TIDMTSTL
RNS Number : 5971X
Tristel PLC
23 February 2017
TRISTEL plc
("Tristel", the "Company" or the "Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 December
2016
Tristel plc (AIM: TSTL), the manufacturer of infection
prevention, contamination control and hygiene products, announces
its interim results for the six months ended 31 December 2016,
ahead of management expectations as stated at the AGM.
Tristel's lead technology is a proprietary chlorine dioxide
formulation and the Company addresses three distinct markets:
-- The Human Healthcare market (hospital infection prevention - via the Tristel brand)
-- The Contamination Control market (control of contamination in
critical environments - via the Crystel brand)
-- The Animal Healthcare market (veterinary practice infection
prevention - via the Anistel brand)
Financial highlights
-- Revenue up 22% to GBP9.75m (2015: GBP8.01m)
-- Overseas sales up 45% to GBP4.2m (2015: GBP2.9m),
representing 43% of total sales (2015: 36%)
-- EBITDA and share based payments up 21% to GBP2.3m (2015: GBP1.9m)
-- Pre-tax profit before share based payments up 15% to GBP1.7m (2015: GBP1.48m)
-- Adjusted EPS before share based payments up 14% to 3.30p (2015: 2.89p)
-- Interim dividend of 1.40p per share (2015: 1.14p), an increase of 23%
-- Cash of GBP3.9m (2015: GBP4.3m) post GBP1.1m for acquisition
Operational highlights
-- Positive profit contribution from Australian acquisition
-- Results benefiting from Sterling weakness since the EU referendum result
-- First meeting with Environmental Protection Agency (EPA) in October 2016
-- Second meeting with Food and Drug Administration (FDA) in February 2017
-- Company is continuing to invest for future growth
Commenting on current trading, Paul Swinney, Chief Executive of
Tristel, said: "We are pleased to report strong half-on-half
revenue growth which has been above our targeted range of 10-15%.
We have also delivered the pre-tax profit margin of 17.5% that we
target, even after costs of GBP0.2m incurred during the half in
pursuit of our North American business plan. Profit before tax and
share based payments has risen by 15% to GBP1.7m and strong cash
generation saw cash of GBP3.9m at 31 December 2016 compared with
GBP5.7m at 30 June last year, despite cash outflows of GBP1.1m for
the Australian acquisition and dividend payments of GBP2.2m during
the period.
"We are progressing satisfactorily with our planned entry into
the North American hospital market."
There will be a webinar for investors at 12.15 today (23
February). If you would like to join the webinar, please register
here https://www.equitydevelopment.co.uk/news-and-events/
Tristel plc www.tristel.com
Paul Swinney, Chief Executive Tel: 01638 721 500
Liz Dixon, Finance Director
finnCap
Geoff Nash / Giles Rolls, Corporate Tel: 020 7220 0500
Finance
Alice Lane, Corporate Broking
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
Chairman's statement
Results
The Company made excellent progress during the first half, with
sales increasing to GBP9.75m, up 22% on the comparable period last
year.
We are very pleased that sales in the United Kingdom picked up
the pace of growth, rising 9% to GBP5.56m half-on-half. This
performance was flattered by a bulk purchase during the half by our
largest customer, NHS Supply Chain. This purchase enabled the
substitution of a discontinued pack size and contributed
approximately GBP150,000 in sales during the half.
Overseas sales once again rose, up 45% to GBP4.19m. During the
half overseas sales represented 43% of total sales, compared to 36%
during the same period last year. Our Australian subsidiary, which
we acquired on 15 August 2016, represented GBP487,000 of the
overseas sales growth of GBP1.3m.
Overseas sales First half First half Period-on-period Period-on-period Period-on-period
2016-17 2015-16 growth GBP growth % growth % at a
GBP GBP constant currency
---------------------- ------------ ------------ --------------------- --------------------- --------------------
China & Hong Kong
(subsidiaries) 649,000 486,000 163,000 34% 31%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
Germany (subsidiary) 1,526,000 794,000 732,000 92% 62%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
New Zealand
(subsidiary) 299,000 202,000 97,000 48% 18%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
Overseas
distributors
(managed by UK) 1 943,000 1,122,000 (179,000) -16% -16%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
Overseas sales
excluding impact of
acquisition 3,417,000 2,604,000 813,000 31% 19%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
Australia
(subsidiary) 2 776,000 289,000 487,000 169% 113%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
Total overseas sales 4,193,000 2,893,000 1,300,000 45% 29%
---------------------- ------------ ------------ --------------------- --------------------- --------------------
1 Certain distributors have been absorbed into direct
operations.
2 Distributor acquired during the period - included within New
Zealand subsidiary sales in last year's Interim Statement.
The weakness of Sterling since the EU Referendum result has
benefited Group sales. Stated at constant currency, overseas sales
growth would have been reported at 29% rather than 45%.
Overseas sales are now approaching 50% of the total and reflect
the Company's strategic goal of becoming a global force in the
infection prevention industry. We expect the contribution to Group
sales from overseas markets to exceed 50% during the course of our
current strategic plan which takes us to 30 June 2019.
Progress of our investments to improve efficiency and for future
growth
This time last year I explained how the business was investing
in plant and process in order to improve efficiency. During the
period we increased sales by GBP1.7m, gross margin from 71% to 74%,
whilst headcount increased by only six people (five of whom joined
with our Australian acquisition).
During the period we have made significant investments towards
future growth, including GBP200,000 spent on our North American
market entry plan, and GBP54,000 in relation to other potential
markets.
Our pre-tax profit margin of 17.5% is in line with our strategic
target, and represents profit before tax and share based payments
of GBP1.7m, which is an increase of 15% half-on-half.
We are pursuing a broadly based plan to enter the United States
and Canadian markets and this programme includes eight products for
which we will require a combination of FDA and EPA approvals. We
have held two meetings with the FDA and one with the EPA, we have
attended a number of clinical conferences and trade exhibitions
during the half and are in the process of piecing together our
market entry plan. I am satisfied that we are progressing well
towards our strategic objective of entering the North American
market in the financial year 2018-19.
Dividend
The business continues to convert profit to cash. During the
half to 31 December 2016 a special dividend of 3 pence per share
and a final dividend of 2.19 pence per share were paid, aggregating
GBP2.2m. In addition, we completed upon an acquisition of our
Australian distributor's business, at a cost of GBP1.1m. At the
period end cash was GBP3.9m. We will pay an interim dividend of
1.40 pence per share on 13 April to shareholders on the register on
24 March 2017, with an ex-dividend date of 23 March 2017. Our
historic dividend policy is to cover the standard dividend two
times and in the past was paid 25% as an interim dividend and 75%
as a final. Last year, given the increase in dividend tax effective
from 6 April 2016, we paid 40% as an interim and brought forward
the payment to March. Going forward we will continue to cover the
standard dividend two times and we will pay 40% as an interim in
April and 60% as a final dividend in December.
Outlook
We outlined in October 2016 our strategic targets:
-- to grow sales by 10-15% on average over the next three years
-- to attain a profit before tax and share based payments margin
of at least 17.5%, whilst investing in future growth
-- to return cash that is surplus to the operational and
investment needs of the business in the form of special
dividends
These targets continue to guide us and remain achievable.
I believe the business is in good shape and shareholders can
confidently look forward to their Company's further progress and
growth in the years ahead.
Francisco Soler
Chairman
23 February 2017
CONDENSED CONSOLIDATED INCOME STATEMENT
RESULTS FOR THE SIX MONTHSED 31 DECEMBER 2016
6 months 6 months
ended ended Year ended
31-Dec-16 31-Dec-15 30-Jun-16
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Note
Revenue 3 9,748 8,010 17,104
Cost of sales (2,496) (2,289) (4,549)
Gross profit 7,252 5,721 12,555
Administrative expenses
- share based payments (5) (1,015) (674)
Administrative expenses
- depreciation & amortisation (595) (401) (1,071)
Administrative expenses
- other (4,959) (3,850) (8,242)
------------- ------------- ------------
Total administrative expenses (5,559) (5,266) (9,987)
Operating profit 1,693 455 2,568
Finance income 2 4 12
Results from equity accounted
associate 6 6 13
Profit before taxation 1,701 465 2,593
Taxation (312) (273) (491)
Profit for the period 1,389 192 2,102
============= ============= ============
Attributable to:
Equity holders of the parent 1,389 192 2,102
1,389 192 2,102
============= ============= ============
Earnings per share from
continuing operations
attributable to equity holders Note
of the parent 4
Basic (pence) 3.30 0.46 5.01
============= ============= ============
Diluted (pence) 3.14 0.45 4.81
============= ============= ============
All amounts relate to continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2016
6 months 6 months
ended ended Year ended
31-Dec-16 31-Dec-15 30-Jun-16
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit for the period 1,389 192 2,102
Items that will be reclassified
subsequently to Profit and loss
Exchange differences on translation
of foreign operations 81 13 146
------------- ------------- ------------
Other comprehensive income for
the period 81 13 146
Total comprehensive income for
the period 1,470 205 2,248
============= ============= ============
Attributable to:
Equity holders of the parent 1,470 205 2,248
1,470 205 2,248
============= ============= ============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2016
Share Share Merger Foreign Retained Total Non- Total
earnings attributable controlling equity
to owners of interests
the parent
capital premium reserve exchange
account reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
30 June 2015 414 9,920 478 (147) 3,493 14,158 7 14,165
Transactions with owners
Dividends paid - - - - (2,141) (2,141) - (2,141)
Shares issued 7 535 - - - 542 - 542
Adjustment for
change of
controlling
interests - - - - - - - -
Share-based
payments - - - - 1,015 1,015 - 1,015
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners 7 535 - - (1,126) (584) - (584)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
31 Dec 2015 - - - - 192 192 - 192
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - 13 - 13 - 13
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - 13 192 205 - 205
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
31 December
2015 421 10,455 478 (134) 2,559 13,779 7 13,786
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Transactions with owners
Dividends paid - - - - (480) (480) - (480)
Shares issued - (44) - - - (44) - (44)
Share-based
payments - - - - (341) (341) - (341)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners - (44) - - (821) (865) - (865)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
30 Jun 2016 - - - - 1,910 1,910 - 1,910
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - 133 - 133 - 133
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - 133 1,910 2,043 - 2,043
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
30 Jun 2016 421 10,411 478 (1) 3,648 14,957 7 14,964
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Transactions with owners
Dividends paid - - - - (2,193) (2,193) - (2,193)
Shares issued 3 32 - - - 35 - 35
Share-based
payments - - - - 5 5 - 5
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
transactions
with owners 3 32 - - (2,188) (2,153) - (2,153)
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Profit for the
period ended
31 Dec 2016 - - - - 1,389 1,389 (2) 1,387
Other
comprehensive
income:-
Exchange
differences
on
translation
of foreign
operations - - - 81 - 81 - 81
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
Total
comprehensive
income - - - 81 1,389 1,470 (2) 1,468
--------- --------- --------- ---------- ----------- -------------- ------------- -----------
31 Dec 2016 424 10,443 478 80 2,849 14,274 5 14,279
========= ========= ========= ========== =========== ============== ============= ===========
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2016
31-Dec-16 31-Dec-15 30-Jun-16
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill & other Intangible assets 6,882 6,253 6,047
Property, plant and equipment 1,381 1,330 1,416
Deferred tax 68 37 -
8,331 7,620 7,463
------------- ------------- -----------
Current assets
Inventories 1,753 1,589 1,875
Trade and other receivables 3,776 3,319 3,735
Cash and cash equivalents 3,854 4,264 5,715
9,383 9,172 11,325
Total assets 17,714 16,792 18,788
============= ============= ===========
Capital and reserves attributable to the
Company's equity holders
Called up share capital 424 421 421
Share premium account 10,443 10,455 10,411
Merger reserve 478 478 478
Foreign exchange reserves 80 (134) (1)
Retained earnings 2,849 2,559 3,648
Equity attributable to equity
holders of parent 14,274 13,779 14,957
------------- ------------- -----------
Minority interest 5 7 7
Total Equity 14,279 13,786 14,964
------------- ------------- -----------
Current liabilities
Trade and other payables 2,583 2,444 3,256
Interest bearing loans and borrowings - - -
Current tax liabilities 649 403 432
Total current liabilities 3,232 2,847 3,688
------------- ------------- -----------
Non-current liabilities
Deferred tax 203 159 136
------------- ------------- -----------
Total liabilities 3,435 3,006 3,824
Total equity and liabilities 17,714 16,792 18,788
============= ============= ===========
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 31 DECEMBER 2016
6 months 6 months
ended ended Year ended
31-Dec-16 31-Dec-15 30-Jun-16
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows generated from
operating activities
Cash generated from operating Note
activities 6 1,701 2,231 4,819
Corporation tax (94) (96) (269)
1,607 2,135 4,550
------------- ------------- ------------
Cash flows used in investing
activities
Interest received 2 4 12
Purchase of intangible assets (204) (147) (406)
Note
Consideration for acquisition 7 (959)
Purchase of property, plant
and equipment (244) (203) (499)
Proceeds on sale of property,
plant and equipment 14 16 16
(1,391) (330) (877)
------------- ------------- ------------
Cash flows used in financing
activities
Loans repaid - - -
Share issues 35 542 498
Equity dividends paid (2,193) (2,141) (2,621)
(2,158) (1,599) (2,123)
------------- ------------- ------------
(Decrease)/increase in cash
and cash equivalents (1,942) 206 1,550
Cash and cash equivalents
at the beginning of the
period 5,715 4,045 4,045
Exchange difference on cash
and cash equivalents 81 13 120
Cash and cash equivalents
at the end of the period 3,854 4,264 5,715
============= ============= ============
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHSED 31 DECEMBER 2016
1 PRINCIPal ACCOUNTING POLICIES
Basis of Preparation
For the year ended 30 June 2016, the Group prepared consolidated
financial statements under International Financial Reporting
Standards ('IFRS') as adopted by the European Commission. These
will be those International Accounting Standards, International
Financial Reporting Standards and related interpretations
(SIC-IFRIC interpretations), subsequent amendments to those
standards and related interpretations, future standards and related
interpretations issued or adopted by the IASB that have been
endorsed by the European Commission. This process is ongoing and
the Commission has yet to endorse certain standards issued by the
IASB.
These condensed consolidated interim financial statements (the
interim financial statements) have been prepared under the
historical cost convention. They are based on the recognition and
measurement principles of IFRS in issue as adopted by the European
Union (EU) and which are, or are expected to be, effective at 30
June 2017. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 30 June 2016. The interim financial statements have been
prepared in accordance with the accounting policies adopted in the
last annual financial statements for the year to 30 June 2016. The
accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these condensed
consolidated interim financial statements.
Accounting Policies
The interim report is unaudited and has been prepared on the
basis of IFRS accounting policies.
The accounting policies adopted in the preparation of this
unaudited interim financial report are consistent with the most
recent annual financial statements being those for the year ended
30 June 2016.
2 Publication of non-statutory accounts
The financial information for the six months ended 31 December
2016 and 31 December 2015 have not been audited and does not
constitute full financial statements within the meaning of Section
434 of the Companies Act 2006.
The financial information relating to the year ended 30 June
2016 does not constitute full financial statements within the
meaning of Section 434 of the Companies Act 2006. This information
is based on the Group's statutory accounts for that period. The
statutory accounts were prepared in accordance with International
Financial Reporting Standards ("IFRS") and received an unqualified
audit report and did not contain statements under Section 498(2) or
(3) of the Companies Act 2006. These financial statements have been
filed with the Registrar of Companies.
3 SEGMENTAL ANALYSIS
The Board considers the Group's revenue lines to be split into
three operating segments, which span the different Group entities.
The operating segments consider the nature of the product sold, the
nature of production, the class of customer and the method of
distribution. The Group's operating segments are identified from
the information which is reported to the chief operating decision
maker.
The first segment concerns the manufacture, development and sale
of infection control and hygiene products which incorporate the
Company's chlorine dioxide chemistry, and are used primarily for
infection control in hospitals ("Human Health"). This segment
generates approximately 90% of Group revenues.
The second segment, which constitutes 4% of the business
activity, relates to manufacture and sale of disinfection and
cleaning products, principally into veterinary and animal welfare
sectors ("Animal Health").
The third segment addresses the pharmaceutical and personal care
manufacturing industries ("Contamination Control"). This activity
has generated 6% of the Group's revenue for the period.
The operation is monitored and measured on the basis of the key
performance indicators of each segment, these being revenue and
gross profit; strategic decisions are made on the basis of revenue
and gross profit generating from each segment.
The Group's centrally incurred administrative expenses and
operating income are not attributable to individual segments.
3 SEGMENTAL ANALYSIS - continued
6 months ended 6 months ended Year ended
31 December 2016 31 December 2015 30 June 2016
(unaudited) (unaudited) (audited)
Human Animal Cont'n Total Human Animal Cont'n Total Human Animal Cont'n Total
Health Health Control Health Health Control Health Health Control
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 8,730 440 578 9,748 6,740 500 770 8,010 14,599 1,015 1,490 17,104
Cost
of
material (2,170) (106) (220) (2,496) (1,762) (156) (371) (2,289) (3,574) (333) (642) (4,549)
------------ ------------ --------- --------- ------------ ------------ ---------- --------- ------------ ------------ --------- ---------
Gross
profit 6,562 332 358 7,252 4,978 344 399 5,721 11,025 682 848 12,555
============ ============ ========= ============ ============ ========== ============ ============ =========
Centrally incurred income
and expenditure not attributable
to individual segments:
-
Dep'n & amort'n of
non- financial assets (595) (401) (1,071)
Other administrative
expenses (4,959) (3,850) (8,242)
Share based payments (5) (1,015) (674)
--------- --------- ---------
Segment operating profit 1,693 455 2,568
--------- --------- ---------
Segment operating profit
can be reconciled to Group
profit before tax as follows:
-
Segment operating profit 1,693 455 2,568
Results from equity
accounted associate 6 6 12
Finance income 2 4 13
Finance costs - - -
Group profit 1,701 465 2,593
========= ========= =========
The Group's revenues from external customers are divided into the following
geographical areas:
6 months ended 6 months ended Year ended
31 December 2016 31 December 2015 30 June 2016
(unaudited) (unaudited) (audited)
Human Animal Cont'n Total Human Animal Cont'n Total Human Animal Cont'n Total
healthcare healthcare control healthcare healthcare control healthcare healthcare Control
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
United
Kingdom 4,739 314 502 5,555 4,155 373 589 5,117 8,547 679 1,140 10,366
Germany 1,523 3 - 1,526 791 3 - 794 1,778 - - 1,778
Rest
of the
World 2,468 123 76 2,667 1,794 124 181 2,099 4,274 336 350 4,960
------------ ------------ --------- --------- ------------ ------------ ---------- --------- ------------ ------------ --------- ---------
Group
Revenues 8,730 440 578 9,748 6,740 500 770 8,010 14,599 1,015 1,490 17,104
============ ============ ========= ========= ============ ============ ========== ========= ============ ============ ========= =========
4 EARNINGS PER SHARE
The calculations of earnings per share are based on the
following profits and number of shares:
6 months ended 6 months Year ended
31 December ended 30 June 2016
2016 31 December
2015
(unaudited) (unaudited) (audited)
Retained profit for the
period attributable to equity
holders of the parent 1,389 192 2,102
================ ============== ===============
Retained profit for the
period attributable to equity
holders of the parent adjusted
for share based payments 1,394 1,207 2,776
================ ============== ===============
Shares '000 Shares '000 Shares '000
Number Number Number
Weighted average number
of ordinary shares for the
purpose of basic earnings
per share 42,056 41,753 41,945
Share options 2,198 1,040 1,747
Weighted average number
of ordinary shares for the
purpose of diluted earnings
per share 44,254 42,793 43,692
================ ============== ===============
Earnings per ordinary share
Basic (pence) 3.30 0.46 5.01
Diluted (pence) 3.14 0.45 4.81
Before share based payments
(pence) 3.30 2.89 6.62
================ ============== ===============
5 Dividends
6 months ended 6 months ended Year ended
31 December 31 December 30 June 2016
2016 2015
(unaudited) (unaudited) (audited)
Amounts recognised as distributions GBP'000 GBP'000 GBP'000
to equity holders in the
period:
Ordinary shares of 1p each
Special dividend for the
year ended 30 June 2016 of
3.00p per share (2015: 3.00p) 1,265 1,242 1,242
Final dividend for the year
ended 30 June 2016 of 2.19p
(2015: 2.14p) per share 928 899 899
Interim dividend for the
year ended 30 June 2016 of
1.14p - - 480
2,193 2,141 2,621
================ ================ ===============
Proposed interim dividend
for the year ending 30 June
2017 of 1.40p (2016: 1.14p)
per share 594 480 -
================ ================ ===============
The proposed interim dividend has not been included as a
liability in the financial statements.
6 RECONCILIATION OF PROFIT BEFORE TAX to cash GENERATED from operations
6 months 6 months
ended ended Year ended
31-Dec-16 31-Dec-15 30-Jun-16
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit before taxation 1,701 465 2,593
Adjustments for:
Depreciation 270 208 442
Amortisation of intangibles 325 193 524
Impairment - - 125
Results from associates - (6) -
Share based payments expense
(IFRS2) 5 1,015 674
(Profit)/Loss on disposal
of property plant and equipment (6) 3 (2)
Loss on disposal of intangible
asset - - 8
Finance costs - - -
Finance income (2) (4) (12)
Operating cash flows before
movement in working capital 2,293 1,874 4,352
Decrease in inventories 122 472 186
Increase in trade and other
receivables (41) (125) (541)
(Decrease)/increase in trade
and other payables (673) 10 822
Cash generated from operating
activities 1,701 2,231 4,819
============= ============= ============
7 Australian acquisition
On 15 August 2016 the Group acquired from the Australian company
Ashmed PTY Ltd, its customer base, stock, fixed assets and staff,
for a total consideration of GBP1.1m in cash. The customer base and
staff were purchased for a consideration of GBP959k, the amount
will be recognised within intangible assets. Stock was acquired for
GBP119k.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGZZVZVGNZM
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