We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Immunodiagnostic Systems Holdings Plc | LSE:IDH | London | Ordinary Share | GB00B01YZ052 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 378.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIDH
RNS Number : 0830G
Immunodiagnostic Systems Hldgs PLC
20 November 2020
20 November 2020
Immunodiagnostic Systems Holdings PLC
Unaudited Interim Results for the six-month period ended 30 September 2020 (H1 FY21)
Key Business Developments in H1 FY21
The COVID-19 pandemic has had an extraordinary impact on global economic performance, and to healthcare systems around the world. Levels of routine diagnostic testing in the market dropped significantly in April, and since then they have been on a recovery path, reaching an estimated 85% of normal levels in September. On a quarterly basis, the directors estimate the market for routine testing saw a drop of 35 % during Q1, and 15% during Q2. The IDS revenues followed this market trend.
IDS has launched a number of products for COVID-19 testing in H1, but revenues from these products have so far not been able to make up for the impact of the decline in the market for routine testing.
Unaudited Group revenues for H1 FY21 were GBP13.7m, 27% lower than the same period last year on both a LFL (i.e. at constant FX rates) and reported basis. Revenues in Q1 were GBP5.7m (61% of Q1 FY20) but had increased significantly to GBP8.0m in Q2 (84% of Q2 FY20). This development mirrors the recovery of routine diagnostic testing as noted earlier.
We undertook several cost control efforts during the period to offset the reduced revenues, including using part time working schemes where available, and as a result reduced fixed costs by GBP1.6m versus H2 FY20.
Adjusted EBITDA, our core metric for measuring underlying profitability, decreased from a profit of GBP2.9m in H1 FY20 to a loss of GBP0.8m in H1 FY21. Within the period, Adjusted EBITDA has followed the same improving trend as the revenue, with a loss of GBP0.9m in Q1 recovering to a profit of GBP0.1m in Q2.
These results are summarised below:
GBPm H1 FY21 H1 FY20 LFL Change* Group Revenue 13.7 18.8 (27%) Adjusted** EBITDA (0.8) 2.9 (126%) ------------------- -------- -------- ------------
* Like for like 'LFL' numbers have been restated to remove the impact of foreign exchange movements in the period by restating the prior period results using the exchange rates of the current period.
** Before exceptional items of GBP0.6m (H1 FY20: GBPnil) - see reconciliation in the Financial Review section.
Jaap Stuut, CEO of IDS, commented:
"The impact of the COVID-19 pandemic dominated our H1 FY21 results. However, on the positive side it was pleasing that our automated assay menu increased by seven new assays. We also continued to increase the installed base of IDS analysers and saw a swift recovery in business performance during Q2 as diagnostic testing levels recovered. This increased installed base and assay menu, which now includes a comprehensive SARS-CoV-2 antibody test offering, coupled with our strong balance sheet position, gives me confidence that as the global situation improves IDS will return to growth."
Notes:
Immunodiagnostic Systems Holdings PLC ("IDS" or "the Group") is a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical and research markets.
For further information:
Immunodiagnostic Systems Holdings PLC Tel : +44 (0)191 519 0660 Jaap Stuut, CEO Paul Martin, Finance Director Peel Hunt LLP Tel : +44 (0)20 7418 8900 James Steel/Oliver Jackson
Chief Executive's Statement
Overview
On both a reported basis and LFL basis, Group revenue decreased by 27% from H1 FY20, mainly driven by the reduction in routine diagnostic testing levels due to the COVID-19 pandemic. However, we witnessed a much stronger performance towards the end of H1, with Q2 revenues at 84% of the same period in the prior year. The quarterly Group revenue performance is summarised as follows:
FY21 FY20 % of FY20 revenue achieved in FY21 Q1 (April - June) GBP5.7m GBP9.1m 61% ---------- ---------- ------------------ Q2 (July - Sept) GBP8.0m GBP9.7m 84% ---------- ---------- ------------------ Total GBP13.7m GBP18.8m 73% ---------- ---------- ------------------
Below is a discussion of the main developments and actions taken in each business unit during the period:
1. AUTOMATED BUSINESS 1.1 Business Performance LFL Change % H1 FY21 H1 FY20 H1 FY19 H1 FY21 v H1 FY20 GBP000 GBP000 GBP000 H1 FY20 v H1 FY19 -------- -------- -------- ---------- --------- 25-OH Vitamin D 1,069 2,325 2,839 (54%) (20%) -------- -------- -------- ---------- --------- Speciality - Endo 5,410 7,059 6,679 (23%) 5% -------- -------- -------- ---------- --------- Speciality - AI 805 702 425 14 % 64 % -------- -------- -------- ---------- --------- Speciality - Others 214 169 144 26% 17% -------- -------- -------- ---------- --------- Instrument Sales & Service 699 736 714 (6%) 3% -------- -------- -------- ---------- --------- Total 8,197 10,991 10,801 (25%) 0% -------- -------- -------- ---------- ---------
Revenue performance in our Automated business declined versus the prior year due to lower diagnostic testing levels, as noted earlier. The revenue trajectory improved significantly as H1 progressed, with revenues of GBP3.3m in Q1 increasing to GBP4.9m in Q2.
Business performance varied depending on geography, due to the differing stages of the pandemic in each location. During Q2 FY21 sales in our direct European territories had recovered and were slightly ahead of the same period in the previous year. Conversely, sales in the US and some of our distribution territories were significantly lower.
Over the last few years, our strategy has been to develop new business streams in our Automated Business, thereby reducing our reliance on the declining Vitamin D business. Vitamin D now only accounts for 13% of our Automated business, resulting in a more diversified revenue base with better underlying growth characteristics.
It was pleasing to note, despite the macro economic factors, Speciality Autoimmune revenues continued to grow. This reflects the attractiveness in the market of our comprehensive assay menu which combines dedicated autoimmune markers with complementary endocrinology markers. There is also opportunity to accelerate our Infectious Disease assay revenues on the back of our automated SARS-CoV-2 antibody tests which were released towards the end of H1 FY21.
1.2 Instrument Placements
An analysis of instrument placements and sales is set out below:
H1 FY21 H1 FY20 H1 FY19 Direct Gross Placements [1] 9 18 15 Direct Returns (10) (14) (12) Direct Net Placements [2] (1) 4 3 Sales to Distributors [3] 12 14 13 Total Analyser Installations [1] + [3] 21 32 28 Increase in installed base [2] + [3] 11 18 16 ------------------------------- -------- -------- ----------
The worldwide installed base of analysers increased by 11 during H1 FY21 (H1 FY20: 18).
The focus in most hospitals and laboratories on acute PCR testing for SARS-CoV-2 has impacted the speed in which we can install analysers for validation, and more generally to progress opportunities through our sales pipeline. Sales activity levels, in both direct and distribution markets, improved during Q2, and as a result we expect to see improved analyser placement performance during H2 FY21.
1.3 Assays per Instrument
Average assays being run on each instrument stands at 6.1, versus 5.4 at 30 September 2019, demonstrating our ability to upsell new assays onto existing placements, along with the continued uptake of our enlarged assay portfolio.
1.4 Market Share
We have assessed whether the strong decrease in revenues in H1 FY21 could be the result of a loss of market share and are confident that we have not ceded market share to competition. We take this confidence from three sources: the lower number of analysers returned, the increased ability to upsell more assays onto our installations, and the fact that many diagnostic companies routine testing businesses have suffered similar declines in revenue.
1.5 COVID-19 Products
Towards the end of H1 FY21 we launched two automated immunoassays for the detection of SARS-CoV2 IgG and IgM antibodies, which can detect past infections as well as providing critical public health information. We also provided outsourced manufacturing services to The Binding Site (UK) for their ELISA-based SARS-CoV-2 antibody test. Revenue from COVID-19 products amounted to GBP0.4m during Q2 FY21.
With the potential arrival of SARS-CoV-2 vaccines, public health studies into the virus should increase as there will be a need to measure the success of the vaccination programmes. There should be a growing interest in monitoring the overall antibody level in a population to measure the attainment of a protective antibody level nationwide for achieving herd immunity. This could drive increased sales of our automated SARS-CoV2 antibody tests.
The above tests are used to confirm past infections. However currently the market focus is on testing to verify an active infection. Therefore, in conjunction with one of our partners, we are working on the development of a saliva-based rapid test for SARS-CoV-2 antigens. This manual test, which has the potential for self-administered use, would allow for immediate identification of individuals with an elevated amount of SARS-CoV-2 virus and be extremely helpful for curtailing the spread of the virus. In addition, it will overcome the shortcoming of presently used rapid tests based on nasopharyngeal swabs, which rely on sampling by professional staff only.
1.6 Assay Development and Product Registration
In Europe, in addition to the two automated SARS-Cov-2 tests we released the IDS Automated Cortisol assay, which rounds out our automated hypertension panel. We also entered the field of therapeutic drug monitoring, with a panel of four new tests co-developed with a partner. These are the first such automated tests on the market. They are used to monitor the efficacy of Infliximab (trade name Remicade) and Adalimumab (trade name Humira) which are antibody-based drugs used in the management of chronic inflammatory diseases.
In the US we achieved 510k approval for our BAP assay and expect to make the first sales of this key assay to a major US laboratory chain during H2 FY21.
In summary, the automated assay menu now available on the IDS analysers is:
Sep 20 Sep 19 CE FDA CE FDA ---- ---- ---- ---- Endocrinology 23 12 22 11 ---- ---- ---- ---- Autoimmune 29 29 ---- ---- ---- ---- Infectious Disease 25 23 ---- ---- ---- ---- Allergy 67 67 ---- ---- ---- ---- Therapeutic Drug 4 - monitoring ---- ---- ---- ---- Total 148 12 141 11 ---- ---- ---- ---- 2. Manual Business LFL Change % H1 FY21 H1 FY20 H1 FY19 H1 FY21 v H1 FY20 GBP000 GBP000 GBP000 H1 FY20 v H1 FY19 -------- -------- -------- ---------- --------- 25-OH Vitamin D 249 604 556 (59%) 6% -------- -------- -------- ---------- --------- Other Speciality - IDS 1,696 2,446 2,524 (31%) (5%) -------- -------- -------- ---------- --------- Other Speciality - Purchased 667 872 987 (24%) (14%) -------- -------- -------- ---------- --------- Diametra 999 1,816 2,069 (45%) (13%) -------- -------- -------- ---------- --------- Total 3,611 5,738 6,136 (37%) (8%) -------- -------- -------- ---------- ---------
The Manual business saw a decline of 37% LFL versus H1 FY20, impacted essentially by the same factors as the Automated business. Revenues started to recover with Q1 revenue being GBP1.6m and Q2 being GBP2.0m. Despite the efforts of the Manual business unit sales team, this recovery is less pronounced than our Automated business, which we believe is due to a greater portion of our Manual business being generated in geographies which have seen a slower rebound from the first virus wave and hence lower demand levels.
The speciality product range has been impacted less by the reduction in levels of routine testing than our 25-OH Vitamin D and Diametra products, as the speciality tests are often used in a research setting, where the volume impact has been less significant.
3. Technology Business LFL Change % H1 FY21 H1 FY20 H1 FY19 H1 FY21 H1 FY20 GBP000 GBP000 GBP000 v v H1 FY20 H1 FY19 -------- -------- -------- --------- --------- Royalty Income - - 35 0% (99%) -------- -------- -------- --------- --------- Technology Income 1,890 2,062 1,523 (9%) 36% -------- -------- -------- --------- --------- Total 1,890 2,062 1,558 (9%) 32% -------- -------- -------- --------- ---------
Our Technology business, comprising the sale of instruments and ancillaries to OEMs, showed a LFL decline of GBP172k.
In this business unit, we have widened the sales focus to include commercialisation of our assay technology and manufacturing know-how. We had success in this area through our agreements to provide contract manufacturing services for SARS-CoV-2 ELISA kits, the revenue for which has been recognised in Technology Income, along with the revenue from sales of our analyser technology to OEM partners.
4. Operations
Like most businesses IDS has faced challenges and restrictions arising from the COVID-19 crisis. These have varied in each of our operational locations, and across the territories where our customers and suppliers are based. It is a credit to our entire team that we were able to maintain full operational capabilities across the business, thus ensuring continuity of supply to all our customers, while adhering to all regulations recommended to ensure the safety of our employees. We have carefully managed costs during the period - more information related to this is provided in the Financial Review.
I would like to thank all of the IDS team for their efforts to ensure we have been able to maintain strong customer service levels and meet customer requirements during these unprecedented times.
Financial review
Group revenues were GBP13.7m, compared to GBP18.8m recorded in H1 FY20. An overview of the revenue performance has been given in the Chief Executive's Statement.
Adjusted EBITDA (before exceptional items) was a loss of GBP0.8m, compared to a profit of GBP2.9m in H1 FY20, the reduction being driven mainly by the lower revenues, offset by cost savings as explained later in this review. The adjusted EBITDA trajectory improved significantly during H1 FY21, with Q1 recording a loss, but returning to profit in Q2. Free cash to equity outflow was GBP2.9m (H1 FY20: inflow of GBP0.4m).
A. SUMMARY OF INCOME STATEMENT H1 FY21 H1 FY20* FY20* GBP000 GBP000 GBP000 ------------------------------------- ---------- ----------- --------- Revenue 13,698 18,791 39,347 ------------------------------------- ---------- ----------- --------- Gross profit 5,260 9,417 19,546 Gross margin 38.4% 50.1% 49.7% Sales and marketing (4,081) (4,403) (8,890) Research and development (2,094) (1,899) (4,096) General and administrative expenses (2,069) (2,473) (5,232) ------------------------------------- ---------- ----------- --------- Total operating costs (8,244) (8,775) (18,218) Exceptional items (556) - - ------------------------------------- ---------- ----------- --------- (Loss)/profit from operations (3,540) 642 1,328 Add back: Depreciation and amortisation 2,234 2,215 4,722 Exceptional items 556 - - ------------------------------------- ---------- ----------- --------- Adjusted EBITDA (750) 2,857 6,050 ------------------------------------- ---------- ----------- ---------
*Restated - see A1 below
The profit performance for the Group followed a similar trajectory to revenue, with a significant improvement during Q2 as revenues increased, and costs reduced. Gross margin was 34% in Q1 FY21, improving to 41% in Q2 FY21. Adjusted EBITDA in Q1 FY21 was a loss of GBP0.9m, recovering to a profit of GBP0.1m in Q2 FY21.
A1 Change in Accounting Policy
To ensure that the Group's financial performance can be more easily benchmarked with its peer group, and our policies are aligned to market practice in the diagnostics sector, the amortisation costs related to capitalised development spend previously shown within cost of goods sold, have been reclassified to Research and Development expenses within Operating Costs. This change does not impact the profit or net assets of the Group. Prior period comparatives have been updated to reflect this change in accounting policy. A table detailing the impact of this reclassification is set out in Note 1.
A2 Foreign Exchange
The average exchange rates used to translate Euros and US Dollars to Pounds Sterling are as follows:
Average exchange rates H1 FY21 H1 FY20 FY20 ---------------------------- -------- -------- ----- Pounds Sterling: US Dollar 1.27 1.26 1.28 Pounds Sterling: Euro 1.12 1.13 1.15 ---------------------------- -------- -------- -----
The movement in FX rates has not significantly impacted the reported results of the Group and the comparisons versus H1 FY20. In the period, 73% (H1 FY20: 68%) of the Group's revenues were denominated in Euros, and 13% (H1 FY20: 20%) were denominated in US Dollars.
A3 Gross Profit
Gross profit was GBP5.3m (H1 FY20: GBP9.4m) implying a gross margin of 38.4% (H1 FY20: 50.1%).
It is important to note that this drop in margin is almost entirely volume related; we have not seen a significant change in product selling prices to customers. As a result, once sales volumes recover, we expect gross margins to swiftly return to the circa 50% level as seen in FY20. Indeed, as the continuous improvement projects implemented in the operations function have continued during H1 FY21, margins should continue the upward trend seen between FY19 and FY20 moving forward.
A4 Operating Costs
The Group's total operating costs (before exceptional items) comprise:
H1 FY21 % revenue H1 FY20* % revenue* GBP000 GBP000 ---------------------------------- ------- --------- -------- ---------- Sales and marketing (4,081) 29.8% (4,403) 23.4% Research and development (2,094) 15.3% (1,899) 10.1% General and administrative expenses (2,069) 15.1% (2,473) 13.2% Operating costs (pre-exceptional) (8,244) 60.2% (8,775) 46.7% ---------------------------------- ------- --------- -------- ----------
*Restated H1 FY20 information as described in Section A1 of Financial Review
Total spend on operating costs has declined by GBP0.6m to GBP8.2m (H1 FY20: 8.8m) with the details set out in the table above.
A5 Cost Control Efforts
During H1 FY21 we implemented two restructuring exercises, as set out in the exceptional items note below, and took advantage of part time working schemes throughout Europe and the Paycheck Protection Program scheme in the US.
As a result, our spend on fixed costs across COGS and Operating costs reduced by GBP1.6m (or 13%) versus H2 FY20, and GBP2.2m versus our H1 plan for FY21. We will continue these cost control efforts into H2 FY21 as required, taking account of both how the business recovers as the pandemic evolves as well as the success of our new product lines.
A6 Exceptional Items
Exceptional items during the current and previous financial periods comprise:
H1 FY21 H1 FY20 GBP000 GBP000 -------------------------- ----------------------------- -------- Restructuring costs (556) - ------------------------------------------- ------------ --------
In H1 FY21 the exceptional costs relate to redundancy costs arising from two strategic reorganisation projects. Firstly, the assay research and development function was consolidated into the two sites in Boldon and Spello, and secondly, we streamlined the IDS Executive Team. We believe both of these changes, which were independent of the impact of the COVID-19 pandemic, will lead to quicker and more efficient decision making within the business, increased output, and a significant reduction in our fixed cost base.
A7 Finance Expense
Net finance expense was GBP0.1m (H1 FY20: GBP0.9m). The prior period cost relates mainly to foreign exchange losses on intercompany loans. In the intervening period the intercompany balances have been reorganised to reduce the exposure to intercompany related FX movements.
A8 Taxation
The Group's effective tax rate for the current period is based on an estimate of the rate for the full financial year and is 19% (H1 FY20: 107%) giving a tax credit of GBP0.7m (H1 FY20: GBP0.2m). Before exceptional items, prior year adjustments and the effect of rate changes on deferred tax balances, the effective rate is 12% (H1 FY20: 60%).
A9 Earnings Per Share
Basic loss per share was 10.3p (H1 FY20: earnings per share 0.1p).
B. HEADCOUNT
A summary of IDS headcount by function is given below:
30 Sep 20 31 Mar 30 Sep 20 19 Operations 133 136 125 Sales and Marketing 75 77 75 thereof field sales force & CAS 22 23 23 Research and Development 43 47 38 General and administrative 35 35 35 Total FTE's 286 295 273 IVDR project (10) (9) - Total FTE's (excluding IVDR project) 276 286 273 -------------------------------- ---------- ------- -------
Annualised revenue per employee for H1 FY21 decreased to GBP96,000 per FTE (H1 FY20: GBP138,000). The increase in headcount versus 30 Sep 2019 is mainly driven by the creation of a team tasked with ensuring our assays will comply with the future IVD regulations, which will come into effect in May 2022. This team is split across the Operations and Research and Development categories.
C. SUMMARY OF BALANCE SHEET
C1 Equity
The Group's net assets at 30 September 2020 are GBP54.0m, compared to GBP57.1m at 31 March 2020 (30 September 2019: GBP56.7m).
C2 Working Capital
The Group net working capital decreased to GBP13.2m from GBP14.1m at 31 March 2020 (GBP11.3m at 30 September 2019). This equates to 48% of annualised revenue.
Inventory levels have increased, driven by a decision to build up stock levels of analysers and related raw materials worth GBP2.1m, which we expect will be sold or placed during the second half of the year. This was offset by a net reduction in trade debtors and trade payables, reflecting the lower activity levels experienced towards the end of H1 FY21.
D. SUMMARY OF CASH FLOW STATEMENT
A summary of the Group's cash flow is set out below:
H1 FY21 H1 FY20 FY20 GBP000 GBP000 GBP000 ----------------------------------- ---------- ---------- -------- (Loss)/profit before tax (3,640) (230) 3,254 Depreciation and amortisation 2,234 2,215 4,723 Income taxes received 902 331 788 Other adjusting items 108 885 (1,908) Movements in working capital (325) (564) (1,314) ----------------------------------- ---------- ---------- -------- Cash (used in)/generated from operating activities (721) 2,637 5,543 Cash used in investing activities (1,729) (1,929) (4,663) Cash used in financing activities (974) (486) (938) ----------------------------------- ---------- ---------- -------- Net (decrease)/increase in cash and cash equivalents (3,424) 222 (58) ----------------------------------- ---------- ---------- -------- Dividend 547 201 201 ----------------------------------- ---------- ---------- -------- Free cash flow (from)/to equity (2,877) 423 143 ----------------------------------- ---------- ---------- --------
The net decrease in cash was GBP3.4m, compared to an increase of GBP0.2m in H1 FY20. The decrease was driven by the lower revenues recorded, which led to cash of GBP0.7m being used in operating activities. In H1 FY20, GBP2.6m of cash was generated from operating activities.
Cash used in investing activities reduced, mainly as a result of the lower instrument placements during H1 FY21. The increase in cash used in financing activities was due to the increased dividend of GBP0.5m related to the prior year (H1 FY20: GBP0.2m).
As a result of the above, free cash outflow to equity was GBP2.9m (H1 FY20: inflow of GBP0.4m).
As at 30 September 2020, the Group's cash and cash equivalents are GBP24.2m (30 September 2019: GBP28.1m; 31 March 2020: GBP27.6m).
E. BREXIT
With a hard Brexit looking more probable, I believe IDS is well positioned to mitigate any disruption. Most of our production capacity and customer base is located outside the UK, and thus will not be impacted by Brexit.
In the run up to 31 December we will position our finished goods inventory to mitigate the impact of any delays arising at the UK:EU border, and do not anticipate any impact to our customers. Furthermore, we have plans to ensure sufficient stock of raw materials are held, particularly where we know a transfer across this border is required, to ensure production in our Boldon facility can continue uninterrupted. Finally, we have taken the steps necessary to ensure our products retain the relevant regulatory approval to enable sale in the EU post Brexit.
Should the Pound Sterling be adversely impacted by a hard Brexit, this will be favourable to IDS, as the majority of our income stream is in Euros or US Dollars, yet we have significant costs in Pounds Sterling.
F. OUTLOOK
While I am pleased with the recovery shown during the second quarter, there remains uncertainty as to how this recovery might evolve, as it is highly contingent on the future development of the pandemic. Given the current onset of a second wave of COVID-19 infections across Europe and the US we will keep a tight control on costs and aim to be ahead of the curve when matching costs to revenues.
Unaudited consolidated interim income statement
For the six-month period to 30 September 2020
Restated Restated 6 Months 6 Months Year ended ended ended 31 March 30 Sep 30 Sep 2019 2020 2020 Note GBP000 GBP000 GBP000 2, Revenue 3 13,698 18,791 39,347 Cost of sales (8,438) (9,374) (19,801) Gross profit 5,260 9,417 19,546 Sales and marketing costs (4,081) (4,403) (8,890) Research and development costs (2,094) (1,899) (4,096) General and administrative expenses (2,069) (2,473) (5,232) ----- --------- ------------ ----------- Operating costs pre-exceptional items (8,244) (8,775) (18,218) Restructuring costs (556) - - Total exceptional items 4 (556) - - ------------------------------------- ----- --------- ------------ Operating costs (8,800) (8,775) (18,218) (Loss)/profit from operations (3,540) 642 1,328 Finance income Finance income pre-exceptional items 36 - 891 Exceptional finance income - - 1,226 Total finance income 36 108 2,117 Finance costs (136) (980) (191) (Loss)/profit before tax (3,640) (230) 3,254 Income tax credit 6 688 246 94 (Loss)/profit for the period attributable to owners of the parent (2,952) 16 3,348 ===== ========= ============ =========== (Loss)/earnings per share From continuing operations Adjusted basic 5 (8.6)p 0.1p 7.4p Adjusted diluted 5 (8.5)p 0.1p 7.4p Basic 5 (10.3)p 0.1p 11.6p Diluted 5 (10.2)p 0.1p 11.6p
Unaudited interim statement of other comprehensive income
For the six-month period to 30 September 2020
6 Months 6 Months Year ended ended ended 31 March 30 Sep 30 Sep 2020 2020 2019 GBP000 GBP000 GBP000 (Loss)/profit for the period (2,952) 16 3,348 Other comprehensive income to be reclassified to profit or loss in subsequent periods: Currency translation differences 390 1,575 (137) Exchange differences classified to profit and loss on liquidation of foreign subsidiary - - (1,226) Other comprehensive income/(expense) to be reclassified to profit or loss in subsequent periods, before and after tax 390 1,575 (1,363) Other comprehensive (expense)/income not to be reclassified to profit or loss in subsequent periods: Remeasurement of defined benefit plan - (39) (8) Other comprehensive (expense)/income not to be reclassified to profit or loss in subsequent periods, before tax - (39) (8) Tax relating to other comprehensive income not to be reclassified to profit or loss in subsequent periods - - (5) --------- --------- ----------- Other comprehensive income/(expense), net of tax 390 1,536 (1,376) --------- --------- ----------- Total comprehensive (expense)/income for the period attributable to owners of the parent (2,562) 1,552 1,972 ========= ========= ===========
Unaudited consolidated interim balance sheet
As at 30 September 2020
30 Sep 30 Sep 31 March 2020 2019 2020 Note GBP000 GBP000 GBP000 Assets Non-current assets Property, plant and equipment 9,722 8,500 9,806 Other intangible assets 11,183 11,123 11,162 Deferred tax assets 295 284 116 Other non-current assets 110 110 289 21,310 20,017 21,373 Current assets Inventories 13,181 9,043 10,740 Contract assets 268 402 317 Trade and other receivables 7,228 8,560 11,153 Income tax receivable 1,633 2,528 2,140 Cash and cash equivalents 24,178 28,148 27,584 46,488 48,681 51,934 ----- ------- ------- --------- Total assets 67,798 68,698 73,307 ----- ------- ------- --------- Liabilities Current liabilities Lease liabilities 851 554 833 Trade and other payables 7,265 6,518 9,494 Contract liabilities 175 166 209 Income tax payable 218 348 485 Provisions 7 78 47 76 Government grants 18 28 22 8,605 7,661 11,119 ----- ------- ------- --------- Net current assets 37,883 41,020 40,815 ----- ------- ------- --------- Non-current liabilities Lease liabilities 2,841 2,062 2,724 Employee benefit obligations 370 403 360 Provisions 7 1,009 884 969 Deferred tax liabilities 986 947 1,046 5,206 4,296 5,099 Total liabilities 13,811 11,957 16,218 ----- ------- ------- --------- Net assets 53,987 56,741 57,089 ===== ======= ======= ========= Total equity Called up share capital 8 589 589 589 Share premium account 8 32,345 32,345 32,345 Other reserves 3,687 6,235 3,297 Retained earnings 17,366 17,572 20,858 Equity attributable to owners of the Parent 53,987 56,741 57,089 ===== ======= ======= =========
Unaudited consolidated interim cash flow statement
For the six-month period to 30 September 2020
6 Months 6 Months Year ended ended ended 31 March 30 Sep 30 Sep 2020 2020 2019 GBP000 GBP000 GBP000 (Loss)/profit before tax (3,640) (230) 3,254 Adjustments for: Depreciation of property, plant and equipment 1,140 1,185 2,468 Amortisation of intangible assets 1,094 1,030 2,255 Loss on disposal of property, plant and equipment 2 2 3 Share-based payment charge 7 11 15 Finance income (36) (108) (2,117) Finance costs 135 980 191 Operating cash flows before movements in working capital (1,298) 2,870 6,069 Increase in inventories (2,214) (910) (2,484) Decrease/(increase) in receivables 4,098 638 (1,933) (Decrease)/increase in payables, provisions and deferred income (2,209) (292) 3,103 Cash (used in)/generated by operations (1,623) 2,306 4,755
Income taxes received 902 331 788 Net cash from operating activities (721) 2,637 5,543 --------- --------- ----------- Investing activities Purchases of other intangible assets (1,065) (922) (2,198) Purchases of property, plant and equipment (700) (1,115) (2,638) Interest received 36 108 173 Net cash used by investing activities (1,729) (1,929) (4,663) --------- --------- ----------- Financing activities Principal element of lease payments (327) (215) (546) Interest paid (100) (70) (191) Dividends paid (547) (201) (201) Net cash used by financing activities (974) (486) (938) --------- --------- ----------- Net (decrease)/increase in cash and cash equivalents (3,424) 222 (58) Effect of exchange rate differences 18 213 (71) Cash and cash equivalents at beginning of period 27,584 27,713 27,713 --------- --------- ----------- Cash and cash equivalents at end of period 24,178 28,148 27,584 ========= ========= ===========
Unaudited consolidated statement of changes in equity
Share Share Other Retained Total capital premium reserves earnings account GBP000 GBP000 GBP000 GBP000 GBP000 At 1 April 2020 589 32,345 3,297 20,858 57,089 Loss for the period - - - (2,952) (2,952) Other comprehensive income Foreign exchange translation differences on foreign currency net investment in subsidiaries - - 390 - 390 Remeasurement of defined benefit plan - - - - - Total comprehensive income - - 390 (2,952) (2,562) Transactions with owners Share-based payments - - - 7 7 Dividends paid - - - (547) (547) At 30 September 2020 589 32,345 3,687 17,366 53,987 ======== ======== ========= ========= ======== At 1 April 2019 589 32,345 4,660 17,709 55,303 Change in accounting policy - - - 76 76 Restated as at 1 April 2019 589 32,345 4,660 17,785 55,379 Profit for the period - - - 16 16 Other comprehensive income Foreign exchange translation differences on foreign currency net investment in subsidiaries - - 1,575 - 1,575 Remeasurement of defined benefit plan - - - (39) (39) -------- -------- --------- --------- -------- Total comprehensive income - - 1,575 (23) 1,552 Transactions with owners Share-based payments - - - 11 11 Dividends paid - - - (201) (201) At 30 September 2019 589 32,345 6,235 17,572 56,741 ======== ======== ========= ========= ======== Share Share Other Retained Total capital premium reserves earnings account GBP000 GBP000 GBP000 GBP000 GBP000 At 1 April 2019 589 32,345 4,660 17,709 55,303 Profit for the year - - - 3,348 3,348 Other comprehensive income Foreign exchange translation differences on foreign currency net investment in subsidiaries - - (137) - (137) Exchange differences classified to retained earnings on liquidation of foreign subsidiary - - (1,226) - (1,226) Remeasurement of defined benefit plan - - - (8) (8) Tax effect on remeasurement of defined benefit plan - - - (5) (5) Total comprehensive (expense)/income - - (1,363) 3,335 1,972 Transactions with owners Share-based payments - - - 15 15 Dividends paid - - - (201) (201) At 31 March 2020 589 32,345 3,297 20,858 57,089 ======== ======== ========= ========= ========
In the prior year Interim Financial Statements, the opening equity was restated due to a change in accounting policy relating to IFRS16 Leases. This was subsequently noted as incorrect and was reversed at the year end. The impact is not material and therefore there is no restatement of prior year Interim opening reserves.
Notes to the Interim Financial Statements
For the six-month period to 30 September 2020
1 Basis of preparation
The unaudited condensed financial statements for the six months ended 30 September 2020 have been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the European Union. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2020. The unaudited condensed financial information has been prepared using the same accounting policies and methods of computation used to prepare the Group's Annual Report & Accounts for the year ended 31 March 2020 that are described on pages 62 to 72 of that report which can be found on the Group's website at www.idsplc.com. The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union.
New standards or interpretations not yet effective for the financial year ending 31 March 2021 are as follows: -
-- IAS 1 - Presentation of Financial Instruments - amendments to the definition of material;
-- IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - amendments to the definition of material;
-- IFRS 3 - Business Combinations - amendments to clarify the definition of a business;
-- IFRS 9, IAS 39 and IFRS 7 Financial Instruments - amendments to interest rate benchmark reform providing certain reliefs for hedge accounting.
The financial information for the six months ended 30 September 2020 is not reviewed by PricewaterhouseCoopers LLP and accordingly no opinion has been given. The comparative financial information for the year ended 31 March 2020 has been extracted from the Annual Report & Accounts 2020. The financial information contained in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006 and does not reflect all of the information contained in the Group's Annual Report & Accounts 2020. The annual financial statements for the year ended 31 March 2020, which were approved by the Board of Directors on 16 June 2020, received an unqualified audit report, did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.
To ensure that the Group's financial performance can be more easily benchmarked with its peer group, and our policies are aligned to market practise in the diagnostics sector, the amortisation costs related to capitalised development spend previously shown within cost of goods sold, have been reclassified to research and development expenses. This change does not impact the profit or net assets of the Group. The changes made are highlighted in the tables below:
H1 2021 Before Development After reclassification cost amortisation reclassification reclassification GBP'000 GBP'000 GBP'000 Revenue 13,698 13,698 Cost of sales (9,447) 1,009 (8,438) ----------------------------------- -------------------------------- --------------------------- Gross profit 4,251 1,009 5,260 Sales and marketing (4,081) (4,081)
Research and development (1,085) (1,009) (2,094) General and administrative (2,069) (2,069) ----------------------------------- -------------------------------- --------------------------- Operating costs pre-exceptional items (7,235) (1,009) (8,244) Exceptional items (556) (556) ----------------------------------- -------------------------------- --------------------------- Operating costs (7,791) (1,009) (8,800) Loss from operations (3,540) (3,540) ----------------------------------- -------------------------------- --------------------------- H1 2020 Before Development After reclassification cost reclassification amortisation reclassification GBP'000 GBP'000 GBP'000 Revenue 18,791 18,791 Cost of sales (10,380) 1,006 (9,374) ------------------------------------- ------------------------------- ------------------------- Gross profit 8,411 1,006 9,417 Sales and marketing (4,403) (4,403) Research and development (893) (1,006) (1,899) General and administrative (2,473) (2,473) ------------------------------------- ------------------------------- ------------------------- Operating costs pre-exceptional items (7,769) (1,006) (8,775) Exceptional - - items ------------------------------------- ------------------------------- ------------------------- Operating costs (7,769) (1,006) (8,775) Profit from operations 642 642 ------------------------------------- ------------------------------- ------------------------- FY 2020 Before Development After reclassification cost reclassification amortisation reclassification GBP'000 GBP'000 GBP'000 Revenue 39,347 39,347 Cost of sales (21,971) 2,170 (19,801) ----------------------------------------- ------------------------------- ---------------------------- Gross profit 17,376 2,170 19,546 Sales and marketing (8,890) (8,890) Research and development (1,926) (2,170) (4,096) General and administrative (5,232) (5,232) ----------------------------------------- ------------------------------- ---------------------------- Operating costs pre-exceptional items (16,048) (2,170) (18,218) Exceptional - - items ----------------------------------------- ------------------------------- ---------------------------- Operating costs (16,048) (2,170) (18,218) Profit from operations 1,328 1,328 ----------------------------------------- ------------------------------- ----------------------------
The change in accounting policy would have similarly impacted prior periods, with a decrease in Cost of Sales and an increase in Research and Development costs. The impact on FY19, FY18, and FY17 would have been GBP2,246,000, GBP2,020,000, and GBP1,865,000 respectively.
2 Revenue
An analysis of the Group's revenue split by the key product types is as follows:
H1 FY21 Recognised Recognised Total on delivery over time GBP000 GBP000 GBP000 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 1,069 - 1,069 Speciality - Endo 5,410 - 5,410 Speciality - AI 805 - 805 Speciality - Others 214 - 214 Instrument sales and service 388 311 699 ------------------------------ ------------- ----------- -------- Total Automated 7,886 311 8,197 ------------------------------ ------------- ----------- -------- Automated revenue comprises: Operating lease rental - 1,628 1,628 Reagent revenue 6,569 - 6,569 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 249 - 249 Other speciality - IDS 1,696 - 1,696 Other speciality - purchased 667 - 667 Diametra 999 - 999 ------------------------------ ------------- ----------- -------- Total manual 3,611 - 3,611 Technology 1,872 18 1,890 Total revenue 13,369 329 13,698 ------------------------------ ------------- ----------- -------- H1 FY20 Recognised Recognised Total on delivery over time GBP000 GBP000 GBP000 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 2,325 - 2,325 Speciality - Endo 7,059 - 7,059 Speciality - AI 702 - 702 Speciality - Others 169 - 169 Instrument sales and service 469 267 736 ------------------------------ ------------- ----------- -------- Total Automated 10,724 267 10,991 ------------------------------ ------------- ----------- -------- Automated revenue comprises: Operating lease rental - 1,601 1,601 Reagent revenue 9,390 - 9,390 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 604 - 604 Other speciality - IDS 2,446 - 2,446 Other speciality - purchased 872 - 872 Diametra 1,816 - 1,816 ------------------------------ ------------- ----------- -------- Total Manual 5,738 - 5,738 Technology 1,813 249 2,062 Total revenue 18,275 516 18,791 ------------------------------ ------------- ----------- -------- FY20 Recognised Recognised Total on delivery over time GBP000 GBP000 GBP000 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 4,822 - 4,822 Speciality - Endo 14,083 - 14,083 Speciality - AI 1,793 - 1,793
Speciality - Others 489 - 489 Instrument sales and service 1,565 632 2,197 ------------------------------ ------------- ----------- -------- Total Automated 22,752 632 23,384 ------------------------------ ------------- ----------- -------- Automated revenue comprises: Operating lease rental - 3,178 3,178 Reagent revenue 20,206 - 20,206 ------------------------------ ------------- ----------- -------- 25-OH vitamin D 969 - 969 Other speciality - IDS 4,979 - 4,979 Other speciality - purchased 1,658 - 1,658 Diametra 3,770 - 3,770 ------------------------------ ------------- ----------- -------- Total Manual 11,376 - 11,376 Technology 3,771 816 4,587 Total revenue 37,899 1,448 39,347 ------------------------------ ------------- ----------- --------
Operating lease rental relates to contracts implicit in agreements for the placing of IDS analyser instruments with customers and the related sale of reagents and is estimated based on averages.
Contract assets
H1 FY21 H1 FY20 FY20 GBP000 GBP000 GBP000 --------------------- ------ ------ --- Current contract assets relating to automated reagent sales 268 402 317 ------------------------------------------------ ----- --------- ---------
Contract liabilities
H1 FY21 H1 FY20 FY20 GBP000 GBP000 GBP000 ----------------------- ------ ------ --- Current contract liabilities relating to instrument sales 175 166 209 -------------------------------------------------- ----- --------- ---------
3 Segmental information
The Group applies IFRS 8 Operating Segments. IFRS 8 requires provision of segmental information for the Group on the basis of information reported internally to the chief operating decision-maker for decision-making purposes. The Group considers that the role of chief operating decision-maker is performed by the Board of Directors.
Analysis of revenue is prepared and monitored on a geographical basis due to the organisation of the sales team as well as by product type. IDS reports profit from operations for the three segments below. This is monitored by the chief operating decision-maker quarterly. All balance sheet and cash flow information received and reviewed by the Board of Directors is prepared at a Group level.
H1 FY21 Automated Manual Technology Total GBP000 GBP000 GBP000 GBP000 ------------------------------------ ---------- -------- ----------- -------- Revenue 8,197 3,611 1,890 13,698 Cost of sales (4,648) (2,668) (1,122) (8,438) ------------------------------------ ---------- -------- ----------- -------- Gross profit 3,549 943 768 5,260 Sales and marketing (3,244) (630) (207) (4,081) Research and development (2,046) 84 (132) (2,094) General and administrative expenses (1,250) (571) (248) (2,069) ------------------------------------ ---------- -------- ----------- -------- Operating costs pre-exceptional items (6,540) (1,117) (587) (8,244) ------------------------------------ ---------- -------- ----------- -------- Adjusted EBIT (2,991) (174) 181 (2,984) ------------------------------------ ---------- -------- ----------- -------- Exceptional items Restructuring costs (556) ------------------------------------ ---------- -------- ----------- -------- Total exceptional items (556) ------------------------------------ ---------- -------- ----------- -------- EBIT (3,540) Finance income 36 Finance costs (136) ------------------------------------ ---------- -------- ----------- -------- Loss before tax (3,640) ------------------------------------ ---------- -------- ----------- -------- Adjusted EBIT (2,991) (174) 181 (2,984) Add: depreciation and amortisation 2,086 117 31 2,234 Adjusted EBITDA (905) (57) 212 (750) ------------------------------------ ---------- -------- ----------- -------- H1 FY20 Restated Restated Restated Restated Automated Manual Technology Total GBP000 GBP000 GBP000 GBP000 ------------------------------------ ----------- --------- ------------ --------- Revenue 10,991 5,738 2,062 18,791 Cost of sales (4,698) (3,360) (1,316) (9,374) ------------------------------------ ----------- --------- ------------ --------- Gross profit 6,293 2,378 746 9,417 Sales and marketing (3,347) (841) (215) (4,403) Research and development (1,778) - (121) (1,899) General and administrative expenses (1,502) (732) (239) (2,473) ------------------------------------ ----------- --------- ------------ --------- Operating costs pre-exceptional items (6,627) (1,573) (575) (8,775) ------------------------------------ ----------- --------- ------------ --------- Adjusted EBIT (334) 805 171 642 ------------------------------------ ----------- --------- ------------ --------- Exceptional items Restructuring credit - ------------------------------------ ----------- --------- ------------ --------- Total exceptional items - ------------------------------------ ----------- --------- ------------ --------- EBIT 642 Finance income 108 Finance costs (980) ------------------------------------ ----------- --------- ------------ --------- Loss before tax (230) ------------------------------------ ----------- --------- ------------ --------- Adjusted EBIT (334) 805 171 642 Add: depreciation and amortisation 1,946 239 30 2,215 Adjusted EBITDA 1,612 1,044 201 2,857 ------------------------------------ ----------- --------- ------------ --------- FY20 Restated Restated Restated Restated Automated Manual Technology Total GBP000 GBP000 GBP000 GBP000 ------------------------------------ ----------- --------- ------------ --------- Revenue 23,384 11,376 4,587 39,347 Cost of sales (10,263) (6,804) (2,734) (19,801) ------------------------------------ ----------- --------- ------------ --------- Gross profit 13,121 4,572 1,853 19,546 Sales and marketing (6,821) (1,630) (439) (8,890) Research and development (3,807) 26 (315) (4,096) General and administrative expenses (3,220) (1,476) (536) (5,232) ------------------------------------ ----------- --------- ------------ --------- Operating costs pre-exceptional items (13,848) (3,080) (1,290) (18,218) ------------------------------------ ----------- --------- ------------ --------- Adjusted EBIT (727) 1,492 563 1,328 ------------------------------------ ----------- --------- ------------ --------- Exceptional items Restructuring credit - ------------------------------------ ----------- --------- ------------ --------- Total exceptional items - ------------------------------------ ----------- --------- ------------ ---------
EBIT 1,328 Finance income Finance income pre-exceptional items 891 Exceptional finance income 1,226 ------------------------------------ ----------- --------- ------------ --------- Total finance income 2,117 ------------------------------------ ----------- --------- ------------ --------- Finance costs (191) ------------------------------------ ----------- --------- ------------ --------- Profit before tax 3,254 ------------------------------------ ----------- --------- ------------ --------- Adjusted EBIT (727) 1,492 563 1,328 Add: depreciation and amortisation 4,116 485 121 4,722 Adjusted EBITDA 3,389 1,977 684 6,050 ------------------------------------ ----------- --------- ------------ ---------
Comparative segmental information has been impacted by the change in accounting policy relating to amortisation of capitalised research and development costs. Please refer to Note 1.
4 Exceptional items
The Group incurred the following exceptional items during the financial period:
H1 FY21 H1 FY20 FY20 GBP000 GBP000 GBP000 --------------------------- ---------------------- -------- -------- Restructuring costs 556 - - Total exceptional operating costs 556 - - --------------------------------------------- ---- -------- --------
In H1 FY21, exceptional items related to redundancy costs relating to the impact of COVID-19.
In H1 FY20 and FY20, there were no exceptional operating costs, however in FY20 there was exceptional finance income of GBP1,226,000 relating to the liquidation of Immunodiagnostic Systems Nordic A/S.
5 Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has dilutive potential ordinary shares relating to contingently issuable shares under the Group's share option scheme. At 30 September 2020, the performance criteria for the vesting of the awards under the option scheme had been met and consequently the shares in question are included in the diluted EPS calculation.
The calculations of earnings per share are based on the following profits and numbers of shares.
6 Months 6 Months Year ended ended ended 31 March 30 Sep 2020 30 Sep 2019 2020 GBP000 GBP000 GBP000 (Loss)/profit on ordinary activities after tax (2,952) 16 3,348 ============ ============ =========== Number Number Number Weighted average no of shares: For basic earnings per share 28,784,097 28,784,097 28,784,097 Effect of dilutive potential ordinary shares: -Share Options 37,866 14,112 24,608 For diluted earnings per share 28,821,963 28,798,209 28,808,705 ============ ============ =========== Basic (loss)/earnings per share (10.3)p 0.1p 11.6p Diluted (loss)/earnings per share (10.2)p 0.1p 11.6p (Loss)/profit on ordinary activities after tax (2,952) 16 3,348 Exceptional items after tax 489 - (1,226) -------- --- -------- Adjusted (loss)/profit on ordinary activities after tax (2,463) 16 2,122 -------- --- -------- Adjusted basic (loss)/earnings per share (8.6)p 0.1p 7.4p Adjusted diluted (loss)/earnings per share (8.5)p 0.1p 7.4p
6 Taxation
The estimated tax rate for FY21 of 19% (H1 FY20: 107%) has been applied to the profit before tax for the six months to 30 September 2020.
The Group's tax rate is in line with the mainstream UK Corporation tax rate of 19%, however it is substantially impacted by claims for R&D relief in certain territories and overseas taxation paid at higher rates than in the UK.
7 Provisions
Retirement/ Leavers Dilapidation Provision Warranty Provision Provision Total GBP000 GBP000 GBP000 GBP000 At 1 April 2020 438 76 531 1,045 Foreign exchange gain 11 1 - 12 Reassessment in period 29 1 - 30 -------------- ----------------------- ------------- -------- At 30 September 2020 478 78 531 1,087 ============== ======================= ============= ======== At 1 April 2019 357 46 489 892 Foreign exchange movement 12 1 - 13 Reassessment in period 26 - - 26 -------------- ----------------------- ------------- -------- At 30 September 2019 395 47 489 931 ============== ======================= ============= ======== At 1 April 2019 357 46 489 892 Foreign exchange gain 10 1 - 11 Reassessment in the period 71 29 - 100 Unwind of discount - - 42 42 -------------- ----------------------- ------------- -------- At 31 March 2020 438 76 531 1,045 ============== ======================= ============= ======== At 30 September 2020 Included in current liabilities - 78 - 78 non-current liabilities 478 - 531 1,009 -------------- ----------------------- ------------- -------- 478 78 531 1,087 ============== ======================= ============= ======== At 30 September 2019 Included in current liabilities - 47 - 47 non-current liabilities 395 - 489 884 -------------- ----------------------- ------------- -------- 395 47 489 931 ============== ======================= ============= ======== At 31 March 2020 Included in current liabilities - 76 - 76 non-current liabilities 438 - 531 969 -------------- ----------------------- ------------- -------- 438 76 531 1,045 ============== ======================= ============= ========
When employees leave Dia.Metra S.r.l, by law the company is required to pay to that employee an amount equal to one month's salary for each year they have worked at the Company. The scheme is Trattamento di Fine Rapporto ('TFR'). A provision for this obligation is recognised in the balance sheet, but there is considerable uncertainty over the timing of the settlement due to lack of forward visibility of employees leaving service. The present value of the potential liability to current employees as at 30 September 2020 is GBP478,000.
The warranty provision relates to warranties given for the first year of operation of IDS-iSYS systems. This is reassessed each year. It is expected that these costs will be incurred in line with normal warranty terms of one year from the placements of the instrument.
The dilapidations provision relates to one leased building in Boldon, UK. The discounted expected future cash flows to restore the remaining leased building amounted to GBP531,000 at the balance sheet date.
8 Share Capital
30 Sep 2020 30 Sep 2019 31 March 2020 GBP000 GBP000 GBP000 Equity Shares Authorised: 75,000,000 Ordinary Shares of GBP0.02 each at 30 September 2020, 31 March 2020 and 30 September 2019 1,500 1,500 1,500 ======================== ======================== ================= Share Capital Allotted, called up and fully paid: 28,784,097 (30 September 2019: 28,784,097, 31 March 2020: 28,784,097) Ordinary shares of 2p each (excluding own shares held) 576 576 576 Own shares held of 2p each 666,078 (30 September 2019: 666,078, 31 March 2020: 666,078) 13 13 13 589 589 589 ======================== ======================== ================= Share Premium Balance carried forward 32,345 32,345 32,345 ======================== ======================== =================
9 Financial assets and financial liabilities
The carrying value of the financial assets and liabilities are not materially different from their fair value.
10 Interim results
These results were approved by the Board of Directors on Friday 20 November 2020. Copies of this unaudited interim report will be available to the public from the Group's registered office and www.idsplc.com .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR PPGUPGUPUGRU
(END) Dow Jones Newswires
November 20, 2020 13:22 ET (18:22 GMT)
1 Year Immunodiagnostic Systems Chart |
1 Month Immunodiagnostic Systems Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions