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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 |
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RNS Number : 6955J
Astek Group PLC
08 December 2008
Astek Group plc / Epic: AKG / Index: AIM / Sector: Medical Supplies
Astek Group plc ('Astek' or 'the Company')
Interim Results
Overview
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Revenue 550,342 504,409 1,096,213
Gross Profit 240,657 210,016 472,442
EBITDA (52,594) (176,873) (467,145)
Retained loss for the period (99,111) (215,701) (552,651)
Loss per share (in pence) 0.1p 0.3p 0.8p
* Anaesthetic Safety Syringe and special Sharps box, branded as InSafe* system, launched
* First shipments took place in October and November;
* Exclusive distribution agreements in UK with Schottlander for syringe and IMS, a division of Rentokil, for the sharps box in the
UK and Eire;
* Exclusive distribution agreement for both with Medentex in Germany;
* Negotiations under way with potential distributors in other territories
* Positive EBITDA achieved in September and October
* 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 2008;
* The adverse effect on margins of sterling movements against the dollar;
* Pro-Tip® sold well during the period;
* New converters now in production will open up new geographical markets
* Other developments in progress funded by a Grant
* Reduction in loss after tax to £99,111 (2007: loss £215,701)
* Cash balance of £60,208 (31 March 2008: £215,466)
Directors' Statement
The period under review has seen a marked improvement in trading performance which was anticipated in the review of the year end results
in July 2008. Gross margin also increased to 43.6% from 41.7%. Both of these were due to the recovery in Pro-Tip® sales as Dentsply, the
Company's worldwide distributor of Pro-Tip®, absorbed its acquisition of SultanHC.
Work has now been completed on converters for the Italian and Japanese markets which should enable Pro-Tip® to penetrate these markets
leading to a further increase in sales of this product.
The Company is in receipt of a North West Grant for Research and Development. This has enabled new projects relating to cross-infection
prevention to be progressed earlier than might otherwise have been the case.
Towards the end of the period the Group's monthly results attained positive EBITDA. It is expected that the InSafe* sales which have
commenced in the second half will further improve the trading performance. Exclusive distribution agreements for the sale of the syringe in
the UK were entered into with Schottlander and in Germany with Medentex. Astek's partners for collection and disposal of the patented
sharps box in UK / Eire and Germany respectively are IMS and Medentex, divisions of Rentokil plc. Negotiations are in progress in respect
of other worldwide territories.
The period under review has seen further significant new product launches which will enhance Astek's portfolio of products and its
ability to operate effectively in a competitive but potentially rewarding market. The directors believe that Astek's market will be
relatively unaffected by the global economic downturn and, although currency fluctuations may adversely affect Euro-zone sales, the Group's
competitive position in Dollar zone markets will be improved. Some supplies are priced in dollars but Astek has hedged to a certain extent
by holding foreign currencies and will continue to take action to try and maintain margins in partnership with its suppliers.
The quality and stature of the Group's distributors and other strategic partners demonstrates that Astek is now achieving substantial
market recognition and that it is known as a business well able to identify opportunities, design and manufacture effective solutions and
bring them to market. Astek has the design, development and marketing skills to innovate solutions to real challenges in the field of
dental care especially those associated with cross-infection.
Whilst well aware of the significant external challenges to relatively young /innovative companies, not least from turbulent currency
markets and rising costs, the Board feels that the Group has surmounted the difficulties experienced in the previous period and is on track
to begin fulfilling its potential.
ASTEK GROUP PLC
CONSOLIDATED BALANCE SHEET
as at 30 September 2008
As at As at As at
30 Sept 30 Sept 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
Assets £ £ £
Non-current Assets
Goodwill 105,837 105,837 105,837
Intangible Assets 102,248 78,521 102,658
Property, plant and equipment 225,861 104,905 203,673
433,946 289,263 412,168
Current Assets
Inventories 140,019 142,698 137,654
Trade and other receivables 214,672 316,333 258,024
Cash and cash equivalents 60,208 479,121 215,466
414,899 938,152 611,144
Total assets 1,227,415 1,023,312
848,845
Liabilities
Current liabilities
Trade and other payables (155,096) (107,977) (231,101)
Bank loan (25,006) (25,006) (25,006)
(180,102) (132,983) (256,107)
Non-current liabilities (141,640) (166,645) (154,144)
Bank loan
(321,742) (299,628) (410,251)
Total Liabilities
Net Assets 527,103 927,787 613,061
Equity
Share capital 350,000 350,000 350,000
Share premium account 823,319 823,319 823,319
Reverse acquisition reserve 966,889 966,889 966,889
Retained earnings (1,613,105) (1,212,421) (1,527,147)
Total Equity 527,103 927,787 613,061
ASTEK GROUP PLC
CONSOLIDATED INCOME STATEMENT
for the period ended 30 September 2008
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Revenue 550,342 504,409 1,096,213
Cost of sales (309,685) (294,393) (623,771)
Gross Profit 240,657 210,016 472,442
Trading costs (334,627) (434,166) (900,965)
Non trading income 1,290 1,664 2,580
Operating loss before (92,680) (222,486) (425,943)
exceptional items
Exceptional items - - (137,212)
Operating loss (92,680) (222,486) (563,155)
Financial income 2,218 15,833 24,680
Finance costs (8,649) (9,048) (14,176)
Loss before taxation (99,111) (215,701) (552,651)
Tax on loss on ordinary - - -
activities
Retained loss for the period (99,111) (215,701) (552,651)
Loss per share (in pence) 0.1p 0.3p 0.8p
STATEMENT OF CHANGES IN EQUITY (Unaudited)
Share Reverse Profit
Share capital premium account acquisition reserve and loss account
Total
£ £ £ £ £
At 1 April 2007 350,000 823,319 966,889 (1,019,220) 1,120,988
Loss for period - - - (215,701) (215,701)
Adjustment for share based
payments - - - 22,500 22,500
At 30 September 2007
350,000 823,319 966,889 (1,212,421) 927,787
Adjustment for share based - - - 22,224 22,224
payments
Loss for period (336,950) (336,950)
At 31 March 2008 350,000 823,319 966,889 (1,527,147) 613,061
Adjustment for share based - - - 13,153 13,153
payments
Loss for period (99,111) (99,111)
At 30 September 2008 350,000 823,319 966,889 (1,613,105) (527,103)
ASTEK GROUP PLC
GROUP CASH FLOW STATEMENT
For the period ended 30 September 2008
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Cash absorbed by operations (87,612) (244,922) (333,178)
Interest paid (8,649) (9,432) (14,176)
Corporation tax repaid - 15,949 -
Net cash absorbed from operating (96,261) (238,405) (347,354)
activities
Investing activities
Interest received 2,218 15,806 24,680
Purchases of intangible fixed (26,037) (24,512) (63,161)
assets
Capital grant received 12,566 - -
Purchases of property, plant and (35,240) (11,273) (123,702)
equipment
Net cash used in investing (46,493) (19,979) (162,183)
activities
Financing activities
Bank loans repaid (12,504) (12,504) (25,006)
Net cash used in financing (12,504) (12,504) (25,006)
activities
Net decrease in cash and cash (155,258) (270,888) (534,543)
equivalents
Cash and cash equivalents net of 215,466 750,009 750,009
bank overdraft at beginning of
period
Cash and cash equivalents net of 60,208 479,121 215,466
bank overdraft at end of period
ASTEK GROUP PLC
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
for the period ended 30 September 2008
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 240 of the
Companies Act 1985.
The financial information for the year ended 31 March 2008 has been extracted from the statutory accounts for that period. The auditors'
report on the statutory accounts for the year ended 31 March 2008 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 £552,651
(including an exceptional non-recurring item totalling £137,212 being the costs incurred in relation to a proposed acquisition which failed
to complete) during the year ended 31 March 2008. 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 company 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
2008. 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.
The condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Group will
have sufficient financial resources to enable it to continue trading for the foreseeable future. Certain uncertainties were highlighted in
the audited financial statements of the Group for the year ended 31 March 2008. The directors continue to believe that it is appropriate to
prepare its financial information on a going concern basis, especially given the recent developments and financial performance described in
the Directors' statement.
However the forecasts on which the directors have based their opinion are necessarily based on the achievement of and timing of targets
some of which, although believed to be reasonable by the directors, are nevertheless outside the Company's direct control. If significant
delays or underperformance by distributors were to take place, these may render the Group's cash resources insufficient.
3 Exceptional items
Exceptional items are those significant items which are separately disclosed by virtue of their size or incidence to enable a full
understanding of the Group's financial performance. The exceptional item disclosed in the year ended 31 March 2008 relates to professional
costs in connection with a proposed takeover of an independent third party which was ultimately aborted.
4 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 months Six months Year
ended ended ended
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Loss for period (99,111) (215,701) (552,651)
Number of shares 70,000,000 70,000,000 70,000,000
5 Reconciliation of operating loss to net cash outflow from operating activities
for the period ended 30 September 2008
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 March
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Operating loss (92,680) (222,486) (563,155)
Adjustments for:
Amortisation and impairment 13,881 13,538 28,050
provisions
Depreciation 13,052 9,575 23,236
Share based payment expense 13,153 22,500 44,724
Operating cash flows before (52,594) (176,873) (476,145)
movements in working capital
(Increase)/Decrease in Inventories (2,365) (3,572) 1,472
Decrease in receivables 43,352 40,367 114,597
(Decrease)/Increase in payables (76,005) (104,844) 17,898
Cash absorbed by operations (87,612) (244,922) (333,178)
* * ENDS * *
For further information please visit www.astekgroup.co.uk or contact:
Alan Segal Astek Group plc Tel: 0161 942 3900
Alex Clarkson / Zeus Capital Tel: 0161 831 1512
Tom Rowley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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