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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:7899V Celsis International PLC 14 December 2000 CELSIS INTERNATIONAL PLC Interim Results for the Six Months Ended 30th September 2000 Celsis International plc ("Celsis" or "the Company") announces its unaudited interim results for the six months ended 30th September 2000. Overview * Profit before tax #0.43 million (1999: #1.06 million) * Earnings per share of 0.51p (1999: #1.03p) * Total revenues #7.62 million (1999: #8.75 million) * Gross margin of #4.8 million or 62% of turnover (1999: #5.9 million or 67%) * End Screening business unit delivers revenue of #3.9 million (1999: #4.6 million) * Americas End Screening division shows good sales growth up 38% to #2.2 million * European End Screening revenue down due to price competition * Celsis Laboratory Group ("CLG") revenues at #3.7 million (1999: #3.7 million) * New management team in place * Planned acquisition of Biotec Laboratories, a UK based innovative diagnostic company, in an all share offer Commenting on the results Jack Rowell, Chairman of Celsis, said: "Celsis continues to maintain a leading market position despite regional pressure experienced during the first half in the European Dairy segment of the End Screening business. We are encouraged by the strong business growth in the Americas, in both the Personal Care and Dairy sectors. The new management team has acted swiftly to implement measures to counteract challenges in the European Dairy segment, aiming to consolidate the Company's position in its established Dairy market, and maintain its growth in the Personal Care sector." "The planned acquisition of Biotec laboratories marks an exciting move into the Rapid Healthcare Diagnostics market for Celsis. Biotec has developed an innovative rapid test for tuberculosis (TB) and has a marketing agreement with Organon Teknika, a subsidiary of Akzo Nobel, who will distribute this and other related products to the areas worst affected by TB." "Our commitment to providing complete, cost effective solutions to our customers within our core markets remains undiminished, while the Company continues to develop new and existing technologies to improve and complement our current product offering. I am confident we have made the first step into a new era for Celsis, and that the new management team lead by Jay LeCoque will successfully deliver growth both organically and through acquisition." Enquiries: Celsis International plc Jay LeCoque, Chief Executive +44(0)1223 426008 Christian Madrolle Finance Director Peter Grant Business Development Director Brunswick Group Limited Melissa Miller/ Juliet Marshall +44 (0) 207 404 5959 Financial Review Results for the period showed strong performance within the Americas End Screening business with revenues up 38%. This was offset by a reduction in sales and margin experienced by the European Dairy sector. Sales for the six months ended 30th September 2000 were #7.62M for the Group (1999: #8.75M) The end screening business achieved #3.9M sales whilst the laboratory division maintained its income at #3.7M (1999: #3.7M). Gross margins, whilst still healthy, have been reduced to 62% (1999: 67%) primarily as a result of increased price competition in the European Dairy sector. Whilst reinforcing our leadership in the Dairy market, the Company will also continue to focus on higher quality revenues obtained in the PCP and Pharmaceutical sectors. Central and R&D costs have decreased by 9% at #1.36M (1999: #1.55M). The process of Global Corporate Account Management (GCAM) has proven a very effective means of implementing sales and marketing programmes and will enable the Company to consolidate its position within the marketplace. The new management team is committed to improving the cash to cash cycle and reducing working capital. Given the high level of trading receivables, management is conducting a detailed review into the recoverability of these balances. The directors do not believe that this exercise will lead to material adjustments, and accordingly no additional provisions have been made in the balance sheet at 30 September 2000. Management will make appropriate adjustments on the completion of the review. The net result for the Company is to report a profit before tax of #0.43M (1999: #1.06M) with an earnings per share of 0.51p. The planned acquisition of Biotec will be satisfied by the issue of new ordinary shares. It will be necessary to obtain shareholder approval to increase the share capital and further details of the acquisition and notice of the Extraordinary General Meeting are expected to be sent to shareholders in the new year. Review of Operations During the first half the Company operated as three distinct business units, each with its own profit centre accountability. These were End Screening, Hygiene Monitoring and the Celsis Laboratory Group (CLG). Hygiene monitoring has now been merged with the End Screening unit to become the Products division, while CLG will remain a distinct operating division. The planned acquisition of Biotec will provide a third business unit called Rapid Healthcare Diagnostics. During the second half the Products division will be organised into four profit centres; North America, Latin America, Europe and Asia. Growing opportunities in Latin America and Asia will require focussed resources within these respective regions. Products Business Total revenues in the period #3.9M (1999: #4.6M) End Screening The Company continued to expand its PCP and Pharmaceutical products businesses through its GCAM programme. Multinational companies from the US and the UK are rolling out their implementation of Celsis technology to smaller manufacturing sites, as the financial value of Celsis' rapid methods becomes increasingly apparent. GCAM is also beginning to have an impact on the sale of PCP and Pharmaceutical products on the European continent and in Eastern Europe, where the Company's local sales force and distributors have traditionally favoured an emphasis on the core Dairy products business. China is also seeing the positive impact of GCAM where the company recently installed three Advance systems for two multinational PCP companies. The company's Dairy products business remains fundamentally strong, especially in the United States where Celsis has just signed a multi-plant supply agreement with Suiza, the largest US Dairy conglomerate, and in Latin America where the company continues to expand its presence in Brazil, Argentina and Mexico. In addition, the new management team is organising the products division into four regional profit centres which is partially intended to increase the company's focus on the emerging Asian market for the company's products. Asia has the potential to become the largest market for the Company's products, even though the Latin American expansion is well underway. Each of these four profit centres will report directly into the CEO to enhance the focus of the entire Group on both customer service and operating performance. The entrance of a new competitor into the European market, offering similar products at a significant discount to Celsis' pricing, had a substantial impact on the Company's sales and profits in the region. The effect of this was particularly evident in Germany, where the company lost several of its large Dairy customers, coupled with margin erosion to retain the remaining accounts. The entire revenue and profit shortfall seen within the Products division is a direct result of the loss of market share and margin erosion in the European dairy segment. The Company has responded aggressively to minimise the impact of this type of competitive move into Europe, or any other market, although German customers have been returning to Celsis having realised that price is not the only consideration when selecting a rapid methods supplier. Management initiatives include: the launch of liquid stable reagents with increased sensitivity, upgraded instruments and software platforms, and importantly, an increased emphasis on application development and customer support that is unmatched by any competitor worldwide. Hygiene Monitoring The Hygiene Monitoring business has been incorporated into the larger Products division in order to leverage customer bases. The Company has signed a supply agreement with Medical Packaging Corporation in the USA for the manufacture of Snapshot, a new integrated hygiene monitoring device. Snapshot has undergone successful validation trials with customers and was launched by Celsis in October. Snapshot replaces several older tests and existing customers have enthusiastically converted to the "one shot" format and reliability of the unique liquid reagent. Snapshot is generating significant new business and, in conjunction with the systemSURE luminometer, has displaced competitor systems in several significant accounts. The introduction of SpotCheck, the first colour ATP hygiene test, had been delayed due to a manufacturing problem that has now been resolved. Global market response and interest in the product remains very high. Initial sales have been made into both the Food Processing and Food Service sectors in the UK and USA. The Food Service sector offers the greatest potential for this technology since it does not require instrumentation and can be used anywhere at anytime by anyone. Discussions with an international fast food provider are in progress. The introduction of Snapshot, one of a select number of new products planned to advance hygiene monitoring sales, indicates the Company's continued commitment to the Hygiene Monitoring market. International food safety concerns have been heightened following recent outbreaks of BSE and food poisoning, fuelling renewed interest from all food producers in detection and protection technology. Celsis Laboratory Group (CLG) Total revenues in the period #3.7M (1999: #3.7M) Major initiatives taken last year to improve turn-around time and the quality of sales were successfully completed, and the Group is maintaining this increased level of customer service. The loss of two major customers, Ganes and Merck, has resulted in sales similar to the previous period. Ganes filed for bankruptcy and testing ceased immediately, whilst Merck made a strategic decision to bring the majority of all out-sourced testing into a central facility. This resulted in a loss of about #0.4M sales in the first half. Gross margins in the business have been maintained at 50% (1999: 50%) with the management team continuing to control costs in line with performance. CLG continues with its capital expenditure programme to develop its capacity to face increasing demand for their services. Biotec Laboratories The planned acquisition of Biotec Laboratories will represent a new and exciting addition to the Celsis portfolio. The acquisition will allow Celsis to leverage its core capabilities in rapid methods and marketing into the medical diagnostics field. Biotec is a small innovative diagnostic company based in the United Kingdom and employs approximately 30 people. Currently Biotec is loss making with a turnover in the region of #1.35 million. It's principle new product is a rapid new test for TB, due to be introduced in the second half of 2001. The market for TB testing is currently estimated to be $1.9 billion with the Biotec platform poised to enter at a time when TB is considered to be a global emergency by the World Health Organisation. More people die of TB in the world than any other single infectious disease (estimated at 2 million pa). The alliance with Organon Teknika provides a route to market for the product. In addition to the proven TB product, the technology platform from which it is derived can be developed for the testing of specific organisms such as food pathogens. Prospects The End Screening business continues to exceed expectations, with the one exception being the European Dairy segment. The PCP segment continues to expand internationally, as does the Pharmaceutical segment, although the growth curve contains slightly extended timelines due to the conservative nature of the pharmaceutical industry. Underscoring this growth is the success of the Company's global account program that combines the strengths of Celsis' international presence with the multinational growth of its customer base. New management intends to increase the role of global account management by having this function also report directly into the CEO. The company feels that it is important to highlight that the European Dairy end screening products business is undergoing the strong growth rate that fuels increased competition. However, the management is maximising the Company's market position in this area, and is seeking to consolidate its position. Competition in this area is likely to force a shakeout among these new competitors, and Celsis, the largest supplier in this segment does not intend to lose this battle. The company has the lowest cost to manufacture, the broadest distribution reach, the most comprehensive technical support network and database generated over years in the business. In addition, the planned launch of new liquid stable reagents, new instrument and software platforms and an increased emphasis on application development and customer support will prove invaluable in retaining customers and growing market share. These advantages are not easily matched by competitors solely offering lower prices, and the Company is already seeing signs to that effect. The company believes that the current shortfall in Europe is a temporary setback, and one that is unlikely to be repeated. Future sales and profit from the Laboratory business also remain solidly in line with expectations. The loss of two large water-testing customers created a slight decline in revenues, but CLG continues its trend toward year end budget projections. Increased demand for services from the Pharmaceutical sector will be met by CLG through the prudent management of capital expenditure in line with demand. The planned acquisition of Biotec provides Celsis with the platform to expand its core competence of rapid microbial detection (using patented Phage technology) into the rapid medical diagnostics arena with its first product, the Fastplaque TB tuberculosis test. Lastly, the Phage technology can be applied to Celsis' core industrial microbiology business as the next step in identifying pathogens, especially in food and dairy products. Celsis International plc Unaudited Consolidated Profit and Loss Account For the six month period ended 30 September 2000 Six mths Six mths Year to to 30 to 30 31 Mar Sep Sep 2000 Notes 2000 1999 #'000 #'000 #'000 ________ _______ ______ Turnover 7,623 8,751 19,235 Cost of sales (2,869) (2,891) (6,409) ________ _______ ______ Gross profit 4,754 5,860 12,826 Sales & marketing expenses (2,951) (3,246) (7,035) General & administrative expenses (474) (856) (1,425) Research & development expenditure (890) (691) (1,352) ________ _______ _______ Operating profit /(loss) 439 1,067 3,014 Interest receivable & similar income 31 32 55 Interest payable (39) (44) (62) ________ _______ _______ Profit/(loss)on ordinary activities before taxation 431 1,055 3,007 Tax on profit / (loss) on ordinary activities 95 - (299) ________ _______ _______ Retained profit / (loss) for the period 526 1,055 2,708 ======== ======= ======= Earnings / (loss) per Ordinary Share 1 0.51p 1.03p 2.63p Diluted earnings / (loss) per Ordinary Share 1 0.50p 1.02p 2.59p IIMR earnings / (loss) per Ordinary Share 0.51p 1.03p 2.63p Statement of total recognised profits / (losses) Profit / (loss) for the financial period 526 1,055 2,708 Currency translation differences on foreign currency net investments 180 (267) (403) ________ _______ ______ Total gains / (losses) recognised in the period 706 788 2,305 ======== ======= ====== Celsis International plc Unaudited Consolidated Balance Sheet at 30 September 2000 Notes At 30 At 30 At 31 Sep Sep Mar 2000 1999 2000 #'000 #'000 #'000 ________ ________ _______ Fixed assets Intangible assets 401 429 414 Tangible assets 4,165 4,054 4,100 Investments 13 10 19 4,579 4,493 4,533 ________ ________ _______ Current assets Stocks 2,440 2,426 2,162 Debtors: amounts falling due after one year 703 377 953 Debtors: amounts falling due within one year 10,494 7,382 9,593 Cash at bank and in hand 299 907 591 ________ ________ _______ 13,936 11,092 13,299 Creditors: amounts falling due within one year (2,916) (2,092) (2,819) ________ ________ _______ Net current assets 11,020 9,000 10,480 Total assets less current liabilities 15,599 13,493 15,013 Creditors: amounts falling due after more than one year (452) (601) (579) ________ ________ _______ Net assets 15,147 12,892 14,434 ======== ======== ======= Capital and reserves: Called up share capital 1,032 1,029 1,030 Share premium account 6 13,990 13,961 13,985 Profit and loss account 5 (916) (3,139) (1,622) Reserve arising on consolidation 1,041 1,041 1,041 ________ ________ _______ Equity shareholders' funds 15,147 12,892 14,434 ======== ======== ======= Celsis International plc Unaudited Cashflow Statement For the six month period ended 30 September 2000 Six mths Six mths Year to to to 31 Mar 30 Sep 30 Sep 2000 Notes 2000 1999 #'000 #'000 #'000 _________ ________ _______ Net cash outflow from continuing activities 2 (1,093) (191) (116) Returns on investments and servicing of finance Interest received from investments 31 11 55 Interest paid (39) (33) (62) _________ ________ _______ (8) (22) (7) _________ ________ _______ Taxation Corporation tax paid (91) - (136) Capital expenditure and financial investment Purchase of tangible fixed assets (274) (548) (986) Sale of tangible fixed assets - 4 10 Purchase of intangible fixed assets - (3) (3) _________ ________ _______ (274) (547) (979) Cash outflow before management of liquid resources and financing (1,466) (760) (1,238) Financing Issue of shares 7 - 30 Repayment of principal under finance leases (47) (28) (63) Repayment of loan principal (10) (9) (18) _________ ________ _______ (50) (37) (51) ========= ======== ======= (Decrease) in cash in the period (1,516) (797) (1,289) ========= ======== ======= Notes to the Accounts For the six month period ended 30 September 2000 Six mths to Six mths to Year to 30 Sep 30 Sep 31 Mar 2000 1999 2000 __________ ___________ __________ 1. Basic & diluted profit / (loss) per Ordinary Share Profit / (loss) on ordinary activities after taxation (#'000) 526 1,055 2,708 Basic weighted average number of Ordinary Shares in issue 103,065,415 102,725,398 102,837,935 Diluted weighted average number of Ordinary Share in issue 104,424,651 103,433,817 104,612,237 =========== =========== =========== 2.Reconciliation of operating profit to net cash outflow from continuing operating activities #'000 #'000 #'000 ___________ ___________ ___________ Operating profit before exceptional costs 439 1,067 3,014 Exchange gain (411) - - Depreciation of tangible fixed assets 440 478 980 Provision for change in value of shares held by Employee Share Ownership Trust 6 2 (9) Amortisation of intangible assets 15 15 30 (Profit) / loss on disposal of tangible fixed assets - (4) 2 (Increase) in debtors (651) (1,034) (3,889) (Increase) in stocks (278) (187) (11) (Decrease) in trade & other creditors (653) (528) (233) ____________ ___________ ___________ Net cash outflow from continuing operating activities (1,093) (191) (116) ============ =========== =========== 3. Reconciliation of net cash flow to movement in net funds (Decrease) in cash in the period (1,516) (797) (1,289) Repayment of finance lease and loan obligations 57 37 81 ____________ ___________ ___________ Movement in net funds in the period (1,459) (760) (1,208) New finance leases - - (59) Exchange adjustment 406 (168) (13) Net funds at beginning of the period 22 1,302 1,302 ____________ ___________ ___________ Net funds at end of the period (see Note 4) (1,031) 374 22 ============ =========== =========== 4. Analysis of net funds At Non- Exchange At end start Cashflow Cash differences of of #'000 Changes #'000 period period #'000 #'000 #'000 Six months ended 30 September 2000 Cash at bank and in hand 591 (742) - 450 299 Overdrafts - (774) - 2 (772) Loans (348) 10 - (29) (367) Finance leases (221) 47 - (17) (191) ______ ________ _______ __________ _______ 22 (1,459) - 406 (1,031) ====== ======== ======= ========== ======= Six months ended 30 September 1999 Cash at bank and in hand 1,887 (797) - (183) 907 Loans (363) 9 - 9 (345) Finance leases (222) 28 - 6 (188) ______ ________ _______ __________ _______ 1,302 (760) - (168) 374 ====== ======== ======= ========== ======= Year ended 31 March 2000 Cash at bank and in hand 1,887 (1,289) - (7) 591 Loans (363) 18 - (3) (348) Finance leases (222) 63 (59) (3) (221) ______ ________ _______ __________ _______ 1,302 (1,208) (59) (13) 22 ====== ======== ======= ========== ======= 5. Profit and loss Six Six mths to Year to account mths to 30 Sep 31 Mar 30 Sep 1999 2000 2000 _______ __________ _______ #'000 #'000 #'000 Retained loss brought forward (1,622) (32,024) (32,024) Retained profit / (loss) for the period 526 1,055 2,708 Reduction in share premium - 28,100 28,100 Goodwill written off - (3) (3) Exchange difference 180 (267) (403) _______ __________ _______ Retained loss carried forward (916) (3,139) (1,622) ======= ========== ======= 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 2000 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 2000 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 2000, 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.
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