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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 | |
---|---|---|---|---|---|---|---|---|---|---|
4.50 | 4.86% | 97.00 | 90.00 | 100.00 | 95.00 | 92.50 | 92.50 | 18,552 | 16:35:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 24k | -17.01M | -0.2722 | -3.49 | 59.35M |
RNS Number:4125R Celsis International PLC 29 October 2003 CELSIS INTERNATIONAL PLC Interim Results for 6 months to 30 September 2003 A period of robust performance Celsis International plc ("Celsis"), is a world leading manufacturer of rapid diagnostic systems used to detect and measure microbial contamination for many of the world's leading pharmaceutical, personal care, beverage and dairy companies (the Product Group). The Company is also a leading US supplier of cGMP analytical services for the pharmaceutical industry (the Laboratory Group). Financial Highlights: * Profit before tax up 21.6% to $2.14 million (H1 2002: $1.76 million) on turnover up 6.3% to $13.48 million (H1 2002: $12.68 million) taking into account the discontinuation of Laboratory Group toxicology unit * Product Group revenues up 17.8% to $6.70 million (H1 2002: $5.69 million) * Earning per share up 56.7% to 2.6c (H1 2002: 1.6c) * Gross margins improve to 64.4% (H1 2002: 61.1%) * Significant increase in net operating cash inflow to $3.29 million (H1 2002: $1.62 million). Cash in hand: $11.4 million (H1 2002: $3.8 million) Operational Highlights: * New Adenlyate Kinase (AK) technology being implemented globally by two additional customers, Procter & Gamble and Johnson & Johnson * Corporate worldwide approval from Coca-Cola for new beverage testing system * Newly patented enzyme formulation for ATP-based product assays offers superior detection and at lower cost Jay LeCoque, Chief Executive Officer of Celsis, commented: "I am pleased to report another period of excellent Group performance at this year's Interims. Profits are up 21.6% on expanding revenue growth during this period of continued economic uncertainty. Our Product Group continues to provide rapid growth in all market segments. Our Laboratory Group is recovering from a brief slow down in our major pharmaceutical customer's spending but ended the half positively." "Our focus on delivering customers with the highest quality products and analytical services combined with superior technical support and customer service continues to define Celsis as the leading supplier in our respective industries. We remain confident in our ability to maintain healthy business expansion and achieve sustained earnings growth." 29 October 2003 ENQUIRIES: Celsis International plc Tel: 01638 600 151 Jay LeCoque, Chief Executive Officer Today: 020 7457 2020 Christian Madrolle, Finance Director Today: 020 7457 2020 College Hill Tel: 020 7457 2020 Nicholas Nelson/Corinna Dorward Chairman's & Chief Executive's Review This half-year has been one of consolidating our leadership position for both the Product and Laboratory Groups. The Product Group continues to expand its presence into the leading global manufacturers of pharmaceutical, personal care, dairy and beverage products. Our rapid diagnostic products are increasingly becoming the industry standard for end product screening for manufacturers in our respective industries. Rapid detection of potential microbial contaminations is an inherent need of 21st century supply chain management and Celsis is uniquely positioned to partner with our growing list of customers to meet these needs on a global basis. Our Laboratory Group is in the final stages of implementing NuGenesis, a new paperless scientific data management system. NuGenesis will provide our customers with a significantly enhanced, web enabled customer interface, allowing secure retrieval of current and historical testing data generated from our Laboratory Group and will also result in increased internal operational efficiencies. We are also insuring that every Laboratory Group employee has undergone the Philip Crosby Quality training by the end of this calendar year. Focus and adherence to zero defect quality and cGMP compliance will underpin Celsis' leadership position in the market. We have recently completed a customer satisfaction audit for both the Product and Laboratory Groups to provide our customers with another avenue to share their "voice" with Celsis. A statistic of note from our audit results, showed that 95% of our existing customer respondents have recommended, or would recommend Celsis to another company looking for the type of products or services which we provide. This is a very strong endorsement of our customer-focused approach and we intend to repeat this type of satisfaction audit on a regular basis to insure that Celsis continues to be aligned with the evolving needs of our customers. For the six-month period ended 30 September 2003, we are pleased to report robust profit growth on expanding revenue. We have continued to build our cash position from the base business and have successfully placed 5% of our share capital with new and leading institutional investors. We remain optimistic toward our future prospects and continued earnings growth. Financial Review Total Group Revenue for the 6 months to 30 September 2003 was up 3.5% to $13.48 million (H1 2002: $13.03 million), and up 6.3% after taking into account the discontinuation of our Laboratory Group's animal toxicology testing unit, which represented $0.35 million of revenue included in last year's figures. Gross profit increased 9.2% to $8.69 million (H1 2002: $7.96 million) and the gross margin increased from 61.1% to 64.4%. This improvement in gross margin is the result of the continued focus on higher margin business, and the elimination of low or inexistent net margin activities like animal toxicology testing. Both our Product and Laboratory Group have benefited from gross margin improvements. Total overhead increased 7.3% to $6.64 million (H1 2002: $6.19 million) as we strengthened our sales and marketing management teams in both the Product and Laboratory Groups. Operating profit increased 15.9% to $2.05 million (H1 2002: $1.77 million) and profit before tax increased 21.6% to $2.14 million (2002: $1.76 million). For the 6-month period, we recognised $0.63 million of deferred tax assets. The Company continues to recognise deferred tax assets as and when their recovery is likely. Retained profit for the period has increased 58.3% to $2.77 million (H1 2002: $1.75 million) and Earnings per share are up 56.7% to 2.6c (H1 2002: 1.6c) and diluted earnings per share are up 55.5% to 2.6c (H1 2002: 1.6c). Total Group capital expenditure is up to $0.77 million (H1 2002: $0.29 million). The total Laboratory Group investment including leasehold improvements, new laboratory equipment, and NuGenesis software amounted to $0.51 million for the period. NuGenesis is a new fully integrated scientific data management software, which is FDA 21 CFR part 11 compliant, and has been implemented into both the Saint Louis and New Jersey laboratories, allowing our Laboratory Group to acquire a significant competitive edge particularly as far as large pharmaceutical companies are concerned. Stocks are down 16.7% to $2.97 million (H1 2002: $3.57 million) as we have continued our inventory and supply chain management improvement process across the total Group. Debtors include $1.85 million of deferred tax assets and trade debtors are at $5.51 million (H1 2002: $5.20 million). Creditors and provisions have increased slightly to $3.53 million (H1 2002 : $3.32 million) and we currently have no long-term debt or usage of bank overdrafts. Our creditors/cash ratio (acid test ratio) has continued to improve to 0.31 (2002: 0.73). Our total cash position including cash and cash equivalents has continued to improve substantially to $11.44 million (H1 2002: $3.75 million). To meet institutional investor demand, Celsis issued 5,349,300 new ordinary shares at 29.5p per share in August 2003, via a Placing by the Company's broker, Seymour Pierce Limited, raising $2.44 million. The Placing of shares represents 5% of the enlarged issued share capital of the Company. Equity shareholders' funds have increased 58.7% to $23.92 million (H1 2002: $15.07 million, H2 2002: $18.58 million), with $6.44 million resulting from our trading activities and $2.44 million from our share capital increase as stated above. Net cash inflow has substantially increased to $3.29 million for the 6-month period versus $1.63 million during the comparable period last year and $5.07 million for the full year. The working capital has decreased $0.6 million during the period, mainly due to debtors and stock contraction, and the tight management of current assets has produced a useful contribution to the net cash inflow. Progress has continued across the Group during the period under review, profitability is solid in all our core activities, cost control measures continue and risk management issues are carefully monitored. The Group is well positioned to pursue its organic and external development, while continuing to deliver increased shareholder value in the coming years. Product Group The Product Group, which now represents 50% of Group revenues, increased strongly by 17.8% to $6.70 million (H1 2002: $5.69 million) and is ahead of plan. This was mainly due to our Personal Care and Pharma sector increasing 21% and our European Dairy sector improving 10%, compared to the same period last year. We have seen a strengthening of business in the Personal Care and Pharma sectors across all regions, which is indicative of the continuing global acceptance and expansion of Celsis technology within our key industries. Our Global Corporate Account Management (GCAM) programme remains the key strategic sales platform to drive the continued global implementation of Celsis testing in any country where our customers require the benefits of our rapid microbial screening systems. Having previously announced our preferred supplier agreement with GlaxoSmithKline in July of this half, we are also pleased that our recent GCAM activities have secured agreements from both Procter & Gamble and Johnson & Johnson to adopt our new AK testing system. On the beverage front, we secured corporate worldwide approval from Coca-Cola for our new beverage testing system and are currently working with several other leading beverage companies to implement our rapid testing systems. Celsis' market position in the European Dairy sector is now much stronger, as we have started to realise the success of ConCell acquisition through increased market share across the region. The customer-focused approach of the new European dairy team, combined with our new instrument platform(s) and improved reagent sensitivity now provide Celsis with the leading testing platform in the Dairy industry. We continue to improve our reagent technology and have launched several new higher sensitivity reagent kits across our market segments. Under the R&D leadership of ConCell founder Veikko Tarkkanen, we recently placed a pending patent on a new ATP-based reagent system that significantly improves the sensitivity of our testing kits. This new reagent system will provide Celsis a significant advantage over any known competitor in basic ATP detection for finished product testing. Combining this new patented ATP reagent system with our continued focus and development of our Adenlyate Kinase (AK) reagent systems means that Celsis will continue to offer superior products across its the breadth of our product line. Celsis has an exclusive AK license for finished product testing from the Defence and Scientific Testing Laboratories (Dstl) division of the UK Ministry of Defence, which we are continuing to use to develop more rapid detection systems utilizing AK technology. Laboratory Group Our Laboratory Group, which represents 50% of Group revenues, delivered a modest decline (3%) to $6.78 million (H1 2002: $6.98 million) following a slowdown in our pharmaceutical customers' spending in the earlier portion of this first half. Sample receipts picked up strongly in the latter portion of the half and into October, and we are confident that the situation was temporary and is correcting. Our Laboratory Group management team has recently been refocused toward the customer with a new Chemical Sciences Division and a new Biological Sciences Division, both with operations across our two locations (vs previous management of two separate locations with overlapping efforts and services). This new structure provides for one set of quality standards, one set of audit procedures, and one set of compliance documentation that is managed by one management team across our two locations. This new "services first" specialist focus combined with the Philip Crosby Quality and renewed cGMP compliance training will better enable our Laboratory Group to manage more effectively the growth of these two rapidly growing and higher margin analytical service sectors. Our business development and client service functions have been combined and are now being managed as a team. This new customer focused team is pro-active in providing a higher level of client technical support and express service, and has been very well received by our customers. We have also added a dedicated business development resource to Puerto Rico, where we have recently seen an untapped market for high quality analytical services to the large pharmaceutical manufacturing customer base located on this island. Lastly, we completed our exit from our lower margin animal testing services and converted these premises into a new higher margin in-vitro toxicology services laboratory. The recent EU ban of animal testing in addition to the overall decline in this service as a percentage of our overall Laboratory Group revenues meant that the disruption to our business was minimised. We are confident that our new focus on in-vitro toxicology testing places Celsis in the lead with respect to ethical testing procedures and will provide superior business growth and returns in the near future. Outlook We are pleased with our first half results and remain confident in securing a strong year-end with our long-term vision keenly focused on delivering further earnings growth. We remain aware of undervalued business opportunities that could benefit from the synergies that Celsis can provide and we will continue to consider only such opportunities that allow us to continue our pace of building solid profits and shareholder value. The market for Celsis' existing products and analytical services continues to expand and we have demonstrated the ability to grow this business at a vigorous pace while keeping costs in line with our business development needs. We are grateful to all of our employees for their individual contributions toward making this first half a success, and we thank you, our new and existing shareholders for your confidence and support of Celsis. Jay LeCoque, Chief Executive Officer Jack Rowell, Non-Executive Chairman Unaudited Consolidated Profit and Loss Account for the 6 months to 30 September 2003 Total Total Total $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2003 2002 2003 Notes Unaudited Audited Turnover 13,479 13,025 27,107 Cost of Sales (4,792) (5,061) (10,445) Gross profit 8,687 7,964 16,662 Overheads Sales & marketing expenses (4,623) (4,235) (9,191) Administrative expenses (1,568) (1,498) (2,604) Research & development expenditure (445) (461) (891) Operating profit 2,051 1,770 3,976 Interest receivable & similar income 99 99 97 Interest payable (9) (108) (133) Profit before taxation 2,141 1,761 3,940 Taxation 632 (8) 1,220 Retained profit for the period 2,773 1,753 5,160 Earnings per Ordinary Share Earnings per Ordinary Share 1 2.57c 1.64c 4.82c Diluted earnings per share 1 2.55c 1.64c 4.82c Statement of Total Group Recognised Gains and Losses for the 6 months to 30 September 2003 Profit for the financial period 2,773 1,753 5,160 Currency translation differences on foreign currency net investments 126 333 435 Total profit recognised since last annual report 2,899 2,086 5,595 Unaudited Consolidated Balance Sheet at 30 September 2003 $'000 At 30 Sept At 30 Sept At 31 March 2003 2002 2003 Notes Unaudited Audited Fixed Assets Intangible assets 1,356 1,596 1,403 Tangible assets 4,128 4,022 3,889 Investments 12 6 11 5,496 5,624 5,303 Current Assets Stocks 2,974 3,571 3,088 Debtors : amounts falling due after one year 163 244 150 Debtors : amounts falling due within one year 7,368 5,201 7,249 Short-term investments 9,370 - 4,896 Cash at bank and in hand 2,072 3,752 1,653 21,947 12,768 17,036 Creditors - due within one year (3,173) (2,738) (3,310) Net Current Assets 18,774 10,030 13,726 Total Assets less Current Liabilities 24,270 15,654 19,029 Creditors - due after more than one year (279) (373) (349) Provision for liabilities and charges (72) (212) (102) Net Assets 23,919 15,069 18,578 Capital and Reserves: Called up share capital 1,611 1,525 1,525 Share premium account 23,097 20,741 20,741 Profit and loss account 5 (2,271) (8,679) (5,170) Reserve arising on consolidation 1,482 1,482 1,482 Equity shareholders' funds 23,919 15,069 18,578 Unaudited Cashflow Statement for the 6 months to 30 September 2003 $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2003 2002 2003 Unaudited Audited Net cash inflow from operating activities 3,286 1,627 5,072 Returns on investments and servicing of finance Interest received 99 99 97 Interest paid (9) (108) (133) Net cash (outflow)/inflow from returns on investments and servicing of finance 90 (9) (36) Taxation Corporation tax paid (35) (8) (25) (35) (8) (25) Capital expenditure and financial investment Purchase of tangible fixed assets (773) (294) (611) Sale of tangible fixed assets - - Purchase of intangible fixed assets - - Net cash (outflow)/inflow from returns on investment (773) (294) (611) and capital expenditure Acquisitions Purchase of subsidiary undertaking (less cash acquired) - - - Cash inflow/(outflow) before financing 2,568 1,316 4,400 Management of liquid resources Purchase of short-term investments (4,476) - (4,896) - - - Issue of shares - - - Financing Issue of sharesProceeds from share options exercised 2,442 - - Proceeds from share options exercised - - - Repayment of principal under finance leases (79) (105) (215) Repayment of loan principalRRepayment of loan principal - - - Net cash (outflow) from financing 2,363 (105) (215) Increase/(decrease) in cash in the period 455 1,211 (711) Notes for the 6 months to 30 September 2003 1. Basic & diluted profit per ordinary share $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2003 2002 2003 Unaudited Audited Profit on ordinary activities after taxation $2,773,000 $1,753,000 $5,160,000 Basic weighted average number of Ordinary Shares in issue 108,009,008 106,946,566 106,946,566 Diluted weighted average number of Ordinary Share in issue 108,634,163 107,116,812 107,116,812 2. Reconciliation of operating profit to net cash inflow from operating activities Operating profit 2,051 1,770 3,976 Depreciation of tangible fixed assets 586 572 1,156 Provision for reduction in valuation of shares held by ESOT 1 - (5) Amortisation of intangible assets 52 49 101 Loss on disposal of tangible fixed assets - - 6 Decrease in debtors 719 1,154 185 Decrease in stocks 114 368 532 (Decrease)/increase in trade & other creditors (207) (1,324) 83 Movement in provisions (30) (962) (962) Net cash inflow from continuing operating activities 3,286 1,627 5,072 3. Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash in the period 455 1,211 (711) Purchase of short-term investments 4,476 - 4,896 Repayment of finance lease and loan obligations 79 105 215 Changes in net funds resulting from cashflows 5,010 1,316 4,400 New finance leases - (31) (68) Exchange adjustment - 240 28 Movement in net funds in the period 5,010 1,525 4,360 Net funds at the beginning of the period 6,103 1,743 1,743 Funds at the end of the period 11,113 3,268 6,103 4. Analysis of net funds $'000 At start of Cashflow Non-cash Exchange At end of period changes differences period Six months ended 30 September 2003 Cash at bank and in hand 1,653 417 - - 2,070 Short-term investments 4,896 4,476 - - 9,372 Bank overdrafts (35) 35 - - - Loans - Finance leases (411) 82 - - (329) 6,103 5,010 - - 11,113 Six months ended 30 September 2002 Cash at bank and in hand 2,549 937 - 266 3,752 Bank overdrafts (248) 274 - (26) - Finance leases (558) 105 (31) - (484) Loans - - - - - 1,743 1,316 (31) 240 3,268 Year ended 31 March 2003 Cash at bank and in hand 2,549 (924) - 28 1,653 Short-term investments - 4,896 - - 4,896 Loans - Bank overdrafts (248) 213 - - (35) Finance leases (558) 215 (68) - (411) 1,743 4,400 (68) 28 6,103 5. Profit and loss account Six months Six months Year to 30 Sept to 30 Sept to 31 March 2003 2002 2003 At 1 April (5,170) (10,765) (10,765) Retained profit for the period 2,773 1,753 5,160 Exchange difference 126 333 435 Loss carried forward (2,271) (8,679) (5,170) This information is provided by RNS The company news service from the London Stock Exchange END IR DVLFLXBBLFBQ
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