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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Biocare | LSE:BSN | London | Ordinary Share | GB00B1528F83 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.00 | 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:6749J
Biocare Solutions PLC
29 September 2006
BIOCARE SOLUTIONS PLC
("Biocare" or the "Company")
Unaudited Interim results for the six months ended 30 June 2006
Biocare Solutions plc ( BSN.L) which successfully listed on the AIM Market on 18
September, announces its first interim results to 30 June 2006 as a publicly
listed company. As highlighted in the admission document, turnover for the six
months ended 30 June 2006 was #1.2 million compared to #1.2 million for the
whole of 2005.
Financial highlights
* Turnover increased by 143 per cent. to #1.2 million (2005: #0.5 million)
* Operating loss down 25 per cent. to #1 million (2005: #1.4 million)
* Decrease in loss per share of 32 per cent. to 1.49p (2005: 2.19p)
Operational Highlights
* Successful flotation on AIM raising #6.25 million before expenses
* Two private label contracts won in the period
* Launch of laundry product range
* Automation of production in progress
* Proceeds from fund raising will increase production capacity to 2 million
per month
Tony Higson, Managing Director of Biocare, commented:
"I am pleased with the progress made in the first half of the year. With the
successful addition of two significant private label brands B Bright 3000 and
Eco Splash the Company has advanced its strategy of achieving up to 50 per cent.
of our revenues from production capacity into private label brands. The
Company's branded sales continue to grow and following the successful debut on
AIM we are able to commence our planned expansion of Biocare and to grow our
brand sales.
The Company is already making the investments necessary for increased production
capacity with the delivery of faster and more efficient production machinery
over the coming months. This new equipment will enable us to meet the projected
market expansion. It will also improve the existing production capacity of our
main product lines but the significant increase will be in our capacity to
deliver our range of new laundry products, consisting of a laundry liquid and
two fabric conditioners.
As a leader in its field of providing effective natural cleaning products
Biocare looks forward to making substantial progress in the near future".
For further information:
Biocare Solutions plc 020 7849 6640
Stuart Anderson, Chairman
Tony Higson, Managing Director
KBC Peel Hunt Ltd 020 7418 8900
Richard Kauffer
The SPA Way 020 7403 6900
Niki Wheeler
Notes to Editors:
Biocare Solutions plc commenced trading on AIM on 18 September.
Biocare Solutions is rapidly expanding distribution of its all natural effective
cleaning products, a fast growing market addressing the demands of increasingly
environmentally-aware consumers and the needs of supermarkets to demonstrate
their support for environmentally friendly products. Capital raised from the
flotation is being invested to expand production in Meda, Italy. During the
first half year Biocare Solutions introduced three new natural laundry cleaning
products, which have been well received. A range of own label products was also
launched on behalf of DiCo, the discount arm of Co-op Italia.
Placing Statistics
Placing Price 20p
Number of Placing Shares being placed on behalf of the Company 31,250,000
Number of Ordinary Shares to issue immediately following Admission 91,654,812
Capital Raised #6.25m
Website: www. bio-care.co.uk
Chairman's Statement
This is my first statement since Biocare Solutions plc was admitted to trading
on AIM last week and I am delighted to welcome all shareholders to the Company.
Financial review
Over the six months ended 30 June 2006, Biocare has traded in line with
expectations. The Company launched its range of laundry products into the
Italian market towards the end of April 2006 and this range has been well
received. The Directors have been encouraged by the growth in monthly sales and
in the six months to 30 June 2006, the group turnover has reached #1,213,000,
which represents a 143 per cent. increase over the equivalent period in 2005.
All outstanding loans have been repaid from the placing proceeds, discharging
all of the Company's indebtedness and strengthening the Company's balance sheet.
In late 2005 the group had commenced production of a range of private label
products for DiCo, the discount arm of Coop Italia, under their own brand,
Mister B3. Since then in the six months to 30 June 2006 two additional brands
have been added, B Bright and Eco Splash. This advances our strategy of securing
private label production that in turn will enhance our brand development.
Since securing the AIM listing we have commenced negotiation with our bankers
with a goal of obtaining a favourable funding package for the purchase of our
production facility in Meda and a possible site in Basilicata.
Operating Review
Following the injection of capital last week, the directors are proceeding with
their plans to automate the production process including a third, dedicated
automated laundry line. Delivery of some of the equipment has already taken
place and expansion of the production facility is progressing well. Prior to the
fundraising the combined production capacity of the two lines was 370,000 units
per month based on a single 8 hour shift per day. The additional investment to
fully automate the two existing production lines and the construction of a new
laundry production line is expected to progressively increase capacity to
2,000,000 units per month.
The directors believe that the resulting production levels will be sufficient
to meet the anticipated greater volumes of sales going forward into 2007. Also
as 2007 progresses, the directors expect that laundry products will account for
an increasing share of Biocare's sales volume thereby improving overall
profitability.
Dividend
As stated in the admission document, initially and in the medium term, the
Directors' intention is to reinvest profits into the Group's operations rather
than making payment of dividends. Thereafter, the payment of dividends will be
considered subject to the availability of distributable reserves, whilst
maintaining an appropriate level of dividend cover and having regard to the need
to retain sufficient funds to finance the development of the Company's
activities.
Outlook
Overall and based on performance to date, the Directors believe that Biocare
will continue to make considerable progress in the Italian market both with
branded and private label products. Also, they believe, given the growing
retailer and consumer awareness of the benefits of natural products, that
Biocare will be able to grow sales levels in the UK and Asia Pacific and other
European markets. The Company is in negotiation with several key retailers
within the targeted markets on both own brand and private label products and
expects to take advantage of the growth in their and their customers' awareness.
In all we anticipate that the Company will progress positively over the coming
months positioning us as one of the leading producers of all natural and
effective cleaning products.
Stuart Anderson
Chairman
29 September 2006
Consolidated profit and loss account
6 months 6 months 12 months
ended ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
# 000 # 000 # 000
Turnover 1,213 500 1,188
Cost of sales (620) (236) (542)
Gross profit 593 264 646
Administrative expenses (1,636) (1,665) (2,764)
Operating loss (1,043) (1,401) (2,118)
Interest receivable 2 1 3
Interest payable (99) (24) (80)
Loss on ordinary activities before taxation (1,140) (1,424) (2,195)
Tax on profit on ordinary activities - - -
Loss for the period (1,140) (1,424) (2,195)
Loss per share - basic and diluted (1.49)p (2.19)p (3.30)p
Continuing operations
All amounts derive wholly from continuing activities.
Consolidated statement of total recognised gains and losses
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
# 000 # 000 # 000
Loss for the period (1,140) (1,424) (2,195)
Exchange gains/(losses) arising on
consolidation - 69 (72)
Total recognised gains and losses related to
the period (1,140) (1,355) (2,267)
Consolidated balance sheet
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
# 000 # # 000
Fixed assets
Intangible assets 434 484 464
Tangible assets 1,054 873 826
1,488 1,357 1,290
Current assets
Stocks 717 185 620
Debtors 2,558 831 1,387
Cash at bank and in hand 640 268 233
3,915 1,284 2,240
Creditors: amounts falling due within one
year (5,799) (2,950) (4,284)
Net current liabilities (1,884) (1,666) (2,044)
Net liabilities (396) (309) (754)
Capital and reserves
Called up share capital 809 650 681
Share premium 4,606 2,800 3,236
Profit and loss account (5,811) (3,759) (4,671)
Shareholders' funds (396) (309) (754)
Consolidated cash flow statement
6 months ended 6 months ended 12 months ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
Reconciliation of operating loss to net cash
Operating loss (1,043) (1,401) (2,117)
Depreciation charges 114 41 167
Amortisation of goodwill 31 31 62
Exchange differences arising on consolidation - 69 (41)
Services paid through issue of loans - - 164
Increase in stocks (97) 303 (133)
Increase in debtors (1,171) (63) (619)
Increase in creditors 839 269 785
Net cash outflow from operating activities (1,327) (751) (1,732)
CASH FLOW STATEMENT
Net cash outflow from operating activities (1,327) (751) (1,732)
Returns on investments and servicing of finance 2 1 2
Capital expenditure (343) (75) (195)
(1,668) (825) (1,925)
Financing
Issue of share capital 1,498 - -
Issue of convertible loans 577 1,050 2,114
Increase in cash 407 225 189
Reconciliation of net cash flow to movement in net debt
Increase in cash in the period 407 225 190
Increase in Convertible loans (577) (1,050) (2,179)
Change in net debt (170) (825) (1,989)
Net debt at 1 January (2,071) (82) (82)
Net debt at 30 June (2,241) (907) (2,071)
Consolidated statement of total recognised gains and losses
6 months 6 months 12 months
ended ended ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
# 000 # 000 # 000
Loss for the period (1,140) (1,424) (2,195)
Exchange gains/(losses) arising on consolidation - 69 (72)
Total recognised gains and losses related to the
period (1,140) (1,355) (2,267)
Consolidated balance sheet
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
# 000 # 000 # 000
Fixed assets
Intangible assets 434 484 464
Tangible assets 1,054 873 826
1,488 1,357 1,290
Current assets
Stocks 717 185 620
Debtors 2,558 831 1,387
Cash at bank and in hand 640 268 233
3,915 1,284 2,240
Creditors: amounts falling due (5,799) (2,950) (4,284)
within one year
Net current liabilities (1,884) (1,666) (2,044)
Net liabilities (396) (309) (754)
Capital and reserves
Called up share capital 809 650 681
Share premium 4,606 2,800 3,236
Profit and loss account (5,811) (3,759) (4,671)
Shareholders' funds (396) (309) (754)
Consolidated cash flow statement
6 months 6 months 12 months
ended ended ended
30 June 2006 30 June 2005 31 December 2005
Unaudited Unaudited Audited
# 000 # 000 # 000
Reconciliation of operating loss to net cash
Operating loss (1,043) (1,401) (2,117)
Depreciation charges 114 41 167
Amortisation of goodwill 31 31 62
Exchange differences arising on consolidation - 69 (41)
Services paid through issue of loans - - 164
Increase in stocks (97) 303 (133)
Increase in debtors (1,171) (63) (619)
Convertible loans - 1,050 2,114
Increase in creditors 839 269 785
Net cash (outflow)/inflow from operating
activities (1,327) 299 382
CASH FLOW STATEMENT
Net cash (outflow)/inflow from operating
activities (1,327) 299 382
Returns on investments and servicing of finance 2 1 2
Capital expenditure (343) (75) (195)
(1,668) 225 189
Financing
Issue of share capital 1,498
Increase in convertible loans 577 - -
Increase in cash 407 225 189
Reconciliation of net cash flow to movement in net debt
Increase in cash in the period 407 225 190
Increase in debt and lease financing (577) - -
Convertible loans (1,050) (2,179)
Change in net debt (170) (825) (1,989)
Net debt at 1 January (2,071) (82) (82)
Net debt at 30 June (2,241) (907) (2,071)
Notes to the interim results
1. Biocare Solutions Plc was incorporated as Tradepeak Plc on 11 May 2006 and on
24 July 2006 changed its name to Biocare Solutions Plc. The company did not
trade during the period ended 30 June 2006. On 21 August 2006, the whole of
the issued share capital of Biocare Solutions (UK) Limited was acquired by
Biocare Solutions Plc. The above financial information relates to Biocare
Solutions (UK) Limited and its subsidiary companies.
2. The comparative figures for the year ended 31 December 2005 and the other
financial information contained in this interim statement do not constitute
statutory accounts of Biocare Solutions (UK) Limited within the meaning of
section 40 of the Companies Act 1985. Statutory accounts of Biocare
Solutions (UK) Limited have been delivered to the Registrar of Companies.
The auditors have reported on those accounts, their report was not qualified
and did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
3. The above financial information for the half years ending 30 June 2005 and 30
June 2006 has been prepared in accordance with accounting policies adopted
in the accounts for the year ending 31 December 2005.
4. Creditors at 30 June 2006 include convertible loans of #2,881,000 which were
converted into ordinary shares of the company on 18 September 2006.
5. The calculation is based on the loss attributable to ordinary shareholders
divided by the weighted average number of ordinary shares in issue during
the period as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
Weighted average number of shares 76,453,117 65,000,100 66,185,843
6. Reconciliation of movement in shareholders' funds
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2006 2005 2005
# 000 # 000 # 000
At 1 January (754) 1,046 1,046
Loss for the financial period (1,140) (1,424) (2,195)
Other recognised gains and losses - 69 (72)
Shares issued 1,498 - 467
At 30 June (396) (309) (754)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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