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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bbi Hldgs | LSE:BBI | London | Ordinary Share | GB00B00M4S16 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 185.00 | 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:0596B
BBI Holdings PLC
30 July 2007
BBI HOLDINGS PLC
PRELIMINARY RESULTS
For the year ended 31 March 2007
BBI Holdings Plc ("BBI"), the AIM listed developer and manufacturer of rapid
result diagnostic tests and reagents for the diagnostic industry, announces
preliminary results for the year ended 31 March 2007.
BBI operates in three main areas:
1. Diagnostics - specialising in the development and manufacture of non-invasive
lateral flow tests which can give a quick and effective diagnosis to patients at
the bedside or in a doctor's surgery without recourse to costly and
time-consuming laboratory analysis.
2. Healthcare - specialising in the sale and distribution of diabetes and
healthcare related products
3. Enzymes - following the acquisiton of Theratase plc BBI is a world leader in
natural enzyme manufacture which significantly expands BBI's reagent capacity
across a broad range of auto analyser diagnostics.
Financial Highlights:
* Turnover up 53.2% to #9.73m (2006: #6.35m)
- Acquisitions contributed #1.69m
* Operating profit up 80% to #1.89m (2006: #1.05m)
* Pre-tax profit up 86% to #1.83m (2006: #0.98m)
* EPS of 4.7p (2006: 3.2p)
* Net assets of #12.45m (2006: #7.3m) and cash at bank of #1.49m
(2006: #1.45m)
* Special dividend of 0.5p paid in May 2007
Other Highlights
* Acquisition of Alchemy Laboratories Ltd in May 2006
* Acquisition of SensoCard Plus, a talking blood glucose monitor, in July 2006
* Acquisition of Qnostics Ltd in July 2006
* Acquisition of Point of Care diagnostic products from Agenix
Limited in March 2007
* Investment of a further #442,500 in Quotient Diagnostics Ltd in July 2006
* Investment of #49,000 in Platform Diagnostics Ltd for a 2.5%
interest in March 2007
* Acquisition of Theratase Plc, an enzyme manufacturing company,
post year end on 15 May 2007
* Successful launch of BBI Healthcare - showing strong growth in
revenue and product volume
* Three key products submitted for FDA 510k: Focus HSV assay,
Verax PGD test, SensoCard Plus.
Commenting on the Results, David Evans, Chairman, said:
"The Group is set to grow significantly in the current year. The growth will not
only reflect the acquisition of Theratase but the exploitation of a number of
opportunities the impact of which will occur in the second half of the financial
year."
For further information:
BBI Holdings Plc Parkgreen Communications Limited
Julian Baines, Managing Director Paul McManus
Tel: 029 2074 7232 Tel: 020 7479 7933
www.bbigold.com Mob: 07980 541 893
Email: paul.mcmanus@parkgreenmedia.com
Background notes:
About BBI Holdings PLC (LSE: BBI):
BBI is a leading supplier of products and services to the global diagnostic and
healthcare industries. BBI floated on AIM on 28 April 2004 at 47p.
BBI derives income from three core business divisions:
1. BBInternational - Diagnostics Division
Contract development, manufacture and key reagent supply
Incorporating:
British Biocell, Cardiff, UK
BBI Dundee (formerly Alchemy Laboratories), Dundee, UK
BBI Research, Madison, Wisconsin, USA
Qnostics, Glasgow, UK
BBI manufactures superior quality gold reagents which are used to bind with
specific antibodies or antigens, which are used in diagnostic tests to provide a
positive or negative visual signal. BBI also provides contract product
development services for leading diagnostic companies using its expertise to
develop rapid result diagnostic tests. BBI also manufactures rapid result
diagnostic tests in the UK and the US. Rapid test manufacture involves placing
conjugate onto a pad or strip and enclosing this within a preformed plastic
package 'housing' designed to the customer's specifications. BBI's Qnostics
division supplies molecular quality control reagents to the global market place.
www.bbigold.com
2. BBI Enzymes - Enzymes Division
Enzyme Manufacture
Incorporating:
Biozyme, Blaenavon, UK
Seravac, Cape Town, S Africa.
Listed holding company Theratase was acquired by BBI in May 2007 to form BBI's
enzyme division. Biozyme and Seravac are leading manufacturers and suppliers of
high quality specialist natural enzymes to the medical diagnostics industry.
Enzymes are proteins which drive complex reactions that occur in all living
organisms. Their high specificity and dramatic catalytic activity has been
exploited within the diagnostic industry.
www.biozyme.com
www.seravac.com
3. BBI Healthcare
Diabetes Care Products
Brands:
GlucoGel
SensoCard Plus
GlucoTabs
In April 2004 BBI acquired Hypostop (now renamed GlucoGel in the UK). GlucoGel
is an easy to use dextrose gel which is included in the National Institute for
Clinical Excellence's (NICE) treatment guideline for hypoglycaemia. BBI
Healthcare was founded in April 2006 to manage the sales and marketing of
GlucoGel, and build a diabetes care product portfolio. In July 2006 BBI acquired
the UK's only talking blood glucose meter for the visually impaired called
SensoCard Plus. The acquisition gives BBI exclusive distribution rights for
within the UK, US, Canada and India.
www.bbihealthcare.com
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 MARCH 2007
CHAIRMAN'S STATEMENT
I am pleased to report that the BBI group has had another successful year.
Continued organic growth combined with our strategic acquisitions resulted in
another positive performance for the financial year ended 31 March 2007.
Introduction and overview
BBI is now in its third year as an AIM listed company, and has further
established itself as a leading mid size diagnostic company within the industry,
with a number of significant acquisitions and agreements being entered into
during the financial year to enhance shareholder value. It has also created a
positive image within AIM demonstrated by the "Best Use of AIM" award in
October. The highlights of the year are detailed below:
On 1 April 2006, the group established BBI Healthcare Limited based in Swansea,
to concentrate on growing its GlucoGel product within the UK and overseas and to
facilitate adding further healthcare products to its portfolio.
On 16 May 2006, the group acquired Alchemy Laboratories Limited, a diagnostics
company based in Dundee. This gave the group greater manufacturing capacity and
greater coverage of the customers in the world diagnostic market, as the group's
strength previously lay within the United States, the Far East and a few
European blue chip companies. Alchemy complemented this by giving access to a
number of valuable UK customers along with additional European customers.
On 4 July 2006, the group acquired 100% of the issued share capital of both
Audiometrics Limited and CDx Limited for an initial consideration of #200,000 in
cash plus ongoing royalties and milestone based payments. These companies
distribute a talking blood glucose meter reader for the visually impaired,
called SensoCard plus. The acquisition gives BBI exclusive distribution rights
for the product within the UK and shared rights for the USA, Canada and India.
The operations of these companies were subsequently hived up into BBI
Healthcare.
On 19 July 2006, the group acquired 100% of the issued share capital of Qnostics
Limited, a molecular quality control production company based in Glasgow, for a
consideration of #522,500 in cash and shares. The share element of the payment
has been settled via the issue of 332,921 ordinary 2.5p shares.
During the year, the group invested a further #442,500 in Quotient Diagnostics
Limited in the form of convertible loan stock for #32,500 and the group taking
up its 10% share option for the sum of #410,000; if the loan stock is converted
it would give the group a 19.5% interest in the company.
On 4 March 2007, the group acquired the "Simplify" and "SimpliRED" rapid
diagnostic test products from Agenix in Australia for a sum of $A2.50 million;
the group also acquired fixed assets for $A0.26 million, these assets being
automated equipment which will be used in the manufacture of the products, and
paid $A0.25 million for initial quantities of raw material stock. The group
will transfer the manufacture of this product to one of its UK sites from Agenix
during the coming 12 months.
Additionally, during the year the group invested #49,000 in Platform Diagnostics
Limited for a 2.5% interest in the company.
On 27 March 2007, the group announced it had made an offer by means of a scheme
of arrangement for Theratase Plc, an enzyme manufacturing company with its head
office in London, operations in South Wales, South Africa and a sales office in
San Diego, for a total consideration of #24 million in cash and shares. To fund
this, on 23 March 2007 the group secured a loan of #7.5 million which converted
to equity on the completion of the acquisition.
During the year, the group signed a number of rapid test manufacturing
agreements with blue chip companies, which have been secured as a result of our
licensing agreement with Inverness Medical Innovations Inc (IMI).
Results
Turnover for 2007 increased by 53.2% to #9.73 million (2006: #6.35 million);
this has been achieved through both organic growth and acquisitions, with
organic growth contributing to a 26.7% rise on the previous year's turnover
while the remaining 26.5% was achieved through the sale of acquired products.
Both divisions of the business saw growth during the year with Diagnostics
rising 55% to #6.98 million (2006: #4.51 million) and Healthcare rising 50% to
#2.75 million (2006: #1.84 million). The gross profit increased 64% to #6.4
million (2006: #3.9 million) and the gross profit percentage increased from 61%
in 2006 to 66% as a result of a greater proportion of sales being attributable
to high margin products such as GlucoGel and gold colloid sales. Other
operating income was made up of #0.1 million (2006: #0.1 million) grant income
and #0.2 million (2006: #nil) licence fees.
The operating profit increased 80% to #1.89 million (2006: #1.05 million), with
profit before tax rising by 86% to #1.83 million (2006: #0.98 million).
Overall, there was a profit after tax for the year of #1.23 million (2006: #0.71
million) which resulted in earnings per share of 4.7p (2006: earnings per share
of 3.2p). These results are expected to continue to improve in the coming year
as we see further growth in the business.
The group has net assets of #12.45 million (2006: #7.28 million), with cash at
bank of #1.49 million (2006: #1.45 million).
Post balance sheet events
On 15 May 2007, the group completed the acquisition of Theratase Plc for a total
consideration of #24 million in cash and shares. This acquisition aids BBI in
expanding its product offering to blue chip diagnostic companies around the
world. The London head office has been closed and integrated with BBI's head
office in Cardiff.
The group raised #10.0 million before expenses (#8.8m net) through the placing
with a private investor of the #7.5m of convertible loan stock referred to above
and new debt funding with the group's bankers Barclays of #2.5 million. This
was used to satisfy the #7.6m cash element of the consideration, #1.2m fees and
the #1.2m cash settlement of the Theratase employee share options.
Outlook
The group is set to grow significantly in the current year.
The growth will not only reflect the acquisition of Theratase but the
exploitation of a number of opportunities the impact of which will occur in the
second half of the financial year (at the end of the first quarter like for like
sales excluding the contribution from Theratase are 12% ahead of last year).
In particular the anticipated growth is predicated on:
* Clearance to market in the USA for the Sensocard glucose meter for the
visually impaired. The regulatory re-submission was made, directly by the
Company, last month.
* Clearance to market of a key customer's test (Verax) for blood platelet
contamination in lateral flow format. The regulatory submission has been
made by our customer and additional data has been recently provided to
support the product claims.
* The ability to execute successfully the significant opportunities created
by the acquisition of Theratase and to establish the enzyme division as the
global market leader of naturally derived enzymes. The perception of the
opportunity has been enhanced since the completion of the acquisition but
this will require investment in the two operating plants in Blaenavon and
Cape Town to realise the value of the opportunity over the next eighteen
months.
* The uptake of the manufacturing revenues from contracts recently signed
together with the successful transfer of manufacturing of the acquired Agen
products from Brisbane to Dundee.
Whilst we have set ourselves stretching and demanding growth targets there does
remain the potential for additional upside:
* A significant influenza season will impact positively the level of gold
sales.
* The company is in early stage discussions to exploit its HSV2 point of
care assay in the Rest of the World.
* The Healthcare Division's Glucotabs have already been accepted by one of
the top supermarket chains and the group is looking to extend this to other
retail chains and major dedicated pharmacy outlets.
The Board has looked to create strategic value through investment in a number of
technology opportunities and I would like to highlight the significant progress
made with regard to the HbA1C opportunity currently being developed by Quotient
Diagnostics.
In the past year Quotient has overcome a number of technical issues to the point
that, by the end of September, it will submit its clearance to market under CLIA
waiver regulations in the USA. This progress has raised strategic considerations
for the BBI Board as to how it should maximise the value of this opportunity.
Additionally subsequent to the year end the group has been accepted to
participate in two different EU funded projects which may enhance the level of
the service and product offering of BBI and is growing recognition for the niche
that BBI occupy as a provider of high quality technical solutions to the
diagnostic market place.
The Board continues to review and evaluate a number of acquisition opportunities
that would considerably strengthen the group's product offerings in the
Healthcare Division as well as in terms of reagent provision.
Finally I would like to thank both the employees of BBI for their unstinting
effort in the most dynamic of commercial environments and to you as shareholders
whose continued support has not only enabled the group to make its progress to
date but which has also provided a firm foundation for further rapid progress.
I look forward to updating you throughout the year on what will be a further
period of rapid growth at BBI.
David Evans
Chairman
27 July 2007
CHIEF EXECUTIVE'S REVIEW
Long-term strategy and business objectives
BBI specialises in the development and manufacture of non-invasive lateral flow
tests, or In Vitro Diagnostics (IVD). Such tests offer a rapid and
cost-effective diagnosis for the Point of Care (POC) market, as they are not
laboratory based and can be used by clinicians in situ. The group also supplies
healthcare products to the diabetes market in the form of GlucoGel, GlucoTabs
and Sensocard.
BBI continues to strive to develop and grow the business based on guiding
principles which are as follows:
* Investing in new technology - as can be demonstrated by our investment
in Quotient Diagnostics Limited and Platform Diagnostics Limited.
* Protecting and growing the core businesses - this area has seen a
number of new rapid test manufacturing contracts being signed during the year
as a result of our agreement with IMI.
* Making further acquisitions that will be earnings enhancing - again
demonstrated by the acquisitions of Alchemy Laboratories Limited and Qnostics
Limited during the financial year and acquisition of
Theratase Plc post the financial year-end.
Results for 2006/07 financial year
A summary of the key sales areas is set out below:
2007 2006
#'000 #'000
Diagnostics 6,979 4,515
Healthcare 2,753 1,836
9,732 6,351
There has been a 53% overall increase in turnover during the year, with the 53%
being split in the ratio 27:26 in relation to organic growth and acquired
product respectively.
Our highly successful Healthcare division which distributes our GlucoGel product
rose 50%; this has been achieved by the introduction of a more focused sales
team operating out of the BBI Healthcare Limited subsidiary.
In addition our Diagnostics division saw a 55% rise in turnover, with this being
achieved through increased sales of gold colloid and conjugate, contract
research and development fees, rapid test diagnostic tests and through the
acquisition of Alchemy Laboratories Limited and Qnostics Limited in the year.
Resources
The group has the following key resources which assist it in the pursuit of its
key activities:
* Employees who have extensive knowledge and expertise in the development
and manufacture of tests, which has been strengthened with the acquisition
of Alchemy Laboratories Limited.
* Employees with extensive knowledge of the key markets.
* A strong reputation for the provision of gold colloids for sensitive rapid
diagnostic tests.
* A licence agreement with Inverness Medical Innovations giving BBI access
to IMI lateral flow patents.
* Since year-end, a new Enzyme division to add to our product offering
to the worlds leading diagnostic companies.
Our people
We have consistently sought to recruit and retain the best employees in our
market and this has contributed to our success in developing, manufacturing and
selling our products in the UK and overseas. The group has a policy of equal
opportunities which applies to the recruitment of all new employees and to the
management of existing personnel.
Gold Colloid
BBI has built up a substantial knowledge base in gold colloids and conjugation
techniques which bind specific markers to gold. This has enabled BBI to offer a
conjugation service to diagnostics companies and manufacture conjugates that can
be used as detector reagents in test systems.
IMI Licence
In June 2005, BBI entered into a licence agreement with IMI giving it further
access to IMI lateral flow patents, which cover products that BBI currently
develops and manufactures for itself and for clients. This enables BBI to offer
additional development and manufacturing services to clients which may have
previously infringed IMI patents. Clients working with BBI on lateral flow
diagnostic test development are now better protected from legal challenges and
will have the freedom to operate without being concerned that they could be
challenged by IMI when commercialising their products. This has seen BBI win a
number of new development and rapid test manufacturing contracts during the
year.
Financial review
Revenue
There has been a 53% increase in revenues during the year together with an 80%
increase in operating profit. This growth has been achieved across all areas of
the business and as a result of our successful acquisitions.
Gross margin and underlying operating profit
The gross profit percentage on sales has increased to 66% (2006: 61%). The
margin increase has been achieved through greater sales of higher margin
GlucoGel and Gold Colloid products combined with increased margins in other
areas such as development.
Administrative expenses including goodwill amortisation, and the FRS 20 share
based payment charge were #4.78 million (2006: #2.94 million). The goodwill
amortisation increased to #0.45 million (2006: #0.28 million), with other
administrative expenses increasing to #4.18 million (2006: #2.53 million). The
main areas of increase are staff #0.86 million, establishment costs #0.20
million, and a bad debt provision of #0.16 million mainly in relation to one
customer which is currently in the process of obtaining further investment.
The operating profit rose 80% to #1.89 million (2006: #1.05 million) with our
profit before tax increasing 86% to #1.83 million (2006: #0.98 million), this
increase coming as our interest receivable #0.03 million (2006: #0.03 million)
and interest payable #0.09 million (2006: #0.09 million) remained constant
year-on-year.
Taxation
The taxation charge for the year was #0.60 million (2006: #0.27 million),
reflecting the higher profit in the current year. The effective tax rate for the
group increased to 32.6% (2006: 27.7%).
Earnings per share
Basic earnings per share increased to 4.7p per share (2006: 3.2p per share).
Diluted earnings per share, after taking into consideration share options and
convertible loan stock in existence, increased to 3.6p per share (2006: 2.4p per
share).
Dividends
A maiden dividend of 0.5p per share was paid in October 2006, and the directors
agreed a further dividend of 0.5p per share to existing shareholders on the
register immediately prior to the completion of the acquisition of Theratase
Plc.
Capital expenditure
The company has invested #631,000 during the year on automation, tooling, and
the general infrastructure of the group.
Capital structure
On 15 May 2006, the group issued 3,225,807 shares to raise #3.0 million before
expenses (#2.7m net) through a placing of new ordinary shares, with #2.2m to be
used to satisfy the cash element of the consideration for the purchase of
Alchemy and #0.5 million to provide additional working capital for the group.
Additional ordinary shares of 786,026 were also issued in consideration for this
acquisition. Further shares of 332,921 were issued in relation to the share
element of the Qnostics acquisition in July 2006.
Cash flow
There was a net cash inflow from operating activities of #1.38 million (2006:
#1.51 million). Even though there was an increased operating profit of #1.89
million (2006: #1.05 million), the cash flow showed a decrease because of the
high level of debtors at the year end due to excellent final quarter sales and
two outstanding debtors of #0.6 million. This cash will flow into the business
during the coming financial year.
The cash generated from operating activities in the year was utilised to acquire
fixed assets investments, tangible fixed assets, taxation and the payment of the
maiden dividend. This combined with the funds and debt raised and utilised in
relation to our acquisitions during the year, still left the group with #1.49
million (2006: #1.45 million) of cash balances.
International financial reporting standards
In June 2004, the Council of the European Union adopted a Regulation requiring
listed companies in Member States to prepare their consolidated financial
statements in accordance with International Financial Reporting Standards
("IFRS") from 2005. In 2005, it was decided that AIM listed companies do not
need to file their financial statements under IFRS until 2007/08. The first
annual report prepared under IFRS will be that for the year ending 31 March
2008. The first financial results announcement prepared in accordance with IFRS
will be that for the first half of 2007/08. The group has initiated a project to
plan for and implement the conversion from UK GAAP to IFRS.
Future outlook
The group continues to operate in a competitive market and the Board will be
reviewing the current structure of the business in light of recent acquisitions
to ensure a cost-effective structure is in place to enable the business to
further capitalise on its growth potential.
In addition, the Board will continue to evaluate potential acquisitions and
third party collaborations/agreements which can enhance the earnings of the
group.
Julian Baines
Chief Executive Officer
27 July 2007
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 March 2007
Note 2006
2007 As restated
#'000 #'000
TURNOVER 2 9,732 6,351
Cost of sales (3,345) (2,453)
Gross profit 6,387 3,898
Administrative expenses:
Goodwill amortisation (450) (276)
Share-based payments charge (152) (135)
Other administrative expenses (4,181) (2,528)
Total administrative expenses (4,783) (2,939)
Other operating income 285 86
OPERATING PROFIT 1,889 1,045
Interest receivable and similar income 33 28
Interest payable and similar charges (92) (90)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,830 983
Tax on profit on ordinary activities 3 (597) (272)
PROFIT FOR THE FINANCIAL YEAR 1,233 711
Earnings per ordinary share (pence) 4 4.7 3.2
Diluted earnings per ordinary share (pence) 4 3.6 2.4
All activities derive from continuing operations.
There have been no recognised gains and losses for the current or prior
financial year other than as stated in the profit and loss account and,
accordingly, no separate statement of total recognised gains and losses is
presented.
CONSOLIDATED BALANCE SHEET
31 March 2007
Note 2007 2006
#'000 As restated
#'000
FIXED ASSETS
Intangible assets 9,753 4,666
Tangible assets 1,904 1,472
Investments 784 293
12,441 6,431
CURRENT ASSETS
Stocks 583 446
Debtors 2,934 1,104
Current asset investment 7,500 -
Cash at bank and in hand 1,490 1,452
12,507 3,002
CREDITORS: amounts falling due
within one year (9,876) (1,115)
NET CURRENT ASSETS 2,631 1,887
TOTAL ASSETS LESS CURRENT LIABILITIES 15,072 8,318
CREDITORS: amounts falling due after more than
one year (1,670) (965)
PROVISIONS FOR LIABILITIES (956) (75)
NET ASSETS 12,446 7,278
CAPITAL AND RESERVES
Called up share capital 669 560
Share premium account 10,793 6,985
Profit and loss account 984 (267)
TOTAL SHAREHOLDERS' FUNDS 12,446 7,278
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 March 2007
Note 2007 2006
#'000 #'000
Net cash inflow from operating activities 1,380 1,511
Returns on investments and servicing of finance
Interest received 33 28
Interest paid (92) (109)
Net cash outflow from returns on investments and
servicing of finance (59) (81)
Taxation
Corporation tax paid (366) (11)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (477) (340)
Payments to acquire fixed asset investments (491) (293)
Payments to acquire intangible fixed assets (25) (25)
Net cash outflow from capital expenditure and financial
investment (993) (658)
Equity dividends paid during the year (134) -
Acquisitions
Payments to acquire unincorporated businesses (1,127) (1,038)
Payments to acquire subsidiaries (4,444) -
Net cash with subsidiaries 2,087 -
Net cash outflow from investing activities (3,484) (1,038)
Net cash outflow before use of liquid resources and
financing (3,656) (277)
Management of liquid resources
Cash placed on short-term deposit (7,500) 700
(7,500) 700
Financing
Issue of ordinary share capital 3,000 911
Fees in relation to issue of new shares (328) -
New borrowings - bank loans 1,350 -
New borrowings - convertible loans 7,500 -
New hire purchase agreement 10 -
Fees in relation to new borrowing (31) -
Repayment of borrowings (293) (286)
Hire purchase repayments (14) (37)
Net cash inflow from financing 11,194 588
Increase in cash in the year 38 1,011
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2007
1. BASIS OF PREPARATION
The financial information set out in this announcement does not constitute the
company's statutory financial statements for the years ended 31 March 2007 or
2006. The financial information for the year ended 31 March 2006 is derived
from the BBI Holdings Plc statutory financial statements for the year ended 31
March 2006 which have been delivered to the Registrar of Companies. The auditors
reported on those financial statements; their report was unqualified and did not
contain a statement under s237 (2) or (3) Companies Act 1985. The statutory
financial statements for the year ended 31 March 2007 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 company's Annual General Meeting.
The group profit and loss accounts, balance sheets and cash flow statements for
the years ended 31 March 2007 and 31 March 2006 have been prepared on a basis
consistent with the accounting policies disclosed in the group's annual report
for the year ended 31 March 2006, with the exception of the adoption of FRS 20,
Share-based payments, which has been applied from 1 April 2006.
Share-based payments
The group has applied the requirements of FRS 20 to all grants of equity
instruments after 7 November 2002 that were unvested at 1 April 2006.
The group issues equity-settled share-based payments to certain employees.
Equity-settled share-based payments are measured at fair value (excluding the
effect of non market-based vesting conditions) at the date of grant. The fair
value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the group's
estimate of shares that will eventually vest and adjusted for the effect of non
market-based vesting conditions.
Fair value is measured by use of the Black-Scholes model. The expected life used
in the model has been adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions, and behavioural
considerations.
2006
2007 As restated
#,000 #'000
Profit for the financial year under old accounting
policies 1,385 806
FRS 20 Share-based payments (152) (135)
FRS 20 Share-based payments - deferred tax asset - 40
Profit for the financial year under new accounting
policies 1,233 711
A deferred tax asset of #75,000 has been recognised on the prior year adjustment
for the adoption of FRS 20. #40,000 of the asset has been recognised during
2006. FRS 20 requires a corresponding credit entry to be booked in retained
earnings and therefore the recognition of the deferred tax asset is the only
impact on the net assets.
This announcement was approved by the directors on 27 July 2007.
2. TURNOVER
2007 2006
#'000 #'000
By class of business
Diagnostics 6,979 4,515
Healthcare 2,753 1,836
9,732 6,351
Geographical analysis by destination
United Kingdom 4,027 2,452
Other European countries 1,809 1,102
North America 3,254 2,206
Rest of the world 642 591
9,732 6,351
The group's activities originate in the United Kingdom, with the exception of
the revenue generated by BBI Research Inc. Revenue generated by BBI Research
Inc was #273,949 (2006: #nil), which achieved a profit before tax of #132,871
(2006: #nil) and net assets of #149,416 (2006: #nil).
Acquisitions have contributed #1,685,000 to turnover for the year ended 31 March
2007.
3. TAX ON PROFIT ON ORDINARY ACTIVITIES
2007 2006
#'000 As restated
#'000
Current taxation
United Kingdom corporation tax:
Current tax on income for the year at 30%
(2006: 30%) 640 232
Adjustment in respect of prior years 10 -
Total current tax 650 232
Deferred tax
Timing differences, origination and reversal (53) 84
Adjustment in respect of prior years - (44)
(53) 40
597 272
4. EARNINGS PER SHARE
Earnings per ordinary share has been calculated by dividing the profit after
taxation for the period by 26,145,391 (2006: 21,659,297), being the weighted
average number of ordinary shares of the company in issue in the year.
Diluted earnings per ordinary share has been calculated by dividing the profit
after taxation for the period by 34,176,263 (2006: 29,228,116), being the
weighted average number of ordinary shares of the company in issue in the year
after accounting for share options and convertible loan stock in issue.
5. COMBINED STATEMENT OF MOVEMENTS ON RESERVES AND RECONCILIATION OF MOVEMENT IN
SHAREHOLDERS' FUNDS
Profit and Total
Share Share loss Total 2006
capital premium account 2007 as restated
#'000 #'000 #'000 #'000 #'000
Group
At the beginning of the year as previously 560 6,985 (342) 7,203 5,486
reported
Prior year adjustment in relation to
adoption of FRS 20 - - 75 75 35
At the beginning of the year (as restated) 560 6,985 (267) 7,278 5,521
Shares issued 109 3,808 - 3,917 911
FRS 20 - - 152 152 135
Profit for year - - 1,308 1,308 671
Dividends - - (134) (134) -
At 31 March 669 10,793 984 12,446 7,203
6. POST BALANCE SHEET EVENTS
On 15 May 2007, the group acquired Theratase Plc for the total consideration of
#24 million via a Scheme of Arrangement. Theratase is an enzyme manufacturing
company with its head office in London, operations in South Wales, South Africa
and a sales office in San Diego.
This was funded by issuing 10,596,104 ordinary shares in BBI worth #15.2 million
for the 36,288,026 Theratase shares in issue; additionally, BBI paid #0.21 in
cash for each Theratase issued share amounting to #7.6 million, plus a further
#1.2 million in cash for the cash settlement only of Theratase employee share
options.
The issue of convertible loan stock of #7.5 million and new debt funding with
the group's bankers, Barclays, of #2.5m was used to satisfy the #7.6m cash
element of the consideration, #1.2m fees and the #1.2m cash settlement of the
Theratase employee share options.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAEXXAAEXEAE
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