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Virgin Credit Card:
Market Cap
£2.05m
Change Today
0.000p ()
Share Price
4.88p
Interim Results
1st Dental Laboratories plc ("1st Dental" or the "Company")
Interim Results
1st Dental Laboratories plc (AIM:FDT), the UK's leading quoted provider of laboratory services to the dental industry, announces interim results for the six months to 31 May 2008.
The results for the first six months of our trading year, which reflect the business disruptions that I mentioned earlier in the year are disappointing. These disruptions resulted in a downturn in both turnover and margin at our Stourport and Blackpool laboratories.
However, we are pleased to report that at Stourport turnover and margin has now returned to 84% of the pre-disruptions level.
With the assistance of a dedicated sales and marketing team we also hope to rebuild the Blackpool business to previous levels within the year; we have already seen a number of clients returning to us.
The underlying business continues to perform as well as it did in the second half of last year with certain laboratories showing good growth especially in the Midlands and Yorkshire areas. This growth comes from an increase in private prescriptions and areas of NHS growth, an indicator that the PCT changes are behind us.
e-teeth continues to grow at an impressive rate and since its launch we have seen month-on-month compound turnover growth of 16%. e-teeth has become a very successful business unit having now over taken three of our smaller laboratories in terms of turnover. This business is made up of new clients and we see no migration from existing accounts across to e-teeth. We are looking forward to further increases in performance throughout the year.
Financial results and highlights
Turnover £4,874k (2007: £5,376k)
Gross profit £1,634k (2007: £1,919k)
Gross margin 33.5% (2007: 35.7%)
Loss for period £141k (2007: Loss £195k, restated profit under IFRS £63k)
Net profit contributions from Laboratories £487k (2007: £781k)
Head office costs £428k (2007: £519k)
Group Administrative cost £1,697k (2007: £1,768k)
Bank debt reduction in period of £358k to £1,390k (2007: £1,748k)
Outlook
These results are disappointing following the 2007 financial statements. However, this is due to the disruptions as previously mentioned and these laboratories are now recovering. At the half year we see a loss of £141k and at the same period before restatement in 2007 we reported a loss of £195k. From this position we went onto produce last year's results of recurring EBITDA* of £1,029k and operating profit before goodwill amortisation of £555k. We should note there has been positive cash generation in the first half of this year.
Despite the business interruptions at the start of the year, the core laboratory business units are performing well, added to the continuing growth of e-teeth, a strengthened management team and Board, the executives believe the Company's prospects to the end of the year are good.
* recurring is defined as profit from the laboratory business
Andrew Garner
Chairman
27th August 2008
For Further information:
Andrew Garner 01509 650 111
Chairman 1st Dental Laboratories plc
Nicola Marrin
Seymour Pierce Limited 020 7107 8000
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1st Dental Laboratories plc |
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Consolidated Income Statement |
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for the 6 months ended 31 May 2008 |
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Unaudited 6 months ended |
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Restated Unaudited 6 months ended |
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Restated Unaudited year ended |
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31 May 08 |
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31 May 07 |
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30 Nov 07 |
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Continuing operations |
£'000 |
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£'000 |
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£'000 |
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Revenue |
4,874 |
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5,376 |
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11,022 |
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Cost of sales |
(3,240) |
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(3,457) |
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(6,840) |
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Gross profit |
1,634 |
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1,919 |
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4,182 |
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33.5% |
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35.7% |
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37.9% |
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Total administrative expenses |
(1,697) |
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(1,768) |
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(3,629) |
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Operating (loss) / profit |
(63) |
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151 |
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553 |
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Finance costs |
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Finance income |
22 |
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27 |
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53 |
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Finance costs |
(100) |
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(115) |
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(227) |
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(Loss) / profit on ordinary activities before tax |
(141) |
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63 |
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379 |
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Tax on (loss) / profit on ordinary activities |
- |
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- |
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- |
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(Loss) / profit for the period from continuing operations |
(141) |
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63 |
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379 |
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(Loss) / earnings per share: |
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Basic and diluted |
(0.34) |
p |
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0.15 |
p |
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0.90 |
p |
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1st Dental Laboratories plc |
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Consolidated Balance Sheet |
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Unaudited |
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Restated unaudited |
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Restated unaudited |
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31 May 08 |
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31 May 07 |
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30 Nov 07 |
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Assets |
£'000 |
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£'000 |
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£'000 |
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Non Current Assets |
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Intangible assets |
7,087 |
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7,084 |
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7,087 |
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Property, plant and equipment |
1,894 |
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1,897 |
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1,832 |
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8,981 |
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8,981 |
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8,919 |
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Current Assets |
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Inventories |
302 |
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302 |
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321 |
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Trade & other receivables |
1,367 |
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1,696 |
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1,553 |
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Cash and cash equivalent |
712 |
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752 |
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1,067 |
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2,381 |
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2,750 |
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2,941 |
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Total Assets |
11,362 |
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11,731 |
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11,860 |
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Current Liabilities |
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Trade creditors & other payables |
(731) |
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(899) |
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(946) |
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Interest bearing loans & borrowings |
(642) |
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(488) |
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(632) |
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(1,373) |
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(1,387) |
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(1,578) |
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Non Current Liabilities |
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Interest bearing loans & borrowings |
(1,460) |
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(2,011) |
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(1,625) |
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Total Liabilities |
(2,833) |
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(3,398) |
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(3,203) |
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Net Assets |
8,529 |
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8,333 |
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8,657 |
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Equity |
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Called up share capital |
4,202 |
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4,202 |
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4,202 |
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Share premium account |
6,358 |
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6,358 |
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6,358 |
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Equity reserve |
99 |
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78 |
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86 |
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Profit and loss account |
(2,130) |
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(2,305) |
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(1,989) |
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Total Equity |
8,529 |
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8,333 |
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8,657 |
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These financial statements were approved by the board of directors on 27th August 2008 and were signed on its behalf by: |
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Roger Smallwood |
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Director |
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1st Dental Laboratories plc |
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Consolidated Statement of Changes in Equity |
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as at 31 May 2008 |
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Share capital |
Share premium |
Equity reserve |
Profit and loss account |
Total |
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£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
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Balance at 1 December 2006 |
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4,202 |
6,358 |
71 |
(2,368) |
8,263 |
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Profit for the period |
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- |
- |
- |
379 |
379 |
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Change in equity reserve |
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- |
- |
15 |
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15 |
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Balance as at 30 November 2007 |
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4,202 |
6,358 |
86 |
(1,989) |
8,657 |
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Loss for the period |
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- |
- |
- |
(141) |
(141) |
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Change in equity reserve |
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- |
- |
13 |
- |
13 |
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Balance as at 31 May 2008 |
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4,202 |
6,358 |
99 |
(2,130) |
8,529 |
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The Equity reserve relates to share based payments reserve and represents the increase in equity that corresponds to the expense recognised in the income statement in respect of the Group's share option scheme. |
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1st Dental Laboratories plc |
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Consolidated Cashflow Statement |
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for the year ended 31 May 2008 |
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Unaudited for the 6 months ended |
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Restated Unaudited 6 months ended |
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Restated Unaudited year ended |
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31 May 08 |
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31 May 07 |
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30 Nov 07 |
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£'000 |
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£'000 |
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£'000 |
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Cash flows from operating activities |
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Cash generated from operations |
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86 |
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315 |
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1,103 |
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Income taxes received |
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- |
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53 |
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52 |
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Finance income |
|
22 |
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27 |
|
53 |
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Finance costs |
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(100) |
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(115) |
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(227) |
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Net cash from operating activities |
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8 |
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280 |
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981 |
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Cash outflows from investing activities |
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Purchase of property, plant & equipment |
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(154) |
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(82) |
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(169) |
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Proceeds from sale of property, plant & equipment |
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13 |
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5 |
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22 |
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Acquisition of subsidiary |
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- |
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- |
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(75) |
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Net cash used in investing activities |
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(141) |
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(77) |
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(222) |
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Cash flows from financing activities |
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Payment of finance lease liabilities |
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(67) |
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(31) |
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(60) |
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Repayment of borrowings |
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(155) |
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(596) |
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(808) |
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Net cash used in financing activities |
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(222) |
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(627) |
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(868) |
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Net decrease in cash and cash equivalents |
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(355) |
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(424) |
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(109) |
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Cash and cash equivalents at beginning of period |
|
1,067 |
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1,176 |
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1,176 |
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Cash and cash equivalents at end of period |
|
712 |
|
752 |
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1,067 |
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Reconciliation of (loss) / profit before tax to cash flows from operating activities |
|
Unaudited for the 6 months ended |
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Restated Unaudited 6 months ended |
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Restated Unaudited year ended |
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31 May 08 |
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31 May 07 |
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30 Nov 07 |
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(Loss) / profit after tax |
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(141) |
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