TIDMAPH
RNS Number : 4699Y
Alliance Pharma PLC
09 September 2015
For immediate release 9 September 2015
ALLIANCE PHARMA PLC
("Alliance" or the "Company")
Interim Results for the six months ended 30 June 2015
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical
company, is pleased to announce its interim results for the six
months ended 30 June 2015.
Highlights:
-- Half year revenue of GBP22.8m (H1 2014: GBP21.4m)
o Year on year revenue growth of 6.5%
-- Hydromol(TM) continues to grow well, with sales up 11% to GBP3.3m (H1 2014: GBP3.0m)
-- Acquisition of MacuShield(TM) in February 2015 contributing sales of GBP1.4m
-- Half year profit before tax GBP5.5m (H1 2014: GBP5.4m)
-- Basic earnings per share 1.65p (H1 2014: 1.68p)
-- Interim dividend up 10% to 0.366p (H1 2014: 0.333p)
-- Net bank debt GBP26.5m (31 December 2014: GBP21.1m)
o GBP5.5m was drawn down in the first half to fund the
MacuShield acquisition
-- Licensing agreement signed with Duchesnay Inc in January 2015 for the product Diclectin
Commenting on the results, Andrew Smith, Alliance Pharma's
Chairman, said:
"Alliance has made a positive start to 2015 with growth in both
revenue and profits. We see good growth potential from MacuShield,
Hydromol and other key products in our portfolio, and also from
potential acquisitions. With some GBP18m of our acquisition bank
facility still undrawn we have ample headroom for deals and are
seeing an attractive pipeline of opportunities. Current trading is
in line with management forecasts and we expect full year results
to be in line with market expectations."
For further information:
Alliance Pharma plc + 44 (0) 1249 466966
John Dawson, Chief Executive
Buchanan + 44 (0) 20 7466 5000
Mark Court / Sophie Cowles / Jane Glover
Numis Securities Limited + 44 (0) 20 7260 1000
Nominated Adviser: Michael Meade / Freddie
Barnfield
Corporate Broking: David Poutney
Notes to editors:
About Alliance
Alliance, founded in 1998, is an AIM listed speciality
pharmaceutical company based in Chippenham, Wiltshire, UK. The
Company has a strong track record of acquiring the rights to
established niche products and owns or licenses the rights to more
than 60 pharmaceutical products and continues to explore
opportunities to expand the range.
Alliance joined the AIM market of the London Stock Exchange in
December 2003 and trades under the symbol APH.
Chairman's and Chief Executive's Statement
It is pleasing to report that Alliance has returned to growth
this year as expected. First-half sales and profits have benefited
from the February acquisition of MacuShield, as well as the
continuing success of our dermatology range. In the second half we
can look forward to further progress, aided by continued growth in
major products and the renewed availability of our ImmuCyst(TM)
bladder cancer treatment.
Trading performance
Excluding our share of joint ventures, first-half sales totalled
GBP22.8m (H1 2014: GBP21.4m). This 6.5% increase was achieved
despite the hand-back in 2014 of nine products, which we had been
distributing for Novartis since 1998. These products contributed
GBP959,000 to first-half sales last year, although their profit
contribution was relatively modest.
The loss of these sales was more than offset by MacuShield,
which brought in just over GBP1.4m of sales in less than five
months following the completion of the acquisition in early
February.
Further significant growth came from our Hydromol dermatology
range, up 11% to GBP3.3m, and Gelclair(TM) , our treatment for oral
mucositis, up 8% on modest promotional support.
Sales of Ashton & Parsons Infants' Powders(TM) rose sharply
last year as we overcame earlier production constraints. Sales in
the first half of 2015 were GBP717,000, which represents a 19%
increase on the second half of 2014 and is similar to that achieved
in the first half of 2014, when sales benefited from the build-up
of stocks by distributors and retailers.
Our TV advertising tests have proved encouraging, and research
shows that Ashton & Parsons is achieving higher repeat sales
than any other teething product. However, before increasing our
investment in promoting the brand we intend to ensure that it is
sufficiently available across retail outlets to satisfy the
resulting uplift in awareness and demand. We are therefore giving
priority to widening distribution of this resurgent brand.
We are also preparing to put increased backing in 2016 behind
Lypsyl(TM) , a somewhat neglected brand prior to its acquisition by
Alliance. In the meantime it has been delivering useful growth - up
6% to GBP523,000 (H1 2014: GBP492,000).
Anbesol(TM) has had a particularly strong six months, with sales
growing by 33% to GBP784,000 this year (H1 2014: GBP591,000). We
believe a principal driver for this has been customer support on
social media.
Offsetting some of the growth across our portfolio, Nu-Seals(TM)
continued its downward trend with Irish sales of GBP1.0m (H1 2014:
GBP1.3m) as increased generic competition put further pressure on
volumes. This pressure will be intensified if the Irish regulator
goes ahead with proposals to include Nu-Seals on the list of
interchangeable medicines for which pharmacists can dispense
generic substitutes. We have appealed against this and are still
awaiting a final adjudication.
Supplies of Quinoderm(TM) Cream were halted in the prior year
when a key active ingredient supplier ceased production. Sales fell
to GBPNil (H1 2014: GBP301,000) and custom synthesising the
ingredient by a new manufacturer is underway, although we do not
expect supplies to be restored until the end of 2016. Brand
presence is being maintained by Quinoderm Facewash, which is
unaffected by this issue.
Sales of our Opus(TM) stoma care products, acquired in 2012,
have remained stable at GBP1.8m with minimal promotional
support.
In our French and German businesses, the value of continuing
sales growth was diminished by the weakening euro exchange rate.
Translated into sterling, sales remained level in both
countries.
In China, the Synthasia International business in which we
bought an initial 20% stake has started to grow. Sales were
disrupted by a government review of the infant milk market last
year, but this had the beneficial effect of driving some
competitors out of the market. In the first half of this year total
sales grew 18% to pass GBP1m, taking our share of sales to
GBP215,000 (H1 2014: GBP182,000). Our other business in China has
been faring less well than in 2014. While the market for Forceval
remains fairly static, sales volumes have been lower - due mainly
to the timing of destocking and restocking in the distribution
chain.
Financial performance
Pre-tax profits grew 1.4% to GBP5.5m (H1 2014: GBP5.4m), and
earnings per share were virtually unchanged at 1.65p (H1 2014:
1.68p).
Gross profit was up 15.7% to GBP13.8m, reflecting a more
favourable product mix following the hand-back of the lower-margin
Novartis distribution products. This raised gross margin to 61% (H1
2014: 56%), although we expect to maintain margins in the 55-60%
range going forward.
The increase in gross profit was partially absorbed by higher
operating costs of GBP7.6m, up from GBP6.1m in the first half of
2014 and GBP7.0m in the second half. Over the past year we have
strengthened our supply chain management function, and this has led
to a modest increase in staff numbers and costs. The MacuShield
acquisition resulted in a further increase this year. In addition
legal costs have been higher, associated with other acquisition
activity.
We also increased our investment in product promotion by some
GBP300,000 compared with H1 2014. This reflects the addition of
MacuShield and a modest increase in support for over-the-counter
consumer brands as we increase the weighting of these products in
our portfolio.
Despite these increased costs, operating profit grew by 2.2% to
GBP6.1m (H1 2014: GBP6.0m). As a percentage of sales, it reduced
from 27.9% in H1 2014 to 26.8% in H1 2015, still comfortably within
our target range of 25-30%.
Cash generation remains strong, but has been impacted this year
by an increase in stockholding - with total inventory up from
GBP5.6m in H1 2014 to GBP7.3m in H1 2015. This results from a
strategic increase in inventories to reduce the risk of stockouts,
and buffer stocks held during the transfer of some product
manufacturing to alternative suppliers. We anticipate some further
stockbuilding in the second half, but at a lower level, to further
strengthen security of supply. In the first half of this year free
cash flow was GBP2.0m, compared with GBP4.4m in the first half of
last year due to a GBP1.7m increase in inventory to strengthen our
supply chain, plus some timing differences on payments.
Interest costs have increased by GBP0.2m following the
acquisition of MacuShield in February 2015. This has been offset by
a foreign exchange gain of GBP0.1m resulting in total finance costs
being GBP0.6m (H1 2014 GBP0.5m).
The GBP5.5m drawdown from our revolving credit facility for the
MacuShield acquisition resulted in an increase in net debt from
GBP21.1m at the start of the period to GBP26.5m at the end. This
raised the bank debt/EBITDA ratio from 1.6 times at the end of 2014
to a still-comfortable 2.0 times; and the unutilised credit
facility of GBP18.3m (end-2014: GBP23.8m) still leaves ample
headroom for further acquisitions.
Dividend
We are maintaining our progressive dividend policy with an
interim payment of 0.366p per ordinary share (H1 2014: 0.333p).
This provides an increase of 10% on last year's figure while
ensuring that dividends continue to be covered more than three
times by earnings. The interim dividend will be paid on 14 January
2016 to shareholders on the register on 21 December 2015.
Strategy
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Our business model is based on a well diversified and growing
portfolio of products and brands, in which currently no single
brand represents more than around 13% of total sales.
This portfolio balances two elements. We have a bedrock of
brands that are well established in their market niches and will
maintain their sales for many years with little or no promotion;
and we have a segment of brands in which we invest for growth. By
balancing the two, we can invest in targeted marketing to grow
sales while maintaining good cash generation and profitability.
Under our long-established 'buy and build' strategy we
supplement organic growth with acquisitions that allow us to
accelerate expansion and adjust the balance of our portfolio.
In recent years we have been broadening the growth element of
our portfolio to include consumer healthcare products. Our growing
experience in this area enables us to identify products that offer
substantial organic growth potential in return for relatively
modest promotional investment. These consumer products also help to
balance margin risk across the portfolio because they are not
exposed to government price controls.
In 2010, promoted products producing organic growth accounted
for some 18% of our portfolio. Today that proportion has more than
doubled to about 40% - largely through our expansion in consumer
healthcare.
MacuShield was acquired in February this year. This is a
once-a-day supplement in capsule form to combat age related macular
degeneration, a major cause of sight loss in the elderly. Its
acquisition has further boosted our offer to both healthcare
professionals and the retail trade. It utilises both sides of our
promotional capabilities, being promoted to eyecare clinicians who
recommend the product to suitable patients, who subsequently
purchase it over the counter in a consumer setting.
We have in-licensed Diclectin for the UK market from Duchesnay
Inc of Canada. Diclectin is a well proven product to treat nausea
and vomiting in pregnancy. Currently in the UK there is no licensed
treatment for this condition that affects 70% to 80% of pregnant
women, with severe symptoms occurring in 30% of them. This
condition can cause extreme distress and it is estimated that 35%
of pregnant women need time off work as a result. Diclectin has a
well-established efficacy and safety profile and is regarded as the
standard of care for this condition in Canada, where it has been
used for over 30 years and has been prescribed for more than 30
million women. In 2013, it was approved in the United States with
an FDA Category A safety rating for drugs used in pregnancy. Its
uptake there has been very satisfactory.
We submitted Diclectin for UK registration in the second quarter
of this year with a view to launching it sometime during 2016,
depending on the timing of regulatory processing and approval. If
approved, Diclectin will fulfill a much needed gap in the treatment
of nausea and vomiting in pregnancy with a licensed medicine and
represents a significant growth opportunity for us.
Our preparation for launch is ongoing, involving considerable
market access activities throughout the NHS and while we anticipate
significant pre-marketing costs in the second half of 2015, this
should not prevent us from meeting profit expectations for the
year. From early 2016 onwards, we will be in a state of readiness
to implement our launch activities. As the first licensed product
to treat this condition, we expect Diclectin to generate
significant interest.
After an absence of three years, we expect to be able to bring
ImmuCyst back to the market in the fourth quarter of this year.
Although supplies are likely to be constrained in the near term, we
are anticipating strong demand. Many clinicians have expressed a
firm preference for ImmuCyst over the currently available
alternative; and as this product is itself facing production
constraints, ImmuCyst is returning to a market that is currently
undersupplied.
It is three years since our supplier, Sanofi, suspended
production of ImmuCyst - which had been one of our lead products.
As previously reported, discussions for compensation are
ongoing.
Team
As announced in the annual report, there were two changes to
board membership in the first half of 2015. Non-executive Director
Nigel Clifford joined in January and Finance Director Richard
Wright left at the end of May. As previously announced, at the end
of September we will welcome Andrew Franklin as our new Finance
Director. Andrew brings extensive experience of the pharmaceutical
sector gained over many years at Wyeth and more recently at Genzyme
Corporation's UK and Ireland subsidiary, where he was Finance
Director and Company Secretary.
Charity
We continue to donate products regularly to International Health
Partners, which distributes medicines to doctors in the world's
neediest areas. We also support employee fundraising for local
causes including Wiltshire Air Ambulance, our chosen charity for
2015.
Outlook
Having returned to growth in sales and profits we look forward
to further progress in the second half of 2015. We will benefit
from the continuing organic growth of our consumer healthcare
portfolio, a full six-month contribution from MacuShield, and the
return of ImmuCyst in the fourth quarter. We can expect additional
impetus to come from the launch of Diclectin in 2016, depending
upon regulatory approval.
We also remain very active on the M&A front. We have ample
financing headroom and are experiencing an encouraging flow of
opportunities both large and small. We are particularly keen to
maintain the momentum of international expansion, and are
benefiting from having managers on the ground in France, Germany
and China. As a result, some three quarters of the opportunities
that we have reviewed over the past twelve months have had an
international dimension.
Consolidated Income Statement
For the six months ended 30 June 2015
6 months Year to
6 months to to 31 December
30 June 2015 30 June 2014 2014
Note GBP 000s GBP 000s GBP 000s
Revenue 22,795 21,425 43,536
Cost of sales (8,996) (9,502) (18,493)
Gross profit 13,799 11,923 25,043
Administration and marketing
expense (7,232) (5,754) (12,510)
Amortisation of intangible
assets (99) (179) (488)
Share-based employee remuneration (385) (350) (571)
Share of joint venture
profits 26 335 319
Operating profit excluding
exceptional item 6,109 5,975 11,793
Exceptional item: impairment - - (622)
Operating profit 6,109 5,975 11,171
Finance costs
Interest payable and similar
charges (722) (545) (1,090)
Interest income 35 24 48
Other finance income/(charges) 102 (6) 28
(585) (527) (1,014)
-------------- -------------- -------------
Profit on ordinary activities
before taxation 5,524 5,448 10,157
Taxation 4 (1,152) (999) (1,772)
Profit for the period attributable
to equity shareholders 4,372 4,449 8,385
-------------- -------------- -------------
Earnings per share
Basic (pence) 8 1.65 1.68 3.17
============== ============== =============
Diluted (pence) 8 1.64 1.67 3.16
============== ============== =============
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2015
6 months
to 6 months Year to
30 June to 31 December
2015 30 June 2014 2014
GBP 000s GBP 000s GBP 000s
Profit for the period 4,372 4,449 8,385
Other items recognised directly
in equity:
Items that may be reclassified
to profit or loss:
Interest rate swaps - cash flow
hedge 80 (47) (572)
Deferred tax on interest rate swap (16) 14 119
Foreign exchange translation differences (3) - 7
Share of joint venture other comprehensive
loss - - (8)
Total comprehensive income for
the period 4,433 4,416 7,931
--------------------------------------------- --------- -------------- -------------
Consolidated Balance Sheet
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At 30 June 2015
30 June 31 December
30 June 2015 2014 2014
Note GBP 000s GBP 000s GBP 000s
Assets
Non-current assets
Intangible fixed assets 5 100,772 89,762 88,875
Property, plant and equipment 508 524 396
Joint venture investment 10 1,297 1,367 1,271
Joint venture receivable 1,462 1,462 1,462
Derivative financial instruments - 396 -
Deferred tax asset 297 - 194
104,336 93,511 92,198
-------------- --------- -------------
Current assets
Inventories 7,283 5,580 5,914
Trade and other receivables 6 9,090 10,721 8,322
Cash and cash equivalents 499 430 1,434
16,872 16,731 15,670
-------------- --------- -------------
Total assets 121,208 110,242 107,868
============== ========= =============
Equity
Ordinary share capital 2,644 2,641 2,641
Share premium account 29,482 29,388 29,388
Share option reserve 2,380 1,774 1,995
Reverse takeover reserve (329) (329) (329)
Other reserve (39) 317 (103)
Retained earnings 38,914 33,253 37,188
Total equity 73,052 67,044 70,780
-------------- --------- -------------
Liabilities
Non-current liabilities
Long-term financial liabilities 23,287 22,183 19,235
Other liabilities 1,352 - -
Deferred tax liability 8,408 6,425 6,309
Provisions for other liabilities
and charges - 99 -
Derivative financial instruments 49 - 129
-------------- --------- -------------
33,096 28,707 25,673
Current liabilities
Cash and cash equivalents 810 855 414
Financial liabilities 2,895 2,895 2,895
Corporation tax 914 875 959
Trade and other payables 7 10,285 9,679 6,920
Provisions for other liabilities
and charges 156 187 227
-------------- --------- -------------
15,060 14,491 11,415
Total liabilities 48,156 43,198 37,088
Total equity and liabilities 121,208 110,242 107,868
============== ========= =============
Consolidated Statement of Cash Flows
For the six months ended 30 June 2015
6 months Year to
6 months to to 31 December
30 June 2015 30 June 2014 2014
GBP 000s GBP 000s GBP 000s
Operating activities
Result for the period before
tax 5,524 5,448 10,157
Interest payable 722 545 1,098
Interest receivable (35) (24) (48)
Other finance costs (102) 6 (28)
Depreciation of property,
plant and equipment 136 152 307
Amortisation of intangible
assets 99 179 1,110
Share-based employee remuneration 385 350 571
Change in inventories (1,369) (112) (446)
Change in investments (26) (335) (312)
Change in trade and other
receivables (768) 424 2,823
Change in trade and other
payables (815) (535) (1,781)
Tax paid (964) (1,133) (2,028)
Cash flows from operating
activities 2,787 4,965 11,423
-------------- -------------- -------------
Investing activities
Interest received 35 24 48
Dividend received - - 72
Payment of deferred consideration - (20) -
Development costs capitalised (7) (13) (58)
Purchase of property, plant
and equipment (248) (84) (111)
Purchase of other intangible
assets (6,500) (2,817) (2.817)
Investment in joint venture - (1,003) (499)
Net cash used in investing
activities (6,720) (3,913) (3,365)
-------------- -------------- -------------
Financing activities
Interest paid and similar
charges (588) (491) (986)
Loan to joint venture - - 503
Proceeds from exercise of
share options 97 8 8
Dividend paid (880) (800) (2,398)
Receipt from borrowings 5,500 2,750 2,750
Repayment of borrowings (1,500) (1,500) (4,500)
Net cash used in financing
activities 2,629 (33) (5,629)
-------------- -------------- -------------
Net movement in cash and
cash equivalents (1,304) 1,019 2,429
Cash and cash equivalents
at beginning of period 1,020 (1,438) (1,438)
Exchange losses on cash and
cash equivalents (27) (6) 29
Cash and cash equivalents
at end of period (311) (425) 1,020
============== ============== =============
Consolidated Statement of Changes in Equity
At 30 June 2015
Ordinary Share Share Reverse
share premium option takeover Other Retained Total
capital account reserve reserve reserve earnings equity
GBP
GBP 000s GBP 000s GBP 000s GBP 000s 000s GBP 000s GBP 000s
Balance 1 January
2014 2,641 29,380 1,424 (329) 350 31,202 64,668
--------- --------- --------- --------- -------- --------- ---------
Issue of shares - 8 - - - - 8
Dividend paid - - - - - (2,398) (2,398)
Share-based employee
remuneration - - 571 - - - 571
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners - 8 571 - - (2,398) (1,819)
Profit for the period - - - - - 8,385 8,385
Other comprehensive
income
Interest rate swaps
- cash flow hedge
net of deferred tax - - - - (453) - (453)
Foreign exchange
translation differences - - - - - (1) (1)
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Total comprehensive
income for the period - - - - (453) 8,384 7,931
Balance 31 December
2014 2,641 29,388 1,995 (329) (103) 37,188 70,780
Balance 1 January
2014 2,641 29,380 1,424 (329) 350 31,202 64,668
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--------- --------- --------- --------- -------- --------- ---------
Issue of shares - 8 - - - - 8
Dividend payable/paid - - - - - (2,398) (2,398)
Share-based employee
remuneration - - 350 - - - 350
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners - 8 350 - - (2,398) (2,040)
Profit for the period - - - - - 4,449 4,449
Other comprehensive
income
Interest rate swaps
- cash flow hedge
net of deferred tax - - - - (33) - (33)
Total comprehensive
income for the period - - - - (33) 4,449 4,416
Balance 30 June 2014 2,641 29,388 1,774 (329) 317 33,253 67,044
--------- --------- --------- --------- -------- --------- ---------
Balance 1 January
2015 2,641 29,388 1,995 (329) (103) 37,188 70,780
--------- --------- --------- --------- -------- --------- ---------
Issue of shares 3 94 - - - - 97
Dividend payable/paid - - - - - (2,643) (2,643)
Share-based employee
remuneration - - 385 - - - 385
-------------------------- --------- --------- --------- --------- -------- --------- ---------
Transactions with
owners 3 94 385 - - (2,643) (2,161)
Profit for the period - - - - - 4,372 4,372
Other comprehensive
income
Interest rate swaps
- cash flow hedge
net of deferred tax - - - - 64 - 64
Foreign exchange
translation differences - - - - - (3) (3)
Total comprehensive
income for the period - - - - 64 4,369 4,433
Balance 30 June 2015 2,644 29,482 2,380 (329) (39) 38,914 73,052
--------- --------- --------- --------- -------- --------- ---------
Notes to the Half Yearly Report
For the six months ended 30 June 2015
1 Nature of operations
Alliance Pharma plc ("the company") and its subsidiaries
(together "the Group") acquire, market and distribute
pharmaceutical products. The company is a public limited company
incorporated and domiciled in England. The address of its
registered office is Avonbridge House, Bath Road, Chippenham,
Wiltshire, SN15 2BB.
The company is listed on the London Stock Exchange, Alternative
Investment Market (AIM).
2 General information
The information in these financial statements does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006 and is un-audited. A copy of the Group's
statutory accounts for the period ended 31 December 2014, prepared
under International Financial Reporting Standards as adopted by the
European Union, has been delivered to the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not
contain statements under section 498(2) or section 498(3) of the
Companies Act 2006.
The interim financial report for the six month period ended 30
June 2015 (including comparatives for the six months ended 30 June
2014) was approved by the Board of Directors on 8 September
2015.
The current rate of cash generation by the Group comfortably
exceeds the capital and debt servicing needs of the business
(though there cannot, of course, be absolute certainty that the
rate of cash generation will be maintained). The Board remains
confident that all the bank covenants will continue to be met. The
Group has a GBP5m Working Capital Facility of which GBP4.2m is
undrawn at the balance sheet date and which the Board believes
should comfortably satisfy the Group's working capital needs for at
least the next 12 months.
3 Accounting policies
The same accounting policies and methods of computation are
followed in the interim financial report as published by the
company in its 31 December 2014 Annual Report. The Annual report is
available on the company's website at www.alliancepharma.co.uk.
4 Taxation
Analysis of charge in period.
30 June 30 June 31 December
2014 2014 2014
GBP 000s GBP 000s GBP 000s
United Kingdom corporation
tax at 22%/23.5%/23.25%
In respect of current
period 920 854 1,870
Adjustment in respect
of prior periods - - (38)
Current tax 920 854 1,832
Deferred tax 232 145 (60)
Taxation 1,152 999 1,772
========= ========= =============
Notes to the Half Yearly Report (continued)
For the six months ended 30 June 2015
5. Intangible assets
Technical
know-how,
trademarks
Goodwill Purchased and distribution Development
on consolidation Goodwill rights costs Total
The Group GBP 000s GBP 000s GBP 000s GBP 000s GBP 000s
Cost
At 1 January 2015 1,144 2,449 88,504 431 92,528
Additions - 1,748 10,241 7 11,996
At 30 June 2015 1,144 4,197 98,745 438 104,524
---------------------------- ----------------- --------- ----------------- ----------- --------
Amortisation and impairment
At 1 January 2015 - - 3,653 - 3,653
Amortisation for the
period - - 99 - 99
At 30 June 2015 - - 3,752 - 3,752
---------------------------- ----------------- --------- ----------------- ----------- --------
Net book amount
At 30 June 2015 1,144 4,197 94,993 438 100,772
---------------------------- ----------------- --------- ----------------- ----------- --------
At 1 January 2015 1,144 2,449 84,851 431 88,875
---------------------------- ----------------- --------- ----------------- ----------- --------
The following acquisition activities took place in the year:
-- On 2 February 2015, the Group completed the acquisition of
MacuVision Europe Limited ("MacuVision") for initial consideration
of GBP5.5 million plus the net asset value of MacuVision at
completion (GBP0.5m) and deferred contingent consideration of up to
GBP6.0 million (estimated at GBP3.2m). MacuVision sells MacuShield,
an eye care treatment designed to be taken by sufferers of dry
age-related macular degeneration and other eye conditions. The fair
value of the intangible asset acquired was GBP8.7m included within
technical know-how, trademarks and distribution rights. Goodwill of
GBP1.7m arose on the acquisition of MacuVision.
-- On 29 January 2015, the Group entered a Licence and Supply
Agreement for the product Diclectin with Duchesnay Inc. The
consideration recognised in relation to this is GBP1.5m. Diclectin
is a product to treat nausea and vomiting of pregnancy and is
anticipated to launch in the second half of 2016.
6 Trade and other receivables
30 June 30 June 31 December
2015 2014 2014
GBP 000s GBP 000s GBP 000s
Trade receivables 7,710 8,684 6,645
Other receivables 278 654 669
Prepayments and accrued
income 530 561 453
Amounts owed by joint
venture 572 822 555
9,090 10,721 8,322
========= ========= =============
7 Trade and other payables
30 June 30 June 31 December
2015 2014 2014
GBP 000s GBP 000s GBP 000s
Trade payables 237 2,611 1,693
Other taxes and social
security costs 1,191 832 969
Accruals and deferred
income 4,330 4,407 4,065
Other payables 285 231 193
Deferred consideration 2,478 - -
Dividend payable 1,764 1,598 -
10,285 9,679 6,920
========= ========= =============
(MORE TO FOLLOW) Dow Jones Newswires
September 09, 2015 02:01 ET (06:01 GMT)
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