TIDMIHC
RNS Number : 0047L
Inspiration Healthcare Group PLC
28 September 2016
Inspiration Healthcare Group plc
("Inspiration Healthcare" or the "Company")
Inspiration Healthcare Group plc ("Inspiration", the "Company"
or the "Group")
Interim Results
Inspiration Healthcare Group plc (AIM: IHC), the global medical
device company, today announces its interim results for the six
months ended 31 July 2016.
The Group completed the reverse takeover of Inditherm PLC on 24
June 2015. The financial results for the half year to 31 July 2016
reflect six months of Inspiration Healthcare Limited and six months
from Inditherm plc as previously constituted. However, the 2015
comparative has 20 weeks of Inditherm plc. A proforma statement of
income has been produced, which reflects six months of trading from
both entities for both 2016 and 2015, adjusted to show the Group as
it is currently structured. On this proforma basis, the
consolidated Group is showing growth in revenue and profit.
Highlights:
-- Sales on a pro form basis grew by 10% to GBP7.1m with strong growth in Critical Care
-- International sales were up 19% with growth in the Americas and Europe
-- Interest in the LifeStart at the Paediatric Academic Society
meeting (Baltimore) shows the concept of the product has great
potential
-- R&D work focused on CE Marking the Inspire rPAP system,
the first product from our new R&D team
-- Operating profit on a proforma basis grew 12% to GBP0.6m
-- Cash remains strong ending the half year at GBP3.0m (from GBP2.3m at 31 January 2016).
-- On a statutory basis sales grew 26% to GBP7.1m. Operating profit was 18% lower at GBP0.6m.
Neil Campbell, Chief Executive Officer, said today: "The
excellent performance in our first half is pleasing as the new team
have got to grips with the challenges in the market. We continue to
invest in sales and marketing and new product development to
position the company for continued growth"
Enquiries:
Inspiration Healthcare
Group plc
Neil Campbell, Chief Executive
Officer 01709 761000
--------------------------------- --------------
Nominated Adviser & Broker
Cenkos Securities plc
Bobbie Hilliam (NOMAD) 0207 397 8900
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Cadogan PR
Alex Walters 07771 713608
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About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) is a global supplier of
medical technology for critical care, operating theatre and other
medical applications. The Company provides high quality innovative
products to patients and caregivers around the world that help to
improve patient outcomes and efficiencies of healthcare
organisations with patient focused customer service and technical
support.
The Company's own brand of critical care solutions span
non-invasive respiratory management, thermoregulation and
diagnostics, and patient warming for newborns through to adults in
intensive care and the operating theatre, whilst the distribution
business supplies solutions to support specialised surgical
procedures and infusion therapies.
Present in over 50 countries worldwide, Inspiration Healthcare's
success has been built on continuous innovation, excellent customer
service and an inherent commitment to improving the quality of life
of patients, working in close collaboration with key opinion
leaders and stakeholders in the clinical and medical community
across the globe.
Chairman's Statement
Highlights
Sales on a proforma basis grew by 10% to GBP7.1m with strong
growth in Critical Care
International sales were up 19% with growth in the Americas and
Europe
Interest in the LifeStart at the Paediatric Academic Society
meeting (Baltimore) shows the concept of the product has great
potential
R&D work focused on CE Marking the Inspire rPAP system, the
first product from our new R&D team
Operating profit on a proforma basis grew 12% to GBP0.6m
Cash remains strong ending the half year at GBP3.0m (from
GBP2.3m at 31 January 2016).
On a statutory basis sales grew 26% to GBP7.1m. Operating profit
was 18% lower at GBP0.6m.
The Group completed the reverse takeover of Inditherm PLC on 24
June 2015. Accordingly, the financial results for the half year to
31 July 2016 reflect six months of Inspiration Healthcare Limited
and six months from Inditherm plc as previously constituted.
However, the 2015 comparative has 20 weeks of Inditherm plc. To
help shareholders to assess the enlarged Group, a proforma
statement of income has been produced on the following page, which
reflects six months of trading from both entities for both 2016 and
2015, adjusted to show the Group as it is currently structured. On
this basis the consolidated Group is showing growth in revenue of
10% and an underlying return on sales of 8.2%.
We have continued to invest in R&D especially the Inditherm
range as we see the untapped potential of the Inditherm Alpha
system and the LifeStart. Investment has also been ongoing for the
Inspire rPAP driver which will be launched late in the year and as
a result R&D expenditure will increase in the second half.
Critical care performed well, with sales of our Inspire nCPAP
neonatal non-invasive respiratory range growing strongly. Our
service offering continues to perform strongly in Critical Care in
the UK.
Operating room sales for the Inditherm Alpha range showed an
expected decline as we have not yet completed our product range
improvements. During the next financial year we expect to have
re-engineered the offering both commercially and technically and
remain confident in the potential for this sector.
Our Home Healthcare products range continues to perform well in
a niche market. In particular the disposable range has grown
strongly which is especially pleasing given the recurring revenues
from this product line. We have continued to invest in the Micrel
Brand and its route to market in both OR and Home Healthcare and
expect to see further growth in due course.
Financial Review
On a statutory accounting basis, revenue for the six months to
31 July 2016 was GBP7,117k (2015:
GBP5,652k). The operating profit for the period before
exceptional items was GBP582k (2015: GBP713k) and after exceptional
items GBP447k (2015: GBP410k loss). The profit after tax was
GBP361k (2015: GBP504k loss) and the earnings per share was 1.2p
(2015: 1.9p/loss)
On 24 June 2015, the company, by way of a share exchange,
acquired the entire issued ordinary share capital of Inspiration
Healthcare Limited. Full details of the transaction were included
in the Company's annual report and financial statements for the
year ended 31 January 2016.
The following unaudited proforma statement presents the income
statement for the enlarged Group for the 6 months to 31 July 2016,
for the 6 months to 31 July 2015 and 12 months to 31 January 2016
on the assumption that the two entities had been a consolidated
group for the entire period.
Actual Proforma Proforma
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2016 2015 2016
GBP'000 GBP'000 GBP'000
============================= ================= ================= ================
Revenue 7,117 6,470 13,096
Cost of sales (3,910) (3,579) (7,118)
============================= ================= ================= ================
Gross profit 3,207 2,891 5,978
Operating expenses (2,648) (3,502) (6,132)
Research and development (112) (138) (421)
Other income - - 295
============================= ================= ================= ================
Operating profit/(loss)
for the period 447 (749) (280)
============================= ================= ================= ================
Analysed as:
Operating profit/(loss)
before impairment
of goodwill
and intangible assets
and exceptional items 582 518 1,109
Impairment of goodwill
and intangible assets - (517) (517)
Exceptional items (135) (750) (872)
============================= ================= ================= ================
Operating profit/(loss) 447 (749) (280)
============================= ================= ================= ================
Finance income 1 2 3
============================= ================= ================= ================
Profit/(loss) on
ordinary activities
before taxation 448 (747) (277)
Taxation (87) (95) (136)
============================= ================= ================= ================
Profit/(loss) for
the period attributable
to the owners of
the parent company 361 (842) (413)
============================= ================= ================= ================
Earnings/ (loss)
per share, before
exceptional items
for Inspiration Healthcare
Group attributable
to owners of the
parent company during
the period - basic
and diluted 1.6p 1.4p 3.4p
============================= ================= ================= ================
Revenue for the six months to 31 July 2016 was GBP7.1m (2015:
GBP6.5m) representing 10% growth on a proforma basis. UK sales were
up 6%, with a strong performance in the Inspire range of
respiratory care products offset by a decline in Inditherm products
which are yet to benefit from planned product improvements.
International sales were up 19% with growth in Europe and the
Americas. Gross margin was slightly higher than last year due to a
larger proportion of service revenue.
Underlying overheads are up 12% due to planned increases in
sales and marketing staff resources and professional fees which are
in line with management expectations of re-engineering a larger
business. R&D costs charged to the P&L are slightly lower
than last year but we also incurred capital development costs
associated with the inspire rPAP project in the first half year. We
expect total spend on R&D to increase in the second half.
Exceptional costs of GBP0.1m represent the costs of replacing the
Group Finance Director.
As a consequence of the growth, underlying operating profit was
up 12% on a proforma basis to GBP0.6m (2015: GBP0.5m). The
operating profit percentage edged up to 8.2% (2015: 8.0%).
The resulting earnings per share, before exceptional items, was
1.6p (2015 proforma: 1.4p).
Net cash at 31 July 2016 was GBP3m (2015: GBP2.1m), providing
capacity for increased capital expenditure forecast for the second
half year and working capital to support future growth.
Operational Review
Investing in our sales team and marketing initiatives to drive
our business forward has continued to reap benefits in the first
half of the year with sales showing growth on a proforma basis of
10%. International sales have increased by 19% and we continued to
push ahead establishing strong relationships with our international
partners and prospective customers. Our first dealer meeting for a
select number of our neonatal distribution partners in September
this year sees the launch of the Inspire rPAP range of products
extending our neonatal resuscitation offering. We expect to have
further dealer meetings in an expanded format in the forthcoming
years as we continue to build our own branded product lines.
Our Regulatory Strategy is developing new opportunities for our
products in overseas markets although some of the countries we are
actively applying for (especially Russia and China) are more
onerous and take longer than others. We are pleased to have
recently received notification of regulatory clearance of the
Tecotherm Neo in Russia. We anticipate that we will receive
regulatory clearance for more products in the next twelve
months.
Our strategy to support the academics wishing to study the
benefits that the products may bring is ongoing. We are proud to be
able to supply equipment and help develop our products for these
studies. The Tecotherm is currently being used in the largest ever
study for treating perinatal Hypoxic Ischaemic Encephalopathy
(brain damage due to the lack of oxygen at birth) in a trial
centred in India. It is also being used to keep babies warm in a
large imaging study of premature babies using the MRI by Kings
College at St Thomas' Hospital London. The LifeStart is being used
on studies both in Ireland and the United States of America and the
Inspire rPAP is being trailed in Scandinavia with further studies
around the world planned. These studies show our commitment to
academic research and the important role it plays in improving
patient outcomes.
Our own brand products now account for 46% (2015: 45%) of group
turnover. As we continue to develop our own products and expand our
footprint internationally we expect that our own branded products
will be a larger contributor to turnover and profit in the
future.
We have completed the ERP implementation across the group and
the company now benefits from better management reporting and
information. The next phase is to 'hive down' the trade and assets
in the PLC to Inspiration Healthcare Ltd before the end of the
financial year. We are currently implementing a cloud based IT
strategy to enable all company information to be supported through
one structure in the cloud.
In May, Mr Ian Smith left the company as Group Finance Director.
On behalf of the Board I would like to thank him for his
contribution to the company and wish him well for the future. I am
pleased to welcome Mr Mike Briant, to the Board as our new Chief
Financial Officer and Company Secretary. Mike is a chartered
accountant with a wealth of experience in listed and private
companies' as well specific experience in the medical devices
industry.
Market Review
In Critical Care we have launched a new product from Acutronic,
the InfantView, a visualisation aid for intubation of extremely low
birth weight infants. This has proven to be of great interest to
Neonatologists and sales have already been realised which is
unusually quick for capital purchases. We continue to see growth in
our Sucrose product which is extremely satisfying having recently
renewed our relationship with the manufacturer EPMC Pharma of
Belgium by signing a longer term distribution contract. Whilst
sales of Atom have reduced this year, we are investing in sales and
marketing of incubators in the UK.
In our Operating Room division, the Inditherm Alpha range of
products have had a difficult first half year. The management team
have identified and prioritised plans to improve the product in the
short term as well as streamline the product offering and its
promotion via a new sales team in the UK. Interest continues in our
managed service offering which will reduce capital sales as we
transition customers on to a recurring revenue model, which will
help the company's cash flow albeit at the expense of high value
one off orders. A comprehensive review of the product offering has
been concluded and an exciting new product is now under
development. Sales of Medos products are showing year on year
growth as are the Jet Ventilation products from Acutronic.
Our Home Healthcare division continues to grow as we take market
share from competitors and we see small growth in the market for
Parenteral Feeding.
Outlook
Our mix of revenues from capital, consumables and after sales
service reduces the reliance on healthcare capital budgets and we
expect that our recurring revenues in the near term will remain a
strong contributor to group sales.
Our new and early stage products show considerable potential,
however we are pragmatic with knowing that changing medical
practice takes time. Having put in place the right sales and
marketing infrastructure within the company, we are ideally placed
to benefit from these products in the longer term.
The company has a strong history of cash generation and we
believe this will continue, enabling an increase in future
investment in R&D to be funded out of current cash
reserves.
At an EGM held on 21 September a capital reduction programme was
approved which, subject to court approval expected in October, will
enable the company to introduce a dividend payable from profits
generated in the future. The company intends to confirm its
dividend policy at the time of publishing its full year results
next year.
Looking forward, we are managing the impact of the movement in
Sterling since the EU referendum and believe the business is well
positioned to continue to invest and grow. These actions, plus a
solid start to the year and the strong cash position, give the
Board confidence that our expectations for the year remain
unchanged.
MARK ABRAHAMS Chairman
28 September 2016
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 31 July 2016
Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
============================ ================== ================== ==================
Revenue 7,117 5,652 12,279
Cost of sales (3,910) (3,224) (6,764)
============================ ================== ================== ==================
Gross profit 3,207 2,428 5,515
Operating expenses (2,648) (2,722) (5,270)
Research and development (112) (116) (394)
Other income - - 295
============================ ================== ================== ==================
Operating profit/(loss) 447 (410) 146
============================ ================== ================== ==================
Analysed as:
Operating profit/(loss)
before impairment
of goodwill
and intangible assets
and exceptional
items 582 713 1,305
Impairment of goodwill
and intangible assets - (517) (517)
Exceptional items
5 (135) (606) (642)
============================ ================== ================== ==================
Operating profit/(loss) 447 (410) 146
============================ ================== ================== ==================
Finance income 1 1 2
============================ ================== ================== ==================
Profit/(loss) on
ordinary activities
before taxation 448 (409) 148
Taxation 6 (87) (95) (136)
============================ ================== ================== ==================
Profit/(loss) attributable
to the owners of
the parent company 361 (504) 12
============================ ================== ================== ==================
Earnings per share
for Inspiration
Healthcare Group
attributable to
owners of the parent
company during the
period - basic and
diluted 1.2p (1.9p) 0.04p
============================ ================== ================== ==================
All recognised gains and losses are included in the Consolidated
Statement of Comprehensive Income, as such there is no other
comprehensive income.
Unaudited Consolidated Statement of Financial Position
As at 31 July 2016
Audited
As at As at As at
31 July 31 July 31 January
2016 2015 2016
GBP'000 GBP'000 GBP'000
========================== ================= ================= ==================
ASSETS
Non-current assets
Intangible assets 318 236 242
Goodwill - - -
Property, plant
and equipment 164 128 166
Deferred tax asset 47 - 45
Investments 100 84 100
========================== ================= ================= ==================
629 448 553
========================== ================= =====================================
Current assets
Inventories 1,063 999 780
Trade and other
receivables 1,728 1,307 2,147
Current tax asset 60 18 -
Cash and cash equivalents 3,009 2,084 2,319
========================== ================= ================= ==================
5,860 4,408 5,246
========================== ================= =====================================
Total assets 6,489 4,856 5,799
========================== ================= =====================================
Liabilities
Current liabilities
Trade and other
payables 2,349 1,734 2,502
Obligations under
finance leases 24 17 17
Deferred income 416 378 276
Current tax liability 379 286 -
========================== ================= ================= ==================
3,168 2,415 2,795
Non-current liabilities
Deferred income 114 96 136
Obligations under
finance leases - 23 16
Deferred tax liability 33 25 39
========================== ================= ================= ==================
Total liabilities 3,315 2,559 2,986
========================== ================= =====================================
Net assets 3,174 2,297 2,813
========================== ================= =====================================
Shareholders' equity
Called up share
capital 3,067 3,067 3,067
Share premium account 9,929 9,929 9,929
Merger reserve 4,600 4,600 4,600
Reverse acquisition
reserve (16,164) (16,164) (16,164
Accumulated profit 1,742 865 1,381
========================== ================= ================= ==================
Total equity 3,174 2,297 2,813
========================== ================= =====================================
Total liabilities
and equity 6,489 4,856 5,799
========================== ================= =====================================
Unaudited Consolidated Statements of Cash Flows
For the six months ended 31 July 2016
Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2016 2015 2016
GBP'000 GBP'000 GBP'000
============================ ================== ================== ==================
Operating profit/(loss)
for the period 447 (410) 146
Impairment of goodwill - 378 378
Impairment of intangible
assets - 139 139
Depreciation and
amortisation 103 42 178
Loss on disposal
of intangible assets - - 6
Net finance income 2 1 2
(Increase)/decrease
in inventories (284) (178) 14
Decrease in trade
and other receivables 303 1,103 379
Increase in trade
and other payables 131 96 579
Increase in deferred
income 117 36 (26
Taxation paid 56 - (172
============================ ================== ================== ==================
Net cash flow from
operating activities 875 1,207 1,623
============================ ================== ======================================
Cash flow from investing
activities
Interest paid (1) - (1
Purchase of property,
plant and equipment (56) (32) (132
Purchase of intangible
assets (120) (112) (169
Cash and cash equivalents
acquired under
reverse acquisition - 894 894
Acquisition of investment - (84) (100
============================ ================== ================== ==================
Net cash used/generated
in investing activities (177) 666 492
============================ ================== ======================================
Cash flow from financing
activities
Finance leases (8) 40 33
Dividends paid prior
to reverse acquisition - (171) (171
============================ ================== ================== ==================
Net cash used in
financing activities (8) (131) (138
============================ ================== ======================================
Net increase in
cash and cash equivalents 690 1,742 1,977
Cash and cash equivalents
at the beginning
of
the period 2,319 342 342
============================ ================== ================== ==================
Cash and cash equivalents
at the end of the
period 3,009 2,084 2,319
============================ ================== ======================================
Unaudited Consolidated Statement of Changes in Shareholder
Equity
For the six months ended 31 July 2016
Called Share Reverse
up
Share premium Merger acquisition Retained Total
Capital account reserve reserve earnings equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Shareholders'
equity at 31
January 2015 511 9,929 -- (10,440) 1,540 1,540
Dividends paid
Loss for the
period and total -- -- -- -- (171) (171)
comprehensive
expense -- -- -- -- (504) (504)
Arising on reverse
acquisition -- -- -- (5,724) -- (5,724)
Shares issued
as consideration 2,556 -- 4,600 -- -- 7,156
=================== ======== ======== ======== =========== ======== ========
Shareholders'
equity at 31
July 2015 3,067 9,929 4,600 (16,164) 865 2,297
Profit for the
period and total
comprehensive
income -- -- -- -- 516 516
=================== ======== ======== ======== =========== ======== ========
Shareholders'
equity at 31
January 2016 3,067 9,929 4,600 (16,164) 1,381 2,813
Profit for the
period and total
comprehensive
income -- -- -- -- 361 361
=================== ======== ======== ======== =========== ======== ========
Shareholders'
equity at 31
July 2016 3,067 9,929 4,600 (16,164) 1,742 3,174
=================== ======== ======== ======== =========== ======== ========
Notes to the Interim Report
1. Basis of Preparation
These condensed unaudited consolidated interim financial
information for the six months ended 31 July 2016 have been
prepared in accordance with AIM rule 18 in relation to half year
reports. This information should be read in conjunction with the
annual financial statements for the year ended 31 January 2016,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union.
2. Going-concern basis
The Group meets its day-to-day working capital requirements
through its cash resources. After making enquiries, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
The Group therefore continues to adopt the going concern basis in
preparing its consolidated interim financial statements.
3. Interim financial information
The interim financial information for the period ended 31 July
2016 is unaudited and does not constitute statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The interim
financial information for the period ended 31 July 2015 is also
unaudited. The audited accounts for the year ended 31 January 2016
for Inspiration Healthcare Group plc were approved by its Board of
Directors on 28 April 2016 and have been delivered to the Registrar
of Companies with an unqualified audit report.
The Company's annual report and financial statements for the
year ended 31 January 2016 were prepared under International
Financial Reporting Standards (IFRS) as adopted by the European
Union, International Financial Reporting Interpretations Committee
(IFRIC) interpretations and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS. The standards
used are those published by the International Accounting Standards
Board (IASB) and endorsed by the EU at the time of preparing those
statements.
4. Restatement of comparative information - Six months to 31 July 2015
The previous Interim Report included provisional numbers for
goodwill and intangible assets, which were subsequently adjusted in
the full year Annual Report as permitted under IFRS3. The
comparative statement of comprehensive income and statement of
financial position have been restated to reflect the GBP517k
impairment of goodwill (GBP375k) and intangible assets
(GBP142k).
5. Exceptional items
The exceptional items in the current period of GBP135k relate to
severance costs, following the change of CFO.
Prior period exceptional items relate to the acquisition of
Inspiration Healthcare Limited on 24 June 2015. In addition to
transactions costs, a further GBP170k of restructuring costs were
incurred.
Restated
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2016 2015 2016
GBP'000 GBP'000 GBP'000
============================ ============ ================= ==================
Severance costs
relating to change
of CFO Professional
fees in relation 135
to the reverse acquisition - - 436 - 472
Severance costs
on re-organisation - 170 170
============================ ============ ================= ==================
Total exceptional
items 135 606 642
============================ ============ ================= ==================
6. Taxation
A provision has been made for Corporation tax at the rate of 20%
on the estimated taxable operating profits for the period.
7. Dividends Paid
There are no immediate plans to pay dividends for Inspiration
Healthcare Group plc.
8. Earnings/(loss) per share
The calculation of earnings per ordinary share is based on a
profit of GBP361k (31 July 2015: Loss
GBP504k, 31 January 2016: Profit GBP12k) and on a weighted
average number of shares of 30,667,548 for the 6 months to 31 July
2016, 26,629,372 for the 6 months to 31 July 2015 and
28,665,055
for the 12 months to 31 January 2016.
9. Contingent liabilities
Included within cash and cash equivalents is a deposit for
GBP250k that is used as collateral for bank facilities provided by
HSBC Bank plc to Inspiration Healthcare Group plc. Bank facilities
provided by HSBC Bank plc include a bank guarantee issued to
Highbridge (Houndhill) Industries Limited for
GBP143k being a rolling two years rent on the manufacturing
facility at Rotherham. The company entered the lease on 11 March
2002 for an initial period of fifteen years, which ends on 10 March
2017.
Inspiration Healthcare Limited has provided a fixed and floating
charge over its assets as collateral for bank facilities provided
by The Royal Bank of Scotland plc. Throughout all periods reported
there have been no borrowings on this facility.
In addition The Royal Bank of Scotland plc provide a bank
guarantee to HM Revenue and Customs as security for its Duty
Deferment Scheme.
During the normal course of business, the group offers
warranties against clearly defined performance specifications.
10. Related party transactions
-- Investment in Neuroprotexeon Limited
The company has a holding of 12.8% of the issued ordinary share
capital of Neuroprotexeon Limited and holds 50,000 options to
purchase ordinary shares at an exercise price of GBP1.05 per share.
The investment agreement provides the Group with the right to
appoint a director. Neil Campbell is currently appointed as a
Non-Executive Director as the Group's representative. All
non-executive director fees to be paid by Neuroprotexeon Limited
will be invoiced by the Group in due course. The Group will also
provide intellectual property and technology to aid research.
-- Lease of Leicestershire facility
Inspiration Healthcare Limited entered into a lease in respect
of Gildor House in Leicestershire for an annual rent of GBP19,250
on 8 April 2008. The lease term is for ten years from April 2008.
The last rent review date in the term has already passed. The
landlord of the property is a self-invested pension plan ("SIPP")
controlled by Neil Campbell, Toby Foster, Simon Motley, Malcolm
Oxley and Graham Walls. The annual charge was deemed to be at a
market rate by Standard Life Trustee Limited on 18 April 2008. This
was reviewed on 6 August 2013, with the market rate remaining
unchanged.
-- Key management
Directors control 37.8% of the voting shares of the Company.
11. EGM
At an EGM held on 21 September a capital reduction programme was
approved which, subject to court approval expected in October, will
enable the company to introduce a dividend payable from profits
generated in the future.
Copies of the announcement will be sent to shareholders and are
available to members of the general public from the Company
Secretary, Inspiration Healthcare Group plc, Inditherm House,
Houndhill Park, Bolton Road, Wath upon Dearne, S63 7LG or via the
Company website at www.inspiration-healthcare.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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