Audited) Year ended 31 December 2015 2014 GBP'000 GBP'000 ------------------------------------------------ ------------ ---------- Cash flows from operating activities Profit from operations 17,041 15,170 Adjustments for: Depreciation 1,745 1,750 Amortisation - intellectual property rights 367 389 - development costs 410 331 - software intangibles 289 228 Impairment of development costs - 92 (Increase) / decrease in inventories (1,501) 221 Decrease / (increase) in trade and other receivables 2,148 (1,623) Increase in trade and other payables 1,336 1,298 Share based payments expense 709 592 Taxation (1,253) (1,876) Net cash inflow from operating activities 21,291 16,572 ------------------------------------------------ ------------ ---------- Cash flows from investing activities Purchase of software (472) (408) Capitalised research and development (373) (581) Purchases of property, plant and equipment (1,907) (1,478) Disposal of property, plant and equipment 77 61 Interest received 73 50 Net cash used in investing activities (2,602) (2,356) ------------------------------------------------ ------------ ---------- Cash flows from financing activities Dividends paid (1,521) (1,307) Finance lease (2) (4) Issue of equity shares 498 69 Shares purchased by EBT (262) (190) Shares sold by EBT 258 186 Interest paid (118) (1) Net cash used in financing activities (1,147) (1,247) ------------------------------------------------ ------------ ---------- Net increase in cash and cash equivalents 17,542 12,969 Cash and cash equivalents at the beginning of the year 17,280 5,257 Effect of foreign exchange rate changes (621) (946) Cash and cash equivalents at the end of the year 34,201 17,280 ------------------------------------------------ ------------ ----------
Notes Forming Part of the Condensed Consolidated Financial Statements
1. Reporting entity
Advanced Medical Solutions Group plc ("the Company") is a public limited company incorporated and domiciled in England and Wales (registration number 2867684). The Company's registered address is Premier Park, 33 Road One, Winsford Industrial Estate, Cheshire, CW7 3RT.
The Company's ordinary shares are traded on the AIM market of the London Stock Exchange plc. The consolidated financial statements of the Company for the twelve months ended 31 December 2015 comprise the Company and its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the design, development and manufacture of novel high performance polymers (both natural and synthetic) for use in advanced woundcare dressings and materials, and medical adhesives and sutures for closing and sealing tissue, for sale into the global medical device market and dental market.
2. Basis of preparation
These condensed unaudited consolidated financial statements have been prepared in accordance with the accounting policies set out in the annual report for the year ended 31 December 2014.
While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRSs. The Group expects to publish full financial statements that comply with IFRSs in April 2016.
The financial information set out in the announcement does not constitute the Group's statutory accounts for the years ended 31 December 2015 or 31 December 2014. The financial information for the year ended 31 December 2014 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditor reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain a statement under s498 (2) or (3) Companies Act 2006. The audit of the statutory accounts for the year ended 31 December 2015 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Group's annual general meeting.
The financial statements have been prepared on the historical cost basis of accounting except as disclosed in the accounting policies set out in the annual report for the year ended 31 December 2014.
With regards to the Group's financial position, it had cash and cash equivalents at the year end of GBP34.2 million. The Group also has in place a five-year, unsecured, new multi-currency, credit facility for GBP30 million which was undrawn in 2015.
While the current economic environment is uncertain, the Group operates in markets whose demographics are favourable, underpinned by an increasing need for products to treat chronic and acute wounds. Consequently, market growth is predicted. The Group has a number of long-term contracts with customers across different geographic regions and also with substantial financial resources, ranging from government agencies through to global healthcare companies.
Having taken the above into consideration the Directors have reached a conclusion that the Group is well placed to manage its business risks in the current economic environment. Accordingly, they continue to adopt the going concern basis in preparing the preliminary announcement.
In the current year, the group has adopted the following new standards and interpretations: IFRS10 Consilidated Financial Statements, IFRS 11 Joint arrangements, IFRS12 Disclosue of Interests in Other Entities, Amendments to IAS27 Separate Financial Statements, IAS28 Investments in Associates and Joint Ventures, Amendments to IAS 32 and IFRS7 for Offsetting Financial Assets and Liabilities. The adoption of the new standard and amendments have had no significant impact in the financial statements of the Group.
At the date of authorisation the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IAS19 Defined Benefit Plans: Employee Contributions, IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, IFRS16 Leases, Amendments to IAS 36 and Amendments to IAS39. The Directors anticipate that the adoption of these standards and interpretations will have no material impact on the financial statements of the Group.
3. Accounting policies
The same accounting policies, presentations and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual audited financial statements. The annual financial statements of Advanced Medical Solutions Group plc are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
4. Segment information
As referred to in the Chief Executive's Report, the Group is organised into four business units: Branded Direct, Branded Distributed, OEM (original equipment manufacturer) and Bulk Materials. These business units are the basis on which the Group reports its segment information.
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Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments, and related revenue, corporate assets, head office expenses and income tax assets. These are the measures reported to the Group's Chief Executive for the purposes of resource allocation and assessment of segment performance.
Business segments
Segment information about these businesses is presented below.
Year ended Branded Branded OEM Bulk Eliminations Consolidated 31 December Direct Distributed Materials 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- -------- ------------- -------- ----------- ------------- ------------- Revenue External sales 22,344 14,631 27,675 3,946 - 68,596 Inter segment sales 826 (826) - --------------- -------- ------------- -------- ----------- ------------- ------------- Total revenue 22,344 14,631 27,675 4,772 (826) 68,596 --------------- -------- ------------- -------- ----------- ------------- ------------- Result ---------------- ------ ------ ------ ---- -------- Segment result 5,235 4,366 7,139 814 - 17,554 Unallocated expenses (513) -------- Profit from operations 17,041 Finance income 73 Finance costs (118) ---------------- ------ ------ ------ ---- -------- Profit before tax 16,996 Tax (2,877) ---------------- ------ ------ ------ ---- -------- Profit for the year 14,119 ---------------- ------ ------ ------ ---- -------- At 31 December Branded Branded OEM Bulk Consolidated 2015 Direct Distributed Materials Other Information GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ -------- ------------- -------- ----------- ------------- Capital additions: Software intangibles 111 15 333 13 472 Research & development 102 67 200 4 373 Property, plant and equipment 730 332 663 182 1,907 Depreciation and amortisation (855) (431) (1,309) (217) (2,812) ------------------------ -------- ------------- -------- ----------- ------------- Balance sheet Assets Segment assets 57,317 20,948 32,774 5,359 116,398 Unallocated assets 165 ------------------------ -------- ------------- -------- ----------- ------------- Consolidated total assets 116,563 ------------------------ -------- ------------- -------- ----------- ------------- Liabilities Segment liabilities 5,353 2,888 3,930 735 12,906 Consolidated total liabilities 12,906 ------------------------ -------- ------------- -------- ----------- ------------- Year ended Branded Branded OEM Bulk Eliminations Consolidated 31 December Direct Distributed Materials 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- -------- ------------- -------- ----------- ------------- ------------- Revenue External sales(7) 23,194 10,663 25,275 3,878 - 63,010 Inter-segment sales 702 (702) - --------------- -------- ------------- -------- ----------- ------------- ------------- Total revenue 23,194 10,663 25,275 4,580 (702) 63,010 --------------- -------- ------------- -------- ----------- ------------- ------------- Result ---------------- ------ ------ ------ ---- -------- Segment result 6,012 2,999 6,225 485 - 15,721 Unallocated expenses (551) -------- Profit from operations 15,170 Finance income 49 Finance costs (1) ---------------- ------ ------ ------ ---- -------- Profit before tax 15,218 Tax (2,354) ---------------- ------ ------ ------ ---- -------- Profit for the year 12,864 ---------------- ------ ------ ------ ---- --------
(7) 0.4m of sutures for the dental market has been reclassified from the Branded Direct to the Branded Distributed segment
As at 31 December Branded Branded OEM Bulk Consolidated 2014 Direct Distributed Materials Other Information GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ -------- ------------- -------- ----------- ------------- Capital additions: Software intangibles 88 11 272 37 408 Research & development 200 113 262 6 581 Property, plant and equipment 586 179 617 96 1,478 Depreciation and amortisation (903) (356) (1,188) (251) (2,698) ------------------------ -------- ------------- -------- ----------- ------------- Balance sheet Assets Segment assets 54,442 19,755 26,024 4,104 104,325 Unallocated assets 208 ------------------------ -------- ------------- -------- ----------- ------------- Consolidated total assets 104,553 ------------------------ -------- ------------- -------- ----------- ------------- Liabilities Segment liabilities 5,257 2,159 3,531 533 11,480 ------------------------ -------- ------------- -------- ----------- ------------- Consolidated total liabilities 11,480 ------------------------ -------- ------------- -------- ----------- -------------
Geographic segments
The Group operates mainly in the UK, the Netherlands, Germany, the Czech Republic and Russia, with a sales office located in the USA. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.
The following table provides an analysis of the Group's sales by geographical market, irrespective of the origin of the goods/services, based upon location of the Group's customers:
Year ended 31 December 2015 2014 GBP'000 GBP'000 --------------------------------- -------- -------- United Kingdom 16,657 15,308 Germany 13,371 14,042 Europe excluding United Kingdom and Germany 19,223 18,747 United States of America 17,766 13,786 Rest of World 1,579 1,127 --------------------------------- -------- -------- 68,596 63,010 --------------------------------- -------- --------
The following table provides an analysis of the Group's total assets by geographical location.
As at 31 December 2015 2014 GBP'000 GBP'000 --------------------------------- -------- -------- United Kingdom 62,785 46,049 Germany 50,592 52,887 Europe excluding United Kingdom and Germany 3,060 5,506 United States of America 126 91 --------------------------------- -------- -------- 116,563 104,533 --------------------------------- -------- -------- 5. Profit from operations Year ended 31 December 2015 2014 GBP'000 GBP'000 ----------------------------------------------------- -------- -------- Profit from operations is arrived at after charging / (crediting): Depreciation of property, plant and equipment 1,754 1,750 Amortisation of: - acquired intellectual property rights 367 389 - software intangibles 289 228 - development costs 393 331 Operating lease rentals - plant and machinery 250 228
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