TIDMPURI
RNS Number : 3950R
PuriCore Plc
19 November 2012
19 November 2012
PuriCore plc
("PuriCore" or the "Company")
Interim Management Statement
Company increases sales in all business divisions
PuriCore (LSE: PURI), the water-based, clean technology company,
today issues its Interim Management Statement for the period from 1
July 2012 to 16 November 2012 (which incorporates information in
relation to the financial performance of the business for the third
quarter being from 1 July 2012 to 30 September 2012).
Financial Highlights for the Nine Months to 30 September 2012
(unaudited)
-- Group sales up 29% (30% at constant currency) to $36.4m
(2011: $28.3m)
-- Supermarket Retail (including Floral) sales up 45% to $17.7m
(2011: $12.2m)
-- Endoscopy (including Scientific) sales up 11% (14% at
constant currency) to $17.3m (2011: $15.6m)
-- Wound Care (including Dental) sales up 204% to $1.3m (2011
$0.4m)
-- Gross cash of $3.2m as at 30 September 2012
Operational Highlights
Food & Agriculture
-- Supermarket Retail: signed two major Sterilox Fresh and
FloraFresh deals valued at $9m
-- Agriculture: reported positive results from research
collaboration at Oxford University
-- Water Treatment: signed a marketing partnership agreement
with Lohas Products GmbH
Health Sciences
-- Endoscopy: recurring revenues increased 5.6% (8.1% at
constant currency) to $13.7m (2011: $12.7m), accounting for 77% of
division sales
-- Wound Care: sales continue to grow; partnership discussions
underway
Michael Ashton, Executive Chairman, said:
"PuriCore reported a strong performance in the first nine months
of the year with significant sales growth in all business
divisions. Throughout the Company, we continue to drive sales
aggressively, focus on controlling costs, and look to develop new
products and formulations that address market demands. We see
significant business development and partnership opportunities to
further monetise our core technology in a number of new geographies
and markets including additional Health Sciences segments and Water
Treatment, and continue to advance our discussions with multiple
potential partners."
Business Report
Sales for the Group increased 29% (30% at constant currency) to
$36.4 million in the first three quarters of 2012 (2011: $28.3
million). Gross cash at period end was $3.2 million.
Food & Agriculture
Continued robust sales in the Supermarket Retail business
increased revenues 45% to $17.7 million (2011: $12.2 million). In
October, the Company announced two new sales agreements. The first
agreement is valued at approximately $7 million over four years
with an existing customer, a top-five US supermarket retailer, to
implement and use PuriCore's new formulation of FloraFresh. The
second agreement is valued at approximately $2 million with a
long-standing US regional supermarket customer for the capital
sales of new systems to be shipped before the end of 2012. As at 30
September 2012, the Company had captured approximately 21% of the
target market stores in the US and Canada.
Also in October, the Company announced further positive results
from its ActiVita Agriculture programme. Testing and analysis
carried out in conjunction with The University of Oxford Department
of Plant Sciences continues to demonstrate ActiVita's potential as
a potent broad-spectrum antifungal agent. Research is ongoing, and
the Company plans to enter into discussions with potential
commercialization partners.
In November, the Company announced that it signed a marketing
and distribution partnership agreement with Lohas Products GmbH.
PuriCore will provide technical and scientific knowledge in the
development and commercialisation of new applications, and Lohas
will have an exclusive license to market and distribute the
applications in certain markets and territories (exclusive of the
US and UK). These new potential applications include but are not
limited to the use of PuriCore's technology for seafood production,
water treatment in restaurants, and livestock husbandry.
Collaboration on marketing plans and application development will
be on-going in 2013 with revenue generation expected no later than
2014.
Health Sciences
In the Endoscopy business, strong recurring revenue streams
contributed to the division's sales increase of 11% (14% at
constant currency) to $17.3 million YTD (2011: $15.6 million).
PuriCore increased recurring revenues by 5.6% (8.1% at constant
currency), which now account for 77% of division sales. This
increase was achieved by driving additional revenues from new
service contracts with existing customers coming into effect,
offering of private-labeled chemistries, service contract price
increases for some of the legacy products, and the new catalogue of
surgical consumables.
In the Wound Care business, organic and distribution revenues
increased significantly by 204% to $1.3 million (2011: $0.4
million). In addition, the Company is pursuing new business
development opportunities in new geographies and other Health
Sciences market segments. The Company will announce details of
these partnerships in due course.
Convertible Loan Notes
The Board continues its active dialogue with holders of the
Company's convertible loan notes with a view to a restructuring of
the loan notes and will make an announcement in due course as and
when a resolution is reached.
About PuriCore
PuriCore plc (LSE: PURI) is a water-based clean technology
company focused on developing and commercialising proprietary
solutions that protect people from the spread of infectious
pathogens without causing harm to human health or the environment.
The Company's products are used in a broad range of markets that
depend upon effective pathogen control including MRSA, e.Coli, and
C. difficile. PuriCore is a leading full provider of all products
and services required for a safe, efficient, and compliant
endoscope decontamination to protect patients in UK hospitals. The
Company's products are the de facto standard for food safety in
leading US supermarket chains. PuriCore also offers a breakthrough
wound therapy solution to treat chronic and acute wounds including
diabetic ulcers and burns. PuriCore has operations in Malvern,
Pennsylvania, US, and in Stafford and Clevedon, UK. To receive
additional information on PuriCore, visit www.puricore.com, which
does not form part of this press release.
Enquiries:
UK US
FTI Consulting Sage Strategic Marketing
Susan Stuart/Simon Jennifer Guinan
Conway
Victoria Foster Mitchell +1 610.410.8111
+44 (0) 20 7831 3113
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions shareholders and prospective shareholders not
to place undue reliance on these forward-looking statements, which
reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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