07:00 Wed 06 Mar 2019
BATM Advanced Comm - Final Results
("BATM" or the "Group")
Final Results 2018
Financial Summary
Strong growth in 2018, combined with a substantially higher order book at year end, resulting in the Group anticipating full year 2019 revenue and EBITDA growth ahead of market expectations.
· Group revenue of
· Gross profit of
· Gross margin of 28.8% (2017: 30.6%)
· Cash from operating activities of
· Adj.* operating profit of
· Adj. EBITDA of
· Earnings per share of 0.09¢ (2017: 0.06¢)
· As at
* Adjusted to exclude the amortisation of intangible assets.
** The 2017 figures are adjusted to exclude the exceptional capital gain from the sale of a property.
Operational Summary
Bio-Medical Division (52% of total revenue)
· Revenue increased by 8.2% to
· Blended gross margin of 25.0% (2017: 25.8%)
· Diagnostics Unit
o Launched new molecular biology diagnostics Adaltis product line, with first orders delivered
o Achieved first sales of new highly-compact metabolism testing analyser, Hemo One
o Advanced engineering of NATlab, a rapid-results molecular diagnostics system being developed through the Ador joint venture, and post period signed a conditional investment agreement for up to
· Eco-Med Unit
o Commenced delivery of new ISS 500, with six units deployed to customers in the US and elsewhere
o Progressed installation of the Group's large solution for treating agricultural waste at a bovine slaughterhouse, which was completed post period
o Delivered first mobile agri-waste treatment unit and customer commenced in-field testing
o Post period, signed first agri-waste treatment customer outside of Israel with
· Distribution Unit
o Strong revenue increase from its contract with a large medical facility in Moldova for Roche diagnostic instruments and reagents, which are exclusively distributed by the Group
o Invested to expand activities and capabilities of its laboratories:
§ Commenced providing diagnostic tests at genetics laboratory in Bucharest, including pre-natal and cancer diagnostics, and expanded capabilities at analytical laboratory in Timisoara, Romania
§ Introduced new cancer diagnostics tests in Israel through
Networking and Cyber Division (48% of total revenue)
· Revenue increased by 16.4% to
· Blended gross margin of 33.6% (2017: 36.4%)
· Networking Unit
o Substantial progress in implementing Software Defined Networking ("SDN")/Network Function Virtualisation ("NFV") strategy:
§
§ Conducted successful NFV proof-of-concept trials ("POCs") with various tier 1 and 2 customers worldwide
§ Established a partnership to provide NFVTime uCPE software on the white box appliances of
§ Introduced new hardware/software agnostic Virtual Network Functions ("VNFs") to the market in partnership with FatPipe Networks, a leading provider of Software-Defined Wide-Area Networks ("SD-WAN")
o Strong growth in sales of ICT services and solutions:
§ Sustained increase in revenue recognised under framework agreement awarded in 2017 to provide ICT services and solutions to an agency of a government defence department
§ Commenced sales of T-Metro 8100 aggregation platform, which has been adopted and fully implemented by numerous communication service providers in North America and elsewhere, such as Kenya's national research and education network, KENET
· Cyber Unit
o Awarded approximately
o Engaged in several POCs, which BATM expects to translate to sales in 2019
Commenting on the results, Dr Zvi Marom, Chief Executive Officer of BATM, said: "These full year results are very significant in the history of BATM. They not only reflect the excellent operational results achieved this year but also provide a guide to what we are capable of in the next few years. The investments we have been making in our businesses have enabled us to produce differentiated and best-in-class products that are now entering the commercialisation phase.
"Specifically, during the year, in the Networking and Cyber division, we established a partnership with Arm to develop an NFV ecosystem based on their Neoverse architecture - becoming the only worldwide software vendor to provide NFV functionality to Arm and Intel platforms. We continued to deliver under our significant ICT contract with a government department and gained strong traction in sales of our new T-Metro 8100 aggregation platform in North America and elsewhere. Over the past 14 months, our Cyber unit has won contracts totalling more than
"In the Bio-Medical division, our Diagnostics and Eco-Med units took large steps forwards and we will see growth in these businesses in 2019. Post period, we entered a significant investment agreement for the commercialisation of the molecular biology-based solutions being developed by
"Looking ahead, the momentum achieved in the second half of 2018 has carried into 2019 with a substantially higher backlog of orders than at equivalent period last year. As a result of increased visibility from long-term contracts as well as confirmed projects to be completed in the year, we anticipate revenue and EBITDA growth ahead of market expectations for full year 2019."
Enquiries:
|
|
Dr Zvi Marom, Chief Executive Officer |
+972 9866 2525 |
Moti Nagar, Chief Financial Officer |
|
|
|
|
|
Mark Percy, Anita Ghanekar |
+44 20 7408 4050 |
|
|
Luther Pendragon |
|
Harry Chathli, Claire Norbury, Joe Quinlan |
+44 20 7618 9100 |
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Analyst Presentation
Dr Zvi Marom, CEO, and Moti Nagar, CFO, will be holding a presentation for analysts at
Operational Review
2018 was a transformational year for BATM with a number of achievements across its business units demonstrating that the Group's strategy is increasingly coming to fruition. The growth in Group revenue was led by the Networking and Cyber division, with a significant increase in sales of ICT solutions and services as well as substantial progress being achieved in the execution of its SDN/NFV strategy - most notably with the signing of a strategic investment and joint development agreement with Arm. Sales in the Bio-Medical division also grew and, more importantly, the division achieved a number of operational milestones with the launch and initial sales of new systems and advancing the development of others - resulting in several significant developments post period.
Bio-Medical Division
|
H1 2018 |
H2 2018 |
FY 2018 |
FY 2017 |
Revenues |
|
|
|
|
Gross margin |
24.8% |
25.2% |
25.0% |
25.8% |
Adjusted operating profit/(loss) |
|
|
|
|
Revenue for the Bio-Medical division increased 8.2% to
Distribution
The Distribution unit accounted for 81% of the Bio-Medical division's revenue in 2018 compared with 74% in 2017, reflecting a significant increase in sales of 18.7%.
A significant contributor to the unit's growth was delivery under a contract signed at the beginning of the year with a large medical facility in Moldova for the supply of Roche instruments and reagents. The Group provides these products under an exclusive distribution agreement with Roche in this territory.
During the year, the Group expanded the activities of its two laboratories in Romania that commenced operation in 2017. The Group introduced new analytical tests at the laboratory in Timisoara and commenced the provision of diagnostic tests at the newly-built genetics laboratory in Bucharest through the acquisition of an Illumina machine to run Non-Invasive Prenatal Testing (NIPT) tests as well as offering cancer diagnostic tests.
In Israel, the Group's
Eco-Med
The Eco-Med unit accounted for 9% of the Bio-Medical division's revenues in 2018 compared with 13% in 2017. This reflects a reduction in the unit's revenues as a result of the project-based nature of much of the Eco-Med activity whereby the timing of revenue recognition of large projects can impact the reported sales.
Agri-waste treatment
During the year the Group progressed the installation of its large solution for treating agricultural waste at a bovine slaughterhouse, including optimising the process to enable it to operate at full capacity for 16 hours a day. Delivery was completed post period end and the Group will recognise the revenue from this significant project during the first half of 2019.
The Group delivered its first mobile agri-waste treatment unit, which was purchased to enable the safe disposal of mass poultry affected by disease and illness, and the customer commenced in-field testing with positive initial results.
Post period, as announced on
Medical waste treatment
During the year, the Group delivered six units of its new ISS 500, with automated reloading system for treating medical waste in hospitals, to customers in the US and elsewhere. The Group continues to receive significant interest in this product and intends to develop further sales channels.
Diagnostics
The Diagnostics unit represented 10% of Bio-Medical division revenues in 2018 (2017: 13%). During the year, the Group invested in re-organising the Diagnostics unit to enable an automated production process for systems and reagents. This process is expected to be completed around mid-2019.
During the year, the Group sold the first of its new highly-compact metabolism testing analyser, the Hemo One. The initial sales have been to customers in Europe.
The Group finalised the development of, and launched, its new molecular biology diagnostics Adaltis product line. The new product line, which is designed to form part of an overall diagnostics process in medium to large laboratories, has been well received and sales commenced during the year with initial orders delivered to customers in Europe.
Progress continued with the Group's Ador joint venture with the Gamida for
The Group achieved a significant milestone post period, as announced on
Networking and Cyber Division
|
H1 2018 |
H2 2018 |
FY 2018 |
FY 2017 |
Revenues |
|
|
|
|
Gross margin |
32.8% |
34.5% |
33.6% |
36.4% |
Adjusted operating profit |
|
|
|
|
Revenue increased by
ICT solutions and services
The increase in revenue was driven by delivery under the framework agreement awarded in late 2017, as announced on
During the year, the Group commenced sales of its new aggregation platform, T-Metro 8100 - a next-generation, high-density, standalone 100GE services aggregation platform. The product has been well received with sales to several communications service providers that have already implemented the solution. This is primarily to customers in North America, but also elsewhere such as Kenya's national research and education network, KENET.
SDN/NFV solutions
The Group made significant progress in advancing its SDN/NFV offer and achieved a key milestone by entering into a strategic investment and joint development agreement, valued at over
The Group is the only worldwide software vendor to provide NFV functionality to Arm architecture and all Intel platforms. Its open and agile service delivery platform can meet the growing demand from telecom operators and managed service providers for solutions that offer increased performance, flexibility and cost savings on their networks, regardless of their hardware or what they may choose to use.
The Group conducted successful NFV POCs with various tier 1 and 2 customers worldwide, which it expects to translate to sales in 2019. This was enhanced further with Arm's launch towards the end of the year of its Neoverse architecture, which is its brand and roadmap of technologies to enable a new and transformative cloud infrastructure designed to support the demands of a trillion intelligent devices. The Group is a platform provider within the Arm Neoverse ecosystem based on its NFVTime virtualisation technology.
The Group established a partnership with
Cyber
BATM made strong progress in its cyber security business, in particular with the government defence department customer that the Group has been supplying with cyber security products and services since 2017. In 2018, this customer awarded the Group a contract worth approximately
The Group continued to engage in several POCs, which it believes will translate to sales in 2019. In addition, it conducted development activities to enhance the features of its T-Sense cyber platform, with the new product package expected to be launched in 2020.
Financial Review
The blended gross profit margin for the year was 28.8% (2017: 30.6%). This decrease is mostly due to a reduction in the gross margin of the Networking and Cyber division as a result of the significant contribution to revenue from a large government contract that carried a lower margin.
Total operating expenses were
Sales and marketing expenses were
General and administrative expenses were
Investment in R&D was slightly lower in 2018 than the previous year at
Adjusted operating profit was
For 2018, the Group generated EBITDA of
The Group achieved a 50.0% increase in earnings per share to 0.09¢ (2017: 0.06¢).
The Group's balance sheet remained strong with effective liquidity of $24.4m at
At
Intangible assets and goodwill at
Property, plant and equipment and investment property decreased to
The balance of trade and other payables was
Cash generated by operating activities improved significantly to
Outlook
The Group entered 2019 with a substantially higher order book compared with the equivalent period last year, providing it with the platform to deliver substantive growth. Both divisions are receiving increasing demand for their newly-launched products and solutions as well as significant interest in those soon-to-be launched that are undergoing final development.
In particular, in the Bio-Medical division, the momentum achieved in the second half of 2018 has continued into 2019. For full year, BATM expects a substantive turnaround in the Eco-Med unit as operational efficiencies to be introduced in 2019, combined with projected strong revenue growth, are anticipated to move this unit to breakeven. In the Diagnostics unit, the Group anticipates good growth as take-up of its new molecular biology instruments ramps up throughout the year. The Distribution unit is expected to continue to perform well and remain the largest contributor to the division's revenues.
In the Networking and Cyber division, the Group is excited about the strong momentum being experienced across its business units in multiple geographies. The Group anticipates ramping up its NFV-related revenue in 2019 with the support of its agreement with Arm and expects to sign up new customers in the Cyber unit.
As a result of increased visibility from long-term contracts as well as confirmed projects to be delivered in 2019, the Group anticipates achieving revenue and EBITDA growth ahead of market expectations for full year 2019.
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED INCOME STATEMENTS
|
Year ended 31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
|
|
|
Revenues |
119,561 |
107,137 |
|
|
|
Cost of revenues |
85,097 |
74,402 |
|
|
|
Gross profit |
34,464 |
32,735 |
|
--------- |
--------- |
Operating expenses |
|
|
|
|
|
Sales and marketing expenses |
15,635 |
14,987 |
|
|
|
General and administrative expenses |
11,226 |
10,297 |
|
|
|
Research and development expenses |
7,116 |
7,752 |
|
|
|
Other operating income |
(1,003) |
(4,526) |
|
|
|
Total operating expenses |
32,974 |
28,510 |
|
--------- |
--------- |
Operating profit |
1,490 |
4,225 |
|
|
|
Finance income |
653 |
331 |
|
|
|
Finance expenses |
(935) |
(742) |
|
|
|
Profit before tax |
1,208 |
3,814 |
|
|
|
Income tax expenses |
(623) |
(2,364) |
|
|
|
Profit for the year before share of loss of a joint venture |
585 |
1,450 |
|
|
|
Share of loss of a joint venture and associated companies |
(908) |
(1,574) |
|
|
|
Loss for the year |
(323) |
(124) |
|
|
|
Attributable to: |
|
|
Owners of the Company |
358 |
233 |
Non-controlling interests |
(681) |
(357) |
|
|
|
Loss for the year |
(323) |
(124) |
Profit per share (in cents): |
|
|
Basic and Diluted |
0.09 |
0.06 |
|
|
|
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
Year ended 31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
Loss for the year |
(323) |
(124) |
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
Exchange differences on translating foreign operations |
(2,546) |
4,903 |
|
(2,869) |
4,779 |
Items that will not be reclassified subsequently to profit or loss: |
|
|
Re-measurement of defined benefit obligation |
(51) |
6 |
|
|
|
Total Comprehensive income (loss) for the year |
(2,920) |
4,785 |
Attributable to: |
|
|
Owners of the Company |
(2,509) |
5,752 |
Non-controlling interests |
(411) |
(967) |
|
(2,920) |
4,785 |
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
Current assets |
|
|
Cash and cash equivalents |
20,811 |
18,182 |
Trade and other receivables |
35,010 |
46,916 |
Financial assets |
3,577 |
5,782 |
Inventories |
22,860 |
23,238 |
|
82,258 |
94,118 |
Non-current assets |
|
|
Property, plant and equipment |
14,076 |
14,720 |
Investment property |
2,004 |
1,951 |
Goodwill |
16,343 |
16,817 |
Other intangible assets |
6,278 |
6,127 |
Investment in joint venture and associate |
4,210 |
953 |
Investments carried at fair value |
1,060 |
576 |
Deferred tax assets |
2,655 |
2,909 |
|
46,626 |
44,053 |
|
|
|
Total assets |
128,884 |
138,171 |
Current liabilities |
|
|
Short-term bank credit |
5,369 |
5,324 |
Trade and other payables |
33,413 |
37,607 |
Tax liabilities |
173 |
2,232 |
|
38,955 |
45,163 |
Non-current liabilities |
|
|
Long-term bank credit |
486 |
910 |
Long-term liabilities |
5,631 |
5,261 |
Deferred tax liabilities |
228 |
336 |
Retirement benefit obligation |
576 |
682 |
|
6,921 |
7,189 |
|
|
|
Total liabilities |
45,876 |
52,352 |
Equity |
|
|
Share capital |
1,217 |
1,216 |
Share premium account |
407,796 |
407,688 |
Reserves |
(18,373) |
(15,557) |
Accumulated deficit |
(303,264) |
(303,571) |
Equity attributable to equity holders of the: |
|
|
Owners of the Company |
87,376 |
89,776 |
Non-controlling interest |
(4,368) |
(3,957) |
Total equity |
83,008 |
85,819 |
Total equity and liabilities |
128,884 |
138,171 |
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Year ended 31 December 2018
|
|
Share Premium Account |
Translation Reserve |
Other Reserve |
Accumulated Deficit |
Attributable to owners of the Parent |
Non-Controlling Interests |
Total Equity |
|
US$ in thousands |
|||||||
Balance as at |
1,216 |
407,688 |
(15,045) |
(512) |
(303,571) |
89,776 |
(3,957) |
85,819 |
Profit (loss) for the year |
|
|
|
|
358 |
358 |
(681) |
(323) |
Re-measurement of defined benefit obligation |
- |
- |
- |
- |
(51) |
(51) |
- |
(51) |
Exchange differences on translating foreign operations |
- |
- |
(2,816) |
- |
- |
(2,816) |
270 |
(2,546) |
Total comprehensive loss for the year |
- |
- |
(2,816) |
- |
307 |
(2,509) |
(411) |
(2,920) |
Exercise of share based options by employees |
1 |
50 |
- |
- |
- |
51 |
- |
51 |
Recognition of share-based payments |
- |
58 |
- |
- |
- |
58 |
- |
58 |
Balance as at 31 December 2018 |
1,217 |
407,796 |
(17,861) |
(512) |
(303,264) |
87,376 |
(4,368) |
83,008 |
Year ended 31 December 2017
|
|
Share Premium Account |
Translation reserve |
Other Reserve |
Accumulated Deficit |
Attributable to owners of the Parent |
Non-Controlling Interests |
Total equity |
|
US$ in thousands |
|||||||
Balance as at |
1,216 |
407,544 |
(20,558) |
(512) |
(303,810) |
83,880 |
(2,990) |
80,890 |
Profit (loss) for the year |
|
|
|
|
233 |
233 |
(357) |
(124) |
Re-measurement of defined benefit obligation |
- |
- |
- |
- |
6 |
6 |
- |
6 |
Exchange differences on translating foreign operations |
- |
- |
5,513 |
- |
- |
5,513 |
(610) |
4,903 |
Total comprehensive income for the year |
- |
- |
5,513 |
- |
239 |
5,752 |
(967) |
4,785 |
Exercise of share based options by employees |
- |
35 |
- |
- |
- |
35 |
- |
35 |
Recognition of share-based payments |
- |
109 |
- |
- |
- |
109 |
- |
109 |
Balance as at 31 December 2017 |
1,216 |
407,688 |
(15,045) |
(512) |
(303,571) |
89,776 |
(3,957) |
85,819 |
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
|
Year ended 31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
|
|
|
Net cash from operating activities (Appendix A) |
2,607 |
56 |
Investing activities |
|
|
Interest received |
219 |
132 |
Proceeds on disposal of property, plant and equipment |
6,507 |
3,229 |
Tax paid on disposal of property, plant and equipment |
(1,913) |
- |
Proceeds on disposal of deposits |
4,579 |
4,503 |
Proceeds on disposal of financial assets carried at fair value |
2,391 |
3,260 |
Loans repay (granted) |
133 |
(322) |
Purchases of property, plant and equipment |
(1,692) |
(3,260) |
Increase of other intangible assets |
(1,894) |
(996) |
Purchases of financial assets carried at fair value through profit and loss |
(840) |
(2,452) |
Purchases of deposits |
(4,004) |
(5,503) |
Increase in financial assets carried at fair value |
(321) |
- |
Investment in joint venture |
(1,616) |
(1,339) |
Investment in associated company |
(80) |
(343) |
Acquisition of subsidiaries (Appendix B) |
(633) |
(1,378) |
Net cash from (used in) investing activities |
836 |
(4,469) |
Financing activities |
|
|
Bank loan repayment |
(9,956) |
(5,257) |
Bank loan received |
9,596 |
5,355 |
Proceed on exercise of shares |
51 |
35 |
Net cash from (used in) financing activities |
(309) |
133 |
Increase (decrease) in cash and cash equivalents |
3,134 |
(4,280) |
Cash and cash equivalents at the beginning of the year |
18,182 |
22,015 |
Effects of exchange rate changes on the balance |
(505) |
447 |
Cash and cash equivalents at the end of the year |
20,811 |
18,182 |
BATM ADVANCED COMMUNICATIONS LTD.
APPENDICES TO CONSOLIDATED STATEMENT OF CASH FLOWS
APPENDIX A
RECONCILIATION OF OPERATING PROFIT FOR THE YEAR TO NET CASH FROM OPERATING ACTIVITIES
|
Year ended 31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
Operating profit from operations Adjustments for: |
1,490 |
4,225 |
Amortization of intangible assets |
1,143 |
1,349 |
Depreciation of property, plant and equipment and investment property |
2,248 |
2,132 |
Capital gain of property, plant and equipment and other |
(1,585) |
(5,455) |
Revaluation of investment |
(165) |
- |
Stock option granted to employees |
58 |
109 |
Increase (decrease) in retirement benefit obligation |
(153) |
59 |
Decrease in provisions |
(47) |
(15) |
Operating cash flow before movements in working capital |
2,989 |
2,404 |
Decrease (increase) in inventory |
353 |
(2,629) |
Decrease (increase) in receivables |
4,824 |
(11,234) |
Increase (decrease) in payables |
(3,579) |
10,552 |
Effects of exchange rate changes on the balance sheet |
(990) |
1,934 |
Cash from operations |
3,597 |
1,027 |
Income taxes paid |
(419) |
(512) |
Income taxes received |
2 |
1 |
Interest paid |
(573) |
(460) |
Net cash from operating activities |
2,607 |
56 |
APPENDIX B
ACQUISITION OF SUBSIDIARIES
|
Year ended 31 December |
|
|
|
2017 |
|
US$ in thousands |
|
Net assets acquired |
|
|
Property, plant and equipment |
|
78 |
Net working capital |
|
109 |
Cash |
|
- |
Retirement benefit obligation |
|
(107) |
|
|
80 |
Deferred tax |
|
(126) |
Goodwill |
|
898 |
Other Intangible assets |
|
586 |
Onerous contracts |
|
(169) |
Total consideration |
|
1,269 |
Satisfied by: |
|
|
Cash |
|
804 |
Consideration recorded as a contingent liability |
|
465 |
Consideration recorded as a liability |
|
- |
|
|
1,269 |
Net cash outflow arising on acquisition |
|
|
Cash consideration |
|
804 |
Cash and cash equivalents acquired |
|
- |
|
|
804 |
BATM ADVANCED COMMUNICATIONS LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General
The preliminary results for the year ended 31 December 2018 and the comparative 2017 information will be presented in the full Annual Report in accordance with International Financial Reporting Standards ("IFRS").
Note 2 - Profit per share
Profit per share is based on the weighted average number of shares in issue for the year of 403,353,149 (2017: 403,173,012). The number used for the calculation of the diluted profit per share for the year (which includes the effect of dilutive stock option plans) is 406,250,024 shares (2017: 404,633,217).
Note 3 - Other alternative measures
|
Year ended 31 December |
|
|
2018 |
2017 |
|
US$ in thousands |
|
Operating profit |
1,490 |
4,225 |
Amortisation of Intangible assets |
1,143 |
1,349 |
Other alternative operating profit |
2,633 |
5,574 |
Note 4 - Segments
Year ended 31 December 2018
|
Networking and Cyber $'000 |
Bio-Medical $'000 |
Unallocated $'000 |
Total $'000 |
Revenues |
57,451 |
62,104 |
6 |
119,561 |
Adjusted Operating profit (loss) (*) |
3,579 |
(1,114) |
168 |
2,633 |
Reconciliation-Other operating expenses (*) |
|
|
|
(1,143) |
Operating profit |
|
|
|
1,490 |
Net Finance expense |
|
|
|
(282) |
Profit before tax |
|
|
|
1,208 |
Year ended 31 December 2017
|
Networking and Cyber $'000 |
Bio-Medical $'000 |
Unallocated $'000 |
Total $'000 |
Revenues |
49,366 |
57,393 |
378 |
107,137 |
Adjusted Operating profit (loss)(**) |
867 |
(1,068) |
5,775 |
5,574 |
Reconciliation-Other operating expenses (*) |
|
|
|
(1,349) |
Operating profit |
|
|
|
4,225 |
Net Finance expense |
|
|
|
(411) |
Profit before tax |
|
|
|
3,814 |
(*) See note 3
(**) Unallocated includes a capital gain of $5.5m from property, plant and equipment disposal
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