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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Celadon Pharmaceuticals Plc | LSE:CEL | London | Ordinary Share | GB00BDQYGP38 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.50 | 2.52% | 61.00 | 57.00 | 65.00 | 61.00 | 59.50 | 59.50 | 12,246 | 14:00:11 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investment Advice | 149k | -7.14M | -0.1082 | -5.64 | 39.26M |
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RNS Number:1790L
Celsis International PLC
25 May 2000
CELSIS INTERNATIONAL PLC
Preliminary Results for the Year Ended 31st March, 2000
HIGHLIGHTS
* Profits before tax of #3.0 million (1999: #0.4 million after exceptional
costs)
* Revenues increased by 9% to #19.2 million (1999: #17.6 million)
* Products business continues profitable development, with profits increased
118% up to #2.4 million (1999: #1.1 million), revenue up 8% to #11.9
million (1999: #11.0 million)
* 8 out of the top 10 personal care products companies use Celsis technology
* Celsis Laboratory Group ("CLG") profits up 20% at #0.6 million (1999: #0.5
million), revenue up 11% to #7.3 million (1999: #6.6 million)
* SpotCheck introduced October 1999
* Celsis wins'The Queen's Award' for innovation for the Personal Care
Products line
* New Celsis 'AKuScreen' kit to be launched in June 2000
* Celsis launches new interactive website at www.celsis.com
Commenting on the results for the year, Chris Evans, Chairman, said:
"Once again I am delighted to report that Celsis has achieved a significant
profits increase, for a second year. Continued profits provide Celsis with
the platform to build and grow for the future and, together with our industry-
approved products and services, will lead to a sustainable increase in
shareholder value."
Jack Rowell, Chief Executive, added:
"As planned the restructure undertaken last year has positively changed the
profitability of Celsis. Not least the emphasis now placed on sales and
marketing allows Celsis increasingly to exploit its edge in products and
technology. To this end Celsis has established itself with key blue chip
companies worldwide. As new and innovative products are introduced,
alongside existing product lines, further growth will be realised."
Enquiries:
Celsis International plc
Jack Rowell, Chief Executive ) Today +44 (0) 207 638-4010
Jenny Parsons, Investor Relations ) Thereafter +44 (0) 1223 426008
Brunswick Communications
James Garthwaite ) +44 (0) 207 404-5959
FINANCIAL REVIEW
The year 1999/2000 has been a year of very positive progress for the Celsis
Group following the reorganisation and management streamlining in 1998/1999.
There has been sound revenue growth and trading has not had to carry the
costs of any structural changes or exceptional costs. These factors have
combined to provide the significant profit increase, before tax, to #3.0
million from #0.4 million in the prior year.
Turnover for the year to 31st March 2000 increased by 9% to #19.2 million
(1999: #17.6 million). Underlying growth was 8% in the products business and
11% in Celsis Laboratory Group. Virtually in line with the revenue increase,
gross profit was #12.8 million, up 10% (1999: #11.6 million), with gross
margin up to 67% (1999: 66%).
In line with the Company's policy to invest in market development and
customer focus to exploit its products and services, sales and marketing
expenses were #7.0 million, some increase on the prior year. By contrast,
general and administrative costs fell by 18% to #1.4 million (1999: #1.7
million), continuing the reduction in overhead costs resulting from the
reorganisation.
Expenditure on research and development was #1.4 million, as last year.
Maintaining R and D expenditure remains a priority for the Company, with
concentration on product improvements, line extensions and delivery of
specific new products with substantial revenue potential.
Cash flow, excluding investment sales, improved by #0.7 million compared with
the previous year. A further improvement should be achieved as the seasonal
build up of working capital at 31st March is released. In the coming year
the Company's management will be focused on the objective of reducing the
general level of working capital.
REVIEW OF OPERATIONS
The Company again has achieved significant profit growth for a second
consecutive year and is now in a position that it believes is sustainable in
the long term. Our continued development and launch of innovative products,
and specialised services, has defined Celsis as the leading provider of rapid
microbial testing systems and will sustain the Company's growth and
profitability for the future. Celsis will continue to invest in, and be lead
by, focused sales and marketing programmes.
The strategy for the products business is to consolidate and expand our
leadership position in the global dairy industry and to continue the drive
into the Personal Care Products and Pharmaceutical markets through Global
Corporate Account agreements. In each market we have established strong
partnerships with the key participants and consider that there is significant
opportunity for growth. The intent is to further develop products and
services to meet the microbial testing requirements of our identified markets
of personal care, pharmaceutical, food, beverage and dairy.
PRODUCTS BUSINESS
End Screening (Quality Control) reported sales grew by 17% to #11.2 million
(1999: #9.6 million). The growth in revenues resulted in the End Screening
unit generating a profit of #2.1 million (1999: #1.1 million), an increase of
91%.
The dairy market continues to be a key area for Celsis. A programme of
product improvements has taken place over the last year resulting in the
launch of two new kits; 'DairyScreen' and 'DessertScreen'. Both have been
designed with customer input to make the kits easier to use by non-technical
personnel.
The personal care market is an important growth area, the year showed a 24%
increase in tests. Celsis continues to target global corporate customers; 8
out of top 10 of the world's leading personal care companies are now using
Celsis' technology for finished product screening. In direct sales countries
most sites already have instrumentation, therefore Celsis' focus is on
improving product utilisation and assisting customers with validation
processes. Each of these companies is now on roll-out programmes to their
manufacturing sites around the world.
We are delighted to record that the Company was recently awarded 'The Queen's
Award' for Enterprise, in the Innovation category, for the invention and
continuous development of the Celsis Advance (Trade Mark) system for the
rapid testing of personal care products. Celsis gained this award for the
'commercial success resulting from outstanding innovative achievements'. The
system comprises of an instrument, reagents, software and support
documentation. Continuing development of unique, innovative and quality
products has won Celsis this recognition.
Further innovation in the testing of personal care products has taken place
this year with a new product 'AKuScreen' set for launch in June 2000. This
new kit uses adenylate kinase (AK) technology to amplify the ATP
bioluminescence reaction presently used to detect microbial contamination.
'AKuScreen' is a further improvement on the successful Personal Care Products
kit by providing results in as little as 18 hours. 'AkuScreen' also offers
increased sensitivity and has the ability to detect moulds, a traditionally
difficult type of organism to determine rapidly.
Steady progress has been made in the pharmaceutical market with further
approval for the use of RapiScreen on products intended for the German
market. An improved 'NutraScreen' kit has been launched for the testing of
clinical nutrition products.
Sales in the Americas were particularly strong during the year, up 33% to
#4.0 million (1999: #3.0 million) with a further 69 instruments placed.
In February 2000 Celsis opened the Celsis Limitada office in Rio de Janeiro,
Brazil to strengthen Celsis' position in the growth markets of Latin America.
Brazil represents Latin America's largest consumer market, with the country
containing some of the world's largest long life dairy and juice
manufacturers, together with subsidiaries of most health and beauty companies
in the world. Celsis' current product offering has already proved of value
to many of these companies in other global regions. We therefore look
forward further to a successful and timely penetration of the Latin American
market.
France is a major growth market in Europe for Celsis products, showing a 40%
increase in tests. Asia is also a key growth area with tests up 17%,
particularly in dairy and personal care.
A new Computer Based Training (CBT) programme has also been launched this
year. The interactive CBT enables customers to learn about the Celsis
technology prior to training, thus enabling the Celsis trainer to concentrate
on more customer focused applications and issues. In addition CBT provides
an everlasting tool to train new staff on the Celsis system.
Celsis has also launched a new version of its website, at www.celsis.com.
The new site offers an interactive centre for providing information to a
variety of interested parties. The site also has an on-line catalogue from
which customers have the convenience of ordering products directly.
Hygiene Monitoring (Quality Assurance). In November 1999 the agreement with
Becton Dickinson was restructured. The new agreement which is non-exclusive
for BD and terminates finally in June 2000 allows Celsis to sell its
systemSURE luminometer through its direct sales force and distribution
network where these were previously excluded. Sales have accelerated and
additional distributors will be appointed to strengthen the Company's
position in Hygiene Monitoring. We plan instrument and reagent sales to
increase further backed by improvement in the product offering.
Celsis introduced SpotCheck into this sector in late 1999. It is the world's
first colour disposable ATP monitoring device. Test market evaluations have
been focused in Europe and Asia through our distribution partners. Positive
feedback has been obtained that verifies the product concept and demonstrates
greater utility, performance and customer preference to other colour tests
that detect only protein. Market development remains a key factor for this
novel product but response has been encouraging.
CELSIS LABORATORY GROUP ("CLG")
Celsis Laboratory Group, revenues increased by 11% up to #7.3 million (1999:
#6.6 million). Good growth of turnover (up 11%) was seen over the period,
together with gross margins stable at 49% (1999: 49%), with profits up 20%,
to #0.6 million (1999: #0.5 million). Growth was especially strong in the
Microbiology Departments with a 40% increase in revenue over the prior fiscal
year. This growth underscores the general trend of industry towards
outsourcing of quality control testing. Celsis Laboratory Group will
continue to take advantage of this trend by offering a regulatory compliant
and up to date technical service while maintaining its personal client focus.
CLG has divisions in St. Louis, Missouri and Edison, New Jersey, providing
expert analytical service to the pharmaceutical and personal care industries.
Operations are now fully integrated to give better value to customers through
better service at lower cost.
REVIEW OF RESEARCH AND DEVELOPMENT
Research and Development spend remained at #1.4 million, as last year.
During the year the Company successfully continued the strategy, begun last
year, in which investment into product improvements and line extensions was
balanced with strategic investments into key new products. Following a
successful R and D programme, the Company has improved and launched a new
dairy, dessert and clinical nutrition kits, and associated Cleaning and
Maintenance kits, as mentioned in the End Screening section. A major new
line extension, AKuScreen incorporates the adenylate kinase (AK) technology,
exclusively licensed from the Ministry of Defence, into a kit designed for
initial introduction to the Personal Care Products industry.
To support AKuScreen and to improve the range of instrumentation available,
we have also launched a new version of the Advance coupe instrument which
includes an improved software interface. In collaboration with Kikkoman,
SpotCheck has been scaled up for production at the Netherlands production
site.
Research has concentrated on determining the feasibility of a Dairy and Food
pathogen test, and a microbial determination test for raw milk. Further
research projects are underway and will be prioritised based on commercial
justification in support of the overall Company strategy.
PROSPECTS
An increasing trend towards profitability since Celsis was reorganised last
year leaves the Group well placed to exploit the many opportunities in its
markets. Following the Company restructure, each region is now led by sales
and marketing personnel, whose priority is to build effective marketing teams
to exploit Celsis products technology.
Celsis' End Screening business continues to provide growth and significant
opportunity for the introduction of a number of new innovative products and
product improvements over the last year. We are confident that a programme
focused on Global Corporate Account Management will make this market sector
increasingly profitable in the future.
The hygiene monitoring business saw Celsis directing its own sales once
again. The relaunch of systemSURE has shown an early indication of increases
in sales in this area, which will be strengthened by the upgrades of new
products. Together with the launch of SpotCheck last year, Celsis has
enhanced its drive in this sector.
Celsis Laboratory Group has upgraded its operations to provide faster quality
service at lower cost. This enhanced service offering will enable CLG to
grow by taking advantage of the increasing trend to the outsourcing of
testing especially in the attractive pharmaceutical sector.
Celsis now progresses within a defined strategy. Operational management is
clearly focused on sales and marketing to increase penetration in our current
markets and reach new markets. In addition our substantial research and
development activities are closely driven by customer demand and market
feedback. The organic growth we anticipate will be accelerated via the
active pursuit of appropriate acquisition opportunities.
Jack Rowell, Chief Executive, 25th May 2000
Unaudited Consolidated Profit and Loss Account
for the year ended 31 March 2000
2000 1999
#'000 #'000
_______ _______
Turnover
Continuing operations 19,235 17,622
Cost of sales (6,409) (6,011)
_______ _______
Gross profit 12,826 11,611
Sales and marketing expenses (7,035) (6,936)
General and administrative expenses (1,425) (1,703)
Research and development expenditure (1,352) (1,391)
Exceptional costs - (1,241)
_______ _______
Operating profit 3,014 340
Interest receivable and similar income 55 126
Interest payable (62) (67)
_______ _______
Profit on ordinary activities before taxation 3,007 399
Tax on profit on ordinary activities (299) (47)
_______ _______
Retained profit for the year 2,708 352
======= =======
Earnings per ordinary share (Note 1)
Before exceptional costs 2.63p 1.58p
Exceptional costs -p (1.23)p
_______ _______
Earnings per Ordinary Share 2.63p 0.35p
======= =======
The results above all relate to continuing
operations.
Statement of total recognised gains/(losses)
Profit for the financial year 2,708 352
Currency translation differences on foreign
currency net investments (403) 378
_______ _______
Total gains recognised since last annual report
2,305 730
======= =======
There is no difference between the profit on ordinary activities before
taxation and the retained profit for the year stated above
and their historical cost equivalents.
Unaudited Consolidated Balance Sheets
at 31 March 2000
2000 1999
#'000 #'000
_______ _______
Fixed assets
Intangible assets 414 441
Tangible assets 4,100 4,076
Investments 19 8
_______ ________
4,533 4,525
Current assets
Stocks 2,162 2,239
Debtors 10,546 6,725
Cash at bank and in hand 591 1,887
_______ ________
13,299 10,851
Creditors: amounts falling due within one year (2,819) (2,615)
_______ ________
Net current assets 10,480 8,236
Total assets less current liabilities 15,013 12,761
Creditors: amounts falling due after more than one
year (579) (658)
_______ ________
Net assets 14,434 12,103
======= ========
Capital and reserves
Called up share capital 1,030 1,026
Share premium account (Note4) 13,985 42,060
Profit and loss account (Note 4) (1,622) (32,024)
Reserve arising on consolidation 1,041 1,041
_______ ________
Equity shareholders' funds 14,434 12,103
======= ========
Unaudited Consolidated Cashflow Statement
for the year ended 31 March 2000
2000 1999
#'000 #'000
Cash (outflow)/inflow from operating activities (Note 2)
Net cash (outflow)/inflow before exceptional costs (164) 73
Outflows related to exceptional items - (1,151)
_______ _______
Net cash outflow from operating activities (164) (1,078)
Returns on investments and servicing of finance
Interest received from investments 55 126
Interest paid (62) (67)
_______ _______
(7) 59
_______ _______
Taxation
Overseas corporation tax paid (136) (114)
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,045) (827)
Disposal of tangible fixed assets 10 14
Purchase of intangible fixed assets (3) (27)
_______ _______
(1,038) (840)
_______ _______
Acquisitions
Deferred consideration and expenses in respect of prior
year acquisitions - (69)
Cash outflow before management of liquid resources and
financing (1,345) (2,042)
_______ _______
Management of liquid resources
Sale of current asset investments - 2,415
_______ _______
Financing
Issue of shares 30 -
New finance leases 59 126
Loan repayments (81) (96)
_______ _______
8 30
_______ _______
(Decrease)/increase in cash in the year (Notes 2 and 3) (1,337) 403
======= =======
Notes to the Accounts (Unaudited)
for the year ended 31 March 2000
2000 1999
_______ _______
1 Earnings per Ordinary Share
Profit on ordinary activities after taxation (#'000) 2,708 352
Average number of Ordinary Shares in issue (x 1,000) 102,838 101,010
Earnings per Ordinary Share 2.63p 0.35p
======= =======
Diluted earnings per share are not materially
different to earnings per share
2 Net cash (outflow)/inflow from continuing operating 2000 1999
activities
#'000 #'000
_______ _______
Operating profit before exceptional costs 3,014 1,581
Depreciation of tangible fixed assets 980 910
Amortisation of intangible fixed assets 30 30
Provision for reduction in valuation of shares held
by Trustee of Share Ownership Trust - (6)
Loss on disposal of tangible fixed assets 2 -
(Increase) in debtors (3,889) (1,645)
(Increase) in stocks (68) (289)
(Decrease) in creditors (233) (508)
_______ _______
Net cash (outflow)/inflow from continuing operating
activities (164) 73
======= =======
Reconciliation of net cash flow to movement in net funds
2000 1999
#'000 #'000
_______ _______
(Decrease)/increase in cash in the year (1,337) 403
Cashflow from sale of current asset investments - (2,415)
New finance leases (59) (126)
Repayment of loans 81 96
_______ _______
Movement in net funds in the year (1,315) (2,042)
Exchange adjustment 35 249
Net funds at beginning of the year 1,302 3,095
_______ _______
Net funds at end of the year (Note 3) 22 1,302
======= =======
3 Analysis of net funds
Other
non- Exchange At 31
cash
At 1 Cash- changes Differ- Mar
Apr flow ences
#'000 #'000 #'000 #'000 #'000
_______ ______ _______ _____
Year ended 31 March 2000:
_________________________
Cash at bank and in hand 1,887 (1,337) - 41 591
Loans (363) 18 - (3) (348)
Finance leases (222) 63 (59) (3) (221)
______ _______ _______ _______ _____
Net funds 1,302 (1,256) (59) 35 22
====== ======= ======= ======= =====
Year ended 31 March 1999:
__________________________
Cash at bank and in hand 1,213 403 - 271 1,887
Current asset investments 2,415 (2,415) - - -
______ _______ ______ _______ _____
Cash resources 3,628 (2,012) - 271 1,887
Loans (390) 43 - (16) (363)
Finance leases (143) 53 (126) (6) (222)
______ _______ ______ _______ _____
Net funds 3,095 (1,916) (126) 249 1,302
====== ====== ====== ====== =====
4 Profit and loss account 2000 1999
#'000 #'000
________ _________
Retained loss brought forward (32,024) (32,620)
Retained profit for the year 2,708 352
Reduction in share premium 28,100 -
Goodwill written off (3) (134)
Exchange difference (403) 378
________ _________
Retained loss carried forward (1,622) (32,024)
======== =========
In accordance with the special resolution passed by shareholders on 29
June 1999 and confirmed by Court order dated 28 July 1999, the share
premium account has been reduced by #28,100,000. This amount was
transferred to a special reserve in the Company's balance sheet. This
amount has been offset against reserves during the year.
5 Preparation of preliminary statement
The foregoing financial information, which has been prepared on the
basis of the accounting policies set out in Celsis International plc's
accounts for the year to 31 March 2000, does not amount to full accounts
within the meaning of section 240 of the Companies Act 1985 (as
amended). The accounting policies are consistent with those applied in
previous years.
The financial information for the year ended 31 March 1999 is derived
from the statutory accounts for that year which have been delivered to
the Registrar of Companies. The auditors reported on those accounts;
their report was unqualified and did not contain a statement under
either section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for the year ended 31 March 2000 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.
6 Dividend
The Directors have not declared a final dividend.
7 Annual Report and Accounts
Copies of the Annual Report and Accounts will be sent to holders of
Celsis International plc's Ordinary Shares. Copies of this announcement
and of the Annual Report and Accounts will be made available to the
public at Celsis International plc's offices at Cambridge Science Park,
Milton Road, Cambridge, CB4 0FX.
END
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