TIDMAKG
RNS Number : 7383C
Astek Group PLC
19 November 2009
Astek Group plc / Epic: AKG / Index: AIM / Sector: Medical Supplies
Astek Group plc ('Astek' or 'the Company')
Interim Results
Overview
+----------+-------------+--------+-------------+--------+------------+
| | Six | | Six | | Year |
| | months | | months | | |
+----------+-------------+--------+-------------+--------+------------+
| | ended | | ended | | ended |
+----------+-------------+--------+-------------+--------+------------+
| | 30 Sep | | 30 Sep | | 31 |
| | 2009 | | 2008 | | March |
| | | | | | 2009 |
+----------+-------------+--------+-------------+--------+------------+
| | (unaudited) | | (unaudited) | | (audited) |
+----------+-------------+--------+-------------+--------+------------+
| | GBP | | GBP | | GBP |
+----------+-------------+--------+-------------+--------+------------+
| Revenue | 623,503 | | 550,342 | | 1,371,297 |
+----------+-------------+--------+-------------+--------+------------+
| Gross | 271,189 | | 240,657 | | 593,583 |
| Profit | | | | | |
+----------+-------------+--------+-------------+--------+------------+
| EBITDA | 3,648 | | (52,594) | | (53,974) |
+----------+-------------+--------+-------------+--------+------------+
| Retained | (41,315) | | (99,111) | | (66,504) |
| loss for | | | | | |
| the | | | | | |
| period | | | | | |
+----------+-------------+--------+-------------+--------+------------+
| | | | | | |
+----------+-------------+--------+-------------+--------+------------+
| Loss | 0.1p | | 0.1p | | 0.1p |
| per | | | | | |
| share | | | | | |
| (to | | | | | |
| nearest | | | | | |
| 0.1p) | | | | | |
+----------+-------------+--------+-------------+--------+------------+
* Anaesthetic Safety Syringe and special Sharps box, branded as InSafe(TM) system,
launched in the UK, Eire and Germany
* Production issues and economic climate holding up sales
* Negotiations under way with potential distributors in other territories
* Positive EBITDA achieved in the period.
* Note that the results in these months were affected by:
* The continued reduction of directors' salaries by 50% as reported in the Annual
Report and Accounts for 2009; and
* The adverse effect on margins of Sterling movements against the US dollar and
Euro.
* Pro-Tip sales disappointing during the period although ahead of same period
last year;
* Ongoing dialogue with Distributor
* Other developments in progress funded by a Grant, grant received of GBP23,262
(capital GBP10,964, revenue GBP12,298)
* Negotiations in progress for further grant funding next year.
* Reduction in loss after tax to GBP41,315 (2008: loss GBP99,111)
* Cash balance of GBP57,964 (31 March 2009: GBP95,678)
Directors' Statement
The period under review has seen an improvement in trading performance with
sales up 13.3% on the comparable period last year. Gross margin also held steady
at around 43%. However sales are down significantly compared to the second half
of FY2009 - GBP820,955. The larger part of this was due to the slowdown in
InSafe(TM) sales as a result of production issues referred to below. The rest
was due to a comparative reduction in Pro-Tip sales. There has been a delay in
the uptake of Pro-Tip for the new Italian and Japanese markets. These latter
issues are being discussed with our distributors.
During the period the Group's monthly results attained a small but positive
EBITDA. InSafe(TM) sales have been slower than expected partly as a result of
production issues and partly due to the economic climate. Some batches of the
production versions of the InSafe(TM) syringe have suffered cosmetic changes in
use which, although functionality remains unimpaired, are unacceptable and which
did not manifest themselves in trials. The causes of these changes have been
identified, appropriate enhancements to the production process are being
considered and will be implemented within the next few months. Negotiations
remain in progress in respect of other worldwide territories but will not be
concluded until the production issues are fully resolved.
The period under review has seen further significant new product launches
including edentulous impression trays, mouthwash tablets and barrier products.
Astek's market has been affected by the global economic downturn which has
certainly affected the discretionary spend with dentists but the Company has
been successful in defending margins despite fluctuations in buying and selling
prices.
However the problems with production versions of InSafe(TM), which were not
exposed by trials or focus groups, remind Astek that innovation is never easy.
The Board is pleased that positive EBITDA has nevertheless been achieved. It is
expected that this will in turn lead to positive total cash flows in due course.
For further information please visit www.astekinnovations.co.uk or contact:
Alan Segal Astek Group plc Tel: 0161 942 3900
Alex Clarkson Zeus Capital Tel: 0161 831 1512
/ Tom Rowley
CONSOLIDATED BALANCE SHEET
as at 30 September 2009
+-------------+-------------+-------------+--------------+
| | As at | As at | As at |
| | 30 | 30 | 31 |
| | Sept | Sept | March |
| | 2009 | 2008 | 2009 |
+-------------+-------------+-------------+--------------+
| | (unaudited) | (unaudited) | (audited) |
+-------------+-------------+-------------+--------------+
| Assets | GBP | GBP | GBP |
+-------------+-------------+-------------+--------------+
| Non-current | | | |
| Assets | | | |
+-------------+-------------+-------------+--------------+
| Goodwill | 105,837 | 105,837 | 105,837 |
+-------------+-------------+-------------+--------------+
| Intangible | 114,300 | 102,248 | 107,504 |
| Assets | | | |
+-------------+-------------+-------------+--------------+
| Property, | 196,607 | 225,861 | 209,516 |
| plant and | | | |
| equipment | | | |
+-------------+-------------+-------------+--------------+
| | 416,744 | 433,946 | 422,857 |
+-------------+-------------+-------------+--------------+
| Current | | | |
| Assets | | | |
+-------------+-------------+-------------+--------------+
| Inventories | 150,620 | 140,019 | 142,317 |
+-------------+-------------+-------------+--------------+
| Trade | 272,999 | 214,672 | 302,179 |
| and | | | |
| other | | | |
| receivables | | | |
+-------------+-------------+-------------+--------------+
| Cash | 57,964 | 60,208 | 95,678 |
| and | | | |
| cash | | | |
| equivalents | | | |
+-------------+-------------+-------------+--------------+
| | 481,583 | 414,899 | 540,174 |
+-------------+-------------+-------------+--------------+
| Total | 898,327 | 848,845 | 963,031 |
| assets | | | |
+-------------+-------------+-------------+--------------+
| Liabilities | | | |
+-------------+-------------+-------------+--------------+
| Current | | | |
| liabilities | | | |
+-------------+-------------+-------------+--------------+
| Trade | (107,757) | (155,096) | (159,954) |
| and | | | |
| other | | | |
| payables | | | |
+-------------+-------------+-------------+--------------+
| Borrowings | (143,701) | (25,006) | (107,652) |
| | | | |
+-------------+-------------+-------------+--------------+
| | (251,458) | (180,102) | (267,606) |
+-------------+-------------+-------------+--------------+
| Non-current | (116,634) | (141,640) | (129,137) |
| liabilities | | | |
| Borrowings | | | |
+-------------+-------------+-------------+--------------+
| Total | (368,092) | (321,742) | (396,743) |
| Liabilities | | | |
+-------------+-------------+-------------+--------------+
| Net | 530,235 | 527,103 | 566,288 |
| Assets | | | |
+-------------+-------------+-------------+--------------+
| Equity | | | |
+-------------+-------------+-------------+--------------+
| Share | 350,000 | 350,000 | 350,000 |
| capital | | | |
+-------------+-------------+-------------+--------------+
| Share | 823,319 | 823,319 | 823,319 |
| premium | | | |
| account | | | |
+-------------+-------------+-------------+--------------+
| Reverse | 966,889 | 966,889 | 966,889 |
| acquisition | | | |
| reserve | | | |
+-------------+-------------+-------------+--------------+
| Retained | (1,609,973) | (1,613,105) | (1,573,920) |
| earnings | | | |
+-------------+-------------+-------------+--------------+
| Total | 530,235 | 527,103 | 566,288 |
| Equity | | | |
+-------------+-------------+-------------+--------------+
CONSOLIDATED INCOME STATEMENT
for the period ended 30 September 2009
+------------+-------------+--------+-------------+--------+-----------+
| | Six | | Six | | Year |
| | months | | months | | |
+------------+-------------+--------+-------------+--------+-----------+
| | ended | | ended | | ended |
+------------+-------------+--------+-------------+--------+-----------+
| | 30 Sep | | 30 Sep | | 31 |
| | 2009 | | 2008 | | March |
| | | | | | 2009 |
+------------+-------------+--------+-------------+--------+-----------+
| | (unaudited) | | (unaudited) | | (audited) |
+------------+-------------+--------+-------------+--------+-----------+
| | GBP | | GBP | | GBP |
+------------+-------------+--------+-------------+--------+-----------+
| Revenue | 623,503 | | 550,342 | | 1,371,297 |
+------------+-------------+--------+-------------+--------+-----------+
| Cost | (352,314) | | (309,685) | | (777,714) |
| of | | | | | |
| sales | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Gross | 271,189 | | 240,657 | | 593,583 |
| Profit | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Trading | (309,707) | | (334,627) | | (742,177) |
| costs | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Non | 1,290 | | 1,290 | | 2,580 |
| trading | | | | | |
| income | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Operating | (37,228) | | (92,680) | | (146,014) |
| loss | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Investment | 268 | | 2,218 | | 3,489 |
| revenue - | | | | | |
| interest | | | | | |
| receivable | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Finance | (4,355) | | (8,649) | | (12,762) |
| costs | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Loss | (41,315) | | (99,111) | | (155,287) |
| before | | | | | |
| taxation | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Tax on | - | | - | | 88,783 |
| loss | | | | | |
| on | | | | | |
| ordinary | | | | | |
| activities | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Retained | (41,315) | | (99,111) | | (66,504) |
| loss for | | | | | |
| the | | | | | |
| period | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
| Loss | 0.1p | | 0.1p | | 0.1p |
| per | | | | | |
| share | | | | | |
| (in | | | | | |
| pence) | | | | | |
+------------+-------------+--------+-------------+--------+-----------+
STATEMENT OF CHANGES IN EQUITY (Unaudited)
+------------+---------+---------+-------------+-------------+-----------+
| | Share | Share | Reverse | Profit | Total |
| | capital | premium | | | |
| | | account | acquisition | and | |
| | | | reserve | loss | |
| | | | | account | |
+------------+---------+---------+-------------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+------------+---------+---------+-------------+-------------+-----------+
| At 1 | 350,000 | 823,319 | 966,889 | (1,527,147) | 613,061 |
| April | | | | | |
| 2008 | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| Loss | - | - | - | (99,111) | (99,111) |
| for | | | | | |
| period | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| Adjustment | - | - | - | 13,153 | 13,153 |
| for share | | | | | |
| based | | | | | |
| payments | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| At 30 | 350,000 | 823,319 | 966,889 | (1,613,105) | 527,103 |
| September | | | | | |
| 2008 | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| Profit | - | - | - | 32,607 | 32,607 |
| for | | | | | |
| period | | | | | |
| Adjustment | | | | | |
| for share | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| based | - | - | - | 6,578 | 6,578 |
| payments | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| At 31 | 350,000 | 823,319 | 966,889 | (1,573,920) | 566,288 |
| March | | | | | |
| 2009 | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| Loss | - | - | - | (41,315) | (41,315) |
| for | | | | | |
| period | | | | | |
| Adjustment | | | | | |
| for share | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| based | - | - | - | 5,262 | 5,262 |
| payments | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
| At 30 | 350,000 | 823,319 | 966,889 | (1,609,973) | (530,235) |
| September | | | | | |
| 2009 | | | | | |
+------------+---------+---------+-------------+-------------+-----------+
GROUP CASH FLOW STATEMENT
For the period ended 30 September 2009
+-------------+-------------+----------+-------------+----------+------------+
| | Six | | Six | | Year |
| | months | | months | | |
+-------------+-------------+----------+-------------+----------+------------+
| | ended | | ended | | ended |
+-------------+-------------+----------+-------------+----------+------------+
| | 30 Sep | | 30 Sep | | 31 March |
| | 2009 | | 2008 | | 2009 |
+-------------+-------------+----------+-------------+----------+------------+
| | (unaudited) | | (unaudited) | | (audited) |
+-------------+-------------+----------+-------------+----------+------------+
| | GBP | | GBP | | GBP |
+-------------+-------------+----------+-------------+----------+------------+
| Cash | (27,672) | | (87,612) | | (173,939) |
| absorbed | | | | | |
| by | | | | | |
| operations | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Interest | (4,355) | | (8,649) | | (12,762) |
| paid | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Corporation | - | | - | | 88,783 |
| tax refund | | | | | |
| received | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Net cash | (32,027) | | (96,261) | | (97,918) |
| absorbed | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Investing | | | | | |
| activities | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Interest | 268 | | 2,218 | | 3,489 |
| received | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Purchases | (36,363) | | (26,037) | | (57,182) |
| of | | | | | |
| intangible | | | | | |
| fixed | | | | | |
| assets | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Grant | 10,964 | | 12,566 | | 19,050 |
| received | | | | | |
| in | | | | | |
| respect | | | | | |
| of | | | | | |
| intangible | | | | | |
| assets | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Purchases | (4,102) | | (35,240) | | (44,866) |
| of | | | | | |
| property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Net cash | (29,233) | | (46,493) | | (79,509) |
| used in | | | | | |
| investing | | | | | |
| activities | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Financing | 36,049 | | - | | 82,646 |
| activities | | | | | |
| Invoice | | | | | |
| discounting | | | | | |
| finance | | | | | |
| advances | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Bank | (12,503) | | (12,504) | | (25,007) |
| loans | | | | | |
| repaid | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Net cash | 23,546 | | (12,504) | | 57,639 |
| generated | | | | | |
| from/ | | | | | |
| (used in) | | | | | |
| financing | | | | | |
| activities | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Net | (37,714) | | (155,258) | | (119,788) |
| decrease | | | | | |
| in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Cash and | 95,678 | | 215,466 | | 215,466 |
| cash | | | | | |
| equivalents | | | | | |
| at | | | | | |
| beginning | | | | | |
| of period | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
| Cash and | 57,964 | | 60,208 | | 95,678 |
| cash | | | | | |
| equivalents | | | | | |
| at end of | | | | | |
| period | | | | | |
+-------------+-------------+----------+-------------+----------+------------+
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
for the period ended 30 September 2009
1 General Information
Astek Group plc is incorporated in the United Kingdom under the Companies Act
1985. These condensed consolidated financial statements are presented in Pounds
Sterling because that is the currency of the primary economic environment in
which the group operates.
The condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006.
The financial information for the year ended 31 March 2009 has been extracted
from the statutory accounts for that period. The auditors' report on the
statutory accounts for the year ended 31 March 2009 was unqualified and did not
contain a statement under S237 of the Companies Act 1985. The auditors however
included an emphasis of matter paragraph in their report as follows:
"In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosures in note 1 to the financial
statements concerning the Group's ability to continue as a going concern. The
Company incurred a net loss of GBP66,504. This result depleted the Group's
available cash resources and this, together with the other matters explained in
note 1 to the financial statements, indicates the existence of a material
uncertainty which may affect the Group's ability to continue as a going concern.
The financial statements do not include any adjustments that would result if the
Group was unable to continue as a going concern."
A copy of those accounts has been filed with the Registrar of Companies.
2 Basis of preparation
The Group has presented its results in accordance with International Financial
Reporting Standards as adopted in the EU ("IFRS") using the same accounting
policies and methods of computation as were used in the annual financial
statements for the year ended 31 March 2009. As permitted, the interim report
has been prepared in accordance with the AIM Rules for companies and is not
compliant in all respects with IAS 34 Interim Financial Statements. The
condensed consolidated interim financial statements do not include all of the
information required for full annual financial statements and cannot be
construed to be in full compliance with IFRS.
3 Loss per share
The calculation of loss per share is based on the loss on ordinary activities
after taxation and number of shares as set out below:
+--------+-------------+--------+--------------+--------+------------+
| | Six | | Six | | Year |
| | months | | months | | |
+--------+-------------+--------+--------------+--------+------------+
| | ended | | ended | | ended |
+--------+-------------+--------+--------------+--------+------------+
| | 30 | | 30 September | | 31 March |
| | September | | 2008 | | 2009 |
| | 2009 | | | | |
+--------+-------------+--------+--------------+--------+------------+
| | (unaudited) | | (unaudited) | | (audited) |
+--------+-------------+--------+--------------+--------+------------+
| | GBP | | GBP | | GBP |
+--------+-------------+--------+--------------+--------+------------+
| Loss | (41,315) | | (99,111) | | (66,504) |
| for | | | | | |
| period | | | | | |
+--------+-------------+--------+--------------+--------+------------+
| Number | 70,000,000 | | 70,000,000 | | 70,000,000 |
| of | | | | | |
| shares | | | | | |
+--------+-------------+--------+--------------+--------+------------+
4 Reconciliation of operating loss to net cash outflow from operating activities
for the period ended 30 September 2009
+---------------------+-------------+----------+-------------+----------+------------+
| | Six | | Six | | Year |
| | months | | months | | |
+---------------------+-------------+----------+-------------+----------+------------+
| | ended | | ended | | ended |
+---------------------+-------------+----------+-------------+----------+------------+
| | 30 Sep | | 30 Sep | | 31 March |
| | 2009 | | 2008 | | 2009 |
+---------------------+-------------+----------+-------------+----------+------------+
| | (unaudited) | | (unaudited) | | (audited) |
+---------------------+-------------+----------+-------------+----------+------------+
| | GBP | | GBP | | GBP |
+---------------------+-------------+----------+-------------+----------+------------+
| Operating | (37,228) | | (92,680) | | (146,014) |
| loss | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Adjustments | | | | | |
| for: | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Amortisation | 18,603 | | 13,881 | | 33,286 |
| and | | | | | |
| impairment | | | | | |
| provisions | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Depreciation | 17,011 | | 13,052 | | 39,023 |
| | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Share | 5,262 | | 13,153 | | 19,731 |
| based | | | | | |
| payment | | | | | |
| expense | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Operating | 3,648 | | (52,594) | | (53,974) |
| cash | | | | | |
| flows | | | | | |
| before | | | | | |
| movements | | | | | |
| in | | | | | |
| working | | | | | |
| capital | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Increase | (8,303) | | (2,365) | | (4,663) |
| in | | | | | |
| Inventories | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Decrease/(Increase) | 29,180 | | 43,352 | | (44,155) |
| in receivables | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Decrease | (52,197) | | (76,005) | | (71,147) |
| in | | | | | |
| payables | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
| Cash | (27,672) | | (87,612) | | (173,939) |
| absorbed | | | | | |
| by | | | | | |
| operations | | | | | |
+---------------------+-------------+----------+-------------+----------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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