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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:6509Y
Celsis International PLC
20 June 2007
CELSIS INTERNATIONAL PLC
("Celsis", "the Company" or "the Group")
PRELIMINARY RESULTS
for the year ended 31 March 2007
RECORD REVENUE AND PROFIT GROWTH
Celsis International plc, the life sciences products and laboratory services
company, today announces its preliminary results for the year ended 31 March
2007.
Financial Highlights
* Group revenues increased 43.3% to $47.4 million (2006: $33.1 million)
- Organic business revenues increased 15.1% to $38.1 million
(2006: $33.1 million)
- $9.3 million from In Vitro Technologies since 20 July 2006
* Profit before tax increased 20.1% to $8.7 million (2006: $7.2 million)
* Earnings per share (EPS) increased 29% to 26.81 cents per share (2006:
20.78 cents per share)
* EBITDA increased 34.9% to $11.00 million (2006: $8.16 million)
Operational Highlights
* Analytical Services revenues up 25.7% to $20.4 million (2006: $16.3
million)
- Strong year posted by all segments of this division
* Rapid Detection full year revenues up 4.8% to $17.7 million (2006:
$16.8 million) following 1% drop in H1
- Celsis Rapid Detection system becomes first microbiological method to
be described in an approved New Drug Application ("NDA") following FDA
approval of GlaxoSmithKline's Veramyst(TM)
* In Vitro Technologies integration proceeding ahead of plan
- US FDA guidance accepts cryo-preserved liver cells as equivalent to
fresh cells for drug submission studies
- IVT Development Services integrated into Analytical Services division
Jay LeCoque, Chief Executive Officer of Celsis, commented:
"I am pleased to report another strong year for the Group, with record revenue
and profit growth with our earnings up 29%. Our Analytical Services division
finished the year very strongly following healthy customer wins across the
business. The Rapid Detection division recovered well in the second half with
increases in instrument placements and continued robust growth in reagent and
consumable sales. Our acquisition and integration of IVT is proceeding ahead of
plan resulting in a strong finish to the year under our new management
structure.
"The addition of IVT to the Celsis Group has transformed our business by
expanding our product and laboratory services offerings with clear cross-selling
opportunities. We have started to realise the material growth in revenues and
profits that was outlined in our acquisition strategy. The enlarged Celsis
Group is well positioned to continue its track record of strong growth both
organically and through further acquisitions."
Enquiries:
Celsis International plc Tel: 01223 598 428
Jay LeCoque, Chief Executive Officer Tel: 020 7831 3113
Christian Madrolle, Finance Director on 20 June 2007
Financial Dynamics Tel: 020 7831 3113
David Yates
Ben Atwell
A presentation for analysts will be held at Financial Dynamics at 9.30am today,
Wednesday 20 June 2007. Please call Gemma Cross Brown at Financial Dynamics on
0207 269 7125 for further details.
Notes to editors
Celsis International plc
Celsis International plc is a world leading provider of innovative life science
products and laboratory services to the pharmaceutical, biopharmaceutical, and
consumer products industries through its three business areas; rapid detection,
analytical and drug development services and ADME-Tox in vitro technologies.
The company is listed on the London Stock Exchange (CEL.L).
Each division of Celsis International plc has the capacity to deliver
substantial time and cost savings to its customers, in addition to ensuring
product quality and safety for consumers. Using proprietary technology, the
Celsis Rapid Detection division provides diagnostic systems for the rapid
detection of contamination. These systems provide significant economic value by
reducing the time it takes to test and release raw materials, in process and
finished goods to market. Celsis Analytical Services division provides cost
effective outsourced laboratory testing services to pharmaceutical and
biopharmaceutical companies. Its comprehensive service offerings include a full
spectrum of laboratory services from drug development and discovery to
analytical chemistry and biological sciences to stability storage and testing.
Celsis In Vitro Technologies (Celsis IVT) supplies in vitro testing products to
the pharmaceutical and biotechnology industries. IVT's in vitro products screen
drug compounds early in the discovery process, thereby reducing the time and
cost of drug development.
Further information can be found on its website at www.celsis.com.
Chief Executive's Review
Overview
Celsis' products and laboratory services provide solutions to one of the most
important issues confronting today's pharmaceutical and consumer product
industries - the need to continuously maximise the efficiency of their
operations and reduce costs.
During the year, Celsis has consolidated its position as a world-leading
provider of innovative life science products and laboratory services to the
pharmaceutical, biopharmaceutical, and consumer product industries.
Each division (Analytical Services, Rapid Detection and In Vitro Technologies)
aims to deliver substantial time and cost savings to its customers, in addition
to ensuring product quality and safety for consumers. The markets in which we
operate are rapidly growing as companies increasingly recognise the value of
technology and services that are able to save them time and money.
The financial results being reported for the year ended 31 March 2007 continue
Celsis' strong track record in recent years of growth in its original two
businesses. This year, we added a third division to the business with the
acquisition of IVT which provides in vitro products and drug development
services to improve efficiency in the drug discovery and development process.
With leading technologies and operating in fast growing markets, Celsis today is
well positioned to continue its track record of strong growth both organically
and by acquisition.
Summary of results
For the year ended 31 March 2007, we are pleased to announce record revenue and
profit growth. Total revenue increased 43.3% to $47.4 million (2006: $33.1
million) with organic revenue up 15.1% to $38.1 million (2006: $33.1 million)
and IVT contributing $9.3 million in the 8.3 months since acquisition on 20 July
2006. Profit before tax increased 20.1% to $8.7 million (2006: $7.2 million)
and EBITDA increased 34.9% to $11.00 million (2006: $8.16 million).
We have integrated the recently acquired IVT business into Celsis and continue
to look for future acquisition opportunities. We see healthy, sustainable
business growth from the new consolidated Group and remain confident in both the
short and long-term prospects for the Company.
Celsis Analytical Services
Celsis' Analytical Services division provides outsourced laboratory testing
services to pharmaceutical companies to ensure the safety, stability and
chemical composition of their products. The trend by pharmaceutical companies
to outsource their analytical testing, especially in the US, has accelerated in
recent years to an estimated market size of over $2 billion - now growing at
approximately 10% per year.
The outsourcing of analytical services saves our clients headcount and
laboratory space and allows them to focus their resources on research and drug
discovery and development. In addition to providing these important benefits of
outsourcing, Celsis has also carved out an important niche in this large market
by providing faster results to its customers. The Company can provide results
in just 10 days, with a very focused customer service offering, compared to an
industry standard of 15 days to 20 days, with little to no customer service.
Celsis can therefore secure a price premium for this added value.
Revenues from the Analytical Services division, which represented 43% of Group
revenues, grew by 25.7% to $20.4 million (2006: $16.3 million). This was an
exceptionally strong year driven by strong customer growth across all segments
of the division.
Our New Jersey chemistry business increased revenues by 37% to $9.0 million and
benefited from investments to expand its capacity during the year. This
operation is working to consolidate the significant increases seen in customer
growth in the year to come. The St Louis chemistry business posted a very
healthy increase in revenues of 18% to $6.2 million for the year and has more
than recovered the lost ground from the temporary slow down experienced last
year. Our biological sciences business units from both sites saw healthy
increases in revenues when combined increased 19% to $5.3 million with the
addition of several new customer contracts.
Our Business Development team continues to concentrate on securing new business
with major customer contracts. Over the past year, we have obtained a number of
valuable new long-term contracts with many blue chip pharmaceutical companies
and have also been successful in renewing our existing business agreements with
our largest pharmaceutical and biotechnology customers.
Celsis Rapid Detection
Celsis' Rapid Detection division provides testing systems to more rapidly detect
microbial contamination (the presence of bacteria or other organic contaminants
in manufactured products) than older more traditional technologies such as agar
plates. Traditional agar plates can take up to 7 days to provide a confirmation
of "no growth" whereas Celsis' systems can provide a "no growth" confirmation in
just 24 hours. Celsis' rapid detection systems are currently addressing an
industrial market estimated to be approximately $200 million and growing at 12%
to 15% per year. New applications and technologies will expand this market much
faster by expanding the numbers of testing procedures that can be transitioned
from traditional agar testing to rapid testing systems.
By reducing its customers' manufacturing cycle times by several days, the Celsis
rapid detection system can save valuable working capital in everything from
reduced need for raw materials and safety stock, lower finished product
inventory levels and a decrease in warehouse space. These reductions in working
capital materially increase the efficiency and productivity of facilities that
use Celsis technology, thereby delivering a measurable financial benefit to
Celsis' customers. In addition, if there is a product contamination episode,
the use of Celsis technology means that customers can be alerted that corrective
action is required in 24 hours vs multiple days, using traditional agar methods,
which is also of significant financial and potentially brand value to Celsis'
customers.
Revenues from the Rapid Detection division, which represented 37.2% of Group
revenues, increased 4.8% to $17.7 million (2006: $16.8 million), following the
slight decrease (-1%) posted in the first half due to a temporary slowdown in
instrument sales. This increase was driven both by increased instrument
placements in the second half, as well as continued healthy growth in reagents
and consumables sales. Reagents and consumables now represent over 85% of the
Rapid Detection division's revenues indicating that our recurring revenue
business model remains robust.
We continue to focus on expanding our presence in the pharmaceutical industry
and were pleased to receive two Drug Master File ("DMF") acceptances during the
year from the US FDA. The Celsis DMF benefits Celsis' pharmaceutical customers
by providing specific regulatory information which can be referenced in drug
applications making the approval process more efficient. We were also pleased
that Celsis' Rapid Detection system is the first rapid microbiological method to
be described in an approved original New Drug Application ("NDA") following the
FDA approval of GSK's Veramyst(TM).
We also continue to invest in R&D to ensure that Celsis remains the leader in
its respective fields of interest. Our work with new enzyme and nucleic acid
technologies have resulted in a patent application that has been filed during
the year and we look forward to testing these new detection systems with
customers as part of our product development activity in the coming year.
Celsis In Vitro Technologies
The pharmaceutical industry is under unprecedented pressure to improve its
research and development productivity. As such, the number of drug compounds
under development has expanded significantly over the past years. It is
critical that companies progress new compounds into viable drug candidates as
quickly as possible. Days and weeks saved early in the drug development process
can mean millions of dollars saved in the overall cost of bringing a new drug to
market.
Celsis In Vitro Technologies division (IVT) helps accelerate drug development by
providing in vitro testing products and development services to the
pharmaceutical and biotechnology industries. Approximately 80% of IVT's
revenues come from its products and 20% from development services. IVT's
primary product offering is cryo-preserved human liver cells that allow its
customers to determine how well a particular drug compound will be metabolised
by the human liver. FDA guidance released in September 2006 has outlined their
acceptance of cryo-preserved cells as equivalent to fresh liver cells and Celsis
views this as an important development in the continued evolution and expansion
of this new business. IVT's in vitro products screen drug compounds early in
the drug discovery process, thereby reducing the time and cost of drug
development. The market for in vitro products and development services is
estimated to be approximately $600 million and is growing at 15% per year.
Celsis IVT is operating in an important niche market that focuses on the ability
of the human liver to metabolise drug compounds, which is a critical check box
in the drug discovery process.
Revenues from the IVT division since completion of the acquisition on 20 July
2006 were $9.3 million and represented 19.8% of Group revenues, adding
significantly to this year's second half. We project that on an annualised
basis, IVT will represent approximately 30% of Group revenues in the coming
years. Annualising the 8.3 months of Celsis IVT revenue since acquisition would
give pro-forma annual revenues of $13.5 million, which is well within our
expectations during the first year of acquisition.
In our IVT product business unit, we have expanded our business development team
to include scientific advisory staff to help customers install and validate
IVT's products in their labs. A similar strategy was employed to help increase
reagent and consumable sales in our Rapid Detection division, that has been very
well received by our customers. In doing so, we have also realigned the focus
of our business development team on generating new business with larger
customers, in a strategy similar to that which we have employed in our
Analytical Services division with success.
Operationally, we are focusing on higher margin products and ensuring that we
have scalable product manufacturing that continues to meet the highest quality
standards expected by Celsis IVT's growing customer base. As a pioneer in liver
cell technology, Celsis IVT will continue to lead the industry in product
quality, innovation and superior customer and technical service.
As part of our integration, IVT's Development Services business unit is now
managed by our Analytical Services division, which has started to develop
considerable cross-selling and operational synergies. The addition of IVT's
Development Services to our analytical services' offering means that Celsis
Analytical Services can offer a much more comprehensive set of services that
will allow larger contract size and scope than was previously available from
Celsis. Revenues and profits from these two business units will continue to be
reported under the IVT division for optimal financial transparency.
Financial Review
The financial results presented below are prepared in accordance with the
Group's International Financial Reporting Standards (IFRS) accounting policies.
As in the previous year our Group's foreign exchange policy has continued to
mitigate currency fluctuations resulting from the relative value of the US
Dollar versus the Euro during most of the financial year under review.
Following the acquisition of IVT we have reviewed the Group's currency of
reference and concluded that the US Dollar continues to be the functional
currency to provide the best visibility on the Group's overall performance, as a
large component of the enlarged Group's revenues arise in the Americas and Asia.
Results
Turnover and profit before tax reached new record levels this year. Total
revenues for the year ended 31 March 2007 were up 43.3% at $47.4 million against
$33.1 million the previous year. IVT contributed revenues of $9.35 million
since the acquisition in July 2006.
Underlying revenue from continuing operations from the Rapid Detection and
Analytical Services divisions were up 15.1% (2006: 8.9%). Group profit before
taxation was up 20.1% to $8.65 million and operating margins decreased slightly
to 18.8% compared with a profit before tax of $7.20 million and operating
margins of 19.9% the previous year, due to the integration and restructuring
cost of the IVT division.
Gross Margin
The Group's gross margin for the year under review has remained stable at 65.7%
against 65.9% last year.
Operating Expenses
Our operating costs, excluding Research and Development, increased 46.8% from
$14.86 million last year to $21.81 million this year. The IVT acquisition
contributed $4.75 million to this increase. Underlying costs from continuing
operations of the Rapid Detection and Analytical Services divisions were up
14.9%, and approximately 3.5% is due to the weakening of the US dollar. Sales
and marketing expenses represented 35.2% of revenues, against 33.1% the previous
year. This was due to increased expenditure on sales, marketing and support
staff particularly in the Analytical Services division in line with the revenue
growth of this division. Administrative expenses decreased to 10.7% of revenues
versus 11.8% the previous year.
Our Research and Development efforts have been focused on the development of the
new nucleic acid technology for the Rapid Detection division and manufacturing
process improvements in the IVT division. Our overall R&D expenditure, after
adding back the development costs capitalised under IAS38 ($0.7 million against
$0.9 million in 2006), has been stable at $1.1 million this year against $1.2
million last year.
Profitability
The Group's operating profit was $8.93 million (2006: $6.60 million)
representing an increase of 35.3% on the prior year. The profit before tax
increased by 20.1% to $8.65 million against $7.20 million last year. The profit
before tax (excluding intangible assets amortisation) increased by 21.6% to
$9.18 million against $7.55 million the previous year. EBITDA increased 34.9%
to $11.00 million (2006: $8.16 million).
Goodwill and Intangible Asset Amortisation
The Board reviewed the carrying value of goodwill and separately recognised
acquired intangible assets at 31 March 2007 and confirmed that no provision for
impairment was necessary. The amortisation charged during the year on acquired
intangible assets amounted to $0.15 million (2006: $nil) and the amortisation of
other intangibles amounted to $0.38 million (2006: $0.35 million).
An independent purchase price allocation exercise has been conducted to
calculate the fair values of the intangibles assets of IVT as at the date of
acquisition. The intangible assets acquired amounted to $2.43 million and
goodwill to $24.53 million. The intangible assets are attributable to brand,
patents, know how, and customers contracts and have been evaluated by an
independent valuation consulting firm. The goodwill is attributable to the
workforce of the acquired business and the significant synergies and integration
benefits of combining the two organisations expected to arise after the Group's
acquisition of IVT.
Restructuring
Following the acquisition of IVT, the Group restructured these operations,
reducing the size of the management team, from seven to four, closed down the
Leipzig (Germany) distribution centre and consolidated all IVT European sales,
logistics, invoicing, accounting and IT functions with the existing Celsis
European Centre in Brussels. This has generated short-term additional expenses,
which are all recorded in the reported operating costs, but has also been offset
by savings, which have already started positively impacting the IVT division
results.
Financial Income and Expense
The financial expense for the year amounted to $0.69 million (2006: $0.02
million) reflecting the interest relating primarily to a term loan facility of
$8.0 million and a $5.5 million revolving credit facility obtained when the
Group acquired IVT.
The financial income for the year amounted to $0.41 million (2006: $0.63
million) mostly from the interest received from the cash invested in short term
deposits prior to the acquisition of IVT.
Taxation
The Group's profit after tax was $5.9 million against a profit after tax of
$4.60 million the previous year.
The Group's tax charge increased to $2.7 million for the year (2006: $2.6
million) representing 31.6% of profit before tax (2006: 36.1%). The decrease in
taxation as a percentage of profit is due to the favourable impact of the
amortisation of the goodwill arising on the IVT acquisition over a period of 15
years.
Celsis has accumulated during its initial years of operations a significant
amount of tax losses carried forward both in the UK and in the US. At the start
of the year the total deferred tax asset was $3.84 million of recognised but
still unutilised deferred tax assets mainly related to tax losses carried
forward. At the balance sheet date the net remaining deferred tax asset amount
is $1.03 million, and comprise of non-current deferred tax asset of $2.39
million and a non-current deferred tax liability of $1.36 million.
Earnings per Share
Basic Earnings per Share (EPS) in 2007 increased by 29% to 26.81 cents per share
(2006: 20.78 cents per share).
Capital Expenditure
Tangible fixed asset additions (excluding IVT acquisition) in the year amounted
to $2.30 million (2006: $2.09 million) reflecting the extension of the
Analytical Services laboratories capacity, particularly in New Jersey in
response to an increase in demand for its services. Intangible fixed asset
additions (excluding IVT acquisition) in the year amounted to $0.89 million
(2006: $1.09 million) from which $0.31 million was capitalised internally
generated development costs (2006: $0.53 million).
Cash Flow
The operating cash flow before changes in working capital and provisions
increased 36.0% to $11.4 million (2006: $8.4 million). The IVT acquisition and
strong revenue growth of the Analytical Services division have required an
increase of the working capital of $3.63 million. As a result, the cash flow
from operating activities has decreased from $8.94 million to $8.34 million.
Cash resources have decreased by $15.3 million, from $21.2 million to $5.9
million, as $16.9 million (net of borrowings) was utilised for the acquisition
of IVT, (the borrowings being a five year term loan of $8 million and a five
year revolving credit facility of $5.5 million, both from Barclays Bank plc).
The outstanding balance on the term loan has been reduced to $4.2 million
following a payment of $3 million in the year in addition to the required
semi-annual repayment of $0.8 million. During the year, the Group entered into
an interest rate swap which effectively fixes the interest rate on the term loan
and revolving credit facilities for the period that the term loan and credit
facilities are utilised. At the year-end, the $5.5 million revolving credit
facility was drawn in full. The interest rate on the un-hedged portion of the
term loan and revolving credit facility is set at 0.9% above LIBOR.
Balance Sheet
The inventory value has increased to $7.39 million (2006: $2.81 million) as a
result of the integration of $3.59 million of In Vitro Technologies inventory,
an increase of the Analytical Services division's inventory, in line with the
increased activity, and a temporary increase of the Rapid Detection inventory.
The Rapid Detection inventory increased following the decision to stock an
additional month of reagent production pending the future relocation of this
division's manufacturing facilities planned for the end of 2007.
Net trade receivables increased to $8.11 million against $6.26 million the
previous year after the integration of IVT trade receivables of $1.52 million.
The trade receivables of the Analytical Services and Rapid Detection divisions
have increased 5.3% to $6.59 million, from $6.26 million, to be compared with
the 15.1% revenue growth of the two divisions. Other receivables increased from
$1.16 million last year to $1.84 million this year after integration of $0.83
million of IVT other receivables.
The total receivables, excluding tax, increased from $7.43 million last year to
$9.95 million this year. The total recognised but unutilised deferred tax asset
account decreased from $3.84 million to a net deferred tax asset of $1.03
million. Current liabilities increased to $8.05 million against $5.51 million
last year after the integration of IVT trade and other payables of $1.62
million.
Non-current liabilities have increased from $0.50 million last year to $10.43
million this year reflecting the term loan and revolving credit facilities
long-term portion.
Total payables have increased from $6.01 million last year to $18.48 million
this year. This increase in creditors is mostly due to the banking facilities
discussed above and the integration of IVT's trade payables.
Net shareholders' funds have increased 18.9% (2006: 7.2%) during the year moving
from $37.3 million to $44.3 million.
The Group's balance sheet has been restructured during the year under review and
a moderate amount of leverage taken of $13.5 million. Investment of prior
year's cash resources in the IVT acquisition has increased the net shareholders'
funds.
The amount of long term debt is decreasing faster than planned, resulting in the
strengthening of the balance sheet which leads the Group to expect that it will
be able to finance its operating costs, together with normal levels of capital
expenditure and other commitments including tax, from its existing resources.
The cash position at the year end was $5.9 million (2006: $21.2 million)
following the acquisition of IVT and comments on the movement of cash resources
are disclosed in the cash flow section above.
The Directors believe that the Group's strong balance sheet and ongoing cash
generation leave it well placed to meet its existing borrowing obligations and
enable it to fund future investment plans.
Treasury
The Group maintains treasury control systems and procedures to monitor foreign
exchange, interest rates, liquidity, credit and other financial risks. Liquid
assets surplus to the immediate operating requirements of the Group are invested
and managed centrally by Group Head Office.
Exchange rates
Euro and Sterling-denominated transaction exposure arising from normal trade
flows, both in respect of external and inter-company trade, is not hedged
against US Dollar equivalents. The Group's policy is to minimise the exposure
of Euro and Sterling-operating subsidiaries to transaction risk by matching
local currency income with local currency costs. For this purpose inter-company
trading transactions are matched centrally and inter-company payment terms are
managed to reduce risk. The Euro-Sterling revenue exposure to currency
fluctuation are balanced by the Euro-Sterling denominated costs of the Group.
Financial position
Celsis aims to maintain a robust financial position through focused revenue
growth and the rigorous control of costs and strong financial management of all
aspects of its business. This approach enables Celsis to generate sufficient
cash to make the appropriate investments in its business and also to take
advantage of external opportunities as and when these arise.
Outlook
During the past year we have integrated a growing IVT business unit into the
Group whilst continuing to deliver strong growth in both revenues and profits.
All three divisions are now well placed to continue to deliver healthy increases
in both revenues and profit as the markets for our products and services
continue to expand. We will continue to focus on both organic as well as
acquisitive growth in the disciplined approach that we have demonstrated
previously. We believe that we are well placed to deliver continuing strong
growth for shareholders in the coming years.
We would like to take this opportunity to thank all of our employees for their
many individual and combined contributions toward making this past year a
success. We would also like to thank our new and existing shareholders for
their continued support during the year and confidence in Celsis.
Jay LeCoque, Chief Executive Officer
Jack Rowell, Non-Executive Chairman
20 June 2007
Consolidated Income Statement
for the year ended 31 March 2007
Total Total
Year to 31 Year to 31
Note March 2007 March 2006
(unaudited) (audited)
$'000 $'000
_____ _____
Continuing operations
Revenue 47,441 33,104
Cost of Sales (16,285) (11,305)
_____ _____
Gross profit 31,156 21,799
Overheads
Sales & marketing expenses (16,719) (10,972)
Administrative expenses (5,089) (3,892)
Research & development expenditure (419) (335)
_____ _____
Total operating expenses (22,227) (15,199)
Operating profit 8,929 6,600
Analysed as
EBITDA 11,002 8,158
Depreciation of property, plant and equipment (1,544) (1,209)
Amortisation of intangible assets (529) (349)
Operating profit 8,929 6,600
Interest receivable & similar income 412 628
Interest payable & similar charges (687) (24)
_____ _____
Profit before taxation 8,654 7,204
Taxation 4 (2,733) (2,601)
_____ _____
Profit for the year 5 5,921 4,603
_____ _____
Dividends
Final 2005 paid at 5.13 cents per share 3 - 1,150
Earnings per Ordinary Share
Basic earnings per Ordinary Share 2 26.81c 20.78c
Diluted earnings per Ordinary Share 2 26.29c 20.57c
Consolidated Statement of Recognised Income and Expense
Year to 31 Year to 31 March
March 2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
Profit for the financial year 5,921 4,603
Currency exchange adjustment offset in the reserve 506 (377)
Deferred tax on currency adjustment 129 -
Deferred tax on share options 44 -
_____ _____
Total recognised income for the year 6,600 4,226
_____ _____
Consolidated Balance Sheet
at 31 March 2007
At 31 March At 31 March
2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
Assets
Non-current assets
Intangible assets 30,795 3,357
Property, plant and equipment 6,268 4,652
Other receivables 69 23
Deferred tax asset 2,387 2,050
_____ _____
39,519 10,082
Current assets
Inventory 7,394 2,813
Trade and other receivables 9,952 7,444
Current tax asset - 1,792
Cash and cash equivalents 5,946 21,174
_____ _____
23,292 33,223
Liabilities
Current liabilities
Borrowings (1,504) -
Trade and other payables (6,548) (5,514)
_____ _____
(8,052) (5,514)
_____ _____
Net current assets 15,240 27,709
Non-current liabilities
Borrowings (7,964) -
Other non-current liabilities (1,108) (501)
Deferred tax liability (1,355) -
_____ _____
(10,427) (501)
_____ _____
Net assets 44,332 37,290
_____ _____
Shareholders' equity
Called up share capital 1,611 1,611
Share premium account 13,120 13,120
Treasury shares (1,201) (1,224)
Currency translation reserve 438 (197)
Retained earnings 28,882 22,498
Reserve arising on consolidation 1,482 1,482
_____ _____
Total equity 44,332 37,290
_____ _____
Cashflow Statement
for the year ended 31 March 2007
Year Year
to 31 March to 31 March
2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
Cash flows from operating activities 8,338 8,939
Tax paid (420) (647)
Interest paid (587) (24)
Interest received 480 590
_____ _____
Net cash from operating activities 7,811 8,858
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired (30,408) -
Purchase of property, plant and equipment (1,590) (1,595)
Expenditure on intangible fixed assets (862) (1,000)
_____ _____
Net cash used in investing activities (32,860) (2,595)
Cash flows from financing activities
Equity dividends paid - (1,150)
Sale/(purchase) of treasury shares 23 (804)
Receipt of new bank loan 13,500 -
Repayment of principal under finance leases (60) (115)
Repayment of loan principal (3,800) -
_____ _____
Net cash generated by/(used in) financing activities 9,663 (2,069)
Effects of exchange rate changes 158 (383)
_____ _____
Net (decrease)/increase in cash and cash equivalents in the year (15,228) 3,811
_____ _____
Cash and cash equivalents at the beginning of the year 21,174 17,363
Cash and cash equivalents at the end of the year 5,946 21,174
Reconciliation of profit before tax to cash generated from operations
Profit before taxation 8,654 7,204
Depreciation of tangible fixed assets 1,544 1,209
Amortisation of intangible assets 529 349
Loss on disposal of tangible fixed assets 14 10
Share option compensation 419 239
Net finance expense/(income) 275 (604)
_____ _____
Operating cash flow before changes in working capital and provisions 11,435 8,407
(Increase) in receivables (857) (759)
(Increase)/decrease in inventory (1,173) 31
(Decrease)/increase in payables (1,067) 1,270
(Decrease) in provisions - (10)
_____ _____
Cash flows from operating activities 8,338 8,939
_____ _____
Notes to the Financial Statements
for the year ended 31 March 2007
1. Basis of preparation
The financial information for the year ended 31 March 2007 is unaudited and has
been prepared in accordance with the Group's accounting policies, based on IFRS,
as adopted by the European Union. The financial information for the year ended
31 March 2006 is audited.
This summary of results does not constitute the full financial statements within
the meaning of s240 of the Companies Act 1985. The 2006 financial statements
have been reported on by the Company's auditors and have been delivered to the
Registrar of Companies. The audit report was unqualified and did not contain a
statement under s237(2) or s237(3) of the Companies Act 1985.
2. Basic & Diluted Profit per Ordinary Share
Year Year
to 31 March to 31 March
2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
Profit on ordinary activities after taxation 5,921 4,603
Basic weighted average number of ordinary shares in issue 22,083,054 22,148,577
Diluted weighted average number of ordinary shares in issue 22,525,556 22,374,644
_____ _____
Pre tax earnings per ordinary share
Basic earnings per ordinary share 39.19c 32.53c
Diluted earnings per ordinary share 38.42c 32.20c
_____ _____
3. Dividends
Year Year
to 31 March to 31 March
2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
No dividends paid (2006: 5.13c) per ordinary share - 1,150
_____ _____
4. Taxation
Year Year
to 31 March to 31 March
2007 2006
(unaudited) (audited)
$'000 $'000
_____ _____
United Kingdom taxation at 30% 763 834
Foreign taxation (US-Europe) charge 1,970 1,767
_____ _____
2,733 2,601
_____ _____
5. Consolidated Statement of Changes in Shareholders' Equity
at 31 March 2007
Share Currency
Share premium Treasury translation
capital account shares reserve
(unaudited) (unaudited) (unaudited) (unaudited)
$'000 $'000 $'000 $'000
_____ _____ _____ _____
Balance at 1 April 2005 1,611 13,120 (420) 180
Movement in own shares (804)
Profit for the year ended 31 March 2006
Dividends
Currency translation differences group (377)
Share option compensation charge - gross
Balance at 31 March 2006 1,611 13,120 (1,224) (197)
and at 1 April 2006
Movement in own shares 23
Profit for the year ended 31 March 2007
Currency translation differences - gross 506
Currency translation differences - tax 129
Share option compensation charge - gross
Share option compensation charge - tax
_____ _____ _____ _____
Balance at 31 March 2007 1,611 13,120 (1,201) 438
_____ _____ _____ _____
Consolidated Statement of Changes in Shareholders' Equity at 31 March 2007
(continued from table above)
Retained Reserve arising
earnings on consolidation Total
(unaudited) (unaudited) (unaudited)
$'000 $'000 $'000
_____ _____ _____
Balance at 1 April 2005 18,806 1,482 34,779
Movement in own shares (804)
Profit for the year ended 31 March 2006 4,603 4,603
Dividends (1,150) (1,150)
Currency translation differences group (377)
Share option compensation charge - gross 239 239
Balance at 31 March 2006 22,498 1,482 37,290
and at 1 April 2006
Movement in own shares 23
Profit for the year ended 31 March 2007 5,921 5,921
Currency translation differences - gross 506
Currency translation differences - tax 129
Share option compensation charge - gross 419 419
Share option compensation charge - tax 44 44
_____ _____ _____
Balance at 31 March 2007 28,882 1,482 44,332
_____ _____ _____
This information is provided by RNS
The company news service from the London Stock Exchange
END
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