Interim Results 2000
15 Agosto 2000 - 4:00AM
UK Regulatory
RNS Number:4484P
Biotrace International PLC
15 August 2000
BIOTRACE INTERNATIONAL PLC
ANNOUNCES INTERIM RESULTS
for the six months ended 30 June 2000
Biotrace International Plc ('Biotrace'), leader in the
manufacture and marketing of rapid response systems for
hygiene control and microbial detection, today announces
its interim results for the six months ended 30 June
2000.
Highlights
Financial Performance:
- Sales of #3.7m in line with expectations (1999:
#3.9m restated)
- PBT of #0.1m (1999: loss #0.4m)
- Elimination of borrowings as a result of #0.8m
operating cash inflow
Business Development:
- Reagent volumes up 10% over the same period last year
- Successful launch of new non-instrument based hygiene
test, Pro-tect TM
- Five year supply deal with Cogent Technologies, a
leading supplier to the US dairy industry
- Alliance with Konica of Japan for the development and
marketing of non-instrument based hygiene testing
kits
- Rentokil signed up for supply of Biotrace products to
food service and catering industry
- Acquisition and integration of Ruskinn Data Systems
Ltd ('RDS')
- Global supply agreement with Johnson Wax Professional
for Pro-tect TM
Commenting on the results, Terry Clements, Chairman of
Biotrace, said:
'I am pleased to report a significant turnaround in the
business and a return to profitability. The deals we
have signed over the past six months are significant for
a company of our size and with well known international
names - these are the kind of deals we will see more of
in the future. The Board remains convinced that the
Company has excellent future prospects and I have every
confidence that we are now in a position to deliver
sustained growth in sales and profits.'
_________________________________________________________
For further information, please contact:
Biotrace International
On 15.08.00 tel: +44 (0) 20 7466 5000
Ian Johnson, Chief Executive Officer
Peter Morgan, Finance Director
Thereafter: tel: +44 (0) 1656 641 400
Buchanan Communications
Tel: +44 (0) 207 466 5000
Nicola How / Siobhan Young
BIOTRACE INTERNATIONAL PLC
INTERIMS RESULTS
for the six months ended 30 June 2000
Financial Performance:
The Group has benefited in the first half of 2000 from
the considerable restructuring and re-organisation
carried out in the second half of 1999. This
restructuring included the appointment of new
international distributors which has resulted in the
recommencement of sales across Europe and North America.
Group sales were #3.7m for the six months ended 30 June
2000 (1999: #3.9m restated) with profit before tax of
#0.1m (1999: loss #0.4m). Sales are recovering from the
effects of disruption in distribution in the food and
beverage business with reagent volumes up 10% on the same
period last year. Strong growth is anticipated in the
second half of this year.
Gross margins improved to 69% (1999: 67%) which, combined
with a 22% reduction in overheads, yielded a return to
profitability and the generation of a significant cash
inflow of #0.8m. This resulted in the elimination of
the Company's borrowings and has produced cash in hand of
#0.3m. As a result of the acquisition and integration of
RDS, and the inclusion of the profit for the period under
review, shareholders' funds have increased by #0.5m.
Earnings improved from a loss of 1.5p per share to 0.3p
earnings per share. No dividend is recommended.
Business Units:
As announced at the time of the preliminary results, we
made a decision to focus on growing sales and profits by
expanding the product range and extending distribution
into other sectors. To this end we formed a number of
business units which have begun to broaden the Company's
base and will increasingly reduce the Company's
dependence on the food and beverage sector. During the
period 38% of sales were derived from non food and
beverage business.
Food Service & Catering:
In January 2000, the deal with Konica was announced
followed by the successful launch of the new non-
instrument based hygiene test, Pro-tect TM. Sales to the
food service and catering sector have increased to #0.1m
up 156% over the same period last year and are expected
to accelerate further in the second half.
The Company separately announced today a world-wide
agreement with Johnson Wax Professional for the use of
its new non-instrument based hygiene swab, Pro-tect TM.
Johnson Wax has been successfully selling the previous
RDS product in Europe for the last two years, and this
latest agreement extends the coverage to world-wide
distribution and switches to the Pro-tect TM format.
Industrial & Environmental:
Sales in this unit were #0.4m (1999 : #0.3m), up 27% over
the same period last year with further growth anticipated
in the second half.
Civil Defence & Military:
Sales were ahead of our expectations in the first half of
the year at #0.9m (1999 : #0.9m), with reagent sales
supporting instruments placed in 1999, up 23% on the same
period last year. The full year outlook will remain
unaltered by the strong growth showing in the first half.
Food & Beverage:
The food and beverage business is starting to see a
recovery, with more significant growth expected to
materialise over the next six months as momentum gathers
in our new international distribution network. Sales of
#2.2m were achieved in the half compared with #2.6m in
the same period last year. As announced in June, the
Company signed a five year supply agreement with Cogent
Technologies of the US to work together in developing and
marketing UHT sterility tests throughout the Americas.
Sales to Cogent have already increased by 26% compared to
the same period last year with further growth
anticipated in the second half of the year and over the
medium term, broadening the business base for the Group.
Business Development:
In addition to the above mentioned agreement with Cogent,
in the last six months Biotrace has also formed an
alliance with Konica Corporation of Japan for the
development and marketing of new non-instrument based
hygiene testing products. This was followed by the
Rentokil agreement in February involving the supply of
Biotrace products to the food service and catering
industry. Rentokil Initial Hygiene division will include
the new test in their 'CaterClean' service.
In March of this year the Group acquired RDS in an all
share transaction valued at #0.3m. RDS develops and
markets non-instrument based hygiene detection
technology, data acquisition systems and software. It is
an excellent strategic fit for Biotrace, as it is an
established partner with Konica. Over the last two years,
RDS has made considerable progress in commercialising its
Swab & Check TM rapid hygiene test, initially in the UK
and recently throughout Europe via a distributor network.
Product Development:
New products are in the pipeline for launch in the next
12 months, fuelling growth across all sectors. These
include new hygiene instrumentation, an innovative data
management system and a low cost colour change 'instant'
hygiene test.
Outlook:
With the benefits of the restructuring now firmly
established and costs under control, management focus is
to re-establish sales revenue growth with emphasis on
broadening the business base across a number of industry
sectors. During the last six months, significant
investment has been maintained in R&D to provide the
business units with new and improved products to serve
their customers' needs. In particular, the launch of Pro-
tect TM will contribute to sustained future growth in
sales and profits.
Looking forward, organic growth of the business will be
fuelled through the unlocking of the significant
potential in our technology - a process started over the
last six months. In addition, the management will
continue to look at appropriate acquisition targets which
will enhance profit and shareholder value.
Ian Johnson
Chief Executive Officer
BIOTRACE INTERNATIONAL PLC
Interim Results for the six months ended 30 June 2000
Consolidated Profit and Loss Account
Unaudited Unaudited Audited
Six months Six months Year to
to 30.6.00 to 30.6.99 31.12.99
#000 #000 #000
Turnover (continuing operations) 3652 3981 7688
(Note 1)
Cost of sales (1126) (1317) (2672)
-------- -------- --------
Gross profit 2526 2664 5016
Administrative expenses - ordinary (1941) (2594) (4778)
- exceptional - - (1002)
(1941) (2594) (5780)
Development costs (462) (504) (906)
-------- -------- --------
Operating profit/(loss) (continuing
operations) 123 (434) (1670)
Profit/(loss)from fixed asset
disposals (8) 3 7
Interest receivable and similar
income 2 3 4
Interest payable and similar
charges (15) (13) (33)
-------- -------- --------
Profit/(loss) on ordinary
activities before taxation 102 (441) (1692)
Tax on ordinary activities - (75) 28
Profit/(loss) on ordinary -------- -------- --------
activities after taxation 102 (516) (1664)
-------- -------- --------
Earnings/(loss) per ordinary share
(Note 4)
- basic 0.30p (1.58)p (5.00)p
- fully diluted 0.30p (1.55)p (4.89)p
- before exceptional costs 0.30p (1.58)p (2.04)p
BIOTRACE INTERNATIONAL PLC
Interim Results for the six months ended 30 June 2000
Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
30.6.00 30.6.99 31.12.99
#000 #000 #000
Fixed assets - intangible 588 274 255
- tangible 2125 2446 2285
------- ------- -------
Current assets
Stocks 1905 1824 1989
Debtors 1736 3411 1904
Cash at bank and in hand 324 106 146
------- ------- -------
3965 5341 4039
Creditors: amount falling due
within one year (1449) (2188) (1883)
Net current assets 2516 3153 2156
Total assets less current
liabilities 5229 5873 4696
Creditors: amounts falling due
after more than
one year (26) - (39)
-------- ------- -------
5203 5873 4657
Total Net Assets
Capital and reserves
Called up share capital 3435 3384 3384
Share premium account 5777 5537 5537
Shares to be issued 104 - -
Profit and loss account (4113) (3048) (4264)
-------- -------- -------
Shareholders' funds 5203 5873 4657
BIOTRACE INTERNATIONAL PLC
Interim Results for the six months ended 30 June 2000
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited
Six Six Audited
Months months Year
to to to
30.6.00 30.6.99 31.12.99
#'000 #'000 #'000
Net cash inflow/(outflow) from
operating activities 842 (428) (278)
------- ------- -------
Returns on investments and
servicing of finance
Interest received 2 3 4
Interest paid (13) (13) (30)
Interest paid in respect of hire (2) (3)
purchase agreements
(13) (10) (29)
Taxation
Amounts received/(paid) in
respect of UK 97 - (626)
Corporation tax ------- -------- --------
Capital expenditure and financial
investment
Payments to acquire intangible
fixed assets - - (3)
Payments to acquire tangible
fixed assets (119) (315) (411)
Receipts from sales of tangible
fixed assets 8 7 28
--------- --------- --------
(112) (308) (386)
Acquisition and disposals
Purchase of subsidiary
undertakings (15) - -
Net overdrafts acquired with
subsidiary (22) - -
---------- --------- --------
(37)
Cash flow before financing 778 (746) (1319)
Financing
Issue of ordinary share capital 48 313 313
Repayment of capital element of
hire purchase and finance lease
agreements (12) (23)
---------- --------- ---------
Net cash inflow/(outflow) 814 (433) (1029)
NOTES TO THE ACCOUNTS
Note 1:From January 2000 sales are stated net of distributed
commission rather than gross. This is to reflect the
different nature of the sales transaction through the change
in distributor arrangement in North America whereby sales
are now stated at distributor transfer pricing rather than
variable and user pricing (from which the distributor
commission was calculated). The effect of the change in
accounting policy is to reduce sales and administration
expenses by #520,000 for the 6 month period to June 1999 and
#1,004,000 for the 12 months to 31 December 1999.
Note 2:On 7 March 2000 the Company acquired 100% of the share
capital of Ruskinn Data Systems Ltd (RDS) in an all share
transaction valued at #346,500. After allowing for
acquisition costs of #15,000 and the fair value of assets
acquired of #9,000, goodwill arising on the purchase amounted
to #352,000. From the date of acquisition to 30 June 2000
turnover and operating profit of RDS included in the Group
results amounted to #47,000 and #16,000 respectively.
Note 3:The total recognised gains and losses recognised in the
period comprise the profit made in the six months #102,000
and gains in net investment in foreign enterprises arising
from changes in foreign currency rates of #49,000.
Note 4:Earnings/(loss) per ordinary share is based on the
profit/(loss) on ordinary activities after taxation and on
34.2 million ordinary shares in issue during the period (1999
: 32.7 million ordinary shares). Fully diluted
earnings/(loss) per share is based on the profit/(loss) after
taxation and 34.4 million (1999 : 33.3 million) ordinary
shares. The loss per share before exceptional items in the
year ending 31 December 1999 is calculated using loss after
taxation of #679,000.
Note 5:The interim accounts included in the financial information
are not audited, and do not constitute full statutory
accounts within the meaning of Section 240 of the Companies
Act 1985. Full financial statements of Biotrace
International Plc for the year ended 31 December 1999 on
which the auditors gave an unqualified audit report have been
delivered to the Registrar of Companies. The Interim Report
is being sent to registered shareholders. Further copies are
available from the Company's Registered Office at The Science
Park, Bridgend, CF31 3NA. The accounts have been prepared
under the historical cost convention and in accordance with
applicable accounting standards.
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