Interim Results
07 Septembre 2006 - 9:01AM
UK Regulatory
RNS Number:6034I
Chromogenex PLC
07 September 2006
Chromogenex plc
Chromogenex Plc ("Chromogenex" or the "Company"), the advanced medical and
aesthetic laser device company targeting acne, wrinkles and vascular lesions,
announces interim results for the period ended 30 June 2006.
Highlights:
* Turnover up by 41% to #2.07m (2005: #1.47m)
* Substantial increase in profit before tax at #236,000 (2005: #56,000)
* US FDA approval for Chromolite(TM), lead hair removal product, received
in January
* Improved Chromolite product offering anticipated
* Prototype launch of body-contouring product anticipated by year end
Peter McGuinness, Executive Chairman, commented:
"We are pleased to announce a strong set of interim results with a significant
uplift in turnover and profit. The US FDA approval of Chromolite in January has
had a very positive effect on revenues and the Group anticipates bringing out
further improvements to this product to further improve its market position. In
addition, the Group hopes to add complementary products in the second half of
the year that will enhance its offering particularly in the UK.
"The forward order book is stronger than at any time this year and accordingly
the Board anticipates that the final quarter will be a record one for the Group
and consequently the Board believes it will meet market expectations."
For further information:
Chromogenex plc 020 8434 0540
Peter McGuinness, Chairman 07775 834 777
Corporate Synergy 020 7448 4400
Olly Cairns
Threadneedle Communications 020 7936 9605
Graham Herring/Alex White 07793 839 024
Dear Shareholder
I am pleased to report the unaudited interim results of the Group for the six
months ended 30 June 2006. This period has seen further growth in both turnover
and profitability compared with the equivalent period in 2005 as highlighted
below.
Financial and Operational Review
Profit and Loss Account
Turnover for the period has increased by 41% to #2.07m (2005: #1.47m). The
growth in turnover has been led by a rise in Chromolite sales of 79% as a result
of both the introduction of the product in the US market and the continued
growth in European distributor sales.
Gross Profit has increased by 42% to #1,259k (2005: #884k) and gross margins
have marginally increased from 60.1% to 60.7%
Administration costs have increased from #980k to #1,177k an increase of 20%,
and with the goodwill credit to the profit and loss account of #155k (2005:
#155k) the resultant Operating Profit is #237k (2005: #59k).
Interest payable is #1k (2005: #3k) and there is no tax chargeable in the period
(2005:#nil). The profit after interest and tax is #236k (2005: #56k).
Balance Sheet
Cash at 30 June is #192k (2005: #1254k). This reduction reflects the increased
demands on working capital due to the ratio of export to domestic sales
increasing resulting in debtors at the end of June being #1m (2005: #655k) and
the increased demand for Chromolite systems resulting in increased stock holding
#1406k (2005: #967k).
Outlook
The Group operates in a competitive market environment and is continually
seeking to expand its product offering and sales. The Group hopes to add
complementary products in the second half of the year that will enhance its
offering particularly in the UK where the sales environment has been
challenging. Additionally it anticipates bringing out further improvements to
its key Chromolite product to further improve its market position. The prototype
launch of the body-contouring product developed for our US partner is
anticipated by the year end.
The forward order book is stronger than at any time this year and accordingly
the Board anticipates that the final quarter will be a record one for the Group
and consequently the Board believes it will meet market expectations.
I look forward to reporting the continued progress of the Group.
P McGuinness
Chairman
07 September 2006
Notes 6 months to 6 months to Year ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
TURNOVER 2 2,074 1,471 3,287
Cost of sales (815) (587) (1,685)
_______ _______ _______
GROSS PROFIT 1,259 884 1,602
Administrative expenses (1,177) (980) (1,727)
Amortisation of goodwill 155 155 310
_______ _______ _______
OPERATING PROFIT 237 59 185
Interest payable and similar
charges (1) (3) (5)
_______ _______ _______
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 236 56 180
Taxation 3 - - 1
_______ _______ _______
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION 236 56 181
_______ _______ _______
EARNINGS PER ORDINARY SHARE
(PENCE)
Basic 4 0.40p 0.13p 0.39p
_______ _______ _______
Fully diluted 4 0.35p 0.12p 0.35p
_______ _______ _______
All of the above amounts are in respect of continuing operations.
Notes 30 Jun 2006 30 Jun 2005 31 Dec 2005
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
FIXED ASSETS
Intangible assets - negative
goodwill (3) (313) (158)
- other 314 - 153
Tangible assets 71 101 77
_______ _______ _______
382 (212) 72
CURRENT ASSETS
Stocks 1,406 967 1,219
Debtors 1,000 655 878
Cash at bank and in hand 8 192 1,254 277
_______ _______ _______
2,598 2,876 2,374
CREDITORS: Amounts falling
due within one year (997) (1,104) (739)
_______ _______ _______
NET CURRENT ASSETS 1,601 1,772 1,635
_______ _______ _______
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,983 1,560 1,707
CREDITORS: Amounts falling due - - -
after more than one year
_______ _______ _______
NET ASSETS 1,983 1,560 1,707
_______ _______ _______
CAPITAL AND RESERVES
Called up share capital 5 592 592 592
Share premium account 1,500 1,518 1,500
Merger reserve (302) (302) (302)
Profit and loss account 193 (248) (83)
_______ _______ _______
EQUITY SHAREHOLDERS' FUNDS 6 1,983 1,560 1,707
_______ _______ _______
Notes 6 months to 6 months to Year ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES 7 113 (301) (1,089)
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest paid (1) (3) (5)
_______ _______ _______
NET CASH OUTFLOW FROM
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE (1) (3) (5)
TAXATION
UK corporation tax refunded - - 1
_______ _______ _______
NET CASH FLOW FROM TAXATION
CAPITAL EXPENDITURE - - 1
Research and Development (161) - (153)
Payments to acquire tangible
fixed assets (36) (24) (41)
_______ _______ _______
NET CASH OUTFLOW FROM CAPITAL
EXPENDITURE (197) (24) (194)
FINANCING
Proceeds from issue of shares - 1,572 1,554
_______ _______ _______
NET CASH INFLOW FROM
FINANCING - 1,572 1,554
_______ _______ _______
(DECREASE)/INCREASE IN CASH
IN THE PERIOD (85) 1,244 267
_______ _______ _______
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Notes 6 months to 6 months to Year ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Decrease)/Increase in cash
in the period (85) 1,244 267
_______ _______ _______
Movement in net funds in the
period (85) 1,244 267
Opening net funds 277 10 10
_______ _______ _______
Closing net funds 8 192 1,254 277
_______ _______ _______
1 BASIS OF PREPARATION AND GOING CONCERN
The interim results are unaudited and do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The figures for the
year ended 31 December 2005 have been extracted from the statutory accounts
which have been reported on by the Company's auditors and have been delivered to
the Registrar of Companies. The auditor's report did not contain any statement
under Section 237(2), (3) or (4) of the Companies Act 1985.
The significant accounting policies, which have been consistently applied in
preparing the financial statements and remain unchanged from those used in
preparing the 31 December 2005 statutory accounts are as follows:
The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards.
BASIS OF CONSOLIDATION
The financial statements consolidate the results, cash flows and assets and
liabilities of the company and its wholly owned subsidiary undertakings by the
method of merger accounting.
The results of businesses acquired are consolidated from the effective date of
acquisition using the acquisition basis of accounting. The acquisition of EU
Photonics Holdings Limited was accounted for using merger accounting as the
directors are of the opinion that the transaction qualified as a business
combination under UK GAAP.
2 SEGMENTAL ANALYSIS
All turnover, losses and net assets are derived from the group's principal
activity being the design, manufacture and distribution of aesthetic therapeutic
laser and aesthetic light based technology devices and related products.
The geographical analysis of turnover and gross profit by destination is as set
out below:
6 months to 6 months to Year ended
30 June 30 June 31 December
2006 2005 2005
TURNOVER #'000 #'000 #'000
United Kingdom 586 580 1,140
USA 343 22 -
Rest of the World 1,145 869 2,147
------------ ------------ ------------
2,074 1,421 3,287
============= =============== ===============
GROSS PROFIT #'000 #'000 #'000
United Kingdom 290 343 620
USA 268 10 39
Rest of the World 701 531 943
------------ ------------ ------------
1,259 884 1,602
============ ============ ============
The Directors consider that common costs cannot be meaningfully allocated
between geographic segments and therefore no segmental analysis of profit before
taxation and net assets is disclosed.
3 TAXATION
There was no taxation charge or credit in the year ended 31 December 2005 or the
periods ended 30 June 2005 or 2006.
4 EARNINGS PER ORDINARY SHARE
The earnings per ordinary share has been calculated using the profit for the
year and the weighted average number of ordinary shares in issue during the year
as follows:
30 Jun 2006 30 Jun 2005 31 Dec 2005
#'000 #'000 #'000
Profit for the period after taxation 236 56 181
_______ _______ _______
No. No. No.
'000 '000 '000
Basic weighted average of ordinary
shares of 1p each (comparatives
adjusted for share consolidation) 59,188 42,105 46,614
_______ _______ _______
Basic earnings (pence per share) 0.40 0.13 0.39
_______ _______ _______
The weighted average number of shares for the calculation of diluted earnings
per share at 30 June 2006 was 66,715,900 (31 December 2005: 51,194,857, 30 June
2005: 45,332,164) reflecting the unexercised share options and warrants in
place.
5 SHARE CAPITAL
On 6 June 2005, the issued share capital of the company was subdivided into
40,999,990 ordinary shares of 1p each.
On 20 June 2005, the company issued 18,181,818 ordinary shares of 1p each at a
price of 11p per share.
The company also had 2,500,000 warrants in issue to subscribe for ordinary
shares of 1p each, at a price of 4p per share between 20 June 2005 and 19 June
2008.
On 3 June 2005 the company granted options over 4,875,000 ordinary shares of 1p
each with an exercise price of 4p per share.
On 3 June 2006 the company granted options over a further 1,025,000 ordinary
shares of 1p each with an exercise price of 8p per share.
6 RECONCILIATION OF SHAREHOLDERS' FUNDS AND STATEMENT OF MOVEMENT ON RESERVES
Share Share Merger Profit Total
capital premium reserve and loss #'000
#'000 account #'000 account
#'000 #'000
At 1 July 2005 592 1,518 (302) (248) 1,560
Profit for the period - - - 125 125
Flotation expenses - (18) - - (18)
Share option costs - - - 40 40
_______ _______ _______ _______ _______
At 31 December 2005 592 1,500 (302) (83) 1,707
Profit for the period - - - 236 236
Share option costs - - - 40 40
_______ _______ _______ _______ _______
At 30 June 2006 592 1,500 (302) 193 1,983
_______ _______ _______ _______ _______
7 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES
30 Jun 2006 30 Jun 2005 31 Dec 2005
#'000 #'000 #'000
Operating profit 237 59 185
Depreciation 42 42 83
Amortisation of goodwill (155) (155) (310)
Increase in stock (187) (217) (469)
Increase in debtors (122) (360) (583)
Increase/(decrease) in creditors 258 330 (35)
Share option costs 40 - 40
_______ _______ _______
Net cash flow from operating
activities 113 (301) (1,089)
_______ _______ _______
8 ANALYSIS OF CHANGES IN NET FUNDS
1 Jul Cash 31 Dec Cash 30 Jun
2005 flows 2005 flows 2006
#'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 1,254 (977) 277 (85) 192
Bank overdrafts - - - - -
_______ _______ _______ _______ _______
Total net funds 1,254 (977) 277 (85) 192
_______ _______ _______ _______ _______
9 COPIES OF THE INTERIM REPORT
Copies of the interim report have been sent to shareholders and are available
from the company secretary at the company's registered office - Units 1 and 2,
Heol Rhosyn, Parc Dafen, Llanelli, Carmarthenshire, SA14 8QG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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