RNS Number:2019J
Huntleigh Technology PLC
26 March 2003
Preliminary statement of results for the year ended 31st December 2002
Record sales and profits despite difficult United Kingdom market
Highlights for 2002
* Record turnover up 4% to #176.4 million
* Record pre tax profits up 9% to #22.3 million (before amortisation of
goodwill)
* EPS increased by 4% to 17.47 pence per share
* EPS before amortisation of goodwill increased by 6% to 18.16 pence per
share
* Rental income up 18% to #36.2 million
* Final dividend up 11% making 5.70 pence per share for the year an annual
increase of 9%
* All overseas markets increased turnover: USA up 10% to #42.9 million,
Europe up 13% to #37.6 million, rest of world up 2% to #20.6 million
Luton, United Kingdom, 26 March 2003: Huntleigh Technology, a world leader in
the moving, handling and monitoring of patients, announced record profits and
turnover for the year ended 31 December 2002.
Chairman's Statement
I am pleased to be able, again, to report a year of good progress. Huntleigh
Healthcare's strong overseas presence enabled the Group to overcome a weak
domestic market and increase turnover by 4% to #176.4 million (2001: #170.4
million). Our profit before tax increased by 7% to #21.7 million from last
year's #20.3 million. Excluding amortisation of goodwill, profit before tax in
2002 was #22.3 million representing an improvement of 9% over the previous year.
Achieving these levels of turnover and profitability represents a new record for
the Group.
Earnings per share rose 4% to 17.47 pence per share (2001: 16.86 pence per
share). The Group's borrowings now stand at #18.6 million (2001: #13.7 million)
representing gearing of 27% (2001: 24%). The Group continues to invest
significant amounts in fixed assets, #20.1 million in 2002, both in developing
the asset rental fleet and in expanding distribution and manufacturing sites
around the world. In addition, #2 million was spent on acquisitions during the
year.
The directors are recommending an 11% increase in the final dividend to 3.1
pence per share (2001: 2.8 pence) payable on 1 July 2003 to shareholders listed
on the register at the close of business on 23 May 2003.
The year saw a shift in the mix of turnover, with a significant increase in the
Group's rental activity. This contributed to an improvement of 6% in the Group's
gross profit margin to 53% (2001: 50%). Distribution costs increased by 13% as
the Group's global sales, support and rental infrastructure continued to expand.
Huntleigh Healthcare has built up an enviable reputation for technological and
product development over the past twenty years. The Group attaches great
importance to its research and developments activities and has spent #5.5
million on this function during the year. The growth of the rental operation
since the late 1980s has enabled the Group increasingly to position itself as a
service provider. Research and development projects are looking at the entire
patient environment - not merely individual products. Huntleigh is responding to
the need for improved health and social care for vulnerable people at risk of
requiring long term hospital or nursing care by commercialising a range of home
monitoring services and systems based on the results of the Brunel University
led Millennium Homes project. Progressive development of this area will be
enabled by the new Huntleigh Research Institute led by Professor Heinz Wolff
based within the Brunel Institute of Bioengineering.
The Group will continue to seek complementary product and service areas to
enlarge its portfolio of activities, alongside geographical expansion.
Huntleigh's markets
United Kingdom
Turnover #75.3 million - 3% decrease
In my interim statement I noted that the upturn in purchasing new equipment by
the NHS had not been as significant as anticipated. This continued to be the
case for the second half of 2002. Rental activity proved to be strong, however,
demonstrating the breadth of the Group's presence in its domestic market. Recent
changes to the administrative structure of the NHS appear to have increased the
length of time taken to make large-scale capital purchasing decisions. There are
indications that the new financial year, commencing on 1 April 2003, will see
further capital funds being made available but it is difficult, at present, to
quantify the impact on the Group's turnover during 2003. Customer studies have
demonstrated the savings that can be made through the effective use of Huntleigh
electric beds and pressure area care products. Further modernisation of the
nation's health infrastructure will enable these benefits, for nurses and
patients, to be available more widely.
Europe
Turnover #37.6 million - 13% increase
The majority of our European operations performed extremely well during 2002.
Huntleigh has a market leading position in the pressure area care arena and is
gradually expanding the sale of hospital beds. As in the United Kingdom, rentals
increased at a faster rate than sales reflecting the Group's educational
activities to expand the understanding of the treatment and prevention of
pressure ulcers. The German market is also showing signs of recovery with an
encouraging start to 2003. The Group remains active in both the European
hospital and homecare markets. In line with Group strategy, a further subsidiary
will be opened during the year.
United States
Turnover #42.9 million - 10% increase
Huntleigh continues to gain market share for deep vein thrombosis (DVT)
prevention devices in the postoperative hospital market. Production of DVT
garments commenced at the Eatontown, New Jersey, facility in September 2002,
enabling the Group to reduce reliance on sub-contractors. Although this product
line will remain important, the Group has made considerable progress in
developing its other activities and now has a network of 23 service centres
across the United States. This infrastructure will be used to support and
increase the sale and rental of pressure area care products. Further centres
will be opened during the remainder of 2003.
Rest of the World
Turnover #20.7 million - 2% increase
The diverse markets in this area continue, generally, to perform well and offer
good potential. During 2002 Huntleigh Healthcare commenced rental activities in
Singapore and India. We also purchased a South African hospital equipment
manufacturer, which will facilitate the broadening of our global production
base. In Australia, the Group disposed of a small peripheral product line in
order to focus on the core hospital bed activity of Joyce Healthcare (acquired
in 2001). Sales to the Middle East were again strong, particularly during the
first half of 2002 but, of course, the outlook for 2003 is uncertain.
Current trading and prospects
Rental turnover continues to grow. However, sales during the first quarter in
the United Kingdom have been uninspiring although activity levels remain high.
The current economic and political situation has cast a cloud over many of the
Group's export markets making it difficult to forecast sales in the rest of the
world. Nevertheless, I remain confident that the Group should continue to make
progress during the remainder of the year.
Rolf Schild OBE Hon DSc CEng FIEE
Chairman
Operating Review: United Kingdom
Strategy
Huntleigh is committed to maintaining a strong presence in its home market, not
only through the supply of high quality and leading edge products but also by
providing an unrivalled level of service.
The Group is the largest manufacturer and provider of equipment for the
prevention and treatment of pressure ulcers, hospital beds, intermittent
pneumatic compression devices, hand-held ultrasonic products and fetal monitors
in the United Kingdom.
Huntleigh has four manufacturing centres of excellence in the United Kingdom.
The pressure area care and intermittent pneumatic compression devices are
produced in Luton, which also serves as the Group's head office. All Group
metalwork activities within the United Kingdom were consolidated onto the
Wednesbury site during the late 1990s whilst Cardiff produces ultrasonic
diagnostic equipment and electronic assemblies used by the other factories.
Huntleigh Renray, based at Winsford, supplies a range of chairs, lockers and
furniture to hospitals and nursing homes. Despite its commitment to the United
Kingdom, external events are forcing the Group to expand its manufacturing
capacity offshore. The increase in National Insurance contributions from April
2003 and rising insurance premiums will increase costs in the United Kingdom by
some #500,000 per annum.
Huntleigh is a major supplier to both the acute (hospital) and non-acute
sectors. The increasing importance of the Primary Care Trusts, responsible for
up to 75% of all healthcare expenditure by 2004, will inevitably lead to a shift
of emphasis towards the non-acute arena. Indeed, an intrinsic part of reducing
the burden placed upon hospitals will fall to home and nursing home care.
Huntleigh is uniquely positioned to meet these changing requirements with
fifteen well-established local depots offering 24-hour clinical, technical and
service assistance and handling over 1,000 calls daily.
In addition, the Group is able to manage "loan stores" providing medical
equipment to private homes on behalf of local health authorities and social
services. During 2002 Huntleigh was awarded the first county-wide joint health
and social services community equipment contract in the country.
Corporate activity
As previously reported, in April 2002 Huntleigh acquired full ownership of
Renray David Baker through purchasing the remaining 50% stake it did not
previously own in the existing joint venture for a consideration of #1.35
million. As part of a strategic review of its activities in the nursing home
sector, the Group disposed of a small division of Huntleigh Direct specialising
in the distribution of incontinence products. The remaining distribution
activities have been relaunched in catalogue format. Trading as Huntleigh
Medical this new venture is designed to meet the needs of a whole range of
healthcare professionals working in the community arena - from GPs and
occupational therapists to physiotherapists and chiropodists.
Current developments
Market fundamentals remain unchanged. A huge, and increasing, amount of
government expenditure has been earmarked for the National Health Service over
the next few years with a planned 48% rise in real terms by 2007-8. The Wanless
report, commissioned by the Treasury, projects a steady growth in NHS capital
investment from #2.2 billion to #5.5 billion per annum by 2012.
However, the speed with which Primary Care Trusts were finally brought into
existence undoubtedly resulted in a level of confusion and gave rise to, at
least partial, stalling of some funding routes, particularly those involving
capital investment. Moreover, the creation of 28 Strategic Health Authorities
added to the inevitable delays associated with a scale of administrative change
not seen for many years. As a result, purchasing decisions have become
increasingly lengthy and time consuming. Consequently Group sales declined by 3%
to #75.3m. Rental income, on the other hand, grew by 18% demonstrating the
fundamental strength of Huntleigh's market position.
Despite all these issues, pressure upon government continues to grow and the
Group remains confident that temporary dislocations in funding streams will give
way to continued and essential large-scale investment in Huntleigh's products.
An example of just such an investment occurred during the year. Huntleigh was
successful in winning a major contract, worth #7 million over 15 years, to
supply and manage electric profiling beds along with a full range of pressure
area care products to Southampton University Healthcare Trust. The Trust has
some 1,500 beds and a rolling programme of replacement with state of the art
Contoura beds will begin during 2003 which will see the vast majority of beds
replaced by 2004.
Outlook
The United Kingdom has not experienced the traditional increase in demand form
the public sector during the first quarter. However, indications suggest that
trading during the rest of 2003 should be stronger than last year as expenditure
is progressively released when the new NHS financial year begins in April 2003.
Operating Review: Europe
Strategy
Huntleigh is active throughout Europe, either through subsidiaries or in
conjunction with its distributors. The pressure area care and hand-held Doppler
products are well established and command large shares of the major markets.
Following the strategy of selling all products in all markets the Group is now
making good progress in its ambitions to be a leading supplier of hospital beds
in Continental Europe with the phased introduction of the Contoura range. The
fetal monitoring and vascular laboratory products have also been well received.
With subsidiaries in France, Germany, Holland, Belgium, Denmark, Sweden, Spain
and Switzerland Huntleigh provides a full rental and clinical service for its
pressure area care products from its network of some 30 rental centres. Customer
service and support is becoming increasingly sophisticated with Huntleigh moving
from being a "supplier" to a "partner" for many institutions.
Nearly all European countries are experiencing some degree of pressure on their
healthcare budgets with patient demands constantly increasing against a
back-drop of weak economic growth. Huntleigh aims to provide cost-effective
clinical outcomes to respond to these trends.
Strategy, of necessity, is tailored to the particular requirements and
healthcare delivery models of each country which may follow either a
"socialised" or insurance model - or indeed a combination of both. Huntleigh
aims to be active in the acute and non-acute sectors and ultimately sell its
full range of manufactured products and services throughout Europe.
Current developments
Sales across the European subsidiary and distributor network increased by 13%
during 2002 with contributions from all product groups.
The depressed state of the German economy during 2002 cast a shadow over the
whole healthcare arena with continuing efforts to reduce costs being translated
into pressure on suppliers to reduce prices. Despite this difficult background,
progress was seen in the hospital sector with an increasing number of specialist
mattresses out on rent. The homecare market continued to be weak, although the
deterioration seen over the past two years appears to have come to an end. After
a gap of several years, reimbursement for the provision of pressure area care
products to nursing homes will be available again during 2003. This change
should help to stimulate turnover in this market segment. Sales of ultrasonic
diagnostic products, particularly fetal monitors, were strong and prospects for
2003 are encouraging.
Huntleigh launched a new range of vital signs monitors at the largest European
medical exhibition held at Dusseldorf. Used at the bedside or whilst the patient
is being moved within the hospital the Smartsigns Compact and Assist displays
ECG, pulse oximetry, invasive and non-invasive blood pressure, temperature and
respiration. These products bring the Group into an entirely new product arena.
In May 2002 the French subsidiary moved to a purpose-built head office
incorporating a decontamination centre to service rental customers. This will
provide sufficient capacity to accommodate expansion in future years. Huntleigh
continues to be the largest supplier of pressure area care equipment to French
hospitals and again enjoyed a successful year with growth in all product lines
although at a slower rate than in 2001. The Dopplex Centrale system was
installed in Rouen providing a comprehensive home monitoring programme for
at-risk pregnancies in a large part of the Normandy region.
Rental activity in Holland and Belgium was extremely high during 2002. Huntleigh
now has collaboration agreements, with over 25 insurance companies covering some
40% of the Dutch insured population, providing equipment and management services
to address pressure area care requirements outside the hospital. In 2003 the
subsidiary intends to consolidate and deepen its existing relationships and
further develop this rental concept. Sales of hospital beds were strong in both
countries despite entrenched competition.
Denmark and Sweden both experienced rapid growth during 2002 and new premises
were purchased near Copenhagen to provide for this expansion. Huntleigh is the
leading supplier of pressure relieving and reducing mattresses in both countries
across all sectors and has played a large part in educating the market. As an
example, in Denmark alone, 3,000 nursing staff attended various seminars
organised by the company during the year.
Overall sales in other European distributor territories were higher than in
2001. However one-off "windfall" orders can distort the overall trend and it is
difficult to predict how strong the Eastern and Southern European markets will
be during 2003.
Outlook
All European subsidiaries are expected to perform well during 2003 and will
benefit from the investment made during 2002.
Operating Review: USA
Strategy
The United States accounts for over 40% of global healthcare expenditure but
only 24% of Huntleigh's worldwide turnover. The strategy in recent years has
been to broaden the Group's product offering in this market thereby reducing
exposure to, and reliance on, any one particular range of products. As a result,
the United States should account for an increasing proportion of the Group's
turnover.
Traditionally most of the business in this country has been derived from the
sale of intermittent pneumatic compression devices used in the prevention of
deep vein thrombosis (DVT) during and after surgery. This method of treatment is
well recognised and of proven efficacy. It works by applying compression
intermittently to the calf, thigh or foot via specially designed garments
attached to a pump. This imitates the natural effects of walking, helping to
maintain the flow of blood back towards the heart, and preventing the formation
of dangerous blood clots or embolisms by increasing the flow of blood through
veins deep in the leg. Huntleigh was involved in some of the first clinical
trials of this type of equipment during the 1970s and it has been used by many
millions of patients. Whilst there has been a great deal of publicity given to
the issue of DVT arising as a consequence of air travel, post operative DVT
affects a far greater number of people. Over the past few years Huntleigh has
steadily increased sales in an increasingly price-competitive environment and
its market share is now estimated at some 25%.
As mentioned in last year's review the Group aims to develop its pressure area
care business through investing in a network of regional centres to support the
rental of specialist mattresses. 23 such depots were in operation by the end of
2002 with further openings planned for the current year. On a global basis
Huntleigh is well known for its technology in this field and it is this
knowledge and expertise that is now being utilised in the United States. Rental
revenue - admittedly from a small base - grew by 85% during 2002.
Current developments
Sales increased by 10% in 2002 despite a challenging business environment with
increasing demands on healthcare providers. In all contract areas there is
pressure to reduce prices as the effects of healthcare institutions looking to
reduce costs are passed on to manufacturers. By being a truly vertically
integrated company Huntleigh is better positioned than many to address this
issue.
In January 2002 construction started on a 28,000 sq.ft. manufacturing facility
alongside the existing corporate headquarters. The first single-patient use DVT
garments were produced on schedule in September 2002. This investment
significantly strengthens the Group's position in the market.
Group Purchasing Organisations, which negotiate contracts on behalf of member
hospitals, continue to be amongst the largest customers for DVT products.
Huntleigh currently has arrangements covering over 2,000 hospitals. Contracts
with both Premiere and Consorta were re-signed during the year and additional
products added to the contract with Shared Services. FDA approval was obtained
for a special garment adapted to the needs of the larger patient.
The pressure area care business unit made encouraging progress, particularly in
the nursing home arena. Several high-profile litigation cases involving
substantial damages paid to residents developing pressure ulcers have led to
increased awareness of the need to ensure adequate preventive measures are
taken.
All Assist portable fetal and vascular monitors obtained FDA approval by the end
of 2002. The recruitment and training of a specialist sales team to focus on
this product area should lead to growing sales during 2003. The vascular Assist
is recommended by the prestigious National Healing Corporation for purchase by
its members.
Outlook
The steady growth seen in performance during 2002 indicates that Huntleigh is
well positioned to continue on its path during the next few years. Investment
will continue in the rental operation and the sales force to service both the
hospital and nursing home markets.
Operating Review: Rest of the World
Strategy
Huntleigh sells to over 100 countries through a well-established network of
distributors and agents with subsidiaries in South Africa, Australia and New
Zealand. During the year representative offices in Singapore and Bombay were
enlarged and incorporated as subsidiaries with a joint-venture commencing in
Japan. Further representative offices are located in Dubai (covering the Middle
East) and Miami (covering Latin America).
The Group aims to reduce its dependence on the United Kingdom for both sales and
production. Over the past two years factories have been acquired in South Africa
and Australia helping to reduce the exposure of the Group to the strength of
Sterling. In the future Huntleigh plans to increase the quantity of manufactured
products sourced from these locations and will explore the possibility of
seeking further low-cost manufacturing sites.
Hospital beds constitute the majority of sales in these territories. However
there is an increasing level of interest in the ultrasonic diagnostic devices
particularly in countries with a high level of fetal and maternal mortality.
There is also growing awareness of issues surrounding the prevention and
management of pressure ulcers where there is an expanding and more prosperous
middle-class population. In addition to the existing rental services provided in
South Africa, Australia and New Zealand, Huntleigh started rental activities in
India and Singapore during the year.
Corporate activity
As previously announced, in February 2002 the Group completed the acquisition of
the Pretoria based hospital equipment manufacturer Hejsani Duncan for a
consideration of #675,000.
Huntleigh Healthcare Japan was formed as a joint-venture operation with one of
the Group's long-standing existing distributors and launched at the Hospex
exhibition held in Tokyo during November 2002. The new operation allows the
Group to have a platform from which to capitalise on existing distribution
networks and allow the creation of a direct route to market.
Current developments
Total sales in the rest of the world increased by 2% to #20.7million. By their
very nature the markets in this region tend to be more volatile than Europe and
the United States. However they also offer great potential.
This year has been one of re-organisation in South Africa as the Hejsani Duncan
manufacturing unit was integrated into Huntleigh's existing sales operation. The
Group now has a very strong position in the hospital furniture market and aims
to expand into other areas in sub-Saharan Africa. Further investment will be
undertaken during 2003 to increase production capacity.
During 2002 Huntleigh sponsored a study using the Fetal Assist to set up a
community monitoring programme for townships near Cape Town. The perinatal
mortality rate in this region is 81 deaths per 1000 live births compared with 14
per 1000 in Europe. Results have been extremely encouraging with a reduction in
the need to transfer patients to hospital and an enhanced level of care for
mothers.
Sales in the Middle East were again strong. The level of quotations for delivery
during 2003 is extremely high. However, at the time of writing, uncertainty over
the situation in Iraq has severely reduced, but not stopped, the number of
orders from this region. If stability returns, and the oil price remains strong,
2003 should see a large increase in turnover.
Huntleigh enjoys leadership in the South Asia region for electrical hospital
beds, pressure area care systems, fetal monitors and hand-held dopplers.
Turnover grew by over 50%. In December 2002 the Indian subsidiary commissioned
the country's first modern disinfection centre to support the rental of pressure
area care equipment through three depots. Huntleigh continues to work with many
of the prestigious private and government hospitals in the region and will
expand the rental operation during 2003.
The Group also opened a pressure area care rental activity in Singapore during
2002 with contracts obtained with some of the key hospitals on the island. Sales
in the rest of the Far East were ahead of 2001 despite strong competition from
local suppliers.
During the first quarter of 2002 the Australian business relocated and
consolidated its manufacturing operations, rationalised its product range and
implemented a new business information system. Hospital bed sales during the
first half of the year were weak; however there was a significant upswing in
order input towards the end of the year. The official launch of the Contoura
range during the first quarter of 2003 will help to promote the move towards
electric beds.
Outlook
This region has become increasingly important as the Group expands its global
activities. Further growth is expected during 2003 although this may be held
back somewhat by the current uncertainties in the Middle East.
Consolidated Profit and Loss Account
For the year ended 31 December 2002
2002 2001
Notes #000 #000
Turnover
Total 176,416 176,106
Less share of joint ventures - (5,674)
176.416 170,432
Cost of sales 82,959 84,586
Gross profit 93,457 85,846
Distribution costs and administrative expenses 70,677 64,747
Operating profit - continuing activities 22,780 21,099
Joint ventures and associated undertakings - 126
Profit on ordinary activities before interest 22,780 21,225
Net interest payable 1,110 939
Profit on ordinary activities before taxation 21,670 20,286
Tax on profit on ordinary activities 6,823 5,979
Profit on ordinary activities after taxation 14,847 14,307
Dividends paid and proposed 4,841 4,413
Amount transferred to reserves 10,006 9,894
Basic earnings per share
On profit for the financial year 17.47p 16.86p
On profit for the financial year excluding 18.16p 17.09p
goodwill amortisation
Diluted earnings per share 17.46p 16.82p
Diluted earnings per share excluding 18.14p 17.05p
goodwill amortisation
All turnover and operating profits have been derived from continuing activities
Consolidated Balance Sheet
For the year ended 31 December 2002
2002 2001
Notes #000 #000
Fixed assets
Intangible assets 4,685 3,824
Tangible assets 43,634 37,733
Investments
- joint venture 250 354
- share of gross assets 250 1,926
- share of gross liabilities - (1,572)
- other investments 1,166 1,026
49,735 42,937
Current assets
Stocks 22,389 18,325
Debtors 49,480 43,701
Cash at bank and in hand 20,553 21,500
92,422 83,526
Creditors: amounts falling due within one year 52,012 50,549
Net current assets 40,410 32,977
Total assets less current liabilities 90,145 75,914
Creditors: amounts falling due after more than one year 21,568 17,784
Net assets employed 68,577 58,130
Capital and reserves
Called up share capital 4,265 4,265
Share premium account 7,184 7,184
Other reserves 227 227
Profit and loss account 56,901 46,454
Equity shareholders' funds 68,577 58,130
Approved by the Board on 25 March 2003.
J D Schild
Group Finance Director
Consolidated Cash Flow Statement
For the year ended December 2002
2002 2002 2001 2001
Notes #000 #000 #000 #000
Net cash inflow from operating activities 27,754 27,226
Returns on investments and servicing
of finance
Interest received 135 21
Interest paid (1,225) (877)
Interest element of finance lease payments (20) (35)
Net cash outflow from returns on investments and
servicing of finance (1,110) (891)
Taxation
United Kingdom corporation tax paid (7,715) (5,973)
Overseas tax paid (446) (141)
(8,161) (6,114)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (17,815) (15,652)
Receipts from sales of tangible fixed assets 809 479
Other investments (210) 147
Loans to associated undertakings - 13
Net cash outflow from capital expenditure and
financial investment (17,216) (15,013)
Acquisitions and disposals
Acquisition of businesses (1,920) (2,966)
Net cash/(overdraft) acquired (105) 179
Investment in joint venture (250) -
Proceeds from sale of investments 57 -
Net cash outflow from investing activities (2,218) (2,787)
Equity dividends paid (4,582) (4,072)
Net cash outflow before financing (5,533) (1,651)
Financing
Capital element of finance lease payments - (449)
Bank loan received 4,612 3,036
Net cash inflow from financing 4,612 2,587
(Decrease)/Increase in cash (921) 936
Statement of total recognised gains and losses
Group Group
2002 2001
#000 #000
Profit for the year on ordinary activities after taxation 14,847 14,307
Currency translation differences on foreign currency net
investments 441 (1,050)
Total gains and losses recognised in year 15,288 13,257
Reconciliation of movement in shareholders' funds
Group Group
2002 2001
#000 #000
Profit for the year on ordinary activities after taxation 14,847 14,307
Dividends paid and proposed (4,841) (4,413)
10,006 9,894
Currency translation differences on foreign currency net 441 (1,050)
Investments
Net addition to shareholders' funds 10,447 8,844
Opening shareholders' funds 58,130 49,286
Closing shareholders' funds 68,577 58,130
There is no material difference between the profit on ordinary activities before
taxation and the retained profit for the year stated above, and their historical
cost equivalent
Other Notes
1. Segmental information Turnover Turnover
2002 2001
#000 #000
Class of business:
Equipment, instrumentation and control
systems for medical applications 176,416 170,432
Geographical destination:
UK 75,266 83,297
Less share of joint ventures - (5,674)
Europe 37,568 33,301
United States of America 42,930 39,184
Rest of the World 20,652 20,324
176,416 170,432
2. The figures for 2002 have been abridged from the full Group financial
statements which are audited but have not yet been delivered to the
Registrar of Companies. These figures do not constitute the Groups statutory
accounts for the years ended 31 December 2002 or 2001.
The Report and financial statements for the year ended 31st December,
2002 will be mailed to shareholders on 15 April 2003 and will be available
for members of the public at the company's registered office, 310-312 Dallow
Road, Luton, Bedfordshire LU1 1TD (Telephone 01582-413104/459000). The
auditors have reported on those accounts, their reports were unqualified and
did not contain statements under section 237(2) or (3) Companies Act 1985
The figures in respect of 2001 are an abridged version of the full
financial statements which have been filed with the Registrar of companies
and on which the auditors have issued an unqualified report.
3. Subject to the approval of shareholders, the proposed final dividend
will be paid on 1 July 2003 to shareholders on the register of members at
the close of business on 23 May 2002.
4. Basic earnings per share are calculated on the profit after taxation
on 84,967,601 (2000: 84,879,639) shares being the weighted average number of
shares in issue during 2002.
For further information contact:
Julian Schild, Deputy Chairman & Finance Director Tel 01582-413104/459000
Craig Roddy, Group Financial Controller
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEAFAISDSELD