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Tristel PLC  -  TSTL   

Half-year Report

Released 07:00 23-Feb-2017

RNS Number : 5971X
Tristel PLC
23 February 2017
 

TRISTEL plc

("Tristel", the "Company" or the "Group")

 

Half-year Report

Unaudited Interim Results for the six months ended 31 December 2016

 

Tristel plc (AIM: TSTL), the manufacturer of infection prevention, contamination control and hygiene products, announces its interim results for the six months ended 31 December 2016, ahead of management expectations as stated at the AGM.

 

Tristel's lead technology is a proprietary chlorine dioxide formulation and the Company addresses three distinct markets:

·    The Human Healthcare market (hospital infection prevention - via the Tristel brand)

·    The Contamination Control market (control of contamination in critical environments - via the Crystel brand)

·    The Animal Healthcare market (veterinary practice infection prevention - via the Anistel brand)

 

Financial highlights

·     Revenue up 22% to £9.75m (2015: £8.01m)

·     Overseas sales up 45% to £4.2m (2015: £2.9m), representing 43% of total sales (2015: 36%)

·     EBITDA and share based payments up 21% to £2.3m (2015: £1.9m)

·     Pre-tax profit before share based payments up 15% to £1.7m (2015: £1.48m)

·     Adjusted EPS before share based payments up 14% to 3.30p (2015: 2.89p)

·     Interim dividend of 1.40p per share (2015: 1.14p), an increase of 23%

·     Cash of £3.9m (2015: £4.3m) post £1.1m for acquisition

 

Operational highlights

·     Positive profit contribution from Australian acquisition

·     Results benefiting from Sterling weakness since the EU referendum result

·     First meeting with Environmental Protection Agency (EPA) in October 2016

·     Second meeting with Food and Drug Administration (FDA) in February 2017

·     Company is continuing to invest for future growth

 

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said: "We are pleased to report strong half-on-half revenue growth which has been above our targeted range of 10-15%. We have also delivered the pre-tax profit margin of 17.5% that we target, even after costs of £0.2m incurred during the half in pursuit of our North American business plan.  Profit before tax and share based payments has risen by 15% to £1.7m and strong cash generation saw cash of £3.9m at 31 December 2016 compared with £5.7m at 30 June last year, despite cash outflows of £1.1m for the Australian acquisition and dividend payments of £2.2m during the period.

 

"We are progressing satisfactorily with our planned entry into the North American hospital market."  

 

There will be a webinar for investors at 12.15 today (23 February). If you would like to join the webinar, please register here https://www.equitydevelopment.co.uk/news-and-events/

 

 

Tristel plc

www.tristel.com

Paul Swinney, Chief Executive 

Tel: 01638 721 500

Liz Dixon, Finance Director

 

 

 

finnCap

 

Geoff Nash / Giles Rolls, Corporate Finance

Tel: 020 7220 0500

Alice Lane, Corporate Broking

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or tristel@walbrookpr.com

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 

 

Chairman's statement

Results

 

The Company made excellent progress during the first half, with sales increasing to £9.75m, up 22% on the comparable period last year.

 

We are very pleased that sales in the United Kingdom picked up the pace of growth, rising 9% to £5.56m half-on-half. This performance was flattered by a bulk purchase during the half by our largest customer, NHS Supply Chain.  This purchase enabled the substitution of a discontinued pack size and contributed approximately £150,000 in sales during the half.  

 

Overseas sales once again rose, up 45% to £4.19m. During the half overseas sales represented 43% of total sales, compared to 36% during the same period last year. Our Australian subsidiary, which we acquired on 15 August 2016, represented £487,000 of the overseas sales growth of £1.3m.  

 

Overseas sales

First half

2016-17   

£

First half

2015-16   

£

Period-on-period growth £

Period-on-period growth %

Period-on-period growth %            at a constant currency

China & Hong Kong (subsidiaries)

649,000

486,000

163,000

34%

31%

Germany (subsidiary)

1,526,000

794,000

732,000

92%

62%

New Zealand (subsidiary)

299,000

202,000

97,000

48%

18%

Overseas distributors (managed by UK) 1

943,000

1,122,000

(179,000)

-16%

-16%

Overseas sales excluding impact of acquisition 

3,417,000

2,604,000

813,000

31%

19%

Australia (subsidiary) 2

776,000

289,000

487,000

169%

113%

Total overseas sales

4,193,000

2,893,000

1,300,000

45%

29%

1 Certain distributors have been absorbed into direct operations.

2 Distributor acquired during the period - included within New Zealand subsidiary sales in last year's Interim Statement.

 

The weakness of Sterling since the EU Referendum result has benefited Group sales. Stated at constant currency, overseas sales growth would have been reported at 29% rather than 45%.

  

Overseas sales are now approaching 50% of the total and reflect the Company's strategic goal of becoming a global force in the infection prevention industry. We expect the contribution to Group sales from overseas markets to exceed 50% during the course of our current strategic plan which takes us to 30 June 2019.    

 

Progress of our investments to improve efficiency and for future growth

This time last year I explained how the business was investing in plant and process in order to improve efficiency. During the period we increased sales by £1.7m, gross margin from 71% to 74%, whilst headcount increased by only six people (five of whom joined with our Australian acquisition).

 

During the period we have made significant investments towards future growth, including £200,000 spent on our North American market entry plan, and £54,000 in relation to other potential markets. 

 

Our pre-tax profit margin of 17.5% is in line with our strategic target, and represents profit before tax and share based payments of £1.7m, which is an increase of 15% half-on-half.

 

We are pursuing a broadly based plan to enter the United States and Canadian markets and this programme includes eight products for which we will require a combination of FDA and EPA approvals. We have held two meetings with the FDA and one with the EPA, we have attended a number of clinical conferences and trade exhibitions during the half and are in the process of piecing together our market entry plan. I am satisfied that we are progressing well towards our strategic objective of entering the North American market in the financial year 2018-19.

 

Dividend

The business continues to convert profit to cash.  During the half to 31 December 2016 a special dividend of 3 pence per share and a final dividend of 2.19 pence per share were paid, aggregating £2.2m. In addition, we completed upon an acquisition of our Australian distributor's business, at a cost of £1.1m. At the period end cash was £3.9m.  We will pay an interim dividend of 1.40 pence per share on 13 April to shareholders on the register on 24 March 2017, with an ex-dividend date of 23 March 2017. Our historic dividend policy is to cover the standard dividend two times and in the past was paid 25% as an interim dividend and 75% as a final. Last year, given the increase in dividend tax effective from 6 April 2016, we paid 40% as an interim and brought forward the payment to March. Going forward we will continue to cover the standard dividend two times and we will pay 40% as an interim in April and 60% as a final dividend in December.

 

Outlook 

We outlined in October 2016 our strategic targets:

·     to grow sales by 10-15% on average over the next three years

·     to attain a profit before tax and share based payments margin of at least 17.5%, whilst investing in future growth

·     to return cash that is surplus to the operational and investment needs of the business in the form of special dividends

 

These targets continue to guide us and remain achievable. 

 

I believe the business is in good shape and shareholders can confidently look forward to their Company's further progress and growth in the years ahead.

 

Francisco Soler

Chairman

23 February 2017

 

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

 

 

6 months ended

6 months ended

Year ended

31-Dec-16

31-Dec-15

30-Jun-16

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

 

 

 

 

 

Revenue

Note 3

9,748

8,010

17,104

Cost of sales

 

(2,496)

(2,289)

(4,549)

 

 

 

 

 

Gross profit

 

7,252

5,721

12,555

 

 

 

 

 

Administrative expenses - share based payments

 

(5)

(1,015)

(674)

Administrative expenses - depreciation & amortisation

 

(595)

(401)

(1,071)

Administrative expenses - other

 

(4,959)

(3,850)

(8,242)

Total administrative expenses

 

(5,559)

(5,266)

(9,987)

 

 

 

 

 

Operating profit

 

1,693

455

2,568

 

 

 

 

 

Finance income

 

2

4

12

Results from equity accounted associate

 

6

6

13

 

 

 

 

 

Profit before taxation

 

1,701

465

2,593

 

 

 

 

 

Taxation

 

(312)

(273)

(491)

 

 

 

 

 

Profit for the period

 

1,389

192

2,102

 

 

 

 

 

Attributable to:

 

 

 

 

Equity holders of the parent

1,389

192

2,102

 

 

 

 

 

1,389

192

2,102

 

 

 

 

 

Earnings per share from continuing operations

 

 

 

 

attributable to equity holders of the parent

Note 4

 

 

 

Basic (pence)

 

3.30

0.46

5.01

Diluted (pence)

 

3.14

0.45

4.81

 

All amounts relate to continuing operations.
 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

 

6 months ended

Year ended

31-Dec-16

30-Jun-16

(unaudited)

(audited)

£'000

£'000

 

 

 

Profit for the period

1,389

2,102

 

 

 

 

Items that will be reclassified subsequently to Profit and loss

 

 

 

Exchange differences on translation of foreign operations

81

13

146

Other comprehensive income for the period

81

146

 

 

 

Total comprehensive income for the period

1,470

205

2,248

 

 

 

 

Attributable to:

 

 

Equity holders of the parent

1,470

2,248

 

 

 

 

1,470

205

2,248

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

 

 

 

 

 

 

 

 

 

 

Share

Share

Merger

Foreign

Retained earnings

Total attributable to owners of the parent

Non- controlling interests

Total equity

capital

premium

reserve

exchange

 

account

 

reserve

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

30 June 2015

414

9,920

478

 

(147)

3,493

14,158

7

14,165

 

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(2,141)

(2,141)

-

(2,141)

Shares issued

7

535

-

-

-

542

-

542

Adjustment for change of controlling interests

-

-

-

-

-

-

-

-

Share-based payments

-

-

-

-

1,015

1,015

-

1,015

Total transactions with owners

7

535

-

-

(1,126)

(584)

-

(584)

Profit for the period ended 31 Dec 2015

-

-

-

-

192

192

-

192

Other comprehensive income:- Exchange differences

on translation of foreign operations                

 

-

 

-

 

-

 

13

 

-

 

13

 

-

 

13

Total comprehensive income

-

-

-

13

192

205

-

205

31 December 2015

421

10,455

478

(134)

2,559

13,779

7

13,786

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(480)

(480)

-

(480)

Shares issued

-

(44)

-

-

-

(44)

-

(44)

Share-based payments

-

-

-

-

(341)

(341)

-

(341)

Total transactions with owners

-

(44)

-

-

(821)

(865)

-

(865)

Profit for the period ended 30 Jun 2016

-

-

-

-

1,910

1,910

-

1,910

Other comprehensive income:- Exchange differences

on translation of foreign operations

 

-

 

-

 

-

 

133

 

-

 

133

 

-

 

133

Total comprehensive income

-

-

-

133

1,910

2,043

-

2,043

30 Jun 2016

421

10,411

478

(1)

3,648

14,957

7

14,964

Transactions with owners

 

 

 

 

 

 

 

Dividends paid

-

-

-

-

(2,193)

(2,193)

-

(2,193)

Shares issued

3

32

-

-

-

35

-

35

Share-based payments

-

-

-

-

5

5

-

5

Total transactions with owners

3

32

-

-

(2,188)

(2,153)

-

(2,153)

Profit for the period ended 31 Dec 2016

-

-

-

-

1,389

1,389

(2)

1,387

Other comprehensive income:- Exchange differences

on translation of foreign operations                

-

-

-

81

-

81

-

81

Total comprehensive income

-

-

-

81

1,389

1,470

(2)

1,468

31 Dec 2016

424

10,443

478

80

2,849

14,274

5

14,279

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2016

 

 

 

 

 

31-Dec-16

31-Dec-15

30-Jun-16

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Non-current assets

 

 

 

 

Goodwill & other Intangible assets

6,882

6,253

6,047

Property, plant and equipment

1,381

1,330

1,416

Deferred tax

68

37

-

 

 

 

 

 

8,331

7,620

7,463

Current assets

 

 

 

Inventories

1,753

1,589

1,875

Trade and other receivables

3,776

3,319

3,735

Cash and cash equivalents

3,854

4,264

5,715

 

 

 

 

 

9,383

9,172

11,325

 

 

 

 

Total assets

17,714

16,792

18,788

Capital and reserves attributable to the Company's equity holders

 

 

Called up share capital

424

421

421

Share premium account

10,443

10,455

10,411

Merger reserve

478

478

478

Foreign exchange reserves

80

(134)

(1)

Retained earnings

2,849

2,559

3,648

 

 

 

 

Equity attributable to equity holders of parent

14,274

13,779

14,957

 

 

 

 

Minority interest

5

7

7

 

 

 

 

Total Equity

14,279

13,786

14,964

Current liabilities

 

 

 

Trade and other payables

2,583

2,444

3,256

Interest bearing loans and borrowings

-

-

-

Current tax liabilities

649

403

432

 

 

 

 

Total current liabilities

3,232

2,847

3,688

Non-current liabilities

 

 

 

Deferred tax

203

159

136

Total liabilities

3,435

3,006

3,824

Total equity and liabilities

17,714

16,792

18,788

 

 

 

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

 

 

6 months ended

6 months ended

Year ended

31-Dec-16

31-Dec-15

30-Jun-16

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Cash flows generated from operating activities

 

 

 

 

Cash generated from operating activities

Note 6

1,701

2,231

4,819

Corporation tax   

 

(94)

(96)

(269)

 

 

 

 

 

 

 

1,607

2,135

4,550

Cash flows used in investing activities

 

 

 

 

Interest received

 

2

4

12

Purchase of intangible assets

 

(204)

(147)

(406)

Consideration for acquisition

Note 7

(959)

 

 

Purchase of property, plant and equipment

 

(244)

(203)

(499)

Proceeds on sale of property, plant and equipment

 

14

16

16

 

 

 

 

 

 

 

(1,391)

(330)

(877)

Cash flows used in financing activities

 

 

 

 

Loans repaid

 

-

-

-

Share issues

 

35

542

498

Equity dividends paid

 

(2,193)

(2,141)

(2,621)

 

 

(2,158)

(1,599)

(2,123)

 

 

 

 

 

(Decrease)/increase in cash and cash equivalents

 

(1,942)

206

1,550

Cash and cash equivalents at the beginning of the period

 

5,715

4,045

4,045

Exchange difference on cash and cash equivalents

 

81

13

120

 

 

 

 

 

Cash and cash equivalents at the end of the period

 

3,854

4,264

5,715

 

 

NOTES TO THE ACCOUNTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

1      PRINCIPal ACCOUNTING POLICIES

 

Basis of Preparation

For the year ended 30 June 2016, the Group prepared consolidated financial statements under International Financial Reporting Standards ('IFRS') as adopted by the European Commission. These will be those International Accounting Standards, International Financial Reporting Standards and related interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, future standards and related interpretations issued or adopted by the IASB that have been endorsed by the European Commission. This process is ongoing and the Commission has yet to endorse certain standards issued by the IASB.

 

These condensed consolidated interim financial statements (the interim financial statements) have been prepared under the historical cost convention. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and which are, or are expected to be, effective at 30 June 2017. They do not include all of 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 30 June 2016. The interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 June 2016. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

 

Accounting Policies

The interim report is unaudited and has been prepared on the basis of IFRS accounting policies.

 

The accounting policies adopted in the preparation of this unaudited interim financial report are consistent with the most recent annual financial statements being those for the year ended 30 June 2016.

 

2      Publication of non-statutory accounts

 

The financial information for the six months ended 31 December 2016 and 31 December 2015 have not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006.

 

The financial information relating to the year ended 30 June 2016 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the Group's statutory accounts for that period. The statutory accounts were prepared in accordance with International Financial Reporting Standards ("IFRS") and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies.

 

3      SEGMENTAL ANALYSIS

 

The Board considers the Group's revenue lines to be split into three operating segments, which span the different Group entities. The operating segments consider the nature of the product sold, the nature of production, the class of customer and the method of distribution. The Group's operating segments are identified from the information which is reported to the chief operating decision maker.  

The first segment concerns the manufacture, development and sale of infection control and hygiene products which incorporate the Company's chlorine dioxide chemistry, and are used primarily for infection control in hospitals ("Human Health"). This segment generates approximately 90% of Group revenues.

 

The second segment, which constitutes 4% of the business activity, relates to manufacture and sale of disinfection and cleaning products, principally into veterinary and animal welfare sectors ("Animal Health"). 

 

The third segment addresses the pharmaceutical and personal care manufacturing industries ("Contamination Control"). This activity has generated 6% of the Group's revenue for the period.

 

The operation is monitored and measured on the basis of the key performance indicators of each segment, these being revenue and gross profit; strategic decisions are made on the basis of revenue and gross profit generating from each segment.

 

The Group's centrally incurred administrative expenses and operating income are not attributable to individual segments.

 

 

3       SEGMENTAL ANALYSIS - continued

 

6 months ended

31 December 2016

6 months ended

31 December 2015

Year ended

30 June 2016

(unaudited)

(unaudited)

(audited)

 

Human Health

Animal Health

Cont'n Control

Total

Human Health

Animal Health

Cont'n Control

Total

Human Health

Animal Health

Cont'n Control

Total

£'000

£'000

£'000

£'000

£'000

£'000

 

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

8,730

440

578

9,748

6,740

500

770

8,010

14,599

1,015

1,490

17,104

Cost of material

(2,170)

(106)

(220)

(2,496)

(156)

(371)

(2,289)

(333)

(642)

(4,549)

Gross profit

6,562

332

358

7,252

4,978

344

399

5,721

11,025

682

848

12,555

 

Centrally incurred income and expenditure not attributable to individual segments: -

 

 

 

 

 

 

 

 

 

Dep'n & amort'n of non- financial assets

 

(595)

 

 

 

(401)

 

 

 

(1,071)

Other administrative expenses

 

 

(4,959)

 

 

 

(3,850)

 

 

 

(8,242)

Share based payments

 

 

(5)

 

 

 

(1,015)

 

 

 

(674)

Segment operating profit

 

1,693

 

 

 

455

 

 

 

2,568

 

Segment operating profit can be reconciled to Group

profit before tax as follows: -

 

 

 

 

 

 

 

 

 

Segment operating profit

 

1,693

 

 

 

455

 

 

 

2,568

Results from equity accounted associate

 

6

 

 

 

6

 

 

 

12

Finance income

 

 

2

 

 

 

4

 

 

 

13

Finance costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Group profit

 

 

1,701

 

 

 

465

 

 

 

2,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Group's revenues from external customers are divided into the following geographical areas:

 

 

6 months ended

31 December 2016

6 months ended

31 December 2015

Year ended

30 June 2016

(unaudited)

(unaudited)

(audited)

 

Human healthcare

Animal healthcare

Cont'n control

Total

Human healthcare

Animal healthcare

Cont'n control

Total

Human healthcare

Animal healthcare

Cont'n Control

Total

£'000

£'000

£'000

£'000

£'000

£'000

 

£'000

£'000

£'000

£'000

£'000

£'000

United Kingdom

4,739

314

502

5,555

4,155

373

589

5,117

8,547

679

1,140

10,366

Germany

1,523

3

-

1,526

791

3

-

794

1,778

-

-

1,778

Rest of the World

2,468

123

76

2,667

1,794

124

181

2,099

4,274

336

350

4,960

Group Revenues

8,730

440

578

9,748

6,740

500

770

8,010

14,599

1,015

1,490

17,104

                                       

 

 

4            EARNINGS PER SHARE

 

The calculations of earnings per share are based on the following profits and number of shares:

 

6 months ended

31 December 2016

 

6 months ended

31 December 2015

 

Year ended

30 June 2016

 

(unaudited)

 

(unaudited)

 

(audited)

Retained profit for the period attributable to equity holders of the parent

1,389

 

192

 

2,102

Retained profit for the period attributable to equity holders of the parent adjusted for share based payments

1,394

 

1,207

 

2,776

 

 

 

 

 

 

 

Shares '000

Number

 

Shares '000

Number

 

Shares '000 Number

Weighted average number of ordinary shares for the purpose of basic earnings per share

42,056

 

41,753

 

41,945

Share options

2,198

 

1,040

 

1,747

Weighted average number of ordinary shares for the purpose of diluted earnings per share

44,254

 

42,793

 

43,692

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

Basic (pence)

3.30

 

0.46

 

5.01

Diluted (pence)

3.14

 

0.45

 

4.81

Before share based payments (pence)

3.30

 

2.89

 

6.62

            

 

 

             5     Dividends

 

6 months ended

31 December 2016

 

6 months ended

31 December 2015

 

Year ended

30 June 2016

 

(unaudited)

 

(unaudited)

 

(audited)

Amounts recognised as distributions to equity holders in the period:

 

£'000

 

£'000

 

£'000

Ordinary shares of 1p each

 

 

 

 

 

 

Special dividend for the year ended 30 June 2016 of 3.00p per share (2015: 3.00p)

1,265

 

1,242

 

1,242

Final dividend for the year ended 30 June 2016 of 2.19p (2015: 2.14p) per share

928

 

899

 

899

 

 

 

 

 

 

Interim dividend for the year ended 30 June 2016 of 1.14p

-

 

-

 

480

 

 

 

 

 

 

 

2,193

 

2,141

 

2,621

 

 

 

 

 

 

Proposed interim dividend for the year ending 30 June 2017 of 1.40p (2016: 1.14p) per share

594

 

480

 

-

  

The proposed interim dividend has not been included as a liability in the financial statements.
 

 

 

6          RECONCILIATION OF PROFIT BEFORE TAX to cash GENERATED from operations

 

 

6 months ended

6 months ended

Year ended

 

31-Dec-16

31-Dec-15

30-Jun-16

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

£'000

 

 

 

 

 

Profit before taxation

1,701

465

 2,593

Adjustments for:

 

 

 

Depreciation

270

208

442

Amortisation of intangibles

 

325

193

524

Impairment

 

-

-

125

Results from associates

-

(6)

-

Share based payments expense (IFRS2)

5

1,015

674

(Profit)/Loss on disposal of property plant and equipment

(6)

3

(2)

Loss on disposal of intangible asset

-

-

8

Finance costs

-

-

-

Finance income

(2)

(4)

(12)

 

 

 

 

Operating cash flows before movement in working capital

2,293

1,874

4,352

Decrease in inventories

122

472

186

Increase in trade and other receivables

(41)

(125)

(541)

(Decrease)/increase in trade and other payables

(673)

10

822

 

 

 

 

Cash generated from operating activities

1,701

2,231

4,819

 

 

 

 

 

 

7          Australian acquisition

 

On 15 August 2016 the Group acquired from the Australian company Ashmed PTY Ltd, its customer base, stock, fixed assets and staff, for a total consideration of £1.1m in cash. The customer base and staff were purchased for a consideration of £959k, the amount will be recognised within intangible assets. Stock was acquired for £119k.

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half-year Report - RNS