PuriCore Final Results For The Year Ended 31 December 2014
A Year of Significant Change
31 March 2015 - PuriCore plc (AIM: PURI), an international company focused on safe and effective protection against the spread of infectious pathogens, today announces its final results for the year ended 31 December 2014.
FINANCIAL HIGHLIGHTS
• Group revenue from Continuing Operations decreased as expected to $17.1 million (2013: $31.5m)
- Consistent with previously reported trend, this reflects a much lower proportion of capital sales in 2014 compared to 2013 and changes to the Supermarket Retail business model
• Operating expenses from Continuing Operations lower by 4% to $12.2 million (2013: $12.6m)
• Loss from Continuing Operations was $7.0 million compared to a loss of $8.6 million in 2013
• Cash and cash equivalents, net of debt ($0.2m), were $20.7 million as at 31 December 2014 (as at 31 December 2013: $3.4m)
OPERATIONAL HIGHLIGHTS
• Sale of UK Endoscopy business completed on 30 June 2014 generating net proceeds of $25.6 million
• In Supermarket Retail
- Achieving market acceptance following emphasis on growing consumables recurring revenue streams
- Sizeable growth in concentrate placements and usage of ProduceFresh® and FloraFresh®
• In Health Sciences
- Two significant new patents granted covering the stabilisation of high concentrations of hypochlorous acid and PuriCore’s unique hypochlorous formulation for treating infections and inflammation
- Changes in certain distribution arrangements for wound care products
• Strategic and Operational Review progressed
- Overall strategy remains focused on commercially leveraging the Group’s proprietary hypochlorous acid platform technology
- Drive to increase recurring revenues in existing business segments to create more consistency and drive higher margins
- Diversify product offerings and geographies through prudent and measured investments
- New growth opportunities across the Group identified, particularly in Health Sciences
• Shares admitted to AIM
- Board believes trading on AIM is more advantageous for shareholders due to increased flexibility, time savings and AIM’s appeal to the retail investor
POST BALANCE SHEET EVENT
• New $17.8 million Sterilox® Fresh agreement with a top-three US supermarket retailer
Michael Ashton, Chief Executive Officer of PuriCore, said:
“This year represented a turning-point for PuriCore. We successfully completed the sale of our UK Endoscopy business for net proceeds of $25.6 million and we advanced the diversification of our Supermarket Retail business model to increase recurring revenues. The market acceptance of our ProduceFresh and FloraFresh consumables product line, as well as the recently-announced major Sterilox Fresh System purchase agreement, re-affirm the considerable value realised by Supermarket Retail customers who use our solution and establish a strong platform for further market penetration.
“During the year, we also undertook a broad-ranging strategic and operational review. The focus of the growth opportunities we identified continues to centre on leveraging PuriCore's unique, patented hypochlorous acid technology in areas where it delivers a competitive advantage, and we will provide updates on those opportunities in due course.
“I have enjoyed leading PuriCore through a time of transition. Ahead of my planned retirement at the upcoming Annual General Meeting, I wish to thank the Board and employees for their support and commitment during my tenure and I look forward to watching PuriCore continue to realise its growth potential in the coming years.”
Enquiries:
PuriCore plc
+44 (0) 20 3727 1000
Michael Ashton, Chief Executive Officer
Marella Thorell, Chief Financial Officer and Chief Operating Officer
FTI Consulting
+44 (0) 20 3727 1000
Simon Conway/Mo Noonan/ Victoria Foster Mitchell
N+1 Singer (Nominated Adviser & Broker)
+44 (0) 20 7496 3000
Aubrey Powell/ Jen Boorer/ Thomas Smale
31 March 2015 - PuriCore plc (AIM: PURI), an international company focused on safe and effective protection against the spread of infectious pathogens, today announces its final results for the year ended 31 December 2014.
FINANCIAL HIGHLIGHTS
• Group revenue from Continuing Operations decreased as expected to $17.1 million (2013: $31.5m)
- Consistent with previously reported trend, this reflects a much lower proportion of capital sales in 2014 compared to 2013 and changes to the Supermarket Retail business model
• Operating expenses from Continuing Operations lower by 4% to $12.2 million (2013: $12.6m)
• Loss from Continuing Operations was $7.0 million compared to a loss of $8.6 million in 2013
• Cash and cash equivalents, net of debt ($0.2m), were $20.7 million as at 31 December 2014 (as at 31 December 2013: $3.4m)
OPERATIONAL HIGHLIGHTS
• Sale of UK Endoscopy business completed on 30 June 2014 generating net proceeds of $25.6 million
• In Supermarket Retail
- Achieving market acceptance following emphasis on growing consumables recurring revenue streams
- Sizeable growth in concentrate placements and usage of ProduceFresh® and FloraFresh®
• In Health Sciences
- Two significant new patents granted covering the stabilisation of high concentrations of hypochlorous acid and PuriCore’s unique hypochlorous formulation for treating infections and inflammation
- Changes in certain distribution arrangements for wound care products
• Strategic and Operational Review progressed
- Overall strategy remains focused on commercially leveraging the Group’s proprietary hypochlorous acid platform technology
- Drive to increase recurring revenues in existing business segments to create more consistency and drive higher margins
- Diversify product offerings and geographies through prudent and measured investments
- New growth opportunities across the Group identified, particularly in Health Sciences
• Shares admitted to AIM
- Board believes trading on AIM is more advantageous for shareholders due to increased flexibility, time savings and AIM’s appeal to the retail investor
POST BALANCE SHEET EVENT
• New $17.8 million Sterilox® Fresh agreement with a top-three US supermarket retailer
Michael Ashton, Chief Executive Officer of PuriCore, said:
“This year represented a turning-point for PuriCore. We successfully completed the sale of our UK Endoscopy business for net proceeds of $25.6 million and we advanced the diversification of our Supermarket Retail business model to increase recurring revenues. The market acceptance of our ProduceFresh and FloraFresh consumables product line, as well as the recently-announced major Sterilox Fresh System purchase agreement, re-affirm the considerable value realised by Supermarket Retail customers who use our solution and establish a strong platform for further market penetration.
“During the year, we also undertook a broad-ranging strategic and operational review. The focus of the growth opportunities we identified continues to centre on leveraging PuriCore's unique, patented hypochlorous acid technology in areas where it delivers a competitive advantage, and we will provide updates on those opportunities in due course.
“I have enjoyed leading PuriCore through a time of transition. Ahead of my planned retirement at the upcoming Annual General Meeting, I wish to thank the Board and employees for their support and commitment during my tenure and I look forward to watching PuriCore continue to realise its growth potential in the coming years.”
Enquiries:
PuriCore plc
+44 (0) 20 3727 1000
Michael Ashton, Chief Executive Officer
Marella Thorell, Chief Financial Officer and Chief Operating Officer
FTI Consulting
+44 (0) 20 3727 1000
Simon Conway/Mo Noonan/ Victoria Foster Mitchell
N+1 Singer (Nominated Adviser & Broker)
+44 (0) 20 7496 3000
Aubrey Powell/ Jen Boorer/ Thomas Smale