Moneyback on Petrol:
£3.31m
0.13p
7.88p
1st Dental Laboratories PLC
20 December 2007
1st Dental Laboratories plc
("1st Dental" or "the Company"or "the Group")
Trading update and Notice of preliminary results, Notice of AGM
Director and Staff changes
Trading update and notice of preliminary results
The Group will announce its preliminary results on 23 January 2008. The results
will show that performance is in line with market expectations.
We can expect the following encouraging head lines (subject to audit):
•Recurring EBITDA, before share based payments in excess of £1,000,000
being achieved on total sales of £10,971,000 (2006: £12,085,000 EBITDA
£753,000)
•Gross margin increase of 2.2% to 38.1%
•Administration costs reduced by £448,000 to £3,831,000
•Recurring normalised profit (profit before amortisation, share based
payments and tax) almost doubled for the second year running to £595,000
(2006: £303,000, 2005: £156,000). Normalised profit for the Group including
eteeth is likely to be £376,000 (2006: £647,000 loss) representing a
turnaround of £1,023,000
•Net debt reduction in the period of £759,000 to £1,190,000. We took
advantage of our cash position by making an additional repayment to the bank
of £376,000. Total repayments made in the year are £808,000
•Net cash inflow from operating activities increased to £1,103,000 (2006:
£616,000). Net cash inflow before financing was £759,000 (2006: £160,000
outflow)
Commenting on the results Andrew Garner Executive Chairman said: We are
delighted with the results we have delivered. This is despite the back drop of
difficult trading conditions at the start of the year. All efforts have been
concentrated very hard on improving efficiencies, getting the best from our
asset base and working with the resources the Group has at its disposal. This
has resulted in a very real increase in gross and net margin and cash
generation. The effort made demonstrates a clear turnaround situation from a
year ago which is a credit to all the people involved in the Group.
We have also started to see the benefit of our new venture eteeth, providing an
on-line purchasing facility at competitive prices for dentists on selected
product lines. Sales have grown at a pace with increases in sales over the last
4 months of 43%, 57%, 29% and 24% respectively. While these sales numbers are
still relatively small they have overtaken that of our smallest laboratory. We
can report progress in achieving sales to major corporate dentist groups and
many independent practices. It would appear that none of this discounted
business has cannibalised our existing domestic sales. The Group's performance
being reported includes the absorption of costs totalling £200,000 for the
setting up and establishment of eteeth.
Notice of AGM
Notice is given that the Company's AGM will be held at 9.00am on 18th March 2008
at its Harrogate offices. Formal notice will be sent to shareholders in due
course.
Director and Staff changes
Emma Towers will be resigning from the Board and as company secretary at the end
of January for personal reasons. Emma expects to be providing the company with
her services during April in a project / consultancy role. Emma's contribution
over the last 2 years has been massive delivering on all of the issues of change
requested of her. All of the Board and all of the staff are very grateful for
her efforts and dedication.
The Company is in the process of recruiting and appointing another Director to
the Board who will have a financial bias and we hope to be able to announce this
appointment in January.
We can also report that Roger Smallwood has joined the Group as Financial
Controller and is based at our Harrogate head office; Roger joins us from the
Yorkshire Eye Hospital.
For further information:
Andrew Garner, 1st Dental Laboratories plc: andrew@maximcorporate.co.uk
Nicola Marrin, Seymour Pierce: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange