TIDMPURI
RNS Number : 4546Z
PuriCore Plc
07 March 2013
PuriCore plc
("PuriCore" or the "Company" or the "Group")
7 March 2013
Trading Update for the Year Ended 31 December 2012
Revenue up 11.3%; significant cash flow generated from
operations; balance sheet strengthened
PuriCore (LSE: PURI), the water-based clean technology company,
today announces a trading update for the year ended 31 December
2012. Final results of the Group for this period are expected to be
announced 30 April 2013.
Full-Year Financial Highlights (unaudited)
-- Group revenue up 11.3% (12.0% at constant currency) to $47.4m
(2011: $42.6m)
o Supermarket Retail revenue up 14.0% to $22.2m (2011:
$19.4m)
o Endoscopy revenue up 4.6% (5.9% at constant currency) to
$23.5m (2011: $22.5m)
o Wound Care revenue up 160.0% to $1.7m (2011: $0.7m)
-- Improvement in gross profit margin to 32.7% (2011: 29.4%)
-- EBITDA* profitable: increase of $3.6m to $1.3m (2011:
-$2.3m)
-- Cash flow generated from operations $4.5m (2011: -$0.6m)
-- Operating expenses reduced 9% to $17.5m (2011: $19.2m)
-- Gross cash of $2.5m at 31 December 2012
Business and Operational Highlights
Food & Agriculture
-- Supermarket Retail: signed two major deals valued at
approximately $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 revenue increased 6.2% (7.5% at constant
currency) to $18.2m (2011: $17.2m), accounting for 78% of
divisional revenue
-- Wound Care: revenue continued to grow; partnership
discussions advanced
Post-Period Events
-- Converted 95% of the GBP7.95m of Convertible Loan Notes in
January 2013
-- Raised approximately GBP2.3m (before expenses) in a placing
in January 2013
-- Received US FDA regulatory clearance for Vashe Skin and Wound
Hydrogel formulation for itch related to atopic dermatitis in
February 2013
-- Announced marketing partnership with Onset Dermatologics for
Vashe-based dermatologic hydrogel product in March 2013
-- Appointed Marella Thorell as Finance Director and Executive
Director in March 2013
-- Appointed Peter Larkin as a Non-Executive Director effective
1 April 2013
Michael Ashton, Executive Chairman of PuriCore, said:
"PuriCore improved trading in 2012 with revenue growth in all
business divisions in addition to improving the gross margin and
generating significant cash flow from operations. Additionally,
post-period we strengthened our balance sheet by successfully
restructuring the Convertible Loan Notes and raised more than GBP2
million through a placing of shares. The Directors remain confident
of the Company's prospects. We continue to drive sales
aggressively, whilst focusing on controlling costs, to achieve
sustainable growth in key business areas and to seek to capitalise
on new partnering opportunities."
*Earnings before interest, tax, depreciation, and
amortisation.
2012 Business Report
Revenue for the Group increased 11.3% (12.0% at constant
currency) to $47.4 million in 2012 (2011: $42.6 million). The
Company improved gross profit margin to 32.7% (2011: 29.4%), and
reduced operating expenses by 9% compared with 2011. For the year,
PuriCore was EBITDA profitable with an improvement of $3.6 million
to $1.3 million (2011: a loss of $2.3 million) and generated $4.5
million in cash flow from operations (2011: -$0.6m). Gross cash at
31 December 2012 was $2.5 million.
The Company continued to focus on strengthening its balance
sheet with the restructuring 95% of the GBP7.95 million of
Convertible Loan Notes, which mature December 2013, and the
successful raising of GBP2.3 million (before expenses) in a
placing, both of which were announced in December 2012 and approved
at the General Meeting in January 2013. In addition, PuriCore
further reduced debt as it continues to shift from financing
Sterilox Fresh System installations through leases to more capital
sales.
Food & Agriculture
In 2012, the Supermarket Retail business increased revenues
14.0% to $22.2 million (2011: $19.4 million). In October, the
Company announced two new significant commercial 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 across the enterprise. The second agreement is valued at
approximately $2 million with a long-standing US supermarket
customer for the capital sale of new Sterilox Fresh Systems. As at
31 December 2012, the Company had captured approximately 22% of the
target market 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 revenue increase of 4.6% (5.9% at
constant currency) to $23.5 million for 2012 (2011: $22.5 million).
PuriCore achieved a 6.2% (7.5% at constant currency) increase in
recurring revenues, which now account for 78% of division revenue.
This increase was achieved by driving additional revenues from new
service contracts with existing customers, offering of
private-labeled chemistries, service contract updates, and the new
catalogue of surgical consumables made available through the
acquisition of Monmouth Surgical.
In the Wound Care business, revenue increased by 160% to $1.7
million (2011: $0.7 million). In addition, the Company continued to
maintain focus on business development opportunities in new
geographies and a variety of Health Sciences market segments.
Outlook
The Company is focused on continuing to increase revenues and
control costs. In the Supermarket Retail sector, existing Sterilox
Fresh opportunities and the new FloraFresh formulation is expected
to deliver market share expansion. In the UK, the business remains
focused on growing recurring revenue, capitalising on new customer
opportunities, and controlling costs.
In addition, PuriCore also continues to pursue partnership
opportunities in new and existing markets to expand the reach of
its current products and to commercialise new formulations. In
February 2013, PuriCore announced that it had received US FDA
regulatory clearance for Vashe Skin and Wound Hydrogel formulation
for the management and relief of pain, burning, and itching
experienced with various dermatoses including atopic dermatitis.
The Company intends to use this hydrogel clearance to advance new
product development and partnering opportunities in dermatology,
wound care, and animal health. One such opportunity is PuriCore's
partnership with Onset Dermatologics, a leader in the development
and commercialization of prescription dermatology products, for
Vashe-based dermatology products, which was recently announced.
Onset Dermatologics will market and distribute this new Vashe-based
formulation as Aurstat Anti-Itch Hydrogel and as a component of
Aurstat Kit exclusively in the US beginning April 2013. Other
partnering discussions are advancing and will be announced in due
course.
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. 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. The Company's products are the standard
for food safety and are used for floral care 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 is headquartered in Malvern,
Pennsylvania, with operations in Stafford and Clevedon, UK. To
receive additional information on PuriCore, visit www.puricore.com,
which does not form part of this announcement.
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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