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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:5049E Celsis International PLC 27 October 2004 CELSIS INTERNATIONAL PLC Interim Results for six months to 30 September 2004 Strong rise in profits and turnover Embargoed until 7:00am 27 October 2004 Celsis International plc, the microbial detection and analytical services company, today announces its Interim results for the six months to 30 September 2004. Financial Highlights: * Profit before tax up 27.1% to $2.72 million (H1 2003: $2.14 million). * Turnover up 12.7% to $15.19 million (H1 2003: $13.48 million). * Product Group revenues up 16.4% to $7.80 million (H1 2003: $6.70 million) and Laboratory Group revenues up 9.0% to $7.40 million (H1 2003: $6.78 million). * Gross margins improve to 65.0% (H1 2003: 64.4%). * Earnings per share increased 21.2% to 2.40c (H1 2003: 1.98c) on a comparable pre-tax basis, as last year's EPS of 2.57c and this year's EPS of 3.11c continue to benefit from tax losses brought forward. * Strong cash position increased to $15 million (H1 2003: $11.4 million including short term investments). Operational Highlights: * Product Group's strong global growth continues at 16.4% with Personal Care and Pharmaceutical business unit revenues up 27.4% and Dairy unit revenues up 9.0%. * Product Group launches RapiScreen(TM) Biologics testing system for vaccine manufacturers to screen for microbial contamination in cell culture lines. * Laboratory Group rebounds with revenues up 9.0% with orders from a broad base of pharmaceutical customers. Jay LeCoque, Chief Executive Officer of Celsis, commented: "I am pleased to report encouraging growth in both revenues and profits in this year's interim results. Profits are up 27% on organic revenue growth of 13%. Our Product Group continues its rapid global expansion across all market segments. Our Laboratory Group secured a significant rebound in orders across a broad range of our pharmaceutical customer base." "Our focus on providing customers with superior products and exceptional service continues to reinforce our position as the leading supplier in our respective industries. We remain confident that we have the right strategies in place to continue our expansion with sustained earnings growth. I look forward to reporting further strong progress at the year end." Enquiries: Celsis International plc Tel: 01638 600 151 Jay LeCoque, Chief Executive Officer Tel: 020 7831 3113 Christian Madrolle, Finance Director on 27 October Financial Dynamics Tel: 020 7831 3113 David Yates Lucy Briggs Notes to editors Celsis International plc Celsis International plc is a microbial detection and analytical services company operating through two divisions, the Product Group and the Laboratory Group. Using its proprietary enzyme technology, the Product Group is the world leader in the provision of diagnostic systems for the rapid detection of microbial contamination. It works in close collaboration with many of the world's leading pharmaceutical, personal care and beverage companies, ensuring the safety and quality of products bound for consumers. The Laboratory Group provides outsourced analytical testing services to pharmaceutical companies to ensure the stability and chemical composition of their products. In addition to ensuring product quality and safety for consumers, both divisions have the capacity to deliver substantial cost savings to Celsis' customers. By reducing the time it takes to test and release raw materials and finished goods to the market place, Celsis' products facilitate increased manufacturing productivity and improved supply chain management. Celsis International plc is listed on the London Stock Exchange (CEL.L). Further information can be found on the Company's website at www.celsis.com. Chairman's & Chief Executive's Review Introduction During the first half of 2004 we both expanded our Product Group and secured a significant rebound in our Laboratory Group business. We have continued to better co-ordinate our customer facing teams from both Groups to leverage opportunities within our respective core customer bases. Our Product Group continues to grow by both selling to existing customers and expanding our customer base. We are working in close collaboration with key, world-leading pharmaceutical, personal care and beverage companies to expand our range of rapid detection testing systems. As announced in our 2004 preliminary results, we continue to work with leading vaccine manufacturers to provide a rapid screen for microbial contamination within their cell culture lines. We expect the recent news regarding the contamination of the world flu vaccine supply to generate additional interest and demand for our new RapiScreen(TM) Biologics testing system. Our Laboratory Group delivered its strongest revenue growth in years by leveraging a strong turn-around in our major pharmaceutical customer spending and by restructuring around customer needs to secure more contract business from both new and existing customers. Our customer focused programmes and technology lead has reduced the number of competitive lab service offerings. Our investments in Philip Crosby Quality training, NuGenesis data management systems, and updated cGMP training are beginning to show the desired results. For the six-months ended 30 September 2004, we are pleased to report robust profit growth on double-digit revenue gains. Group revenue increased 12.7% to $15.19 million (H1 2003: $13.48 million) and profit before tax increased 27.1% to $2.72 million (H1 2003: $2.14 million). We have continued to both build our cash position whilst investing in our business growth areas. We are on track for a strong outcome for the full year and are confident in the long-term future prospects for the Company. Product Group The Product Group, which provides diagnostic systems to ensure the safety and quality of products bound for consumers, represented 51% of Group revenues this first half. Revenues increased ahead of our expectations by 16.4% to $7.8 million (H1 2003: 6.7 million). Instrument sales were particularly strong to our Global Corporate Accounts Management (GCAM) customer base, which bodes extremely well for future reagent sales, although reagents and consumables continue to represent over 80% of Product Group revenues. Our Personal Care and Pharmaceutical business unit revenues increased 27.4% and represented 63% of Product Group revenues this half. We secured strong business unit growth in all regions, particularly in Europe and Asia, as more of our major global customers employ the Celsis testing systems, for their finished product screening, at their global manufacturing facilities. During the period, we also gained several European-based global customers. These customers were drawn to the significant cost savings and productivity gains realised through the use of Celsis testing systems throughout their global operations. In addition, we have also added Natura, the largest Brazilian owned personal care and cosmetics company in Brazil, to our growing list of global customers that are initiating their rapid testing utilising AKuScreen(TM). We are also continuing the successful customer conversion to AKuScreen(TM) in both the Personal Care and Pharmaceutical sectors and are working with the Defence Science and Technology Laboratory (Dstl) in the UK on additional applications for AK in the Pharmaceutical sector. Our AK technology provides significant advantages in both speed to result and sensitivity when compared to standard ATP testing and is now our primary test offering into both the Personal Care and Pharmaceutical industries. Our Dairy business unit revenues increased 9.0% following the successful launch of our InnovateTM, Innovate.imTM and newly patented RapiScreen(TM) Dairy testing system. This technically advanced, as well as extremely easy-to-use, testing system is quickly becoming the new industry standard in the Dairy industry. We are also leveraging the new InnovateTM and Innovate.imTM and combining it with our new RapiScreen(TM) Beverage testing system into our rapidly growing non- Dairy Beverage business and will soon be in a position to announce significant new business in this area. We are currently in discussions with some of the world's leading clinical diagnostics companies to expand both our product range and technology base for rapid microbial detection beyond ATP bioluminescence. We believe that there are some technologies that have been developed for use in clinical diagnostics that could be very useful in the industrial testing arena. Our understanding of this customer base and our ability to leverage our global sales channel provide us with unique advantages in the development and commercialisation of such new product offerings. Laboratory Group The Laboratory Group, which provides outsourced analytical testing services to the pharmaceutical industry to ensure the stability and chemical composition of products, represented 49% of Group revenues in the first half. Revenues grew 9.0% to $7.4 million (H1 2003: $6.78 million) as orders increased from our Pharmaceutical customer base. Our new operating structure, focused business development team and targeted marketing activities have allowed for rapid growth in larger customer orders, particularly successful in our New Jersey operation, as it is located in the most concentrated area of outsourced testing in the US. Our New Jersey operation increased revenues by 33%. Although this growth is from a smaller base than our St Louis operation, the success of our business development team in generating new business that significantly exceeds the market growth rate of contract analytical testing services is a very encouraging development. During the first half, we have expanded our business development team geographically in North America and Puerto Rico and are seeing customer orders remain healthy into the second half. The alignment of our customer service operations with our business development team, in addition to several newly implemented customer communication tools is enabling us to deliver seamless customer care. Our philosophy of "Big Enough to Deliver, Small Enough to Care", is increasingly resonating with our growing customer base who expect high quality service and attention. We remain committed to the expansion of our higher margin services offerings. Specifically, we are working with leading in vitro diagnostic suppliers to define the validation parameters in the conversion to in vitro toxicology in order to better assist our customers in utilising these new technologies. With the addition of our Class 100 sterility suite in New Jersey we are strategically targeting medical device companies. We are also increasing our expertise in method development to broaden our service capabilities in this growing area of business. Financial Review Results for the six months to 30 September 2004 showed a strong performance with Group revenues up 12.7% to $15.19 million (H1 2003: $13.48 million). Both the Product and Laboratory Groups contributed to the strong growth, with a marked improvement in the activity level of the Laboratory Group, particularly in our New Jersey operation, compared to last year and the continued solid expansion of the Product Group activities especially in Europe and Asia. Gross profit increased 13.7% to $9.88 million (H1 2003: $8.69 million) with gross margins strengthening slightly to 65% (H1 2003: 64.4%). Overall, these results display the excellent resilience of the Group's margins in an accelerated growth environment. Operating, Administration and R&D costs increased 7.8% to $7.16 million (H1 2003: $6.64 million). Although substantially lower than the revenue growth rate, 4.5% of this increase is due to the strengthening of the Euro and Sterling against the US$ compared to the exchange rates for the same period last year as our cost-base remains under strict control. Operating profit rose significantly 32.7% to $2.72 million (H1 2003: $2.05 million) and profit before tax increased 27.1% to $2.72 million (H1 2003: $2.14 million). For the six-month period, we accrued for a UK tax-charge based on the current profitability of our UK entities. As we expect our US entities to continue to trade profitably we have started to recognise the benefit of US tax losses brought forward. Overall the tax credit for the period is $771,000 (H1 2003: $612,000 credit). Retained profit for the period has increased 25.7% to $3.49 million (H1 2003: $2.77 million). Earning per share increased 21.2% to 2.40c (H1 2003: 1.98c) on a comparable pre tax basis, as last year's EPS of 2.57c and this year's EPS of 3.11c continue to benefit from tax losses brought forward. Total capital expenditure is up to $1 million (H1 2003: $0.77 million). Both Groups have invested in new instrumentation and the Product Group has also invested in new Customer Relation Management software allowing improved coordination of the Global Corporate Accounts Management process. Debtors due within a year are up 10% to $6.75 million (H1 2003: $6.14 million), reflecting the increased level of sales, and the deferred tax asset account reflects the tax assets recognised at the end of the last fiscal year. Creditors and provisions have increased to $3.85 million (H1 2003: $3.52 million) and the Group has no long-term debt or bank overdraft. Our creditors/cash ratio (acid test ratio) has further strengthened to 0.26 (H1 2003: 0.31). The cash and cash equivalents position has improved to $15 million (H1 2003: $11.44 million) although the free cash generation has slowed down during the period under review as the Group has paid a dividend of $966,000, bought $205,000 of treasury shares and invested $1 million of capital expenditure during the last six months. There will be no interim dividend. Equity shareholder's funds have increased 27.1% to $30.41 million (H1 2003: $23.92 million), representing $6.49 million during the last 12 months after a deduction of $205,000 of treasury shares purchased during the period. Net working capital excluding the deferred tax assets compared to the same period last year decreased $476,000 to $5.28 million (H1 2003: $5.75 million) due to the continuous decrease of stocks and increase in creditors. Stocks have continued to be strictly controlled and their value is down 26% to $2.2 million (H1 2003: $2.97 million). The Holding Company, after distribution of a maiden dividend in August 2004, needs to increase its distributable reserves for the purpose, among others, of paying dividends to shareholders in the future. The planned reduction of the share premium account will require the approval of shareholders by a special resolution at the Extraordinary General Meeting to be held on 28 October 2004. Sales and profits from both groups have remained solidly in line with management expectations. With no long-term debt and a strong balance sheet, the Group is continuing to deliver increased shareholder value and is committed to pursuing organic and external growth. Outlook We are pleased with our strong first half performance. The Product Group continues its strong global growth and the rate of adoption of our rapid testing systems is accelerating as corporate client's leverage cost savings with Celsis technology. We are expanding our product technology offerings to more effectively meet the increasing needs of our growing customer base. The Laboratory Group is continuing to benefit from an improved economic environment as well as from our new operating structure, aligned around customer needs, and our targeted sales and marketing activities. We remain confident that we can remain a leader in the analytical services markets in North America where our growth rate, in the most concentrated area of outsourced testing, is significantly higher than the growth rate of the market. As the market for our products and services continues to expand and Celsis improves its product and services offerings we are confident that we can continue to grow our top line revenues whilst managing our cost base to deliver consistent profit growth. We are also utilising a disciplined approach to identify potential new business opportunities and our focus will remain on ensuring long-term shareholder value. We are on track for a strong outcome for the full year and are confident in the Company's long-term future prospects. Jay LeCoque, Chief Executive Officer Jack Rowell, Non-Executive Chairman Unaudited Consolidated Profit and Loss Account for the 6 months to 30 September 2004 Total Total Total $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2004 2003 2004 Notes Unaudited Audited Turnover 15,187 13,479 27,595 Cost of Sales (5,312) (4,792) (9,449) __________ __________ __________ Gross profit 9,875 8,687 18,146 Overheads Sales & marketing expenses (5,036) (4,623) (9,692) Administrative expenses (1,737) (1,568) (3,072) Research & development expenditure (387) (445) (782) __________ __________ __________ Operating profit 2,715 2,051 4,600 Interest receivable & similar income 87 99 263 Interest payable & similar charges (86) (9) (35) __________ __________ __________ Profit before taxation 2,716 2,141 4,828 Taxation 771 632 1,829 __________ __________ __________ Profit for the period 5 3,487 2,773 6,657 Dividends - - (966) __________ __________ __________ Retained profit for the period 3,487 2,773 5,691 __________ __________ __________ Earnings per Ordinary Share Earnings per Ordinary Share 1 3.11c 2.57c 6.04c Diluted earnings per share 1 3.09c 2.55c 6.00c Statement of Total Group Recognised Gains and Losses for the 6 months to 30 September 2004 Profit for the financial period 3,487 2,773 6,657 Currency translation differences on foreign currency net (102) 126 499 investments Total profit recognised since last annual report 3,385 2,899 7,156 Unaudited Consolidated Balance Sheet at 30 September 2004 $'000 At 30 Sept At 30 Sept At 31 March 2004 2003 2004 Notes Unaudited Audited Fixed Assets Intangible assets 1,269 1,356 1,314 Tangible assets 4,455 4,128 4,113 Investments 24 12 24 __________ __________ __________ 5,748 5,496 5,451 Current Assets Stocks 2,200 2,974 2,761 Debtors : amounts falling due after one year 180 163 152 Debtors : amounts falling due within one year 6,751 6,140 5,916 Deferred tax asset 4,386 1,228 3,559 Short-term investments - 9,370 - Cash at bank and in hand 15,002 2,072 14,207 __________ __________ __________ 28,519 21,947 26,595 Creditors - due within one year (3,602) (3,173) (4,536) __________ __________ __________ Net Current Assets 24,917 18,774 22,059 Total Assets less Current Liabilities 30,665 24,270 27,510 Creditors - due after more than one year (176) (279) (226) Provision for liabilities and charges (76) (72) (51) __________ __________ __________ Net Assets 30,413 23,919 27,233 __________ __________ __________ Capital and Reserves: Called up share capital 1,611 1,611 1,611 Share premium account 23,120 23,097 23,120 Profit and loss account 5 4,405 (2,271) 1,020 Treasury shares (205) - - Reserve arising on consolidation 1,482 1,482 1,482 __________ __________ __________ Equity shareholders' funds 30,413 23,919 27,233 __________ __________ __________ Unaudited Cashflow Statement for the 6 months to 30 September 2004 $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2004 2003 2004 Unaudited Audited Net cash inflow from operating activities 2,051 3,286 6,502 Returns on investments and servicing of finance Interest received 87 99 263 Interest paid (14) (9) (35) __________ __________ __________ Net cash inflow from returns on investments 73 90 228 and servicing of finance Taxation Corporation tax paid (35) (35) (149) __________ __________ __________ (35) (35) (149) Capital expenditure and financial investment Purchase of tangible fixed assets (1,006) (773) (1,333) Sale of tangible fixed assets - - 9 __________ __________ __________ Net cash outflow from returns on investment and capital (1,006) (773) (1,324) expenditure __________ __________ __________ Cash inflow before financing 1,083 2,568 5,257 __________ __________ __________ Management of liquid resources Purchase of short-term investments - (4,476) 4,896 Financing Issue of shares - 2,442 2,513 Expenses of shares issued - - (72) Proceeds from share options exercised - - 24 Purchase of treasury shares (205) - - Repayment of principal under finance leases (83) (79) (161) __________ __________ __________ Net cash (outflow)/inflow from financing (288) 2,363 2,304 __________ __________ __________ Increase in cash in the period 795 455 12,457 __________ __________ __________ Notes for the 6 months to 30 September 2004 1. Basic & diluted profit per ordinary share $'000 Six months Six months Year to 30 Sept to 30 Sept to 31 March 2004 2003 2004 Unaudited Audited Profit on ordinary activities after taxation 3,487 2,773 6,657 Basic weighted average number of Ordinary Shares in issue 112,191,245 108,009,008 110,205,337 Diluted weighted average number of Ordinary Share in issue 113,004,287 108,634,163 111,000,910 2. Reconciliation of operating profit to net cash inflow from operating activities Operating profit 2,715 2,051 4,600 Depreciation of tangible fixed assets 711 586 1,212 Provision for reduction in valuation of shares held by ESOT - 1 (13) Amortisation of intangible assets 36 52 94 Loss on disposal of tangible fixed assets - - 1 (Increase)/decrease in debtors (1,012) 719 179 Decrease in stocks 561 114 352 (Decrease)/increase in trade & other creditors (985) (207) 128 Movement in provisions 25 (30) (51) __________ __________ __________ Net cash inflow from continuing operating activities 2,051 3,286 6,502 __________ __________ __________ 3. Reconciliation of net cash flow to movement in net funds Increase in cash in the period 795 455 12,457 Purchase of short-term investments - 4,476 (4,896) Repayment of finance lease and loan obligations 83 79 161 __________ __________ __________ Changes in net funds resulting from cashflows 878 5,010 7,722 Exchange adjustment - - 128 __________ __________ __________ Movement in net funds in the period 878 5,010 7,850 __________ __________ __________ Net funds at the beginning of the period 13,953 6,103 6,103 __________ __________ __________ Funds at the end of the period 14,831 11,113 13,953 __________ __________ __________ 4. Analysis of net funds $'000 At start of Cashflow Exchange At end of period differences period Six months ended 30 September 2004 Cash at bank and in hand 14,204 798 - 15,002 Bank overdrafts (4) - - (4) Finance leases (250) 83 - (167) __________ __________ __________ __________ 13,950 881 - 14,831 __________ __________ __________ __________ 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 - - Finance leases (411) 82 - (329) __________ __________ __________ __________ 6,103 5,010 - 11,113 __________ __________ __________ __________ Year ended 31 March 2004 Cash at bank and in hand 1,653 12,426 128 14,207 Short-term investments 4,896 (4,896) - - Bank overdrafts (35) 31 - (4) Finance leases (411) 161 - (250) __________ __________ __________ __________ 6,103 7,722 128 13,953 __________ __________ __________ __________ 5. Profit and loss account Six months Six months Year to 30 Sept to 30 Sept to 31 March 2004 2003 2004 At 1 April 1,020 (5,170) (5,170) __________ __________ __________ Retained profit for the period 3,487 2,773 5,691 Exchange difference (102) 126 499 __________ __________ __________ Profit/(loss) carried forward 4,405 (2,271) 1,020 __________ __________ __________ 6. Deferred tax assets Six months Year to 30 Sept to 31 March 2004 2004 Amounts falling due within one year 1,500 1,500 Amounts falling due after more than one year 2,886 2,059 __________ __________ 4,386 3,559 __________ __________ This information is provided by RNS The company news service from the London Stock Exchange END IR DQLFLZBBBFBE
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