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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:3753N Celsis International PLC 20 November 2001 Celsis International plc Interim Results for the 6 months to 30 September 2001 Celsis International plc, which provides analytical services and develops and supplies diagnostic systems, that detect and measure contamination, for the pharmaceutical, personal care & cosmetic and food industries worldwide, announces its interim results for the period ended 30 September 2001. Key highlights for the period include: * Significant progress made * New strategy implemented, potential being delivered * Continuing activities: revenues 13.9% ahead; H1 2001 #8.52m (2000 H1: # 7.48m) * Profit before tax continuing activities H1 #40,000 (2000 H1: #328,000) * H1 product sales affected by September 11th * Cash position substantially improved * Acquisition of Concell fully integrated Jack Rowell, Chairman commented: "We have made significant progress since reporting last and are beginning to see an upward trend in our performance indicators. The first half began positively with strong results from our Product Group and a very positive performance from our Laboratory Group in the US. However, the second quarter became extremely challenging with a sharp downturn in activity after the tragic events of 11th September 2001, which affected one or our two main shipping months. The Company normally has a second half bias but following the sharp fall off in September this will be accentuated in the current year." Jay LeCoque, Chief Executive stated: "Following the restructuring and management changes last year I can confidently state that we are starting to see the benefits of the new operating structure, particularly in Europe. The global acceptance of our technology and products is proven by the quality and quantity of our customer base. The opportunity our markets present and our ability to capitalize on our current position remain undiminished." 20th November 2001 Enquiries: Celsis International plc Tel: 01223 426 008 Jay LeCoque, Chief Executive College Hill Tel: 020 7457 2020 Michael Padley Nicholas Nelson Chairman's Statement This has been a period of change where the new management team has implemented the strategy previously outlined to enable the Company to deliver the potential that Celsis has in the marketplace. We have made significant progress since reporting last and are beginning to see an upward trend in our performance indicators. The first half began positively with strong results from our Products Group and a very positive performance from our Laboratory Group in the US. However, the second quarter became extremely challenging with a sharp downturn in activity after the tragic events of 11th of September 2001, which affected one of our two main shipping months. We have since faced immediate postponement of capital spending, and a very depressed macro-economic environment. In the immediate aftermath of the disaster a number of our major customers in the US stopped all overseas flights and this had a significant affect on the installation of orders. We experienced a sharp downturn in order intake and deliveries during the last three weeks of the period under review, however we believe these have been deferred rather than lost. For the six month period, ended September 30, 2001 we are reporting a small profit on revenue of #8,515,000 in the continuing activities, which is a 13.9% increase over the comparable period last year when revenue was #7,478,000. The Company normally has a second half bias but following the sharp fall off in September this will be accentuated in the current year. Chief Executive's Review Products Division Following the restructuring and management changes last year I can confidently state that we are starting to see the benefits of the new operating structure, particularly in Europe following the acquisition of Concell in March 2001. Margins in the European dairy sector remain under pressure following the regional competition experienced last year but the acquisition of Concell, has enabled a cessation of price erosion and the recapture of market share previously lost. Prices have stabilised and a combination of the state of the art instrument, first developed by Concell, plus improved reagents developed by teams from Celsis and Concell, form the basis of our strategy to defend and grow the dairy business. The acquisition has also enabled the Group to solve one of its main problems. Prior to the acquisition we were marketing different products to different regions. Following the Concell integration we have implemented a global strategy offering each product on a worldwide basis. The new product range has also allowed us to leverage our worldwide position. Returns in the European dairy businesses are still not as good as we would like but are improving. The Global Corporate Account Management (GCAM) programme has allowed us to accelerate the growth within the existing client base whilst also expanding into Asia and Latin America. Under the programme we are focused on building relationships worldwide with major corporates in the pharmaceutical and personal care & cosmetic industries. Our strategy has allowed us to expand more rapidly, increase turnover and improve the access to leading corporate accounts. We are now successfully marketing, not just on the quality of the technology - which is not in question - but on the cost savings that the implementation of the equipment can give. We have an excellent product and we have a proven selling system with which to maximise its commercial potential. Contract Laboratory Services Group The business goes from strength to strength and has maintained its excellent growth rate. Margins have improved and with the enhancement of its services we expect this to continue. We are exploiting our niche strategy in a growing market and we expect to benefit from the trend in outsourcing by both Pharmaceutical and Personal Care Companies. We are maintaining the improved level of customer service and the additional capital expenditure has allowed us to further increase the capacity to meet demand. CLG continues to be a solid, growing cash contributor to the Celsis Group with an overall improving performance. Disposal/Closure During the period the Company disposed of the Hygiene Monitoring business that had turnover of #300,000 per annum and was loss making. Over the next 3 years we will receive a royalty, based on sales. However, there will be a write-off associated with this disposal as described in the financial review. We have also discontinued our Brazilian operation due to revised import restrictions placed on capital equipment by the Brazilian Government. However, we remain committed to the growth of our activities in Brazil and throughout Latin America. Financial Review We have changed the revenue recognition policy, as previously stated, and despite the shortfall in September the Company recorded an operating profit. Gross profit increased 9% and due to variation in the products and services mix, our gross margin decreased slightly to 60% from 62% last year. This is due to sales and marketing expenses on continuing operations having increased by 14% on an annual basis, as each of the four geographic regions are now headed by a profit centre manager. We have also invested in marketing and promotional activities following the integration of the Concell products together with training of our sales force and the rationalisation of the two distribution channels, markets and general corporate branding. R & D and administrative expenses have increased 2% from #1,364,000 to # 1,395,000, and previous periods costs analysis have been restated to reflect the current breakdown of costs between sales and marketing, R & D and administrative, to allow for easier comparison. Inventory has been reduced from #2,829,000 a year ago to #2,021,000 this year and debtors have decreased by 17.5 % during the last 6 months. This is a reflection of the continuous efforts to improve cashflow and reduce working capital. Cash and cash equivalents improved, as of Sept 30, 2000. The cash inflow from operating activities has improved by #1,275,000 compared to the same period last year; moving from an outflow of #1,093,000 to a positive inflow of #182,000. We shall continue our efforts to control our receivables position, and have recently reviewed the credit terms given to our distributor network Investment in our Divisions has continued, particularly in the Laboratory Group to meet an increased demand for our testing services requiring state of the art instrumentation and equipment, and our capital spent during the first six months of this year is up from #274,000 to #415,000. This expenditure will allow the Laboratory Group to maintain and further develop its competitive and qualitative edge in the next year. We believe that our current cash position, line of credit, investment requirements and existing commitments will satisfy our expected working capital needs throughout the present fiscal year. The Company has no long term borrowings and has substantially reduced its short term liabilities during the 6 months under review from #4,510,000 to #3,681,000 at the end of September 2001. Disposal/Closure On Sept 26, 2001 we signed an agreement with Hygiena LLC to dispose of all the assets of our Hygiene Monitoring Division.We also filed the articles of dissolution of our Brazilian Subsidiary Celsis Ltda at the Rio de Janeiro Trade Register at the end of September 2001. Discontinuing our Hygiene Monitoring activities and the activities of our Brazilian subsidiary has led us to restructure our operating divisions and R & D department. This reorganisation has had a material effect on the nature and focus of the Group's operations and as such has been classified as non-operating exceptional items in accordance with FRS3. During the period under review we recorded #1,543,000 of restructuring costs and special charges including accruals for stock obsolescence of #257,000, debt write-offs of #221,000 and other receivables write-offs of #724,000. As a result of this restructuring program, we expect pre-tax savings in operating expenses to be slightly more than #600,000 on an annualised basis. Our net operating result on continuing operations for the 6 months period shows a profit of #56,000 and an operating loss after inclusion of the discontinued operations of #252,000. As there are corporation tax losses within the Group, there is no tax attributable to exceptional items. The net profit after interest and tax is # 40,000 for the 6 month period but after inclusion of the discontinued operations and the exceptional items related to the discontinued operations leads to a net loss after interest and tax of #1,811,000. Summary We continue to make significant progress and are now cash generative, profitable at the operating level with an improving gross margin and we have the potential to significantly expand our operations. The global acceptance of our technology and products is proven by the quality and quantity of our customer base. The opportunity our markets present and our ability to capitalize on our current position remain undiminished and in its first year this management team has proven that it can react quickly and confidently to changing market conditions so that Celsis remains the supplier of choice to the Pharmaceutical, Personal Care and Dairy manufacturers across the world. Unaudited Consolidated Profit and Loss Account for the six month period ended 30.09.2001 Dis- Dis- Continuing continuing Continuing continuing operations operations Total opeartions operations Total Un- Un- audited audited Total Six Six Six Six Six Six Audited months months months months months months Year to to to to to to to 30 30 30 30 30 30 31 Sept Sept Sept Sept Sept Sept March 2001 2001 2001 2000 2000 2000 2001 #'000 #'000 #'000 #'000 #'000 #'000 #'000 restated Notes Turnover 8,515 150 8,665 7,478 145 7,623 17,509 Cost of (3,383) (100)(3,483) (2,778) (91) (2,869) (5,800) Sales Gross 5,132 50 5,182 4,700 54 4,754 11,709 profit Overheads Sales & (3,725) (314)(4,039) (2,603) (355) (2,958) (7,022) marketing expenses Administrative (983) (983) (974) (974) (1,998) expenses Research & (368) (44) (412) (390) (390) (787) development expenditure Operating 56 (308) (252) 733 (301) 432 1,902 profit/(loss) Exceptional - (1,543)(1,543) (397) - (397) (924) items Profit/(loss) 56 (1,851)(1,795) 336 (301) 35 978 before interest Interest 58 - 58 31 - 31 290 receivable & similar income Interest (74) - (74) (39) - (39) (189) payable Profit/(loss) 40 (1,851)(1,811) 328 (301) 27 1,079 before taxation Taxation - - - 95 - 95 (147) Retained 40 (1,851)(1,811) 423 (301) 122 932 profit/(loss) for the period Earnings per Ordinary Share Before 0.05p (0.29p) (0.24p) 0.71p (0.29p) 0.42p 1.80p exceptional costs Exceptional - (1.50p) (1.50p) (0.39p) - (0.39p)(0.90p costs Earnings 1 0.05p (1.79p) (1.74p) 0.32p (0.29p) 0.03p 0.90p per Ordinary Share IIMR 0.05p (1.79p) (1.74p) 0.32p (0.29p) 0.03p 0.90p earnings per Ordinary Share Diluted 1 0.05p (1.79p) (1.74p) 0.32p (0.29p) 0.03p 0.90p earnings per share Statement of total recognised gains and losses Total Total Total Unaudited Unaudited Audited Six months Six months Year to to 30 Sept to 30 Sept 31 March 2001 2000 2001 #'000 #'000 #'000 (Loss)/(profit) for the financial (1,811) 122 932 period Currency translation (273) 577 504 differences on foreign currency net investments Prior year adjustment (3,312) (3,312) Total (losses)/profit recognised (2,084) (2,613) (1,876) since last annual report Unaudited Consolidated Balance Sheet at 30 September 2001 At 30 Sept At 30 Sept At 31 March 2001 2000 2001 #'000 #'000 #'000 Notes Unaudited restated Audited Fixed Assets Intangible assets 1,312 401 1,321 Tangible assets 3,298 4,189 3,372 Investments 5 13 5 4,615 4,603 4,698 Current Assets Stocks 2,021 2,829 2,556 Debtors : amounts falling due after one year 530 703 614 Debtors : amounts falling due within one 6,766 6,762 8,230 year Cash at bank and in hand 843 299 1,590 10,160 10,593 12,990 Creditors - due within one year (3,382) (2,916) (4,183) Net Current Assets 6,778 7,677 8,807 Total Assets less Current Liabilities 11,393 12,280 13,505 Creditors - due after more than one year (299) (452) (327) Net Assets 11,094 11,828 13,178 Capital and Reserves: Called up share capital 1,071 1,032 1,071 Share premium account 6 14,564 13,990 14,564 Profit and loss account 5 (5,582) (4,235) (3,498) Reserve arising on consolidation 1,041 1,041 1,041 Equity shareholders' funds 11,094 11,828 13,178 Unaudited Cashflow Statement for the six month period ended 30 September 2001 Six Six Year months months to 30 to 30 to 31 Sept Sept March 2001 2000 2001 #'000 #'000 #'000 Unaudited restated Audited Net cash inflow/(outflow) from operating activities Net cash inflow/(outflow) before exceptional costs 1,725 (1,093) 1,604 Outflows related to exceptional costs (1,543) - (924) Net cash (outflow)/inflow from operating activities 177 (1,093) 680 Returns on investments and servicing of finance Interest received 59 31 259 Interest paid (54) (39) (189) Net cash inflow/(outflow) from returns on 5 (8) 70 investments and servicing of finance Taxation Corporation tax paid - (91) (47) - (91) (47) Capital expenditure and financial investment Purchase of tangible fixed assets (415) (274) (849) Sale of tangible fixed assets - 1,219 Purchase of intangible fixed assets - (20) Net cash (outflow)/inflow from returns on (415) (274) 350 investment and capital expenditure Acquisitions Purchase of subsidiary undertaking (less cash - - (498) acquired) Cash (outflow)/inflow before financing (233) (1,466) 555 Financing Issue of shares - 7 - Proceeds from share options exercised - - 5 Repayment of principal under finance leases (5) (47) (96) Repayment of loan principal - (10) (376) Net cash (outflow) from financing - (50) (467) (Decrease)/increase in cash in the period (233) (1,516) 88 Notes to the Financial Statements for the six month period ended 30 September 2001 1. Basic & diluted (loss)/profit per Ordinary Share Six months Six months Year to 30 Sept to 30 Sept to 31 March 2001 2000 2001 #'000 #'000 #'000 Unaudited restated Audited (Loss)/profit on ordinary activities (1,811) 122 932 after taxation Basic weighted average number of Ordinary 103,226,366 103,065,415 103,226,366 Shares in issue Diluted weighted average number of Ordinary 103,972,363 104,242,651 103,972,363 Share in issue 2. Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from operating activities Operating (loss)/profit before exceptional costs (252) 432 1,902 Exchange (loss)/gain 31 (411) Depreciation of tangible fixed assets 400 447 1,073 Provision for reduction in valuation of shares held by ESOT - 6 14 Amortisation of intangible assets 23 15 31 (Profit)/loss on disposal of tangible fixed assets 13 - (262) (Increase)/decrease in debtors 1,417 (651) (1,197) (Increase)/decrease in stocks 792 (278) 60 (Decrease)/increase in trade & other creditors (699) (653) (17) Net cash inflow/(outflow) from continuing operating activities 1,725 (1,093) 1,604 3. Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the period (233) (1,516) 88 Repayment of finance lease and loan obligations 5 57 472 Changes in net funds resulting from cashflows (228) (1,459) 560 New finance leases - - (208) Exchange adjustment 20 406 (31) Movement in net funds in the period (208) (1,053) 321 Net funds at the beginning of the period 343 22 22 Funds/(defecit) at the end of the period 135 (1,031) 343 Notes to the Financial Statements Continued 4. Analysis of net funds At start of Cashflow Non-cash Exchange At end of period changes differences period #'000 #'000 #'000 #'000 #'000 Six months ended 30 September 2001 Cash at bank and in 1,590 (755) - 8 843 hand Bank overdrafts (884) 522 - - (362) Loans - - - - - Finance leases (363) 5 - 12 (346) 343 (228) - 20 135 Six months ended 30 September 2000 Cash at bank and in 591 (742) - 450 299 hand Bank overdrafts - (774) - 2 (772) Loans (348) 10 - (29) (367) Finance leases (221) 47 - (17) (191) 22 (1,459) - 406 (1,031) Year ended 31 March 2001 Cash at bank and in 591 971 - 28 1,590 hand Bank overdrafts - (884) - - (884) Loans (348) 376 - (28) - Finance leases (221) 97 (208) (31) (363) 22 560 (208) (31) 343 5. Profit and loss account Six months Six months Year to 30 Sept to 30 Sept to 31 March 2001 2000 2001 #'000 #'000 #'000 Retained (loss)/profit brought forward (3,498) (1,622) (1,622) Prior year adjustment - (3,312) (3,312) At 1 April (restated) (3,498) (4,934) (4,934) Retained (loss)/profit for the period (1,811) 122 932 Exchange difference (273) 577 504 Retained loss carried forward (5,582) (4,235) (3,498)
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