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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Astek | LSE:AKG | London | Ordinary Share | GB00B1B9C846 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAKG RNS Number : 7383C Astek Group PLC 19 November 2009 Astek Group plc / Epic: AKG / Index: AIM / Sector: Medical Supplies Astek Group plc ('Astek' or 'the Company') Interim Results Overview +----------+-------------+--------+-------------+--------+------------+ | | Six | | Six | | Year | | | months | | months | | | +----------+-------------+--------+-------------+--------+------------+ | | ended | | ended | | ended | +----------+-------------+--------+-------------+--------+------------+ | | 30 Sep | | 30 Sep | | 31 | | | 2009 | | 2008 | | March | | | | | | | 2009 | +----------+-------------+--------+-------------+--------+------------+ | | (unaudited) | | (unaudited) | | (audited) | +----------+-------------+--------+-------------+--------+------------+ | | GBP | | GBP | | GBP | +----------+-------------+--------+-------------+--------+------------+ | Revenue | 623,503 | | 550,342 | | 1,371,297 | +----------+-------------+--------+-------------+--------+------------+ | Gross | 271,189 | | 240,657 | | 593,583 | | Profit | | | | | | +----------+-------------+--------+-------------+--------+------------+ | EBITDA | 3,648 | | (52,594) | | (53,974) | +----------+-------------+--------+-------------+--------+------------+ | Retained | (41,315) | | (99,111) | | (66,504) | | loss for | | | | | | | the | | | | | | | period | | | | | | +----------+-------------+--------+-------------+--------+------------+ | | | | | | | +----------+-------------+--------+-------------+--------+------------+ | Loss | 0.1p | | 0.1p | | 0.1p | | per | | | | | | | share | | | | | | | (to | | | | | | | nearest | | | | | | | 0.1p) | | | | | | +----------+-------------+--------+-------------+--------+------------+ * Anaesthetic Safety Syringe and special Sharps box, branded as InSafe(TM) system, launched in the UK, Eire and Germany * Production issues and economic climate holding up sales * Negotiations under way with potential distributors in other territories * Positive EBITDA achieved in the period. * Note that the results in these months were affected by: * The continued reduction of directors' salaries by 50% as reported in the Annual Report and Accounts for 2009; and * The adverse effect on margins of Sterling movements against the US dollar and Euro. * Pro-Tip sales disappointing during the period although ahead of same period last year; * Ongoing dialogue with Distributor * Other developments in progress funded by a Grant, grant received of GBP23,262 (capital GBP10,964, revenue GBP12,298) * Negotiations in progress for further grant funding next year. * Reduction in loss after tax to GBP41,315 (2008: loss GBP99,111) * Cash balance of GBP57,964 (31 March 2009: GBP95,678) Directors' Statement The period under review has seen an improvement in trading performance with sales up 13.3% on the comparable period last year. Gross margin also held steady at around 43%. However sales are down significantly compared to the second half of FY2009 - GBP820,955. The larger part of this was due to the slowdown in InSafe(TM) sales as a result of production issues referred to below. The rest was due to a comparative reduction in Pro-Tip sales. There has been a delay in the uptake of Pro-Tip for the new Italian and Japanese markets. These latter issues are being discussed with our distributors. During the period the Group's monthly results attained a small but positive EBITDA. InSafe(TM) sales have been slower than expected partly as a result of production issues and partly due to the economic climate. Some batches of the production versions of the InSafe(TM) syringe have suffered cosmetic changes in use which, although functionality remains unimpaired, are unacceptable and which did not manifest themselves in trials. The causes of these changes have been identified, appropriate enhancements to the production process are being considered and will be implemented within the next few months. Negotiations remain in progress in respect of other worldwide territories but will not be concluded until the production issues are fully resolved. The period under review has seen further significant new product launches including edentulous impression trays, mouthwash tablets and barrier products. Astek's market has been affected by the global economic downturn which has certainly affected the discretionary spend with dentists but the Company has been successful in defending margins despite fluctuations in buying and selling prices. However the problems with production versions of InSafe(TM), which were not exposed by trials or focus groups, remind Astek that innovation is never easy. The Board is pleased that positive EBITDA has nevertheless been achieved. It is expected that this will in turn lead to positive total cash flows in due course. For further information please visit www.astekinnovations.co.uk or contact: Alan Segal Astek Group plc Tel: 0161 942 3900 Alex Clarkson Zeus Capital Tel: 0161 831 1512 / Tom Rowley CONSOLIDATED BALANCE SHEET as at 30 September 2009 +-------------+-------------+-------------+--------------+ | | As at | As at | As at | | | 30 | 30 | 31 | | | Sept | Sept | March | | | 2009 | 2008 | 2009 | +-------------+-------------+-------------+--------------+ | | (unaudited) | (unaudited) | (audited) | +-------------+-------------+-------------+--------------+ | Assets | GBP | GBP | GBP | +-------------+-------------+-------------+--------------+ | Non-current | | | | | Assets | | | | +-------------+-------------+-------------+--------------+ | Goodwill | 105,837 | 105,837 | 105,837 | +-------------+-------------+-------------+--------------+ | Intangible | 114,300 | 102,248 | 107,504 | | Assets | | | | +-------------+-------------+-------------+--------------+ | Property, | 196,607 | 225,861 | 209,516 | | plant and | | | | | equipment | | | | +-------------+-------------+-------------+--------------+ | | 416,744 | 433,946 | 422,857 | +-------------+-------------+-------------+--------------+ | Current | | | | | Assets | | | | +-------------+-------------+-------------+--------------+ | Inventories | 150,620 | 140,019 | 142,317 | +-------------+-------------+-------------+--------------+ | Trade | 272,999 | 214,672 | 302,179 | | and | | | | | other | | | | | receivables | | | | +-------------+-------------+-------------+--------------+ | Cash | 57,964 | 60,208 | 95,678 | | and | | | | | cash | | | | | equivalents | | | | +-------------+-------------+-------------+--------------+ | | 481,583 | 414,899 | 540,174 | +-------------+-------------+-------------+--------------+ | Total | 898,327 | 848,845 | 963,031 | | assets | | | | +-------------+-------------+-------------+--------------+ | Liabilities | | | | +-------------+-------------+-------------+--------------+ | Current | | | | | liabilities | | | | +-------------+-------------+-------------+--------------+ | Trade | (107,757) | (155,096) | (159,954) | | and | | | | | other | | | | | payables | | | | +-------------+-------------+-------------+--------------+ | Borrowings | (143,701) | (25,006) | (107,652) | | | | | | +-------------+-------------+-------------+--------------+ | | (251,458) | (180,102) | (267,606) | +-------------+-------------+-------------+--------------+ | Non-current | (116,634) | (141,640) | (129,137) | | liabilities | | | | | Borrowings | | | | +-------------+-------------+-------------+--------------+ | Total | (368,092) | (321,742) | (396,743) | | Liabilities | | | | +-------------+-------------+-------------+--------------+ | Net | 530,235 | 527,103 | 566,288 | | Assets | | | | +-------------+-------------+-------------+--------------+ | Equity | | | | +-------------+-------------+-------------+--------------+ | Share | 350,000 | 350,000 | 350,000 | | capital | | | | +-------------+-------------+-------------+--------------+ | Share | 823,319 | 823,319 | 823,319 | | premium | | | | | account | | | | +-------------+-------------+-------------+--------------+ | Reverse | 966,889 | 966,889 | 966,889 | | acquisition | | | | | reserve | | | | +-------------+-------------+-------------+--------------+ | Retained | (1,609,973) | (1,613,105) | (1,573,920) | | earnings | | | | +-------------+-------------+-------------+--------------+ | Total | 530,235 | 527,103 | 566,288 | | Equity | | | | +-------------+-------------+-------------+--------------+ CONSOLIDATED INCOME STATEMENT for the period ended 30 September 2009 +------------+-------------+--------+-------------+--------+-----------+ | | Six | | Six | | Year | | | months | | months | | | +------------+-------------+--------+-------------+--------+-----------+ | | ended | | ended | | ended | +------------+-------------+--------+-------------+--------+-----------+ | | 30 Sep | | 30 Sep | | 31 | | | 2009 | | 2008 | | March | | | | | | | 2009 | +------------+-------------+--------+-------------+--------+-----------+ | | (unaudited) | | (unaudited) | | (audited) | +------------+-------------+--------+-------------+--------+-----------+ | | GBP | | GBP | | GBP | +------------+-------------+--------+-------------+--------+-----------+ | Revenue | 623,503 | | 550,342 | | 1,371,297 | +------------+-------------+--------+-------------+--------+-----------+ | Cost | (352,314) | | (309,685) | | (777,714) | | of | | | | | | | sales | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Gross | 271,189 | | 240,657 | | 593,583 | | Profit | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Trading | (309,707) | | (334,627) | | (742,177) | | costs | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Non | 1,290 | | 1,290 | | 2,580 | | trading | | | | | | | income | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Operating | (37,228) | | (92,680) | | (146,014) | | loss | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Investment | 268 | | 2,218 | | 3,489 | | revenue - | | | | | | | interest | | | | | | | receivable | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Finance | (4,355) | | (8,649) | | (12,762) | | costs | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Loss | (41,315) | | (99,111) | | (155,287) | | before | | | | | | | taxation | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Tax on | - | | - | | 88,783 | | loss | | | | | | | on | | | | | | | ordinary | | | | | | | activities | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Retained | (41,315) | | (99,111) | | (66,504) | | loss for | | | | | | | the | | | | | | | period | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | | | | | | | +------------+-------------+--------+-------------+--------+-----------+ | Loss | 0.1p | | 0.1p | | 0.1p | | per | | | | | | | share | | | | | | | (in | | | | | | | pence) | | | | | | +------------+-------------+--------+-------------+--------+-----------+ STATEMENT OF CHANGES IN EQUITY (Unaudited) +------------+---------+---------+-------------+-------------+-----------+ | | Share | Share | Reverse | Profit | Total | | | capital | premium | | | | | | | account | acquisition | and | | | | | | reserve | loss | | | | | | | account | | +------------+---------+---------+-------------+-------------+-----------+ | | GBP | GBP | GBP | GBP | GBP | +------------+---------+---------+-------------+-------------+-----------+ | At 1 | 350,000 | 823,319 | 966,889 | (1,527,147) | 613,061 | | April | | | | | | | 2008 | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | Loss | - | - | - | (99,111) | (99,111) | | for | | | | | | | period | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | Adjustment | - | - | - | 13,153 | 13,153 | | for share | | | | | | | based | | | | | | | payments | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | At 30 | 350,000 | 823,319 | 966,889 | (1,613,105) | 527,103 | | September | | | | | | | 2008 | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | Profit | - | - | - | 32,607 | 32,607 | | for | | | | | | | period | | | | | | | Adjustment | | | | | | | for share | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | based | - | - | - | 6,578 | 6,578 | | payments | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | At 31 | 350,000 | 823,319 | 966,889 | (1,573,920) | 566,288 | | March | | | | | | | 2009 | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | Loss | - | - | - | (41,315) | (41,315) | | for | | | | | | | period | | | | | | | Adjustment | | | | | | | for share | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | based | - | - | - | 5,262 | 5,262 | | payments | | | | | | +------------+---------+---------+-------------+-------------+-----------+ | At 30 | 350,000 | 823,319 | 966,889 | (1,609,973) | (530,235) | | September | | | | | | | 2009 | | | | | | +------------+---------+---------+-------------+-------------+-----------+ GROUP CASH FLOW STATEMENT For the period ended 30 September 2009 +-------------+-------------+----------+-------------+----------+------------+ | | Six | | Six | | Year | | | months | | months | | | +-------------+-------------+----------+-------------+----------+------------+ | | ended | | ended | | ended | +-------------+-------------+----------+-------------+----------+------------+ | | 30 Sep | | 30 Sep | | 31 March | | | 2009 | | 2008 | | 2009 | +-------------+-------------+----------+-------------+----------+------------+ | | (unaudited) | | (unaudited) | | (audited) | +-------------+-------------+----------+-------------+----------+------------+ | | GBP | | GBP | | GBP | +-------------+-------------+----------+-------------+----------+------------+ | Cash | (27,672) | | (87,612) | | (173,939) | | absorbed | | | | | | | by | | | | | | | operations | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Interest | (4,355) | | (8,649) | | (12,762) | | paid | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Corporation | - | | - | | 88,783 | | tax refund | | | | | | | received | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Net cash | (32,027) | | (96,261) | | (97,918) | | absorbed | | | | | | | from | | | | | | | operating | | | | | | | activities | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Investing | | | | | | | activities | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Interest | 268 | | 2,218 | | 3,489 | | received | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Purchases | (36,363) | | (26,037) | | (57,182) | | of | | | | | | | intangible | | | | | | | fixed | | | | | | | assets | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Grant | 10,964 | | 12,566 | | 19,050 | | received | | | | | | | in | | | | | | | respect | | | | | | | of | | | | | | | intangible | | | | | | | assets | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Purchases | (4,102) | | (35,240) | | (44,866) | | of | | | | | | | property, | | | | | | | plant and | | | | | | | equipment | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Net cash | (29,233) | | (46,493) | | (79,509) | | used in | | | | | | | investing | | | | | | | activities | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Financing | 36,049 | | - | | 82,646 | | activities | | | | | | | Invoice | | | | | | | discounting | | | | | | | finance | | | | | | | advances | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Bank | (12,503) | | (12,504) | | (25,007) | | loans | | | | | | | repaid | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Net cash | 23,546 | | (12,504) | | 57,639 | | generated | | | | | | | from/ | | | | | | | (used in) | | | | | | | financing | | | | | | | activities | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Net | (37,714) | | (155,258) | | (119,788) | | decrease | | | | | | | in cash | | | | | | | and cash | | | | | | | equivalents | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Cash and | 95,678 | | 215,466 | | 215,466 | | cash | | | | | | | equivalents | | | | | | | at | | | | | | | beginning | | | | | | | of period | | | | | | +-------------+-------------+----------+-------------+----------+------------+ | Cash and | 57,964 | | 60,208 | | 95,678 | | cash | | | | | | | equivalents | | | | | | | at end of | | | | | | | period | | | | | | +-------------+-------------+----------+-------------+----------+------------+ NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS for the period ended 30 September 2009 1 General Information Astek Group plc is incorporated in the United Kingdom under the Companies Act 1985. These condensed consolidated financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the group operates. The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the year ended 31 March 2009 has been extracted from the statutory accounts for that period. The auditors' report on the statutory accounts for the year ended 31 March 2009 was unqualified and did not contain a statement under S237 of the Companies Act 1985. The auditors however included an emphasis of matter paragraph in their report as follows: "In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures in note 1 to the financial statements concerning the Group's ability to continue as a going concern. The Company incurred a net loss of GBP66,504. This result depleted the Group's available cash resources and this, together with the other matters explained in note 1 to the financial statements, indicates the existence of a material uncertainty which may affect the Group's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern." A copy of those accounts has been filed with the Registrar of Companies. 2 Basis of preparation The Group has presented its results in accordance with International Financial Reporting Standards as adopted in the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 March 2009. As permitted, the interim report has been prepared in accordance with the AIM Rules for companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and cannot be construed to be in full compliance with IFRS. 3 Loss per share The calculation of loss per share is based on the loss on ordinary activities after taxation and number of shares as set out below: +--------+-------------+--------+--------------+--------+------------+ | | Six | | Six | | Year | | | months | | months | | | +--------+-------------+--------+--------------+--------+------------+ | | ended | | ended | | ended | +--------+-------------+--------+--------------+--------+------------+ | | 30 | | 30 September | | 31 March | | | September | | 2008 | | 2009 | | | 2009 | | | | | +--------+-------------+--------+--------------+--------+------------+ | | (unaudited) | | (unaudited) | | (audited) | +--------+-------------+--------+--------------+--------+------------+ | | GBP | | GBP | | GBP | +--------+-------------+--------+--------------+--------+------------+ | Loss | (41,315) | | (99,111) | | (66,504) | | for | | | | | | | period | | | | | | +--------+-------------+--------+--------------+--------+------------+ | Number | 70,000,000 | | 70,000,000 | | 70,000,000 | | of | | | | | | | shares | | | | | | +--------+-------------+--------+--------------+--------+------------+ 4 Reconciliation of operating loss to net cash outflow from operating activities for the period ended 30 September 2009 +---------------------+-------------+----------+-------------+----------+------------+ | | Six | | Six | | Year | | | months | | months | | | +---------------------+-------------+----------+-------------+----------+------------+ | | ended | | ended | | ended | +---------------------+-------------+----------+-------------+----------+------------+ | | 30 Sep | | 30 Sep | | 31 March | | | 2009 | | 2008 | | 2009 | +---------------------+-------------+----------+-------------+----------+------------+ | | (unaudited) | | (unaudited) | | (audited) | +---------------------+-------------+----------+-------------+----------+------------+ | | GBP | | GBP | | GBP | +---------------------+-------------+----------+-------------+----------+------------+ | Operating | (37,228) | | (92,680) | | (146,014) | | loss | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Adjustments | | | | | | | for: | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Amortisation | 18,603 | | 13,881 | | 33,286 | | and | | | | | | | impairment | | | | | | | provisions | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Depreciation | 17,011 | | 13,052 | | 39,023 | | | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Share | 5,262 | | 13,153 | | 19,731 | | based | | | | | | | payment | | | | | | | expense | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Operating | 3,648 | | (52,594) | | (53,974) | | cash | | | | | | | flows | | | | | | | before | | | | | | | movements | | | | | | | in | | | | | | | working | | | | | | | capital | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Increase | (8,303) | | (2,365) | | (4,663) | | in | | | | | | | Inventories | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Decrease/(Increase) | 29,180 | | 43,352 | | (44,155) | | in receivables | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Decrease | (52,197) | | (76,005) | | (71,147) | | in | | | | | | | payables | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ | Cash | (27,672) | | (87,612) | | (173,939) | | absorbed | | | | | | | by | | | | | | | operations | | | | | | +---------------------+-------------+----------+-------------+----------+------------+ This information is provided by RNS The company news service from the London Stock Exchange END IR FFMFUASUSESF
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