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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bespak | LSE:BPK | London | Ordinary Share | GB0000946276 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 667.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9001W Bespak PLC 9 January 2001 Announcement of Unaudited Interim Results for the 26 weeks ended 27 October 2000 2000 1999* (Unaudited) (Unaudited) Turnover #40.4m #39.0m up 4% Operating profit #7.5m #7.3m up 2% Profit before tax #7.8m #7.3m up 7% Earnings per share 22.8p 21.9p up 4% Dividend per share 6.6p 6.16p up 7% * The 1999 results exclude the exceptional item and are stated in respect of continuing businesses * Strong financial performance in line with expectations. Interim dividend increased by 7% to 6.6 per share * Strategic aims to continue development of existing respiratory and biopharmaceutical businesses and to develop a new nasal drug delivery business * Increased investment in the acquisition and development of new technologies * Terms of contract extension finalised with GlaxoSmithKline for the supply of the DiskusO dry powder inhaler Bespak plc Chairman, Sir David Cooksey, said: "Today we are pleased to announce another strong financial performance accompanied by significant increased investment in new technologies. The investment supports the clear strategies which we have in place enabling us to take advantage of the many exciting opportunities within the rapidly growing drug delivery market. This, combined with the successful exploitation of existing development and manufacturing programmes will underpin the future growth of the Company. Bespak is not yet in a position to announce the appointment of a new Chief Executive but an active search continues. In the meantime, our strong management team is performing well and is committed to delivering the Group's strategic vision and aims." Enquiries: Robert J. Preece, Acting Chief Executive & Group Finance Director Bespak plc 020 7638 9571 Issued by: Sue Pemberton Citigate Dewe Rogerson 020 7638 9571 Bespak plc Interim Statement BUSINESS REVIEW Strategic Aims Bespak's strategic aims are to expand the development of its existing respiratory and biopharmaceutical businesses and to develop a nasal drug delivery business. The Company's existing businesses presently involve the supply of drug delivery devices to the pharmaceutical industry for the treatment of respiratory diseases and to the emerging biopharmaceutical market for the delivery of protein and peptide-based drugs. The nasal business will be based on combining new formulation capability with our device development expertise, building on the nano-particulate technology acquired from the Massachusetts Institute of Technology announced in July 2000, and commercialising the Group's innovative portfolio of nasal devices. Respiratory Bespak's principal business currently relates to the delivery of drugs to the lungs for the treatment of respiratory diseases, such as asthma, for which it is now a leading supplier of both metered dose valves and dry powder inhaler devices. Bespak is continuing to build expertise and capabilities to improve on its current strong position in this regulated market by investing in development and manufacturing technologies. The Company is developing advanced pulmonary delivery systems which will aid monitoring of patient compliance and provide more accurate dose counting. Work continues on valves for use with HFA propellants and we are well advanced in the creation of novel forms of valve technology which exhibit enhanced performance by reducing unwanted drug deposition. Biopharmaceutical Alongside existing respiratory disease applications, new and exciting opportunities for inhaled therapies have emerged as novel formulation and delivery technologies have enabled the delivery of protein and peptide-based drugs. These drugs can be delivered by inhalation to treat a wide range of illnesses, such as diabetes, hepatitis, cancer and multiple sclerosis, which affect parts of the body other than the respiratory system. Bespak has secured a pre-eminent position in this biopharmaceutical market by establishing a number of collaborations with the leading companies in this sector. The first drug to market in this area will be inhaled insulin for diabetes. Bespak has supply partnerships with most of the major companies involved with this treatment including Inhale Therapeutic Systems Inc., Dura Pharmaceuticals Inc. and Alkermes Inc. The biopharmaceutical segment of the drug delivery market, which comprises inhaled therapies, needle free injection systems and nasal delivery, is currently small but is projected to grow to $15 billion by 2008. In addition to its leading position in the inhaled sector of this market, Bespak has a partnership with PowderJect Pharmaceuticals for needle free injection systems. Bespak is in the late stages of negotiating a collaboration with a biopharmaceutical partner which will herald the adoption of a new business model. The collaboration will be the first of what is intended to be a series of such arrangements whereby Bespak participates, and shares the risk, in the development cycle at an early stage and will participate in increased returns following product launch. Nasal The reformulation of existing drugs for systemic treatments has presented the opportunity for the creation of novel delivery systems using non-traditional routes of delivery. Bespak is developing novel technologies for the nasal delivery of drugs which previously could be delivered only by injection. In July 2000 Bespak licensed nano-particulate technology for the nasal delivery of drugs from the Massachusetts Institute of Technology. A substantial development programme has begun and several drugs have been identified which are suitable for this form of delivery and which are estimated to have significant market potential. A detailed scientific programme is being undertaken both internally and externally to take the formulation technology to the next stage of development. In parallel, Bespak is developing a number of proprietary nasal devices and taking steps to develop its formulation capability. Science and Technology Group A Science and Technology Group has been formed, under the leadership of Paul Taylor, the Group Research and Development Director, comprising our existing development teams and bringing in new expertise. It will support and develop the Group's respiratory, biopharmaceutical and nasal technology developments. This group is responsible for identifying acquisition, joint venture, licensing and partnering opportunities in drug delivery technologies. The group will also create and develop innovative concepts based on Bespak's own expertise. Bespak recognises that the development of novel technology, which will produce attractive and effective drug delivery products, requires substantial additional investment. The current level of investment in science and technology of 5% of annual sales will continue whilst in the current financial year there will be additional investment of around #1 million. This additional investment could rise to #4 million by the end of the next financial year if the negotiations with our prospective biopharmaceutical partner are completed successfully. Operating Review Sales and profits in the first half-year were again at record levels, with performance in line with expectations. Profit before tax at #7.8 million compared to #7.3 million in the same period last year. Earnings per share increased by 4% to 22.8p. The Group's strong cash generation resulted in net funds increasing from #7.5 million to #11.6 million in the half-year. The interim dividend is to be increased by 7% to 6.6 pence per share (1999 6.16 pence). As signalled at the year-end, sales of metered dose inhaler and critical care valves declined from #18.2 million in the same period last year to #15.1 million in the first half-year. As expected, a greater decline was seen in CFC valve sales whilst HFA sales continued to increase. Completion of the transition of Aventis Pharma's three valve variants from CFC to HFA is on track for completion during 2002. Development work with GlaxoSmithKline on HFA valves continues and results from the low strength technical development programme are favourable. The supply of HFA valves to Boehringer Ingelheim and Norton Healthcare was to plan. The transition from CFC to HFA propellants seen in the first-half will continue in the second-half and is forecast to grow in the next financial year. Sales of drug delivery devices showed an improvement over the last half-year, increasing by 28% to #21.5 million. Volumes of DiskusTM supplied to GlaxoSmithKline were ahead of forecast. A letter of intent has now been signed recording the principal terms of the contract extension as contemplated in July. A capacity expansion programme for Orion Pharma's dry powder inhaler, Easyhaler, has been completed and a further capacity expansion and device design enhancement programme has commenced which is due for completion at the end of 2001. The development programme on the novel two-piece spacer for Forest Laboratories, Inc.'s flunisolide HFA inhaler system has been completed. Scale-up for volume manufacture has started ahead of an anticipated product launch in 2001. The facility extension at Milton Keynes to accommodate the production of Inhale's inhaled insulin device is currently producing devices for clinical trials. Pfizer, Inhale's pharmaceutical partner, has announced that it intends to file a regulatory submission with the FDA by the end of 2001. Full-scale manufacture of the device will be scheduled to coincide with the relevant regulatory approvals. The programmes with our other biopharmaceutical partners, Dura, Alkermes and PowderJect, are all progressing well. In line with the Group's strategy of expanding the markets it serves by seeking development and manufacturing opportunities throughout the drug delivery market, Bespak is undertaking a project with Provensis Ltd (a wholly-owned subsidiary of BTG plc) involving the design and prototyping of a component for use in Provensis' non-surgical varicose vein treatment, Varisolvea . This is an exciting opportunity outside Bespak's usual field of respiratory and nasal drug delivery but which nevertheless calls on Bespak's existing device design and development capabilities. Sales of personal care products were comparable to the same period last year at #3.8 million. Chief Executive Bespak is not yet in a position to announce the appointment of a new Chief Executive but an active search continues. In the meantime, our strong management team is performing well and is committed to delivering the strategic vision and aims set out in this statement. Outlook The Group has established leading positions in the growing inhaled therapy and rapidly expanding biopharmaceutical markets and anticipates that it will generate significant shareholder value by increasing its investment in these markets. The trading pattern for the full-year is likely to result in similar profits as the previous year before the increased investment in new technologies. In the short to medium-term, the investment in new technology and product development will increase significantly. This investment, combined with the timing of scale-up for the new biopharmaceutical programmes, will impact the Group's profits. However, we are confident that the Group's strategic investment in innovation, combined with the successful exploitation of existing development and manufacturing programmes with partners such as Inhale Therapeutics, Dura Pharmaceuticals, Alkermes and PowderJect, underpins the future growth of your Company. Consolidated Profit and Loss Account Unaudited 26 Unaudited 26 Unaudited 26 weeks to 27 weeks to 29 weeks to 29 October 2000 October 1999 October 1999 Before Exceptional exceptional items Notes Total #000 items #000 #000 Turnover Continuing operations 40,403 38,969 - Discontinued - 4,719 - operations ----------- ----------- ------------- 2 40,403 43,688 - Operating expenses (32,953) (36,301) (583) ----------- ----------- ------------- Group operating profit Continuing operations 7,450 7,284 (583) Discontinued - 103 - operations ------------ ------------ ------------ 2 7,450 7,387 (583) Share of operating 136 79 - profit of associated companies ------------ ------------ ------------ Total operating profit 7,586 7,466 (583) Loss on sale of - - - business - discontinued operations Net interest 4 242 (141) - receivable/(payable) ------------ ------------- ------------ Profit/(loss) on 7,828 7,325 (583) ordinary activities before taxation Taxation 5 (1,808) (1,685) 175 ------------ ------------- ------------ Profit/(loss) on 6,020 5,640 (408) ordinary activities after taxation ------------ ------------ Dividends (1,749) ------------ Retained profit/(loss) 4,271 ======= Dividends per ordinary 6 6.6p share (pence) ======= Earnings/(loss) per 7 22.8p 21.9p (1.6p) ordinary share (pence) ======= ======== ======= Diluted earnings/ 7 22.8p 21.5p (1.6p) (loss) per ordinary share ======= ======== ======= (pence) Unaudited 26 Audited 52 Audited 52 Audited 52 weeks to 29 weeks to 28 weeks to 28 weeks to 28 October 1999 April 2000 April 2000 April 2000 Total #000 Before Exceptional Total exceptional items items #000 #000 #000 Turnover Continuing operations 38,969 76,715 - 76,715 Discontinued 4,719 6,301 - 6,301 operations ------------- ------------- ------------- ------------ 43,688 83,016 - 83,016 Operating expenses (36,884) (68,279) (583) (68,862) ------------- ------------ ------------- ------------ Group operating profit Continuing operations 6,701 14,666 (583) 14,083 Discontinued 103 71 - 71 operations ------------ ------------ ------------- ------------- 6,804 14,737 (583) 14,154 Share of operating 79 229 - 229 profit of associated companies ------------ ------------- ------------- ------------- Total operating 6,883 14,966 (583) 14,383 profit Loss on sale of - - (29,739) (29,739) business - discontinued operations Net interest (141) (129) - (129) receivable/(payable) ------------- ------------- ------------ ------------- Profit/(loss) on 6,742 14,837 (30,322) (15,485) ordinary activities before taxation Taxation (1,510) (3,375) 76 (3,299) Profit/(loss) on 5,232 11,462 (30,246) (18,784) ordinary activities after taxation ------------- ------------- Dividends (1,622) (4,430) -------------- -------------- Retained profit/ 3,610 (23,214) (loss) ======== ======== Dividends per 6.16p 16.8p ordinary share (pence) ======== ======== Earnings/(loss) per 20.3p 44.0p (116.1p) (72.1p) ordinary share (pence) ======== ======== ======== ======== Diluted earnings/ 19.9p 43.5p (114.8p) (71.3p) (loss) per ordinary share (pence) ======== ======== ======== ======== Consolidated Balance Sheet Unaudited 27 Unaudited 29 Audited 28 Notes October 2000 October 1999 April 2000 #000 #000 #000 Fixed assets Tangible assets 58,391 56,945 54,089 Investments 1,674 1,338 1,517 ----------- ---------- ---------- 60,065 58,283 55,606 ----------- ---------- ---------- Current assets Stocks 3,121 3,318 3,205 Debtors 8,609 15,367 13,163 Short-term deposits 22,200 10,000 15,350 Cash at bank and in hand 2,560 2,727 2,284 ----------- ---------- ---------- 36,490 31,412 34,002 Creditors - amounts falling due 8 (26,170) (25,951) (22,608) within one year ------------ ------------ ----------- Net current assets 10,320 5,461 11,394 ------------ ------------ ----------- Total assets less 70,385 63,744 67,000 current liabilities Creditors - amounts falling due 9 (4,220) (5,642) (5,844) after more than one year Provisions for 10 (794) (980) (760) liabilities and charges ------------ ------------ ----------- Net assets 65,371 57,122 60,396 ------------ ------------ ----------- Capital and reserves Called up share capital 2,653 2,639 2,643 Share premium account 21,672 21,217 21,395 Special reserve - 308 - Profit and loss account 41,046 32,958 36,358 ------------ ----------- ----------- Equity shareholders' 65,371 57,122 60,396 funds ------------ ----------- ----------- Consolidated Cash Flow Statement Unaudited 26 Unaudited 26 Audited 52 weeks to 27 weeks to 29 weeks to 28 Notes October 2000 October 1999 April 2000 #000 #000 #000 Cash inflow from operating 11 13,691 5,512 17,700 activities Dividends received from 48 35 36 associated companies Returns on investment and servicing of finance Interest received 677 299 669 Interest paid (363) (489) (870) ------------ ----------- ----------- Net cash inflow/(outflow) 314 (190) (201) from returns on investment and servicing of finance ------------ ----------- ----------- Taxation UK corporation tax (998) - (1,711) Overseas tax (279) (31) (278) ----------- ------------ ---------- Net cash outflow from (1,277) (31) (1,989) taxation ----------- ------------ ----------- Capital expenditure and financial investment Payments to acquire tangible (4,962) (4,101) (6,379) fixed assets Payments to acquire tangible (13) (1,085) (1,177) fixed assets in respect of Innovata Biomed contract Receipts from sales of 53 30 36 tangible fixed assets Payments to acquire (301) - - intangible fixed assets Purchase of fixed asset (100) (19) (50) investments Receipts from sale of fixed 7 - - asset investment ------------ ------------ ------------ Net cash outflow from (5,316) (5,175) (7,570) capital expenditure and financial investment ------------ ------------ ------------ Acquisitions and disposals Receipts from sale of - - 3,645 business ------------ ------------ ----------- Net cash inflow from - - 3,645 disposals Equity dividends paid (2,806) (2,465) (4,089) ----------- ------------ ----------- Net cash inflow/(outflow) 4,654 (2,314) 7,532 before management of liquid resources and financing ======= ======= ====== Management of liquid resources Movement in short-term (6,850) (5,000) (10,350) deposits Financing Issue of shares 13 289 1,556 1,770 Net decrease in loans (2,069) (1,911) (1,939) ------------ ------------ ----------- Net cash outflow from (1,780) (355) (169) financing ------------ ----------- ----------- Decrease in net cash (3,976) (7,669) (2,987) ======= ======= ====== Statement of Total Recognised Gains and Losses Unaudited 26 weeks Unaudited 26 weeks Audited 52 weeks to 27 October 2000 to 29 October 1999 to 28 April 2000 #000 #000 #000 Profit/(loss) on 6,020 5,232 (18,784) ordinary activities after taxation Exchange movements on 417 (77) 147 foreign currency net investments ---------- ----------- ---------- Total recognised gains 6,437 5,155 (18,637) and losses for the period ====== ====== ====== Reconciliation of Movements in Shareholders' Funds Unaudited 26 weeks Unaudited 26 weeks Audited 52 weeks to 27 October 2000 to 29 October 1999 to 28 April 2000 #000 #000 #000 Profit/(loss) on 6,020 5,232 (18,784) ordinary activities after taxation Goodwill reinstated on - - 29,692 disposal of business Dividends (1,749) (1,622) (4,430) Issue of ordinary share 287 173 355 capital Exchange movements on 417 (77) 147 foreign currency net investments Shareholders' funds 60,396 53,416 53,416 brought forward ----------- ------------ ----------- Shareholders' funds 65,371 57,122 60,396 carried forward ====== ======= ======= Notes to the Interim Accounts 1. Basis of preparation and accounting policies The unaudited results for the 26 weeks ended 27 October 2000 have been prepared in accordance with UK generally accepted accounting principles. The accounting policies applied are those set out in the Group's Annual Report and Accounts for the 52 weeks ended 28 April 2000. The charge for taxation on the profits for the 26 weeks ended 27 October 2000 has been calculated by reference to the estimated effective tax rate for the 52 weeks to 27 April 2001. The Profit and Loss Account and Cash Flow Statement for the 52 weeks ended, and the Balance Sheet at, 28 April 2000 are an abridged statement of the full Group Accounts for that period which have been delivered to the Registrar of Companies. The report of the Auditors on the Accounts for the 52 weeks ended 28 April 2000 was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. 2. Segment information The analysis of turnover, net operating income and net assets is as follows: Turnover by product 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 Valves 15,145 18,226 35,804 Devices 21,454 16,816 33,217 Personal care 3,804 3,927 7,694 ----------- ----------- ---------- Continuing operations 40,403 38,969 76,715 Discontinued operations - 4,719 6,301 ----------- ----------- ---------- 40,403 43,688 83,016 ======= ====== ====== Average rate of exchange 1.49 1.61 1.61 of #1 Sterling:US$ Geographical area 26 weeks to 27 26 weeks to 29 52 weeks to 28 (turnover by October 2000 #000 October 1999 #000 April 2000 #000 destination) United Kingdom 19,190 20,842 36,451 United States of America 10,550 9,816 21,163 Europe 7,413 4,790 10,592 Rest of the World 3,250 3,521 8,509 ------------ ------------ ---------- Continuing operations 40,403 38,969 76,715 Discontinued operations - 4,719 6,301 ------------ ------------ ---------- 40,403 43,688 83,016 ======= ======= ====== Turnover by origin 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 United Kingdom 33,236 33,415 64,708 Inter-segment sales (2,571) (4,852) (10,499) ------------ ----------- ----------- External sales 30,665 28,563 54,209 ----------- ----------- ----------- United States of America 9,738 10,406 22,506 Inter-segment sales - - - ----------- ----------- ----------- External sales 9,738 10,406 22,506 ----------- ----------- ----------- Total sales 42,974 43,821 87,214 Total inter-segment (2,571) (4,852) (10,499) sales ----------- ----------- ----------- Total external sales - 40,403 38,969 76,715 continuing operations Discontinued operations - 4,719 6,301 ------------ ----------- ----------- 40,403 43,688 83,016 ======= ======= ======= Group operating 26 weeks to 27 26 weeks to 29 52 weeks to 28 profit October 2000 #000 October 1999 #000 April 2000 #000 Group operating profit by segment United Kingdom Before exceptional 7,256 6,444 12,679 items Exceptional items - (583) (583) ----------- ----------- ---------- United Kingdom total 7,256 5,861 12,096 United States of 194 840 1,987 America ----------- ----------- ---------- Continuing 7,450 6,701 14,083 operations Discontinued - 103 71 operations ----------- ----------- ---------- 7,450 6,804 14,154 ====== ====== ====== Net assets 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 Operating assets by segment United Kingdom 44,416 46,472 44,540 United States of America 13,567 13,368 13,334 ------------ ------------ ----------- 57,983 59,840 57,874 Discontinued operations - 3,617 - Unallocated net assets/ 7,388 (6,335) 2,522 (liabilities) ----------- ------------ ----------- 65,371 57,122 60,396 ======= ======= ======= Closing rate of exchange 1.45 1.64 1.56 of #1 Sterling:US$ 3. Exceptional items 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 Abortive acquisition costs - (583) (583) ------------ ----------- ----------- Exceptional items included - (583) (583) in operating expenses Discontinued operations Loss on disposal of net - - (47) tangible assets Goodwill previously - - (29,692) eliminated against reserves ------------- ------------ ------------ Loss on sale of business - - (29,739) ------------- ------------ ------------ Total exceptional costs - (583) (30,322) before taxation Taxation - 175 76 ------------- ------------ ------------ Exceptional items after - (408) (30,246) tax ------------- ------------ ------------ 4. Net interest receivable/(payable) 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 Interest payable - bank & other (401) (439) (833) interest payable - associated (11) (9) (19) companies ------------ ------------ ------------ (412) (448) (852) Interest receivable 654 307 723 on deposits ------------ ------------ ------------ 242 (141) (129) ======= ======= ======= 5. Taxation 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 #000 October 1999 #000 April 2000 #000 UK corporation tax at 1,545 1,337 3,004 30% (1999-30%) Deferred taxation - - (146) Share of taxation of 56 27 87 associated companies Overseas taxation 207 146 354 ------------ ----------- ------------ 1,808 1,510 3,299 ======= ====== ======= Taxation is based on an estimate of the effective rate of tax which will be chargeable on the profit for the year. 6. Dividends The interim dividend of 6.6p (1999-6.16p) will be paid on 19 February 2001 to shareholders on the register on 19 January 2001. 7. Earnings per ordinary share 26 weeks to 27 26 weeks to 29 52 weeks to 28 October 2000 October 1999 April 2000 #000 #000 #000 The calculation of earnings per ordinary share is based on the following: Net profit for the period before 6,020 5,640 11,462 exceptional items Exceptional items after tax - (408) (30,246) -------------- -------------- -------------- Profit/(loss) attributable to 6,020 5,232 (18,784) shareholders ======== ======== ======== Weighted average number of 26,462,341 26,362,248 26,388,045 ordinary shares in issue Shares owned by Employee Share (61,029) (621,177) (344,945) Ownership Trust ---------------- -------------- -------------- Average number of ordinary shares 26,401,312 25,741,071 26,043,100 in issue for basic earnings Dilutive impact of share options 44,327 549,354 295,033 outstanding ---------------- -------------- -------------- Dilutive average number of 26,445,639 26,290,425 26,338,133 ordinary shares in issue ---------------- -------------- -------------- Earnings per share before 22.8 21.9 44.0 exceptional items (pence) Earnings per share on exceptional - (1.6) (116.1) items (pence) Earnings per ordinary share 22.8 20.3 (72.1) (pence) Diluted earnings per share before 22.8 21.5 43.5 exceptional items (pence) Diluted earnings per share on - (1.6) (114.8) exceptional items (pence) Diluted earnings per ordinary 22.8 19.9 (71.3) share (pence) 8. Creditors - amounts falling due within one year 27 October 29 October 28 April 2000 2000 #000 1999 #000 #000 Proportion of loans due within one 2,150 1,891 2,012 year (note 9) Bank overdrafts & short-term 6,746 7,274 2,296 borrowings Proposed dividend 1,749 1,622 2,806 Taxation 3,387 2,991 2,911 Creditors 12,138 12,173 12,583 ------------ ----------- ---------- 26,170 25,951 22,608 ======= ====== ====== 9. Creditors - amounts falling due after more than one year 27 October 2000 29 October 1999 28 April 2000 #000 #000 #000 Lease purchase 163 220 187 Bank loan (US $ unsecured) 6,207 7,313 7,669 ----------- ----------- ---------- 6,370 7,533 7,856 Less proportion of loans due (2,150) (1,891) (2,012) within one year ----------- ----------- ----------- 4,220 5,642 5,844 ======= ====== ======= 10. Provisions for liabilities and charges Deferred Innovata Post retirement Total taxation Biomed contract benefits #000 #000 #000 #000 At 29 April 2000 150 342 268 760 Profit and loss - - 16 16 account Utilised during - (13) - (13) the period Exchange rate - - 31 31 adjustments ------------- ------------- ------------ ------------ At 27 October 2000 150 329 315 794 ======= ======== ======= ======= Innovata Biomed contract In the period #13,000 was incurred on fixed asset expenditure. An impairment loss has been recognised on these assets which has been matched by the utilisation of the existing provision as originally intended when the provision was established. 11. Net cash inflow from operating activities Reconciliation of operating profit to net 27 October 29 October 28 April cash inflow from operating activities 2000 #000 1999 #000 2000 #000 Group operating profit before exceptional 7,450 7,387 14,737 items Exceptional item - (583) (583) Depreciation 3,204 3,109 6,152 Impairment loss relating to Innovata Biomed 13 1,085 1,177 fixed assets Loss on sale of tangible fixed assets 28 28 53 Profit on disposal of fixed asset investment (3) - - Decrease/(increase) in stocks 180 16 (380) Decrease/(increase) in debtors 4,596 (3,338) (2,541) (Decrease)/increase in creditors (1,790) (1,126) 223 Decrease in Innovata Biomed provision (13) (1,085) (1,177) Increase in other provisions 26 19 39 ------------ ------------- -------- Net cash inflow from operating activities 13,691 5,512 17,700 ======= ======= ======= 12. Reconciliation of net funds The table below provides an analysis of net funds and a reconciliation of net cash flow to movement in net funds. At 29 Cash Inception of Exchange At 27 April flow leasing movements October 2000 contracts 2000 #000 #000 #000 #000 #000 Cash at bank and in hand 2,284 255 - 21 2,560 Bank overdrafts & short-term (2,296) (4,231) - (219) (6,746) borrowings ------- ------- ------------ ------------- ---- Net overdrafts (12) (3,976) - (198) (4,186) Loans and leasing obligations (7,856) 2,069 (31) (552) (6,370) Short-term deposits 15,350 6,850 - - 22,200 ------ ----- ------------ ------------ ----- Net funds 7,482 4,943 (31) (750) 11,644 ------ ----- ------------ ------------ ---- Financing items included in cash flow movements Issue of shares (289) ------------ Net cash inflow before 4,654 management of liquid resourcing and financing ------------ 13. Issue of shares In the period Bespak QUEST Limited transferred 803 shares to employees under the Bespak plc Savings Related Option Scheme for a total consideration of # 1,863. In addition, 94,168 shares were issued under the Executive Share Option and Approved Profit Share Schemes for a total consideration of #287,000.
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