TIDMFDT
RNS Number : 7255X
1st Dental Laboratories PLC
20 August 2009
1st Dental Laboratories Plc
Interim Results for the half year to 31st May 2009
Chairman's Statement and financial highlights
We are pleased to report that Group revenues increased by 5.3% against 2008 half
year, which whilst operating from a low base is a creditable performance in a
difficult market where discretionary spend is low. In particular, at this time
last year we reported that disruptions at our Blackpool and Stourport
laboratories had exacerbated a declining revenue trend in the Group, revenues
having declined by some 12% against 2007 levels overall. These laboratories have
now stabilised with Stourport contributing positively compared with the same
time last year. Blackpool has been slower to recover but is starting to come in
line with our expectations, beating budget for May.
We can report that we have seen in the last six months new clients increase by
6.4% and spend per client across the group increase by 6.3%.
The most significant factor in reversing this trend was to build a centralised
sales team, which now totals 10 staff. We are able to report that the sales team
is 30% ahead of their internal financial targets having recruited some 102 new
clients to the end of June. Whilst still early in the investment cycle, there is
good evidence that these clients are returning and increasing their level of
spend with us. The increased volumes are absorbing unutilised capacity in the
laboratories. The net investment of GBP147,000 has been absorbed into the
current period and its breakeven point is visible.
Since the turn of the year the Group has also invested in new production
processes and staff training for metal free restorations in each and every
laboratory. The number of Zirconia restorations during this period has almost
tripled.
The Eteeth online service business continues to grow, with half year revenues
having more than doubled that taken at the same point in 2008. Investment into
Eteeth in the current period was GBP59,000 (2008: GBP53,000).
With the exception of the investments in the centralised sales team, new
production processes and Eteeth, we are mindful of the current economic climate
and we remain very alert and active in considering cost controls and labour
efficiencies throughout the Group.
After stripping out the investment in the centralised sales team, new production
processes and Eteeth, the underlying operating loss of the Group for the half
year was GBP59,000 (2008: GBP10,000) but we are reporting an increased headline
operating loss of GBP265,000 at the half year (2008: GBP63,000). The loss before
tax was GBP326,000 (2008: GBP141,000).
Despite the headline loss before tax of GBP326,000 for the period, debt has
fallen by GBP106,000 to GBP1,885,000 from GBP1,991,000 at 30 November 2008. Net
cash outflow was GBP283,000 and is relatively low because of the improved
working capital management.
Our Board has been further strengthened with the addition of an experienced FD,
Jonathan Foxcroft. As previously reported, Jonathan joined the Board in April
and has made a real contribution to date.
In conclusion, the Board has worked diligently to reverse the sales attrition in
difficult economic conditions and this has been achieved. The cost of this has
been absorbed into the current period and this has increased the loss against
the same period last year.
With a stronger executive management team now in place and the improved
operational and financial controls that this brings, the Board is confident of
further growth and profitability for the second half year and beyond. Now being
able to report in the combined first two months of the second half not just
profits but profits over and above that of the Directors expectations as a
result of our actions, even after some restructuring costs.
Financial results and highlights
Turnover GBP5,134k an increase of 5.3% (2008: GBP4,874k)
Gross profit GBP1,656k (2008: 1,634k)
Gross margin 32.3% (2008: 33.5%)
Operating loss for period GBP265k after sales force and continued Eteeth net
investment equivalent GBP206k (2008: loss of GBP63k)
Net profit contributions from Laboratories GBP435k (2008: GBP487k)
Net bank debt reduction in period to GBP1,221k (2008: GBP1,285k)
Andrew Garner
Chairman 20th August 2009
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| 1st | | | | | | | | |
| Dental | | | | | | | | |
| Laboratories | | | | | | | | |
| plc | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Consolidated | | | | | | | | |
| income | | | | | | | | |
| statement | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| for | | | | | | | | |
| the 6 | | | | | | | | |
| months | | | | | | | | |
| ended | | | | | | | | |
| 31 May | | | | | | | | |
| 2009 | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | Unaudited | | | | | | Audited | |
| | 6 months | | | Unaudited | | | year | |
| | ended | | | 6 months | | | ended | |
| | | | | ended | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | 31 May | | | 31 May | | | 30 Nov | |
| | 09 | | | 08 | | | 08 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | GBP'000 | | | GBP'000 | | | GBP'000 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Revenue | 5,134 | | | 4,874 | | | 10,065 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Cost | (3,478) | | | (3,240) | | | (6,409) | |
| of | | | | | | | | |
| sales | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Gross | 1,656 | | | 1,634 | | | 3,656 | |
| profit | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | 32.3% | | | 33.5% | | | 36.3% | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Administrative | (1,921) | | | (1,697) | | | (3,743) | |
| expenses | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Operating | (265) | | | (63) | | | (87) | |
| loss | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | | | | | | | | |
| costs | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | 2 | | | 22 | | | 37 | |
| income | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | (63) | | | (100) | | | (215) | |
| costs | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Loss | (326) | | | (141) | | | (265) | |
| on | | | | | | | | |
| ordinary | | | | | | | | |
| activities | | | | | | | | |
| before tax | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Tax on | - | | | - | | | 16 | |
| loss | | | | | | | | |
| on | | | | | | | | |
| ordinary | | | | | | | | |
| activities | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Loss | (326) | | | (141) | | | (249) | |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
| from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Loss | | | | | | | | |
| per | | | | | | | | |
| share: | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Basic | (0.78) | p | | (0.34) | p | | (0.59) | p |
| and | | | | | | | | |
| diluted | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Note : there is no dilution as the share | | | | |
| options have not been exercised | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
+--------------------------------------------+-----------+--+-----------+--+----------+
| 1st Dental Laboratories plc | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Consolidated Balance Sheet | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | Unaudited | | Unaudited | | Audited |
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | 31 May | | 31 May | | 30 Nov |
| | 09 | | 08 | | 08 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Assets | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Non Current Assets | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Intangible assets | 7,062 | | 7,087 | | 7,067 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Property, plant and equipment | 2,062 | | 1,894 | | 2,069 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | 9,124 | | 8,981 | | 9,136 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Current assets | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Inventories | 322 | | 302 | | 295 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Trade and other receivables | 1,506 | | 1,367 | | 1,596 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Cash and cash equivalents | 280 | | 712 | | 563 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | 2,108 | | 2,381 | | 2,454 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Total assets | 11,232 | | 11,362 | | 11,590 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Current liabilities | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Trade creditors & other payables | 1,670 | | 731 | | 1,602 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Interest bearing loans & borrowings | 696 | | 642 | | 553 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | 2,366 | | 1,373 | | 2,155 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Non-current liabilities | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Interest bearing loans & borrowings | 1,189 | | 1,460 | | 1,438 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Total Liabilities | 3,555 | | 2,833 | | 3,593 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Net assets | 7,677 | | 8,529 | | 7,997 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Equity | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Called up share capital | 4,202 | | 4,202 | | 4,202 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Share premium account | 6,358 | | 6,358 | | 6,358 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Retained earnings | (2,883) | | (2,031) | | (2,563) |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Total Equity | 7,677 | | 8,529 | | 7,997 |
+--------------------------------------------+-----------+--+-----------+--+----------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| These financial statements were approved by the board of directors on 20th August |
| 2009 and were signed on its behalf by: |
+-------------------------------------------------------------------------------------+
| | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| AW Garner | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
| Executive Chairman | | | | | |
+--------------------------------------------+-----------+--+-----------+--+----------+
+--------+--------+--------------+------------+------------+------------+------------+
| 1st Dental Laboratories plc |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Consolidated Statement of changes in equity as at 31 May 2008 |
+------------------------------------------------------------------------------------+
| | | | | | | |
+--------+--------+--------------+------------+------------+------------+------------+
| | | | Share | Share | Retained | Total |
| | | | capital | premium | earnings | |
+--------+--------+--------------+------------+------------+------------+------------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------+--------+--------------+------------+------------+------------+------------+
| At 1 December 2007 (restated) | 4,202 | 6,358 | (2,330) | 8,230 |
+--------------------------------+------------+------------+------------+------------+
| Result for the year | - | - | (249) | (249) |
+--------------------------------+------------+------------+------------+------------+
| Share based payment charges | - | - | 16 | 16 |
+--------------------------------+------------+------------+------------+------------+
| At 30 November 2008 | 4,202 | 6,358 | (2,563) | 7,997 |
+--------------------------------+------------+------------+------------+------------+
| Result for the period | | | (326) | (326) |
+--------------------------------+------------+------------+------------+------------+
| Share based payment charges | | | 6 | 6 |
+--------------------------------+------------+------------+------------+------------+
| Balance as at 31 May 2009 | 4,202 | 6,358 | (2,883) | 7,677 |
+--------------------------------+------------+------------+------------+------------+
| | | | | | | |
+--------+--------+--------------+------------+------------+------------+------------+
| There is no material tax impact of share based payment charges recognised directly |
| in equity. |
+--------+--------+--------------+------------+------------+------------+------------+
+---------------+-----------+--------+-----------+--------+---------+
| 1st | | | | | |
| Dental | | | | | |
| Laboratories | | | | | |
| plc | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Consolidated | | | | | |
| cash flow | | | | | |
| statement | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| for | | | | | |
| the | | | | | |
| six | | | | | |
| months | | | | | |
| ended | | | | | |
| 31 May | | | | | |
| 2009 | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | Unaudited | | Unaudited | | Audited |
| | for the 6 | | for the 6 | | year |
| | months | | months | | ended |
| | ended | | ended | | |
+---------------+-----------+--------+-----------+--------+---------+
| | 31 May | | 31 May | | 30 Nov |
| | 09 | | 08 | | 08 |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Loss | (326) | | (141) | | (249) |
| for | | | | | |
| the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Amortisation | 5 | | - | | 10 |
+---------------+-----------+--------+-----------+--------+---------+
| Depreciation | 158 | | 133 | | 280 |
+---------------+-----------+--------+-----------+--------+---------+
| (Profit)/loss | (11) | | 13 | | 32 |
| on sale of | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Share | 6 | | 13 | | 16 |
| based | | | | | |
| payment | | | | | |
| charges | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | 61 | | 78 | | 178 |
| finance | | | | | |
| expense | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Income | - | | - | | (16) |
| tax | | | | | |
| credit | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | (107) | | 96 | | 251 |
| cash | | | | | |
| inflow | | | | | |
| before | | | | | |
| changes | | | | | |
| in | | | | | |
| working | | | | | |
| capital | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | (27) | | 19 | | 1 |
| in | | | | | |
| inventories | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | 90 | | 186 | | (43) |
| in trade | | | | | |
| and | | | | | |
| other | | | | | |
| receivables | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | 68 | | (215) | | 242 |
| in trade | | | | | |
| and | | | | | |
| other | | | | | |
| payables | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | 24 | | 86 | | 451 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| operations | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | 2 | | 22 | | 37 |
| received | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | (55) | | (97) | | (168) |
| paid on | | | | | |
| borrowings | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | (8) | | (3) | | (9) |
| element | | | | | |
| of hire | | | | | |
| purchase | | | | | |
| payments | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (37) | | 8 | | 311 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Investing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Purchase | (77) | | (154) | | (302) |
| of plant | | | | | |
| and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Sale | 11 | | 13 | | 12 |
| of | | | | | |
| plant | | | | | |
| and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (66) | | (141) | | (290) |
| cash | | | | | |
| flow | | | | | |
| from | | | | | |
| investing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Financing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Capital | (180) | | (222) | | (525) |
| element | | | | | |
| of | | | | | |
| interest | | | | | |
| bearing | | | | | |
| loans | | | | | |
| and | | | | | |
| borrowings | | | | | |
| paid | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (180) | | (222) | | (525) |
| cash | | | | | |
| flow | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (283) | | (355) | | (504) |
| decrease | | | | | |
| in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Cash | 563 | | 1,067 | | 1,067 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at the | | | | | |
| beginning | | | | | |
| of the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Cash | 280 | | 712 | | 563 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at the end | | | | | |
| of the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
1st Dental Laboratories plc
Notes to the interim financial statements
for the six months ended 31 May 2009
1. Significant accounting policies
Basis of preparation
The interim results have been prepared and approved by the directors in
accordance with International Financial Reporting Standards (IFRSs) as adopted
by the European Union and IFRIC interpretations issued and effective at the time
of preparing these statements.
These interim results are unaudited and have not been reviewed by the Group's
auditors. They were approved by the Board of Directors on 20th August 2009.
The statutory accounts for the year ended 30 November 2008, which were prepared
under IFRS, have been reported on by the Group's auditors and delivered to the
registrar of companies. The report of the auditors was unqualified and did not
contain the statements under section 237(2) or (3) of the Companies Act 1985.
The interim financial information does not constitute statutory accounts as
defined under Section 240 of the Companies Act 1985.
The accounting policies applied by the Group are the same as those applied in
the consolidated financial statements for the period ended 30 November 2008.
2. Seasonality
In the directors' opinion there are no seasonal variations in business
operations.
3. Segmental reporting
The directors consider that the Group operates only one class of business, being
the manufacture of dental appliances. All turnover and operating losses
originate in the UK therefore geographical analysis has not been presented.
4. Taxation
There is no taxation in the periods.
5. Loss per share
The calculation of loss per share is based on loss of GBP326k in May 2009, loss
of GBP249k in November 2008 and loss of GBP141k in May 2008, and 42 million
shares (Nov 2008: 42m, May 2008: 42m), being the average number of shares in
issue.
The share options are non-dilutive. The potential increase in ordinary shares
from the exercise of any of the share options at each balance sheet date
presented would be anti-dilutive as the Group reported a net loss for each of
those periods. These potential ordinary shares were therefore excluded from the
calculation at that date and the diluted loss per share figure reported is the
same as the basic earnings per share.
6. Property, plant and equipment
+--------------------------------+--------+---------+
| | | GBP'000 |
+--------------------------------+--------+---------+
| Net book value at 1 | | 2,069 |
| December 2008 | | |
+--------------------------------+--------+---------+
| Additions | | 151 |
+--------------------------------+--------+---------+
| Depreciation | | (158) |
+--------------------------------+--------+---------+
| Net book value at 31 May | | 2,062 |
| 2009 | | |
+--------------------------------+--------+---------+
7. Copies of the Interim Report
Copies of the interim report are available to the public from the company's
website and head office - Company Secretary, 1st Dental Laboratories plc, 112
Wetherby Road, Harrogate HG2 7AB.
Further Information:
Andrew Garner, Executive Chairman: 01509-650111
William Vandyk, Astaire Securities: 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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