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RNS Number : 2135V
Omega Diagnostics Group PLC
02 December 2019
 

 

 

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

 

INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

Omega (AIM: ODX), the medical diagnostics company focused on CD4, food intolerance and allergy testing, announces its unaudited interim results for the six months ended 30 September 2019.

 

Omega provides high quality in-vitro diagnostics products for use in hospitals, clinics, laboratories and healthcare practitioners in over 75 countries and specialise in the areas of allergy and autoimmune, food intolerance and infectious disease. These results reflect the actions taken last year as part of the Board's strategic review to divest the non-core infectious disease business and to close the German allergy business. 

 

 
Financial Highlights:

·      Revenue from continuing operations increased by 6% to £4.46m (2018: £4.22m)

·      Reported revenue, including discontinued operations, reduced by 15% at £4.46m (2018: £5.23m)

·      Significant improvement in gross margin from continuing operations - up by 5.8 percentage points to 67.5% (2018: 61.7%)

·      Statutory loss for the period of £0.29m (2018: profit of £1.04m)

·      Adjusted loss before tax1 of £0.35m (2018: adjusted loss before tax of £0.51m)

·      EBITDA from continuing operations of £0.25m (2018: loss of £0.22m)

·      Adjusted earnings per share1 of -0.2p (2018: -0.5p)

 

1Adjusted for exceptional items, amortisation of intangible assets and share based payment charges 

 

Operational Highlights:

·      Placing and subscription for £1.7m completed on 10 October 2019

·      65 allergens CE marked to run on the IDS automated instrument including first screening assay

·      First order for 20,000 Food Detective tests shipped to our strategic partner in China

·      A second order for 30,000 Food Detective tests to be shipped to our strategic partner in China in November

·      VISITECT® CD4 350 cut off test evaluation report written and submitted to the Nigerian Ministry of Health

·      A second conditional order of 200,000 CD4 350 tests as announced separately today

·      VISITECT® CD4 Advanced Disease test (utilising a lower 200 cut-off) receives ERPD approval

 

 

Regarding outlook, William Rhodes, Interim Chairman, said:

 

"I am encouraged that we continue to make progress across all three divisions. Our financial performance was aligned to our expectations and is further indication that the restructuring we undertook in the prior year is having a positive impact.  The recent fundraise also provides us with sufficient funding to implement our short term strategies, and I would like to thank all our shareholders who participated. 

 

"In summary, we have continued to make progress against our plans, and are well positioned for near term growth in both our food intolerance and CD4 business units."

 

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

Contacts: 

 

Omega Diagnostics Group PLC                         

Tel: 01259 763 030

Bill Rhodes, Interim Non-Executive Chairman

Colin King, Chief Executive                             

www.omegadiagnostics.com

Kieron Harbinson, Group Finance Director

 

 

Mob: 07740 084452

 

 

finnCap Ltd                                              

Tel: 020 7220 0500

Geoff Nash/Hannah Boros (Corporate Finance)

 

Camille Gochez (Corporate Broking)

 

 

 

Walbrook PR Limited

Tel: 020 7933 8780 or [email protected]

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 

 

 

 

 

 

Chairman's Statement

 

Financial performance

 

Revenue from continuing operations increased by 6% to £4.46m (2018: £4.22m) predominantly due to the performance in our Food Intolerance division as described below. Total revenue, for the six months ended 30 September 2019 reduced by 15% to £4.46m (2018: £5.23m) with the reduction attributable to the divestment of our legacy infectious disease division and the decision to close our German and Indian manufacturing facilities, in the prior period. 

 

Food Intolerance revenue increased by 6% to £4.08m over the prior period (2018: £3.84m). Two customer orders amounting to £0.2m, were ready to be shipped prior to 30 September 2019 but were not picked up by customers' freight companies until the first week of October. Accordingly, this revenue has not been included in our H1 results in line with our revenue recognition policy. Had this been included, our Food Intolerance division would have recorded revenue growth of 11%.

 

Sales of our FoodPrint® laboratory reagents increased by 12% to £2.67m (2018: £2.39m) with growth in four of our five top markets as measured by revenue. Sales of Food Detective® were mainly in line with the prior period at £0.96m (2018: £0.99m) with an uplift of £0.29m of sales to our new Chinese partners offsetting £0.12m of sales shipped in the first week of October (as noted above).

 

Sales in both the Allergy/Autoimmune and Infectious disease divisions are now proportionately much less of our total sales, following the divestitures and closures noted above, and respectively achieved sales of £0.26m (2018: £0.21m) and £0.12m (2018: £0.18m). In the main, these sales are achieved in India through our wholly owned subsidiary.

 

Gross profit from continuing operations increased by 16% to £3.01m (2018: £2.61m) with the gross margin percentage increasing by 5.8 percentage points to 67.5% (2018: 61.7%). The increase in margin is due to an improved product mix weighting towards FoodPrint® and significantly reduced levels of scrap compared to the prior period. The adjusted loss before tax from continuing operations was in line with management's expectation at £0.35m (statutory loss before tax of £0.41m and adding back amortisation of intangibles and share-based payment charges totalling £0.06m) (2018: adjusted loss before tax of £0.43m).

 

Administrative overheads from continuing operations increased by £0.22m to £2.63m (2018: £2.41m); the majority of this increase relates to amortisation of the Allergy and VISITECT® CD4 intangible assets. The allergy assets commenced amortisation with effect from 1 April 2019 and the CD4 assets commenced amortisation with effect from 1 August 2019, in line with the respective commercial launches of these products. Selling and marketing costs from continuing operations remained broadly the same at £0.74m (2018: £0.77m).

 

The tax credit in the year of £0.04m relates to SME R&D tax credits as compared to a tax charge of £0.1m in the prior period where SME R&D tax credits were offset by a tax charge having arisen in the prior period on the sale of the legacy infectious disease business, which accounts for the majority of the movement.

 

IFRS 16 - Leases

The Group has adopted IFRS 16 for its accounting period beginning on 1 April 2019. The effect of this is to treat previously recognised operating leases as finance leases. IFRS 16 captures agreements covering the Group's rental of its existing premises in Alva, Scotland and Ely, England, along with the rent of certain office equipment. The financial effect is that from 1 April 2019, the Group has recognised right of use assets totalling £1.93m with a corresponding liability for the same amount. Depreciation is charged through the profit and loss account on a straight line basis over the term of the lease. Interest is calculated on the outstanding liability, using the Group's current borrowing rate, and is charged through the profit and loss account. Rent payments, which previously would have been charged to profit and loss account (under the treatment of operating leases) are now treated as deductions of the applicable outstanding financial liabilities on the balance sheet. In the six month period to 30 September 2019, the Group has charged depreciation of £108,819 and interest expense of £72,807 through the profit and loss account and made lease payments totalling £152,453. The effect of adopting IFRS 16 is that both the statutory and adjusted loss before tax has been increased by £29,173.

 

VISITECT® CD4 350 test

 

We have continued to make progress in signing distribution agreements and now have distributors in 19 countries for the 350 test, to nine of which have been added the Advanced Disease test. There are a further three countries for which distribution discussions are continuing.

 

We are still awaiting the outcome from the Nigerian Ministry of Health, following completion and submission of the evaluation report in October and we continue to remain confident about the prospects for Nigeria being the largest market for the 350 test.

 

VISITECT® CD4 Advanced Disease test

 

As noted above, we have made good progress with appointing distribution partners in our target countries.  As also announced previously, we received an order from Zimbabwe and we expect to receive further seeding orders from other countries for the remainder of the financial year.

 

Following receipt of ERPD approval announced in September, we are in discussions with the Clinton Health Access Initiative ("CHAI") who act on behalf of UNITAID to implement their Advanced disease initiative. CHAI has identified four countries to act as early adopters of our VISITECT® CD4 Advanced Disease test, providing a test bed to implement CHAI's advanced disease programme. CHAI are currently working with these countries' Ministries of Health to identify how they will execute this programme. Once this task is complete, we expect to receive indication of demand from each of these countries. 

 

We are making good progress with the WHO Prequalification ("WHO PQ") process. This is a three-phase programme comprising:

 

·      a review of the Company's technical file

·      a performance evaluation of our test

·      a site inspection and audit of our quality management system

 

We expect the technical review phase to complete by the end of the calendar year (currently at 90%).  Secondly, we expect to complete the drafting of the performance evaluation protocol and to have decided on the evaluation site by the calendar year end.  This will allow the evaluation to commence in Quarter 1 of calendar 2020.  Thirdly, the site inspection and audit of the Alva, UK facility is scheduled for January 2020.   Successful completion of the three phases noted above leads to approval under the WHO PQ programme which allows full procurement by United Nations organisations.

 

 

Outlook

 

I am encouraged that we continue to make progress across all three divisions.  Our financial performance was aligned to our expectations and is further indication that the restructuring we undertook in the prior year is having a positive impact.  The recent fundraise also provides us with sufficient funding to implement our short term strategies, and I would like to thank all our shareholders who participated. 

 

Our food Intolerance division continues to grow and we remain confident that this unit will deliver double digit revenue growth in the current financial year, helped by our new Chinese partner having placed stocking orders for 50,000 units in preparation for their expected regulatory approval in China.

 

I am also encouraged by the progress we have made with our VISITECT® CD4 products. As announced separately today, our partner in Nigeria has ordered a further 200,000 CD4 350 tests, deliverable in January to March. This order is additional to the 50,000 test order previously announced and both orders remain conditional on receiving approval from the Nigerian Ministry of Health. We remain confident of receiving this in due course.

 

Following receipt of ERPD approval for our Advanced Disease test, we continue to engage with multiple stakeholders to ensure this version of our test is adopted early in countries with most need. In parallel, we have made progress with the WHO prequalification programme and the product evaluation and site audit are expected to commence in from January next year.

 

Médecins Sans Frontières are evaluating our Advanced Disease test in a number of countries and will be presenting two posters at the International Conference on AIDS and Sexually Transmitted Infections in Africa in Rwanda this week, highlighting the excellent performance of our test.

 

In summary, we have continued to make progress against our plans, and are well positioned for near term growth in both our food intolerance and CD4 business units.

 

 

 

William Rhodes

Interim Non-Executive Chairman

 

 

 

Consolidated Statement of Comprehensive Income

 

 

 

 

for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

 

6-month period ended 30 September 2019

 

 

6-month period ended 30 September 2018

 

 

Continuing

 

Discontinued

 

 

 

 

Continuing

 

Discontinued

 

 

 

Notes

operations

 

operations

 

Total

 

 

operations

 

operations

 

Total

 

 

£

 

£

 

£

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

3

4,464,337

 

-

 

4,464,337

 

 

4,224,889

 

1,002,646

 

5,227,535

Cost of sales

 

(1,450,833)

 

 -

 

(1,450,833)

 

 

(1,618,225)

 

(464,136)

 

(2,082,361)

Gross profit

 

3,013,504

 

-

 

3,013,504

 

 

2,606,664

 

538,510

 

3,145,174

Administration costs

 

(2,632,792)

 

-

 

(2,632,792)

 

 

(2,405,656)

 

(440,874)

 

(2,846,530)

Selling and marketing costs

 

(744,011)

 

-

 

(744,011)

 

 

(765,626)

 

(195,205)

 

(960,831)

Other operating income

 

82,643

 

 -

 

82,643

 

 

61,026

 

-

 

61,026

Operating loss before exceptional items

 

(280,656)

 

-

 

(280,656)

 

 

(503,592)

 

(97,569)

 

(601,161)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exceptional items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of legacy infectious disease business

 

-

 

-

 

-

 

 

-

 

1,091,808

 

1,091,808

Omega GmbH liabilities write off

 

-

 

78,493

 

78,493

 

 

-

 

676,113

 

676,113

Operating (loss)/profit after exceptional items

(280,656)

 

78,493

 

(202,163)

 

 

(503,592)

 

1,670,352

 

1,166,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs

4

(128,656)

 

-

 

(128,656)

 

 

(25,599)

 

-

 

(25,599)

Finance revenue - interest receivable

 

-

 

 -

 

-

 

 

11

 

-

 

11

(Loss)/profit before taxation

 

(409,312)

 

78,493

 

(330,819)

 

 

(529,180)

 

1,670,352

 

1,141,172

Tax credit/(charge)

5

87,956

 

(43,630)

 

44,326

 

 

134,830

 

(237,154)

 

(102,324)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period

 

(321,356)

 

34,863

 

(286,493)

 

 

(394,350)

 

1,433,198

 

1,038,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income to be reclassified

to profit and loss in subsequent periods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

(25,882)

 

(78,493)

 

(104,375)

 

 

30,605

 

-

 

30,605

Tax charge

5

(1,938)

 

                    -

 

(1,938)

 

 

(5,124)

 

-

 

(5,124)

Other comprehensive income for the period

 

(27,820)

 

(78,493)

 

(106,313)

 

 

25,481

 

-

 

25,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

 

(349,176)

 

(43,630)

 

(392,806)

 

 

(368,869)

 

1,433,198

 

1,064,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS on profit for the period

6

 

 

 

 

(0.2p)

 

 

 

 

 

 

0.6p

Diluted EPS on profit for the period

 

 

 

 

 

(0.2p)

 

 

 

 

 

 

0.6p

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Loss before Taxation

 

 

 

 

6-month period ended 30 September 2019

 

 

6-month period ended 30 September 2018

 

 

Continuing

 

Discontinued

 

 

 

 

Continuing

 

Discontinued

 

 

 

 

operations

 

operations

 

Total

 

 

operations

 

operations

 

Total

 

 

£

 

£

 

£

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit before taxation

 

(409,312)

 

78,493

 

(330,819)

 

 

(529,180)

 

1,670,352

 

1,141,172

Exceptional items

 

-

 

(78,493)

 

(78,493)

 

 

-

 

(1,767,921)

 

(1,767,921)

Amortisation of intangible assets

 

57,639

 

-

 

57,639

 

 

65,474

 

24,573

 

90,047

Share-based payment charges

 

4,732

 

-

 

4,732

 

 

30,000

 

-

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted loss before taxation

 

(346,941)

 

-

 

(346,941)

 

 

(433,706)

 

(72,996)

 

(506,702)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted Adjusted EPS on profit for the period

6

 

 

 

 

(0.2p)

 

 

 

 

 

 

(0.5p)

 

 

 

Adjusted loss before stated before exceptional items, amortisation of intangible assets and share based payment charges.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet

 

 

 

 

 

 

as at 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 30 Sept

 

At 31 March

 

At 30 Sept

 

 

2019

 

2019

 

2018

 

 

£

 

£

 

£

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

  Intangibles

 

17,754,266

 

17,044,293

 

15,740,459

  Property, plant and equipment

 

3,284,952

 

1,569,581

 

1,667,085

  Deferred taxation

 

1,549,944

 

1,371,260

 

1,287,785

 

 

 

 

 

 

 

Total non-current assets

 

22,589,162

 

19,985,134

 

18,695,329

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

  Inventories

 

1,237,922

 

1,000,700

 

1,110,767

  Trade and other receivables

 

2,597,772

 

2,489,389

 

2,692,975

  Deferred consideration

 

-

 

-

 

375,000

 

 

 

 

 

 

 

Total current assets

 

3,835,694

 

3,490,089

 

4,178,742

 

 

 

 

 

 

 

Total assets

 

26,424,856

 

23,475,223

 

22,874,071

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

Issued capital

 

20,407,138

 

19,797,343

 

19,797,343

Retained earnings

 

(1,960,805)

 

(1,677,106)

 

(1,621,745)

Other reserves

 

(33,970)

 

70,405

 

40,887

 

 

 

 

 

 

 

Total equity

 

18,412,363

 

18,190,642

 

18,216,485

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

  Long term borrowings

 

1,823,192

 

78,478

 

136,100

  Deferred taxation

 

2,172,889

 

2,036,593

 

1,748,247

  Deferred income

 

991,786

 

864,255

 

481,752

 

 

 

 

 

 

 

Total non-current liabilities

 

4,987,867

 

2,979,326

 

2,366,099

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

  Trade and other payables

 

1,485,257

 

1,461,973

 

1,719,507

  Bank overdraft

 

1,394,260

 

744,708

 

452,200

  Short term borrowings

 

145,109

 

98,574

 

103,082

  Tax payable

 

-

 

-

 

16,698

 

 

 

 

 

 

 

Total current liabilities

 

3,024,626

 

2,305,255

 

2,291,487

 

 

 

 

 

 

 

Total liabilities

 

8,012,493

 

5,284,581

 

4,657,586

 

 

 

 

 

 

 

Total equity and liabilities

 

26,424,856

 

23,475,223

 

22,874,071

 

 

 

 

 

Consolidated Statement of Changes in Equity for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

Issued

Retained

 

Translation

 

 

 

Capital

earnings

 

reserve

 

Total

 

£

£

 

£

 

£

 

 

 

 

 

 

 

Balance at 1 April 2018

19,797,343

(2,685,469)

 

10,282

 

17,122,156

 

 

 

 

 

 

 

Profit for the period to 30 September 2018

-

1,038,848

 

-

 

1,038,848

 

 

 

 

 

 

 

Other comprehensive income-net exchange adjustments

-

-

 

30,605

 

30,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income-tax charge

-

(5,124)

 

-

 

(5,124)

Total comprehensive income

-

1,033,724

 

30,605

 

1,064,329

 

 

 

 

 

 

 

Share-based payments

-

30,000

 

-

 

30,000

 

 

 

 

 

 

 

Balance at 30 September 2018

19,797,343

(1,621,745)

 

40,887

 

18,216,485

 

 

 

 

 

 

 

Loss for the period to 31 March 2019

-

(64,595)

 

-

 

(64,595)

 

 

 

 

 

 

 

Other comprehensive income-net exchange adjustments

-

-

 

(12,368)

 

(12,368)

 

 

 

 

 

 

 

Other comprehensive income-net exchange adjustments recycled

                       

-

 

41,886

 

41,886

 

 

 

 

 

 

 

Other comprehensive income-tax credit

-

5,033

 

-

 

5,033

Total comprehensive income

-

(59,562)

 

29,518

 

(30,044)

 

 

 

 

 

 

 

Share-based payments

-

4,201

 

-

 

4,201

 

 

 

 

 

 

 

Balance at 1 April 2019

19,797,343

(1,677,106)

 

70,405

 

18,190,642

 

 

 

 

 

 

 

Issue of share capital for cash

634,795

-

 

-

 

634,795

consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses in connection with share issue

(25,000)

-

 

-

 

(25,000)

 

 

 

 

 

 

 

Loss for the period to 30 September 2019

-

(286,493)

 

-

 

(286,493)

 

 

 

 

 

 

 

Other comprehensive income-net exchange adjustments

-

-

 

(104,375)

 

-104,375

 

 

 

 

 

 

 

Other comprehensive income-net exchange adjustments recycled

 

-

 

-

 

-

 

 

 

 

 

 

 

Other comprehensive income-tax charge

-

(1,938)

 

-

 

(1,938)

Total comprehensive income

-

(288,431)

 

(104,375)

 

(392,806)

 

 

 

 

 

 

 

Share-based payments

-

4,732

 

-

 

4,732

 

 

 

 

 

 

 

Balance at 30 September 2019

20,407,138

(1,960,805)

 

(33,970)

 

18,412,363

 

 

 

 

 

 

 

Consolidated Cash Flow Statement

 

 

 

 

for the six months ended 30 September 2019

 

 

 

 

 

6 months

 

6 months

 

to 30 Sept

 

to 30 Sept

 

2019

 

2018

 

£

 

£

 

 

 

 

Cash flows generated from operations

 

 

 

(Loss)/profit for the period after exceptional items

(286,493)

 

1,038,848

Adjustments for:

 

 

 

Taxation

(44,326)

 

102,324

Finance costs

128,656

 

25,599

Finance income

-

 

(11)

 

 

 

 

Operating (loss)/profit after exceptional items

(202,163)

 

1,166,760

(Increase)/decrease in trade and other receivables

(243,989)

 

276,435

(Increase)/decrease in inventories

(237,222)

 

86,371

Increase/(decrease) in trade and other payables

23,284

 

(1,211,411)

Depreciation

219,843

 

192,999

Amortisation of intangible assets

306,742

 

90,047

Movements in grants

127,531

 

124,392

Taxation received

135,606

 

-

Gain/(Loss) on sale of fixed assets

3,672

 

-

Exceptional item-Gain on sale of legacy infectious disease business

-

 

(1,091,808)

Exceptional item-Omega GmbH liabilities write off

(78,493)

 

(676,113)

Share-based payments

4,732

 

30,000

Net cash flow from operating activities

59,543

 

(1,012,328)

 

 

 

 

Investing activities

 

 

 

Finance income

-

 

11

Purchase of property, plant and equipment

(56,583)

 

(231,262)

Right of Use Asset under IFRS16

(1,933,784)

 

-

Purchase of intangible assets

(964,309)

 

(1,034,153)

Sale proceeds from legacy infectious disease business

-

 

1,800,000

 

 

 

 

Net cash used in investing activities

(2,954,676)

 

534,596

 

 

 

 

Financing activities

 

 

 

Finance costs

(55,850)

 

(25,599)

Finance costs - ROU interest under IFRS16

(72,806)

 

-

Proceeds from issue of share capital

634,795

 

-

Expenses of share issue

(25,000)

 

-

New finance leases

-

 

40,500

Right of Use Lease Liability under IFRS16

1,933,784

 

                 -

Drawdown of overdraft facility

649,552

 

452,200

Finance lease repayments

(62,888)

 

(69,529)

ROU Lease repayments under IFRS16

(79,647)

 

                 -

 

 

 

 

Net cash from financing activities

2,921,940

 

397,572

 

 

 

 

Net Increase/(decrease) in cash and cash equivalents

26,807

 

(80,160)

Effects of exchange rate movements

(26,807)

 

(35,559)

Cash and cash equivalents at beginning of period

-

 

115,719

 

 

 

 

Cash and cash equivalents at end of period

-

 

-

 

 

 

 

 

 

 

 

 

 

                     

 

Notes to the Interim Report

for the six months ended 30 September 2019

 

1. BASIS OF PREPARATION

For the purpose of preparing the March 2019 annual financial statements the Directors used IFRS as adopted by the EU and in accordance with the AIM Rules issued by the London Stock Exchange. In preparing these interim financial statements, the accounting policies used in the Group's Annual Report for the year ended 31 March 2019 have been applied consistently. The Group has not applied IAS 34 Interim Financial Reporting, which is not mandatory for AIM companies, in the preparation of these interim financial statements.

 

The interim financial statements are unaudited. The information shown in the consolidated balance sheet as at 31 March 2019 does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and has been extracted from the Group's 2019 Annual Report which has been filed with the Registrar of Companies. The report of the auditors on the financial statements contained within the Group's 2018 Annual Report was unqualified and did not contain a statement under sections 498 (2) and 498 (3) of Chapter 3, Part 16 of the Companies Act 2006.  These interim financial statements were approved by the Board of Directors on 29 November 2019.

 

 

2. SEGMENT INFORMATION

For management purposes the Group is organised into three operating divisions: Allergy and Autoimmune, Food Intolerance and Infectious Disease and Other.

 

The Allergy and Autoimmune division specialises in the research, development, production and marketing of in-vitro allergy and autoimmune tests used by doctors to diagnose patients with allergies and autoimmune diseases.

 

The Food Intolerance division specialises in the research, development and production of kits to aid the detection of immune reactions to food. It also provides clinical analysis to the general public, clinics and health professionals as well as supplying the consumer Food Detective test.

 

The Infectious Diseases division specialises in the research, development and production and marketing of kits to aid the diagnosis of infectious diseases.

 

Corporate consists of centralised corporate costs which are not allocated across the three business divisions.

 

Inter segment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business segment information - Continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

Allergy &

Food

Infectious /

 

 

 

 

Autoimmune

Intolerance

Other

Corporate

Group

 

September 2019

£

£

£

£

£

 

Statutory presentation

 

 

 

 

 

 

Revenue

300,751

4,184,615

120,383

-

4,605,749

 

Inter-segment revenue

(40,212)

(101,200)

-

 -

(141,412)

 

Total revenue

260,539

4,083,415

120,383

-

4,464,337

 

Cost of sales

(53,840)

(1,121,183)

(275,810)

 -

(1,450,833)

 

Gross profit/(loss)

206,699

2,962,232

(155,427)

-

3,013,504

 

Operating costs

(345,400)

(1,326,792)

(1,122,844)

(499,124)

(3,294,160)

 

Operating (loss)/profit before exceptional items

(138,701)

1,635,440

(1,278,271)

(499,124)

(280,656)

 

Share-based payment charges

-

-

-

4,732

4,732

 

Depreciation

6,344

118,223

95,277

-

219,844

 

Amortisation - non add back

216,371

-

32,731

-

249,102

 

Amortisation

320

50,322

6,997

-

57,639

 

EBITDA

84,334

1,803,985

(1,143,266)

(494,392)

250,661

 

Share-based payment charges

-

-

-

(4,732)

(4,732)

 

Depreciation

(6,344)

(118,223)

(95,277)

-

(219,844)

 

Amortisation - non add back

(216,371)

-

(32,731)

-

(249,102)

 

Amortisation

(320)

(50,322)

(6,997)

-

(57,639)

 

Net finance costs

(350)

(6,640)

(71,016)

(50,650)

(128,656)

 

(Loss)/profit before tax

(139,051)

1,628,800

(1,349,287)

(549,774)

(409,312)

 

Share-based payment charges

-

-

-

4,732

4,732

 

Amortisation

320

50,322

6,997

-

57,639

 

Adjusted (loss)/profit before tax

(138,731)

1,679,122

(1,342,290)

(545,042)

(346,941)

 

 

 

 

 

 

 

 

 

Allergy &

Food

Infectious /

 

 

 

Autoimmune

Intolerance

Other

Corporate

Group

September 2018

£

£

£

£

£

Statutory presentation

 

 

 

 

 

Revenue

208,366

3,891,702

226,924

-

4,326,992

Inter-segment revenue

-

(56,239)

(45,864)

 -

(102,103)

Total revenue

208,366

3,835,463

181,060

-

4,224,889

Cost of sales

(163,856)

(1,198,388)

(255,981)

-

(1,618,225)

Gross profit/(loss)

44,510

2,637,075

(74,921)

-

2,606,664

Operating costs

(107,834)

(1,239,708)

(719,771)

(1,042,943)

(3,110,256)

Operating (loss)/profit before exceptional items

(63,324)

1,397,367

(794,692)

(1,042,943)

(503,592)

Share-based payment charges

-

-

-

30,000

30,000

Depreciation

28,854

117,903

46,242

-

192,999

Amortisation

1,816

53,502

10,156

-

65,474

EBITDA

(32,654)

1,568,772

(738,294)

(1,012,943)

(215,119)

Share-based payment charges

-

-

-

(30,000)

(30,000)

Depreciation

(28,854)

(117,903)

(46,242)

-

(192,999)

Amortisation

(1,816)

(53,502)

(10,156)

-

(65,474)

Net finance costs

-

-

(5,390)

(20,198)

(25,588)

(Loss)/profit before tax

(63,324)

1,397,367

(800,082)

(1,063,141)

(529,180)

Share-based payment charges

-

-

-

30,000

30,000

Amortisation

1,816

53,502

10,156

-

65,474

Adjusted (loss)/profit before tax

(61,508)

1,450,869

(789,926)

(1,033,141)

(433,706)

 

 

 

3. REVENUES

Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 months

 

6 months

 

 

 

 

 

 

 

to 30 Sept

 

to 30 Sept

 

 

 

 

 

 

 

2019

 

2018

 

 

 

 

 

 

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

UK

 

 

 

 

 

288,804

 

323,471

 

Europe

 

 

 

 

 

1,474,214

 

1,352,693

 

North America

 

 

 

 

765,389

 

759,023

 

South/Central America

 

 

 

 

211,394

 

305,112

 

India

 

 

 

 

 

403,889

 

350,027

 

Asia and Far East

 

 

 

 

795,389

 

766,919

 

Africa and Middle East

 

 

 

 

525,258

 

367,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,464,337

 

4,224,889

 

                                                           

 

 

4. FINANCE COSTS

 

 

 

 

 

 

 

6 months

 

6 months

 

 

 

 

 

 

to 30 Sept

 

to 30 Sept

 

 

 

 

 

 

2019

 

2018

 

 

 

 

 

 

£

 

£

 

 

 

 

 

 

 

 

 

Interest payable 

 

 

 

 

52,096

 

21,594

Finance charges payable under finance leases

 

76,560

 

4,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128,656

 

25,599

 

5. TAX CREDIT/(CHARGE)

 

 

 

 

 

 

 

 

6 months

 

6 months

 

 

 

 

 

 

to 30 Sept

 

to 30 Sept

 

 

 

 

 

 

2019

 

2018

 

 

 

 

 

 

£

 

£

Tax credited/(charged) in the income statement

 

 

 

 

 

 

Current tax - current year

 

 

 

 

 

-

 

(16,698)

Deferred tax - current year

 

 

 

 

 

99,125

 

(111,408)

Deferred tax - prior year adjustment

 

 

 

 

(54,799)

 

25,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,326

 

(102,324)

 

 

 

 

 

 

 

 

 

Tax relating to items charged to other comprehensive income

 

 

 

 

 

Deferred tax on net exchange adjustments

 

 

 

(1,938)

 

(5,124)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,938)

 

(5,124)

 

 

 

 

 

 

 

 

 

Reconciliation of total tax charge

 

 

 

 

 

 

 

 

Factors affecting the tax charge for the period:

 

 

 

 

 

 

 

(Loss)/profit taxable

 

 

 

 

 

(409,312)

 

1,141,172

 

 

 

 

 

 

 

 

 

Effective rate of taxation

 

 

 

 

 

19%

 

19%

 

 

 

 

 

 

 

 

 

(Loss)/profit before tax multiplied by the effective rate of tax

 

 

(77,769)

 

216,823

 

 

 

 

 

 

 

 

 

 

Effects of:

 

 

 

 

 

 

 

 

Expenses not deductible for tax purposes and permanent differences

 

(59)

 

37,135

 

Research and development tax credits

 

 

 

 

(42,460)

 

(48,632)

 

Deferred tax asset on losses in year not recognised

 

 

(3,107)

 

110,090

 

Tax under/(over) provided in prior years

 

 

 

11,169

 

(25,782)

 

Adjustment due to different overseas tax rate

 

 

 

12,539

 

(39,610)

 

Exceptional items (relating to closed German / Indian operations)

 

43,630

 

(128,462)

 

Impact of UK rate change on deferred tax

 

 

 

11,731

 

(19,238)

 

Tax (credit)/charge for the period

 

 

 

 

(44,326)

 

102,324

 

 

 

 

6. EARNINGS PER SHARE

 

 

6 months

to 30 Sept 2019

6 months

to 30 Sept

2018

 

£

£

(Loss)/Profit attributable to equity holders of the Group

(286,493)

1,038,848

 

 

 

 

 

2019

Number

2018

Number

 

Weighted average number of shares

 

129,109,732

 

126,959,060

Share options

307,062

306,718

Diluted weighted average number of shares

129,416,794

127,265,778

 

The number of shares in issue at the period end was 133,307,010. Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.

 

Diluted earnings per share are calculated by dividing the profit attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Diluting events are excluded from the calculation when the average market price of ordinary shares is lower than the exercise price.

 

Adjusted Earnings per share on loss for the period

The Group presents adjusted earnings per share which is calculated by taking adjusted (loss)/profit before taxation and adding the tax credit in order to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance.

 

 

6 months

to 30 Sept 2019

6 months

to 30 Sept

2018

 

£

£

 

Adjusted loss before taxation

 

(346,941)

 

(506,702)

Tax credit/(charge)

44,326

(102,324)

Adjusted loss attributable to equity holders of the Group

(302,615)

(609,026)

 

 

 

 

 

 

 

 

 

7. INTANGIBLES

 

 

 

 

Licences/

Supply

Technology

Customer

Development

 

 

Goodwill

software

arrangements

assets

relationships

costs

Total

 

£

£

£

£

£

£

£

Cost

 

 

 

 

 

 

 

At 1 April 2018

3,349,878

1,622,786

-

1,974,994

100,003

9,186,215

16,233,876

Additions internally generated

-

-

-

-

-

1,092,267

1,092,267

Disposals

(332,986)

-

-

-

-

-

(332,986)

Currency translation

17,608

14,788

6,946

2,286

14,904

7,133

63,665

At 30 September 2018

3,034,500

1,637,574

6,946

1,977,280

114,907

10,285,615

17,056,822

Additions

-

13,651

-

-

-

-

13,651

Additions internally generated

-

-

-

-

-

1,357,734

1,357,734

Currency translation

(17,608)

(14,563)

(6,946)

(2,286)

(14,904)

(7,133)

(63,440)

At 31 March 2019

3,016,892

1,636,662

-

1,974,994

100,003

11,636,216

18,364,767

Additions

-

-

-

-

-

-

-

Additions internally generated

-

-

-

-

-

1,019,614

1,019,614

Disposals

-

(3,672)

-

-

-

-

(3,672)

Currency translation

-

1,065

-

-

-

-

1,065

At 30 September 2019

3,016,892

1,634,055

-

1,974,994

100,003

12,655,830

19,381,774

 

 

 

 

 

 

 

 

Accumulated amortisation

 

 

 

 

 

 

 

At 1 April 2018

-

59,325

-

1,045,100

100,003

-

1,204,428

Amortisation charge in the year

-

8,513

-

49,374

24,538

7,622

90,047

Currency translation

-

2,111

6,946

2,182

11,130

(481)

21,888

At 30 September 2018

-

69,949

6,946

1,096,656

135,671

7,141

1,316,363

Amortisation charge in the year

-

8,751

-

49,374

179

(7,622)

50,682

Currency translation

-

(2,077)

(6,946)

(2,182)

(35,847)

481

(46,571)

At 31 March 2019

-

76,623

-

1,143,848

100,003

-

1,320,474

Amortisation charge in the year

-

8,265

-

49,374

-

249,103

306,742

Currency translation

-

292

-

-

-

-

292

At 30 September 2019

-

85,180

-

1,193,222

100,003

249,103

1,627,508

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

30-Sep-19

3,016,892

1,548,875

-

781,772

-

12,406,727

17,754,266

31-Mar-19

3,016,892

1,560,039

-

831,146

-

11,636,216

17,044,293

30-Sep-18

3,034,500

1,567,625

-

880,624

(20,764)

10,278,474

15,740,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8. FIXED ASSETS

 

 

Right of use

Leasehold

Plant and

 

 

use assets

improvements

machinery

Total

 

£

£

£

£

Cost

 

 

 

 

At 1 April 2018

-

838,771

3,610,761

4,449,532

Additions

-

101,013

130,248

231,261

Disposals

-

(20,450)

(107,594)

(128,044)

Currency translation

-

-

(6,522)

(6,522)

At 30 September 2018

-

919,334

3,626,893

4,546,227

Additions

-

19,204

89,352

108,556

Disposals

-

-

-

-

Currency translation

-

-

-

-

At 31 March 2019

-

938,538

3,716,245

4,654,783

Additions

1,933,784

30,780

25,803

1,990,367

Disposals

-

-

-

-

Currency translation

-

-

148

148

At 30 September 2019

1,933,784

969,318

3,742,196

6,645,298

 

 

 

 

 

Accumulated depreciation

 

 

 

 

At 1 April 2018

-

357,528

2,379,071

2,736,599

Charge in the year

-

87,776

159,816

247,592

Disposals

-

(5,059)

(72,602)

(77,661)

Currency translation

-

 -

(27,388)

(27,388)

At 30 September 2018

-

440,245

2,438,897

2,879,142

Charge in the period

-

88,931

104,931

193,862

Disposals

-

-

-

-

Currency translation

-

 -

12,198

12,198

At 31 March 2019

-

529,176

2,556,026

3,085,202

Charge in the period

108,819

53,769

112,556

275,144

Currency translation

-

-

-

-

At 30 September 2019

108,819

582,945

2,668,582

3,360,346

 

 

 

 

 

Net book value

 

 

 

 

30-Sep-19

1,824,965

386,373

1,073,614

3,284,952

31-Mar-19

-

409,362

1,160,219

1,569,581

30-Sep-18

-

479,089

1,187,996

1,667,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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