TIDMFDT
RNS Number : 3032P
1st Dental Laboratories PLC
14 July 2010
+-----------------------------------+-----------------------------------+
| Press Release | 14 July 2010 |
+-----------------------------------+-----------------------------------+
1st Dental Laboratories plc
("1st Dental" or "the Group")
Interim Results
1stDental Laboratories plc (AIM: FDT), the UK's leading provider of dental
laboratory products and services, today announces its interim results for the
six months ended 31 May 2010.
Financial highlights
+-------+--------------------------------------------------------------+
| · | Revenues decreased by 4.1% to GBP4,926k (2009: GBP5,134k) |
| | |
+-------+--------------------------------------------------------------+
| · | Gross profit increased by 5.1% to GBP1,739k (2009: 1,656k) |
| | |
+-------+--------------------------------------------------------------+
| · | Gross margin improved to 35.3% (2009: 32.3%) reflecting |
| | improved efficiencies in the Group's nationwide laboratory |
| | operations |
+-------+--------------------------------------------------------------+
| · | Operating loss for period GBP26k (2009: GBP265k) |
| | |
+-------+--------------------------------------------------------------+
| · | Profit before tax of GBP10k (2009: GBP326k loss) |
| | |
+-------+--------------------------------------------------------------+
| · | Net profit contributions from laboratories increased by 36% |
| | to GBP591k (2009: GBP435k) |
+-------+--------------------------------------------------------------+
| · | Net bank debt and borrowings of GBP1,354k (2009: GBP1,605k) |
| | |
+-------+--------------------------------------------------------------+
Operational highlights
+-------+--------------------------------------------------------------+
| · | Revenue per employee increased by 5% |
| | |
+-------+--------------------------------------------------------------+
| · | Increasing uptake of state of the art Zirconia products |
| | |
+-------+--------------------------------------------------------------+
| · | Recently launched a new range of CAD/CAM Laser PFM(TM) |
| | products for Crown and Bridge applications |
+-------+--------------------------------------------------------------+
Commenting on the results Grahame Sewell, Chairman, said:
"I am extremely pleased to report that 1st Dental's turnaround strategy has
resulted in a modest profit. The Board has continued to develop efficiencies
within the Group and improve the gross margins. This has resulted in an
encouraging first half of the year despite a slight decline in revenue. The
Group traditionally expects to see higher revenues in the second half of the
year and 1st Dental is driving to increase its profile and brand in the dental
marketplace. The Board therefore remains cautiously confident for the full
year."
- Ends -
For more information please contact:
+---------------------------------+-------------------------+
| 1st Dental Laboratories | |
+---------------------------------+-------------------------+
| Nigel Spring | +44 (0)1423 812 703 |
+---------------------------------+-------------------------+
| Grahame Sewell | +44 (0) 7767 350 372 |
+---------------------------------+-------------------------+
| | www.1stdental.co.uk |
+---------------------------------+-------------------------+
+---------------------------------+------------------------------+
| Astaire Securities | |
+---------------------------------+------------------------------+
| William Vandyk | +44 (0)20 7448 4400 |
+---------------------------------+------------------------------+
| | www.astairesecurities.co.uk |
+---------------------------------+------------------------------+
Media enquiries
+----------------------------------+-------------------------+
| Abchurch Communications | |
+----------------------------------+-------------------------+
| Sarah Hollins / Simone Elviss / | +44 (0)20 7398 7710 |
| Quincy Allan | |
+----------------------------------+-------------------------+
| quincy.allan@abchurch-group.com | www.abchurch-group.com |
+----------------------------------+-------------------------+
Notes to Editors
1st Dental Laboratories is an AIM listed healthcare company that provides
laboratory support to private and NHS Dentists. This involves the manufacture of
crowns and bridges, prosthetics, orthodontics and implant work with a focus on
quality. 1st Dental operates from 14 DAMAS accredited sites within the UK,
employing 220 staff including 97 Registered Dental Technicians, and invests in
the delivery of new technologies to provide innovation and leadership in the
industry.
In 2009, 1st Dental implemented a turnaround strategy to return the Group to
profit and drive future growth. 1st Dental is focussing on building a stronger
brand to strengthen customer loyalty, support the recruitment of new technicians
and improve overall communications. In addition, the Group recruited a
nationwide sales team in 2009 with the aim of driving growth and increasing
market share from its current level of approximately 5%.
For further information please visit www.1stdental.co.uk
Chairman's Statement
I am pleased to report the Group's interim results for the six months ending 31
May 2010. With the background of a challenging economic climate, the Group made
a modest profit before tax of GBP10k, a substantial improvement compared with
the previous year when the Group reported a loss of GBP326k. The Board is
pleased with this result which is in line with the Directors' expectations and
consistent with the Chairman's update presented at the Annual General Meeting on
21 April 2010.
The Group previously stated that the Board is focusing on managing its existing
operations more efficiently. This has resulted in an increase in gross margin to
35.3% from 32.3% in 2009, reflecting continued improving efficiencies in the
Group's nationwide laboratory operations, despite a fall in revenue of 4% from
GBP5,134k to GBP4,926k.
Net profit from the laboratories increased by 36% to GBP591k from GBP435k in
2009.
Administrative expenses were reduced by 8% across the Group from GBP1,921k to
GBP1,765k.
Revenues
Group revenues were impacted in April and May 2010, when the volcanic cloud
caused major disruption to the Group's online business, e-teeth(TM), which
involves sourcing products by air from China. The Board believes that the
volcanic eruptions also had an impact on the Group's core business which saw
reduced orders, possibly as a result of a large number of our customers
(dentists) stranded overseas.
Generally, the Group and its key customers have experienced weaker demand in
recent months. While the level of NHS revenues is stable, we are seeing a
decline in private work, which in part includes dental work of a more
discretionary nature.
The Group's sales team was below the budgeted headcount during part of the
period but is now back up to full strength. The sales team contributed a total
of GBP347k in revenues from new customers in the period.
1st Dental continues to see increased revenues from its state of the art
Zirconia products. The Group has also recently launched a new range of CAD/CAM
products for Crown and Bridge applications for the private and NHS market. This
launch has been supported by a nationwide series of events presenting these new
products to dentists, in conjunction with our laboratory managers and field
sales personnel.
In addition, dentists are generally able to benefit through the award of
Continuing Professional Development (CPD) points for attendance at these events.
Margins and costs
The Group continues to manage its cost structure prudently in both the
laboratory operations and at its Harrogate headquarters. Across the Group,
headcount fell by 9% compared with one year ago. However, revenue per employee
increased by 5% demonstrating that while revenues declined, the Group is
operating on a more efficient basis.
The GBP156k or 36% increase in net profit from the laboratories consists of an
improved gross margin together with a GBP81k reduction in laboratory overheads.
Central costs were reduced by GBP81k and the Group also made a profit of GBP68k
on an asset disposal. There was a reduction in net interest costs of GBP29k and
overall the Group made a profit before tax of GBP10k against a loss of GBP326k
in 2009.
Net bank debt and borrowings
During the six month period, the Group increased its net bank debt and
borrowings by GBP169k to GBP1,354k. This includes GBP465k from a new CID
facility. This reflects an improvement in net bank debt and borrowings of
GBP251k compared to 31 May 2009.
Outlook
Given the continuing uncertain economic climate, it is difficult to forecast the
outcome for the full year, but the Board remains cautiously optimistic given
that revenues in the second half of the financial year have historically been
higher than in the first half. The Group will continue to reduce costs wherever
practicable, and further opportunities to reduce operating expenses have been
identified.
The Board's determination to raise the profile of the Group within the dental
profession and in the dental laboratory market place continues. The Group is
investing in improved training and quality standards in its laboratory
operations and is also developing closer links with the professional dentist
groups. All the Group's laboratories have DAMAS quality standard approval,
which applies to only around 4% of laboratories in the UK.
However, the biggest challenge, as the costs come under improved control, is to
build revenues.
This is being addressed by:
+----+-----------------------------------------------------------------+
| · | maintaining a strong and effective sales team to complement the |
| | laboratory operations; |
+----+-----------------------------------------------------------------+
| · | being pro-active in our regional awareness; offering the right |
| | products at the right prices at a local level to maximise the |
| | Group's competitiveness; |
+----+-----------------------------------------------------------------+
| · | developing stronger links with the major dental practice |
| | groups; |
+----+-----------------------------------------------------------------+
| · | seeking out and launching new products through the use of |
| | emerging technologies; and |
+----+-----------------------------------------------------------------+
| · | looking at broader, high-margin initiatives to build revenues |
| | wherever practicable. |
+----+-----------------------------------------------------------------+
The Group continues to take an increasingly proactive role to improve visibility
and brand awareness in the market place with the aim of growing market share as
the industry consolidates. Now that the Group's turnaround strategy is underway,
the Board also intends to develop and maintain regular dialogue and
communication links with its key shareholders and other stakeholders.
Grahame Sewell
Chairman
13 July 2010
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| 1st | | | | | | | | |
| Dental | | | | | | | | |
| Laboratories | | | | | | | | |
| plc | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Consolidated | | | | | | | | |
| income | | | | | | | | |
| statement | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| for | | | | | | | | |
| the | | | | | | | | |
| six | | | | | | | | |
| months | | | | | | | | |
| ended | | | | | | | | |
| 31 May | | | | | | | | |
| 2010 | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | Unaudited | | | | | | Audited | |
| | 6 months | | | Unaudited | | | year | |
| | ended | | | 6 months | | | ended | |
| | | | | ended | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | 31 May | | | 31 May | | | 30 Nov | |
| | 10 | | | 09 | | | 09 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | GBP'000 | | | GBP'000 | | | GBP'000 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Revenue | 4,926 | | | 5,134 | | | 10,572 | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Cost | (3,187) | | | (3,478) | | | (6,755) | |
| of | | | | | | | | |
| sales | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Gross | 1,739 | | | 1,656 | | | 3,817 | |
| profit | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | 35.3% | | | 32.3% | | | 36.1% | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Administrative | (1,765) | | | (1,921) | | | (7,752) | |
| expenses | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Operating | (21) | | | (260) | | | (140) | |
| loss | | | | | | | | |
| before | | | | | | | | |
| amortisation, | | | | | | | | |
| goodwill | | | | | | | | |
| impairment | | | | | | | | |
| and | | | | | | | | |
| non-recurring | | | | | | | | |
| administrative | | | | | | | | |
| expenses | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Amortisation | (5) | | | (5) | | | (11) | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Goodwill | - | | | - | | | (3,250) | |
| impairment | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Non-recurring | - | | | - | | | (534) | |
| administrative | | | | | | | | |
| expenses | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Operating | (26) | | | (265) | | | (3,935) | |
| loss | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Profit | 68 | | | - | | | - | |
| on | | | | | | | | |
| disposal | | | | | | | | |
| of | | | | | | | | |
| property | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Profit/(loss) | 42 | | | (265) | | | (3,935) | |
| before | | | | | | | | |
| finance costs | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | | | | | | | | |
| costs | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | - | | | 2 | | | 2 | |
| income | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Finance | (32) | | | (63) | | | (121) | |
| costs | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Profit/(loss) | 10 | | | (326) | | | (4,054) | |
| on ordinary | | | | | | | | |
| activities | | | | | | | | |
| before tax | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Tax on | - | | | - | | | - | |
| profit/(loss) | | | | | | | | |
| on ordinary | | | | | | | | |
| activities | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Profit/(loss) | 10 | | | (326) | | | (4,054) | |
| for the | | | | | | | | |
| period from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Profit/(loss) | | | | | | | | |
| per share: | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| | | | | | | | | |
+----------------+-----------+--------+--------+-----------+--------+--------+---------+--------+
| Basic | 0.02 | p | | (0.78) | p | | (9.65) | 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 |
| | 10 | | 09 | | 09 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Assets | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Non Current Assets | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Intangible assets | 3,801 | | 7,062 | | 3,806 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Property, plant and equipment | 1,750 | | 2,062 | | 1,950 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | 5,551 | | 9,124 | | 5,756 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Current assets | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Inventories | 331 | | 322 | | 321 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Trade and other receivables | 1,607 | | 1,506 | | 1,582 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Cash and cash equivalents | 99 | | 280 | | 413 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | 2,037 | | 2,108 | | 2,316 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Total assets | 7,588 | | 11,232 | | 8,072 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Current liabilities | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Trade creditors & other payables | 1,418 | | 1,670 | | 1,725 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Interest bearing loans & borrowings | 644 | | 696 | | 701 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | 2,062 | | 2,366 | | 2,426 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Non-current liabilities | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Trade creditors & other payables | 236 | | - | | 294 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Interest bearing loans & borrowings | 809 | | 1,189 | | 897 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Provisions | 499 | | - | | 489 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Total Liabilities | 3,606 | | 3,555 | | 4,106 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Net assets | 3,982 | | 7,677 | | 3,966 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Equity | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Called up share capital | 4,202 | | 4,202 | | 4,202 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Share premium account | 6,358 | | 6,358 | | 6,358 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Retained earnings | (6,578) | | (2,883) | | (6,594) |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Total Equity | 3,982 | | 7,677 | | 3,966 |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| These financial statements were approved by the board of directors on 13th July 2010 |
| and were signed on its behalf by: |
+---------------------------------------------------------------------------------------------+
| | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| GT Sewell | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
| Non-Executive Chairman | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+---------+
+------+------+--------+----+-----+---------+---------+----------+---------+
| 1st Dental | | | | | | |
| Laboratories plc | | | | | | |
+----------------------+----+-----+---------+---------+----------+---------+
| | | | | | | | | |
+------+------+--------+----+-----+---------+---------+----------+---------+
| Consolidated statement of | | | | | |
| changes in equity as at | | | | | |
| 31 May 2010 | | | | | |
+---------------------------+-----+---------+---------+----------+---------+
| | | | | | | | |
+-------------+--------+----+-----+---------+---------+----------+---------+
| | | | | | | | | |
+------+------+--------+----+-----+---------+---------+----------+---------+
| | | | | | Share | Share |Retained | Total |
| | | | | |capital |premium |earnings | |
+------+------+--------+----+-----+---------+---------+----------+---------+
| | | | | |GBP'000 |GBP'000 | GBP'000 |GBP'000 |
+------+------+--------+----+-----+---------+---------+----------+---------+
| | | | | | | | | |
+------+------+--------+----+-----+---------+---------+----------+---------+
| At 1 December 2008 | | | 4,202 | 6,358 | (2,563) | 7,997 |
+----------------------+----+-----+---------+---------+----------+---------+
| Result for | | | | - | - | (4,054) | (4,054) |
| the year | | | | | | | |
+-------------+--------+----+-----+---------+---------+----------+---------+
| Share based payment | | | - | - | 23 | 23 |
| charges | | | | | | |
+----------------------+----+-----+---------+---------+----------+---------+
| At 30 November 2009 | | | 4,202 | 6,358 | (6,594) | 3,966 |
+----------------------+----+-----+---------+---------+----------+---------+
| Result for | | | | - | - | 10 | 10 |
| the period | | | | | | | |
+-------------+--------+----+-----+---------+---------+----------+---------+
| Share based payment | | | - | - | 6 | 6 |
| charges | | | | | | |
+----------------------+----+-----+---------+---------+----------+---------+
| Balance as at 31 May | | | 4,202 | 6,358 | (6,578) | 3,982 |
| 2010 | | | | | | |
+----------------------+----+-----+---------+---------+----------+---------+
| | | | | | | | | |
+------+------+--------+----+-----+---------+---------+----------+---------+
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 | | | | | |
| 2010 | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | Unaudited | | Unaudited | | Audited |
| | for the 6 | | for the 6 | | year |
| | months | | months | | ended |
| | ended | | ended | | |
+---------------+-----------+--------+-----------+--------+---------+
| | 31 May | | 31 May | | 30 Nov |
| | 10 | | 09 | | 09 |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Profit/(loss) | 10 | | (326) | | (4,054) |
| for the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Amortisation | 5 | | 5 | | 11 |
+---------------+-----------+--------+-----------+--------+---------+
| Impairment | - | | - | | 3,250 |
| of | | | | | |
| goodwill | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Depreciation | 149 | | 158 | | 315 |
+---------------+-----------+--------+-----------+--------+---------+
| (Profit)/loss | (82) | | (11) | | 7 |
| on sale of | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Share | 6 | | 6 | | 23 |
| based | | | | | |
| payment | | | | | |
| charges | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | 32 | | 61 | | 119 |
| finance | | | | | |
| expense | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Income | - | | - | | - |
| tax | | | | | |
| credit | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | 120 | | (107) | | (329) |
| cash | | | | | |
| inflow | | | | | |
| before | | | | | |
| changes | | | | | |
| in | | | | | |
| working | | | | | |
| capital | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | (10) | | (27) | | (26) |
| in | | | | | |
| inventories | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | (25) | | 90 | | 14 |
| in trade | | | | | |
| and | | | | | |
| other | | | | | |
| receivables | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | (365) | | 68 | | 858 |
| in trade | | | | | |
| and | | | | | |
| other | | | | | |
| payables | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Movement | 10 | | - | | 24 |
| in | | | | | |
| provisions | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Operating | (270) | | 24 | | 541 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| operations | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | - | | 2 | | 2 |
| received | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | (20) | | (55) | | (73) |
| paid on | | | | | |
| borrowings | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Interest | (12) | | (8) | | (24) |
| element | | | | | |
| of hire | | | | | |
| purchase | | | | | |
| payments | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (302) | | (37) | | 446 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Investing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Purchase | (9) | | (77) | | (77) |
| of plant | | | | | |
| and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Sale | 142 | | 11 | | 16 |
| of | | | | | |
| plant | | | | | |
| and | | | | | |
| equipment | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | 133 | | (66) | | (61) |
| cash | | | | | |
| flow | | | | | |
| from | | | | | |
| investing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Financing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Capital | (145) | | (180) | | (664) |
| element | | | | | |
| of | | | | | |
| interest | | | | | |
| bearing | | | | | |
| loans | | | | | |
| and | | | | | |
| borrowings | | | | | |
| paid | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| New | - | | - | | 129 |
| loans | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (145) | | (180) | | (535) |
| cash | | | | | |
| flow | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (314) | | (283) | | (150) |
| decrease | | | | | |
| in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Cash | 413 | | 563 | | 563 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at the | | | | | |
| beginning | | | | | |
| of the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Cash | 99 | | 280 | | 413 |
| 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 2010
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 13th July 2010.
The statutory accounts for the year ended 30 November 2009, 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 498(2) or (3) of the Companies Act 2006.
The interim financial information does not constitute statutory accounts as
defined under Section 408 of the Companies Act 2006.
The accounting policies applied by the Group are the same as those applied in
the consolidated financial statements for the period ended 30 November 2009.
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. Profit/(loss) per share
The calculation of profit per share is based on profit of GBP10k in May 2010,
loss of GBP4,054k in November 2009 and loss of GBP326k in May 2009, and
42,017,444 million shares (Nov 2009: 42,017,444 million shares, May 2009:
42,017,444 million shares), being the average number of shares in issue.
The share options are non-dilutive. These potential ordinary shares were
therefore excluded from the calculation at that date and the diluted profit 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 | | 1,950 |
| December 2009 | | |
+---------------------------+------+---------+
| Additions | | 9 |
+---------------------------+------+---------+
| Disposals | | (60) |
+---------------------------+------+---------+
| Depreciation | | (149) |
+---------------------------+------+---------+
| Net book value at 31 May | | 1,750 |
| 2010 | | |
+---------------------------+------+---------+
7. Share Capital
The sub-division and re-classification of each issued ordinary share of 10 pence
each in the capital of the Company into 1 ordinary share of 1 pence each in the
capital of the Company and 1 deferred share of 9 pence each in the capital of
the Company, with such ordinary shares and deferred shares having the rights and
being subject to the obligations set out in the articles of association of the
Company was effected on 2 June 2010. The number of shares in issue remains
unchanged at 42,017,444.
8. Copies of the Interim Report
Copies of the interim report are available to the public from the Group's
website and head office - Company Secretary, 1st Dental Laboratories plc, 112
Wetherby Road, Harrogate HG2 7AB.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFEFWDFSSEDW
1ST Dental Laboratories (LSE:FDT)
過去 株価チャート
から 5 2024 まで 6 2024
1ST Dental Laboratories (LSE:FDT)
過去 株価チャート
から 6 2023 まで 6 2024
