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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 |
RNS Number:0915A Celsis International PLC 2 November 1999 CELSIS INTERNATIONAL PLC Interim Results for the Six Months Ended 30th September 1999 Celsis International plc ("Celsis" or "the Company") announces its unaudited interim results for the six months ended 30th September 1999. Highlights * Profit before tax up 236% to #1.1 million (1998: #0.3 million before exceptional charges; loss of #0.4 million after exceptional charges) * Earnings per share achieved of 1.03p (1998: loss per share of 0.50p) * Total revenues up 5% to #8.8 million (1998: #8.4 million) with an underlying increase of 8% after excluding prior period revenues from the Connect programme * Gross margin improves to #5.9 million or 67% of turnover (1998: #5.4 million or 64%) from a focus on higher margin instrument and reagent sales and from manufacturing efficiencies * End Screening business unit delivers revenue growth to #4.6 million (1998: #4.1 million) from instrument revenues up 27% and reagent revenues up 9% * Distribution arrangements for systemSURE (registered) restructured from November 1999 * Disposable hygiene monitor, SpotCheck, successfully launched into the European food production market * Sustained growth within Celsis Laboratory Group ("CLG") with revenues up 9% to #3.7 million (1998: #3.4 million) Commenting on the results Chris Evans, Chairman of Celsis, said: "This is another period of excellent performance which establishes Celsis as the pre-eminent supplier of rapid methods products and services. Our products are accepted and in use throughout the world across a number of industry sectors. Our traditional strength in dairy continues and we can now count a substantial proportion of the world's leading consumer products companies as our customers. Much has been done to turn Celsis around over the last year and some difficult decisions to change had to be taken. These results reflect the benefits of those changes but there is still much to be achieved ahead of us. Our commitment to providing complete, cost effective solutions to our customers and to offering outstanding service levels remain undiminished. I am confident that we will meet the growth objectives we have set ourselves such that we continue to expand profitably and to deliver shareholder value." Enquiries: Celsis International plc Chris Evans, Chairman ) Jack Rowell, Chief Executive ) +44(0)1223 426008 Mark Harris, Finance Director) Brunswick Group Limited James Garthwaite/ Jessica Shepherd-Smith +44(0)171 404 5959 FINANCIAL REVIEW Results for the period under review showed strong and improved performance across the business. Increased sales, improved gross margins and the full period expense savings from the reorganisation carried out in the summer of last year all contributed to the sharp increase in profits. Sales for the six months ended 30th September 1999 grew 5% to #8.8 million (1998: #8.4 million). Excluding revenues from the Connect research programme in the prior period, underlying sales revenue grew by 8%. The End Screening business unit posted the strongest growth where instrument revenues grew 27% to #1.4 million and reagent revenues grew 9% to #3.2 million (1998: #1.1 million and #3.0 million respectively). Revenues in the hygiene monitoring unit fell to #0.3 million (1998: #0.5 million). Steps have been taken to restructure the Company's distribution route to the hygiene monitoring market to consolidate the Company's position and to provide a platform for future growth (see "Review of Operations - Hygiene Monitoring" below). The Celsis Laboratory Group continued to show steady progress with revenues increasing 9% to #3.7 million (1998: #3.4 million). Gross margins improved to 67% (1998: 64%) as the Company focused on higher quality revenues. In the End Screening business unit, in particular, higher value instruments have been sold, with sales of the Advance instrument up 60%, and reagent sales for personal care product testing rose 32%. Margins also improved from manufacturing efficiencies as the business grows and from the reorganisation steps carried out last year. In the summer of 1998 the Company underwent a substantial reorganisation to streamline the management hierarchy, to introduce greater accountability and responsibility and to reduce costs. Although one time exceptional costs were incurred last year, total expenditure on sales and marketing, general and administrative and research and development activities has reduced by 6% to #4.8 million (1998: #5.1 million). These savings have arisen principally through improved focus within general and administrative and research and development activities. The stream-lining of the management team and the tight control over spending also allowed the Company to increase its effective investment in sales and marketing without increasing the absolute cost of such activities. As the business grows and increasing attention is paid to meeting the needs of customers, effective sales and marketing programmes are essential to accelerate the pace of adoption of the Company's products and services in both established and key new markets. The net result is for the Company to report a 236% increase in profit before tax to #1.1 million (1998: #0.3 million but a loss of #0.4 million after exceptional costs). Accordingly, earnings per share are 1.03p (1998: loss per share of 0.50p). On 28th July 1999 the High Court approved the reduction of the Company's share premium account which had been passed by shareholders at the Annual General Meeting held on 29th June 1999. See Note 6 of the financial information below for further details. REVIEW OF OPERATIONS The Company's business continues to be operated as three distinct business units, each with its own profit centre accountability: End Screening, Hygiene Monitoring and Celsis Laboratory Group. End Screening Total revenues in the period up 14% to #4.6 million (1998: #4.1 million) Although the number of instruments placed in the period reduced to 61 (1998: 86), instrument revenues increased by 27% to #1.4 million (1998: #1.1 million). A deliberate focus has been placed on the higher value Advance and Advance Coupe instruments, which represented two-thirds of all placements. In addition to the successes achieved in selling these instruments into new dairy territories, particularly the Americas, they are marketed world-wide as the instrument platform for personal care product and pharmaceutical companies. A substantial majority of the world's leading multi-national companies in these sectors are now using Celsis systems for product release, although significant opportunities for further sales to these customers exist. Reagent revenues grew by 9% to #3.2 million from 3.8 million tests (1998: #3.0 million from 3.5 million tests). Strong growth was achieved in sales to the personal care product sector as the Company's focus on major global accounts showed continued success. These sales have also contributed to the overall increase in gross margins. It is clear, however, that the challenges in getting newly placed instruments through validation and up to a full reagent burn are more pronounced in the pcp and pharmaceutical sectors. To address this, considerable effort is now being focussed on shortening the validation cycle as this will accelerate the reagent burn and improve cashflow. To that end, the Company is putting more resource into technical support, has introduced its own validation documentation and guides, and has launched computer based training modules. Geographically, Latin America produced the strongest growth despite the recent currency turmoil. Sales grew to #0.5 million in the period (1998: #0.1 million) with 10 new systems placed. Further placement opportunities in Latin America are good and these sites typically offer high reagent burn potential. As a result the Company has taken the decision to establish its own presence in Brazil to provide better support to local operations, to reduce the end-user price but improve margins through reduced import duties and to assist the roll out of the Company's products to other Latin American countries. Hygiene Monitoring Total revenues in the period #0.4 million (1998: #0.6 million) Minimal sales were recorded to Becton Dickinson and Company ("B-D"), the Company's world-wide distributor for the systemSURE (registered) product line (1998: #0.1 million). Hygiene monitoring sales by distributors whose rights pre-dated those of B-D also showed some erosion. Discussions with B- D to resolve this situation have resulted in an agreement dated 1st November 1999 to restructure the relationship. With effect from 15th November 1999, B-D will only have rights to sell systemSURE (registered) within the United States. These rights will be on a non-exclusive basis and will expire on 30th June 2000. This will allow the Company to sell systemSURE (registered) through its own direct sales force and through its current distributor network. New distributors will also be sought for territories not presently covered or where existing routes to market are deemed to be unsuitable. Manufacturing for the Company's disposable hygiene monitoring device, Celsis SpotCheck, has been established in the Company's facilities in the Netherlands and the product was launched into the European food production market on 1st October 1999. Initial response has been very encouraging and Kleencare Hygiene, our distributor, has called forward on its supply orders. The Company's partner for the Far East has also commenced test market evaluations and new distribution partners are currently being sought for other food production territories and for the food services market. The launch of SpotCheck and the resolution of the Company's distribution arrangements for the instrument based hygiene monitoring market mark a new start to the Company's approach to hygiene monitoring generally. The Company views the hygiene monitoring market as one where its core competencies are highly relevant and detailed strategies for this business unit will now be developed across the entire product range. Celsis Laboratory Group ("CLG") Total revenues in the period #3.7 million (1998: #3.4 million) CLG produced another period of solid growth with revenues growing by 9%. CLG continues to improve the level of its service offering and is the only out-source provider in the United States offering a ten day turn-around time as standard. Concurrent with improving the level of service, major steps have been taken to improve the quality of the revenue base. Revenue from less dependable one-off project work has been halved and revenues from other less stable customers have been replaced. Accordingly the underlying growth in the base business was 17%. This shift in the revenue mix has also allowed gross margins to be improved from 49% last year to 50% this year. In common with End Screening, CLG has also exercised strict control over its cost structure which resulted in a small reduction in total spend. Increased investment in sales and marketing activities have been funded from the benefits of the business integration of the New Jersey and St. Louis facilities carried out last year and from reduced spending elsewhere. As a result, the CLG business unit delivered a 75% increase in its profit contribution to the group. YEAR 2000 The Company established a team in 1998 to review the potential implications of the Year 2000 issue on the business. A full assessment has now been finalised and as a result of this the Directors consider that there will not be a material impact on the operations of the business. All instrumentation within the Company's current product range is Year 2000 compliant. PROSPECTS Prospects for growth across the business remain strong. The objectives to be achieved and the challenges to be overcome are now more clearly understood than at any time in the past. In End Screening, the Company's systems have gained increasing acceptance across a number of industry sectors and, most importantly, within major blue chip multi-nationals. A programme to roll out additional systems in these organisations is underway while the Company continues to penetrate new territories in its traditionally strong markets such as dairy. Ensuring that newly placed instruments move through validation as quickly as possible is now the major challenge facing the business and a variety of actions have been implemented to address this. The launch of SpotCheck and the re-launch of systemSURE (registered) by the Company mark a watershed in the Company's approach and commitment to the hygiene monitoring market. The ability to offer customers both disposable and instrument based systems provides the Company with a unique product offering. Moreover, the market potential for SpotCheck is very significant in its own right although it is recognised that this will take some time to develop and the choice of distribution partners will be critical to its overall success. CLG's programme to improve the quality of its customer base is set to continue. In the short term, this may serve to limit the absolute rate of growth of the business but is expected to provide a more stable and reliable profit growth profile in the longer term. At the same time, CLG will continue to seek ways to improve its level of service as the principal area of competitive advantage. Opportunities to widen the service offering are also being evaluated. The Company now has a clear focus on its market objectives. With the management and cost structures now in balance with the growth opportunities and with on-going investments in strategic sales and marketing initiatives and in research and development the prospects for continued growth and improved performance remain strong. INDEPENDENT REVIEW REPORT TO CELSIS INTERNATIONAL PLC Introduction We have been instructed by the Company to review the financial information set out on pages 6 to 10 and we have read the other information contained in the interim report for any apparent mis-statements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 1999. PricewaterhouseCoopers Chartered Accountants Cambridge 2nd November 1999 Celsis International plc Unaudited Consolidated Profit and Loss Account For the six month period ended 30 September 1999 Six mths Six mths Year to to 30 to 30 31 Mar Sep Sep 999 1998 1999 Notes #'000 #'000 #'000 _______ _______ _______ Turnover 8,751 8,360 17,622 Cost of sales (2,891) (2,994) (6,011) _______ _______ _______ Gross profit 5,860 5,366 11,611 Sales & marketing expenses (3,246) (3,300) (6,936) General & administrative expenses (856) (862) (1,703) Research & development expenditure (691) (924) (1,391) Exceptional costs (759) (1,241) _______ _______ _______ Operating profit / (loss) 1,067 (479) 340 Interest receivable & similar income 32 64 126 Interest payable (44) (30) (67) _______ _______ _______ Profit / (loss) on ordinary activities before taxation 1,055 (445) 399 Tax on profit / (loss) on ordinary activities - (51) (47) _______ _______ _______ Retained profit / (loss) for the period 1,055 (496) 352 ======= ======= ======= Earnings / (loss) per Ordinary Share 1 1.03p (0.50)p 0.35p Diluted earnings/(loss) per Ordinary Share 1 1.02p (0.49)p 0.35p IIMR earnings / (loss) per Ordinary Share 1.03p (0.50)p 0.35p Statement of total recognised profits / (losses) Profit / (loss) for the financial period 1,055 (496) 352 Currency translation differences on foreign currency net investments (267) 63 378 ______ ______ ______ Total gains / (losses) recognised in the period 788 (433) 730 ====== ====== ====== Celsis International plc Unaudited Consolidated Balance Sheet at 30 September 1999 At 30 At 30 Sep At 31 Mar Sep 1998 1999 1999 Notes #'000 #'000 #'000 _____ _______ ________ ________ Fixed assets Intangible assets 429 449 441 Tangible assets 4,054 3,979 4,076 Investments 10 52 8 _______ ________ ________ 4,493 4,480 4,525 Current assets Stocks 2,426 2,026 2,239 Debtors: amounts falling due after one year 377 - 644 Debtors: amounts falling due within one year 7,382 5,259 6,081 Cash at bank and in hand 907 2,180 1,887 _______ ________ ________ 11,092 9,465 10,851 Creditors: amounts falling due within one year (2,092) (2,242) (2,615) _______ ________ ________ Net current assets 9,000 7,223 8,236 Total assets less current liabilities 13,493 11,703 12,761 Creditors: amounts falling due after more than one year (601) (636) (658) _______ ________ ________ Net assets 12,892 11,067 12,103 ======= ======== ======== Capital and reserves: Called up share capital 1,029 997 1,026 Shares to be issued - 29 - Share premium account 6 13,961 42,060 42,060 Profit and loss account 5 (3,139) (33,060) (32,024) Reserve arising on consolidation 1,041 1,041 1,041 _______ ________ ________ Equity shareholders' funds 12,892 11,067 12,103 ======= ======== ======== Celsis International plc Unaudited Cashflow Statement For the six month period ended 30 September 1999 Six mths Six mths Year to to to 31 Mar 30 Sep 30 Sep 1999 1999 1998 Notes #'000 #'000 #'000 _____ _______ _______ _______ Net cash outflow from continuing activities 2 (191) (1,016) (1,078) Returns on investments and servicing of finance Interest received from investments 11 64 126 Interest paid (33) (30) (67) _______ _______ _______ (22) 34 59 _______ _______ _______ Taxation Corporation tax paid - (113) (114) Capital expenditure and financial investment Purchase of tangible fixed assets (548) (314) (827) Sale of tangible fixed assets 4 10 14 Purchase of intangible fixed assets (3) (20) (27) _______ _______ _______ (547) (324) (840) Acquisitions Deferred consideration paid in respect of prior year acquisition - - (69) Cash outflow before management of liquid resources and financing (760) (1,419) (2,042) Management of liquid resources Sale of current asset investments - 2,415 2,415 Financing New finance leases - - 126 Repayment of principal under finance leases (28) (21) (53) Repayment of loan principal (9) (32) (43) _______ _______ _______ (37) (53) 30 ======= ======= ======= (Decrease)/increase in cash in the period (797) 943 403 ======= ======= ======= Notes to the Accounts For the six month period ended 30 September 1999 Six mths to Six mths to Year to 30 Sep 30 Sep 31 Mar 1999 1998 1999 ___________ ___________ ___________ 1. Basic & diluted profit / (loss) per Ordinary Share Profit / (loss) on ordinary activities after taxation (#'000) 1,055 (496) 352 Basic weighted average number of Ordinary Shares in issue 102,725,398 99,441,217 100,970,414 Diluted weighted average number of Ordinary Share in issue 103,433,817 101,672,574 100,970,414 =========== =========== ============ 2. Reconciliation of operating profit to net cash outflow from continuing operating activities #'000 #'000 #'000 ___________ __________ ___________ 1,067 280 1,581 Exceptional costs - (759) (1,151) Depreciation of tangible fixed assets 478 492 910 Non-cash distribution of shares held by trustee of Employee Share Ownership Trust - 23 - Provision for change in value of shares held by Employee Share Ownership Trust 2 - (6) Amortisation of intangible assets 15 15 30 (Profit) on disposal of tangible fixed assets (4) - - (Increase) in debtors (1,034) (179) (1,645) (Increase) in stocks (187) (76) (289) (Decrease) in trade & other creditors (528) (812) (508) ___________ __________ ___________ Net cash outflow from continuing operating activities (191) (1,016) (1,078) =========== ========== =========== 3. Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the period (797) 943 403 Cashflow from sale of current asset investments - (2,415) (2,415) Repayment of finance lease and loan obligations 37 53 96 ___________ __________ ___________ Movement in net funds in the period (760) (1,419) (1,916) New finance leases - (116) (126) Exchange adjustment (168) 34 249 Net funds at beginning of the period 1,302 3,095 3,095 ___________ __________ ___________ Net funds at end of the period (see Note 4) 374 1,594 1,302 =========== ========== =========== 4. Analysis of net funds At Non-Cash Exchange At end start Cashflow Changes Dif- Of of ferences period period #'000 #'000 #'000 #'000 #'000 Six months ended 30 September 1999 Cash at bank and in hand 1,887 (797) - (183) 907 Current asset investments - - - - - Loans (363) 9 - 9 (345) Finance leases (222) 28 - 6 (188) ______ _________ _______ ________ ______ 1,302 (760) - (168) 374 ====== ========= ======= ======== ====== Six months ended 30 September 1998 Cash at bank and in hand 1,213 943 - 24 2,180 Current asset investments 2,415 (2,415) - - - Loans (390) 32 - 8 (350) ______ _________ _______ ________ ______ Finance leases (143) 21 (116) 2 (236) 3,095 (1,419) (116) 34 1,594 ====== ========= ======= ======== ====== Year ended 31 March 1999 Cash at bank and in hand 1,213 403 - 271 1,887 Current asset investments 2,415 (2,415) - - - Loans (390) 43 - (16) (363) Finance leases (143) 53 (126) (6) (222) ______ _________ _______ ________ ______ 3,095 (1,916) (126) 249 1,302 ====== ========= ======= ======== ====== 5. Profit and loss account Six mths Six mths Year to to 30 to 30 Sep 31 Mar Sep 1998 1999 1999 #'000 #'000 #'000 ________ ________ ________ Retained loss brought forward (32,024) (32,620) (32,620) Retained profit / (loss) for the period 1,055 (496) 352 Reduction in share premium 28,100 - - Goodwill written off (3) (7) (134) Exchange difference (267) 63 378 ________ ________ ________ Retained loss carried forward (3,139) (33,060) (32,024) ======== ======== ======== 6. Reduction of Share Premium Account On 29th June 1999 the Company passed a special resolution for the proposed reduction of the Company's share premium account by #28,100,000. A successful application was made to the High Court and the proposed Special resolution was confirmed by the Court on 28th July 1999. The effect of this resolution was to clear the accumulated deficit on the Company's profit and loss account reserve. 7. Preparation of preliminary statement The abridged figures for the year ended 31 March 1999 are from the accounts of Celsis International plc for that year. These accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237 of the Companies Act 1985. The figures for the period to 30 September 1999 are consolidated figures for Celsis International plc. 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 1999, does not amount to full accounts within the meaning of section 240 of the Companies Act 1985 (as amended). 8. Dividend The Directors have not declared an interim dividend. END IR BFFLBKFKFFKV
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