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8 August 2013 -- PuriCore (LSE: PURI), a global company focused on safely and effectively protecting people from the spread of infectious pathogens, today announces its interim financial results for the six months ended 30 June 2013.
Financial Highlights
- EBITDA* profitability maintained in all business divisions
- Group revenue decreased 4.9% (4.1% at constant currency) to $24.1m (H1 2012: $25.3m) but does not reflect the full revenue impact of H1 Supermarket Retail contract wins that are expected in H2 2013 and beyond
- Endoscopy revenue up 1.7% (3.9% at constant currency) to $11.8m (H1 2012: $11.6m)
- Supermarket Retail revenue down 19.0% to $10.6m (H1 2012: $13.0m)
- Wound Care revenue up 148.0% to $1.7m (H1 2012: $0.7m)
- Q2 revenue increased 19.4% (20.5% at constant currency) to $13.2m (Q2 2012: $11.1m) as a result of higher comparative quarter revenue in all three businesses especially Supermarket Retail
- Gross profit margin strengthened to 33.7% (H1 2012: 33.0%)
- Operating expenses decreased 2.9% to $9.0m (H1 2012: $9.2m)
- Loss per share (after deduction of exceptional item) of $0.03 (H1 2012: $0.06 loss per share)
- Cash flow generated from operations $0.8m (H1 2012: $2.9m)
- Balance sheet significantly strengthened
- 95% of the £7.95m convertible loan notes converted into ordinary shares
- £2.3m (before expenses) raised in placing
- Gross cash of $4.2m at period end, including the ($0.3m) impact of foreign exchange rate changes
- Loans and borrowings of $0.9m ($13.4m as at 31 December 2012)
Earnings before interest, tax, depreciation, and amortisation.
Operational Highlights
Food & Agriculture
- $13.5m ProduceFresh™ agreement signed with a top-3 US retailer with revenue benefits starting in late H2 2013
- New bottled concentrate alternative providing greater choice to Supermarket Retail customers
- Offers long-term recurring revenue stream with reduced costs of manufacturing, installation, and servicing
- $14.0m Sterilox® Fresh agreement signed with a top-5 US retailer with revenue benefits starting in Q2 2013 Health Sciences
- Marketing partnership with Onset Dermatologics for new Vashe®-based dermatologic hydrogel products
- Marketing partnership with SteadMed Medical for Vashe Wound Therapy in the US, Canada, and Mexico
- US FDA clearance for Vashe Skin and Wound Hydrogel formulation for itch related to atopic dermatitis
Michael Ashton, Executive Chairman, said:
“Our strategic focus is to increase recurring revenue by expanding market share and customer usage whilst pursuing partnerships that leverage our core technologies into new markets and geographies. This strategy will require targeted investment in all three businesses to support the expansion of our product offerings and drive profitability. Encouragingly the second quarter was strong with significantly increased revenue from a major US contract, recurring revenue growth, and two new marketing partnerships in Wound Care. With these partnerships in place, new product launches, and a strong US order book for the remainder of the year, the Directors remain confident in the future prospects for the Company.”
PuriCore will host a conference call and webcast for investors and analysts today at 9.30 am BST. To participate, please access the webcast through investor.puricore.com and dial +44 20 3139 4830 from the UK (+1 718 873 9077 from the US) using pin code 14528742#. A recording of the presentation will be archived on the Company’s website at investor.puricore.com/events.
Enquiries:
About PuriCore
PuriCore plc (LSE: PURI) is a global company focused on safely and effectively protecting people from the spread of infectious pathogens without causing harm to human health or the environment. PuriCore’s antimicrobial technology and complementary products are used principally in well-established core businesses and emerging sectors of two broad markets: Health Sciences and Food & Agriculture. In the Health Sciences market, PuriCore is the leading full provider of all products and services required for a safe, efficient, and compliant endoscope decontamination to protect patients in UK hospitals. PuriCore’s breakthrough wound therapy solution is used to treat chronic and acute wounds including diabetic ulcers and burns as well as atopic dermatitis as dermatologic treatment products. In the Food & Agriculture market, PuriCore’s portfolio provide savings to supermarket retailers in labour costs and improvements in inventory loss as well as address the issue of cross contamination of fresh produce and floral products. In addition, the Company is progressing in its research and development programmes in the UK on the use of its technology as an agricultural fungicide. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK. To receive additional information on PuriCore, visit www.puricore.com.
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