TIDMIHC
RNS Number : 9820N
Inspiration Healthcare Group PLC
05 October 2021
"This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain."
Inspiration Healthcare Group plc
("Inspiration Healthcare", the "Company" or the "Group")
5 October 2021
Interim Results
Inspiration Healthcare Group plc (AIM: IHC), the global medical
technology company, today announces its unaudited interim results
for the six months ended 31 July 2021 ("H1 2021/22").
Financial highlights
-- Total Group Revenue up by 47% to GBP20.9m
-- Gross Margin up from 51.4% to 52.5%
-- Branded products represent 55% of total Group Revenue
-- EBITDA(1) up 42% to GBP3.6m
-- Operating Profit up 140% to GBP2.6m
-- Net cash position of GBP8.6m
(1) Earnings before interest, tax, depreciation, share based
payments and non-trading items
Operational highlights
-- Successful integration of SLE Ltd continues in line with operational plans
-- Synergies and cross selling opportunities being realised
-- New regulatory approvals secured for key products (SLE6000) in China and Japan
-- AlphaCore, patient warming portfolio has seen increased
demand within UK market with units placed up by 104% compared to
the equivalent period of last financial year
-- Increased investment in R&D to fast-track product development
-- The Queens Award for Enterprise for Innovation was awarded to
SLE Ltd for the Oxygenie(R) product
-- Project WAVE recruited first patient in University Hospitals
Sussex (formerly Brighton and Sussex University NHS Trust)
-- Micrel SA - UK and Ireland distribution agreement renewed
Neil Campbell, Chief Executive Officer, said today:
"Our revenues are in line with management expectations with
costs being carefully controlled, margins improving and as a
result, operating profit is above our expectations. The integration
of SLE Ltd into the Group has been successful and our teams have
collaborated closely through the use of technology during
unprecedented times to come together in the enlarged Group. We have
prioritised enhancing our operational infrastructure, developing
our commercial, strategic, R&D and regulatory teams to
facilitate our growth ambitions. With a strong order book we are
now well positioned to move into the next phase of the financial
year focusing on the additional benefits we can leverage and
driving sales through our enhanced global distribution
network."
Enquiries:
Inspiration Healthcare Group plc Tel: 01455 840555
Neil Campbell, Chief Executive Officer
Jon Ballard, Chief Financial Officer
Nominated Adviser & Broker Tel: 0207 397 8900
Cenkos Securities plc
Mark Connelly
Stephen Keys
-------------------
Cadogan PR Tel: 07771 713608
Alex Walters
alex.walters@cadoganpr.com
-------------------
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) is a global provider of
medical technology for use in neonatal intensive care &
operating theatres. The Company provides high quality innovative
products to patients around the world which help to improve patient
outcomes and it actively invests in innovative product
opportunities and disruptive technologies.
The Company has key own brand products that can be used within
the first days of life to help premature and sick babies; helping
resuscitation and stabilisation in the first moments of life
through to preventing brain damage and both invasive and
non-invasive respiratory support in terms of capital equipment and
disposable medical devices. Additionally, the Company has its own
range of products for maintaining normothermia pre, during and
post-surgery.
Since September 2019, the Company has acquired Vio Holdings a
designer, manufacturer and supplier of single use respiratory
products and sterile medical consumables and S.L.E., a leading
designer, manufacturer and global provider of neonatal ventilation
products. The Group generates approximately 58% of its revenues
from export markets and more than half of its revenues come from
its own-branded products.
With product availability actively promoted to over 80 countries
through a distribution network, Inspiration Healthcare's success
has been built on continuous innovation, excellent customer service
and an inherent commitment to improving patient outcomes, working
in close collaboration with key opinion leaders across the
globe.
In the UK and Ireland, the Group has direct sales teams selling
Group Branded and complementary products from third parties, with
an additional range of home healthcare products. This is supported
by Technical Support for planned preventative maintenance and
emergency assistance.
The Group operates from various sites in the UK for R&D,
Marketing and operations with manufacturing based in Croydon (south
London) and Hailsham (East Sussex). The Group's Head Office is
located in Crawley, a short distance from London's Gatwick
Airport.
Further information on Inspiration Healthcare can be found at
www.inspirationhealthcaregroup.plc.uk
Chairman's Statement
The Company's dedication to the goal of becoming a world leader
in neonatal medical technology has fuelled our success and revenue
growth during the continued COVID-19 pandemic. The early successes
reported in this interim report highlight a step towards realising
the full advantages of the combined Group and the innovative,
diverse portfolio we can offer.
Recognition of our innovative portfolio of products was proudly
received in the form of The Queens Award for Enterprise in the
Innovation category which was awarded to SLE Ltd (acquired by
Inspiration Healthcare in July 2020) in recognition of their work
in developing an infant ventilator with a closed-loop Oxygen
delivery software algorithm called Oxygenie(R). The algorithm
enables safe and responsive management of stable saturation,
reducing the risks around oxygenation of the patient, hopefully
allowing them to leave the Neonatal Intensive Care Unit (NICU)
earlier with a better outcome.
In the first half of this financial year, we have enjoyed
benefits from the enlarged Group's global distribution network
which has created cross selling opportunities. One example of this
was an order for GBP350k for our own brand Viomedex circuits from
an SLE Ltd distributor in the middle east. This not only opened a
new market for our Viomedex circuits, which complement our SLE
ventilator portfolio but clearly shows the synergies which now
exist within the Group. Both sales in our distributed and own brand
devices continue to perform well with attractive margins throughout
the Group and continuing this growth in new markets remains a
focus. We were pleased to announce the securing of regulatory
approvals in both China and Japan for our SLE6000 and Oxygenie(R)
which not only resulted in a significant number of new orders but
also demonstrated the attractiveness of our entire innovative
neonatal ventilator portfolio at an international level.
In my statement in the annual report I detailed our ambition to
start putting something back into the neonatal community we serve.
I am therefore delighted to announce the set up of our Charitable
project is now complete and we are working with The Charity Aid
Foundation to process charitable donations selected by our
Charitable Giving Committee. The Committee is entirely made up of
our staff, allowing them to recommend which charities they feel are
important to support and which focus on improving the lives and
outcomes of patients globally.
Financial Review
Revenue for the six months to 31 July 2021 totalled GBP20.9
million (H1 2020/21: GBP14.2 million), an increase of 47% over the
equivalent period for the previous financial year with the
inclusion of a full 6 month contribution from SLE Ltd. EBITDA(1)
improved by 42% to GBP3.6 million as a result of additional
revenues, improved gross margins and the continuing impact of
Covid-19 on the timing of some cash based overheads now expected to
be incurred during the second half of the financial year.
Revenue from branded products increased 293% over the equivalent
period for the previous financial year to GBP11.5 million and
accounted for 55% of revenue. This is primarily attributable to a
full 6 month contribution from SLE Ltd. Revenue from distributed
products decreased by 4% to GBP7.1 million, excluding GBP2.9
million of Covid-19 revenue received during the first half of
2020/21. This is reflective of the anticipated loss of a
distributor contract with Acutronic, as a result of the acquisition
of SLE Ltd, which was offset by strong performances across our
other distributor product range. Technology Support increased 131%
year on year to GBP2.3 million again reflective of a full 6 month
contribution from SLE Ltd.
Gross margin improved to 52.5% from 51.4% in the equivalent
period due to product mix driven by increased revenue from branded
products (now representing 55% of total revenue).
Unaudited Unaudited Audited
6 months ended 6 months Year ended
31 July 2021 ended 31 January
GBP'000 31 July 2020 2021
GBP'000 GBP'000
-------------------------------- ---------------- -------------- ------------
Adjusted EBITDA 3,618 2,547 5,611
---------------- --------------
Depreciation (492) (178) (606)
Amortisation of intangible
assets (391) (153) (622)
Impairment of intangible
assets - - (47)
Share based payment (137) (94) (78)
---------------- -------------- ------------
Adjusted operating profit 2,598 2,122 4,258
---------------- -------------- ------------
Non-trading items:
- Acquisition related expenses - (605) (579)
- Final Settlement of deferred
consideration - (435) (435)
---------------- -------------- ------------
Operating profit 2,598 1,082 3,244
---------------- --------------
The Group reported adjusted operating profit of GBP2.6 million,
an increase of 22% over the equivalent period of the previous
financial year.
Operating profit for the period under review was GBP2.6 million,
an increase of 140% over the equivalent period of the previous
financial year.
Administrative expenses increased by 34% to GBP8.4 million,
slightly lower than expected mainly due to travel restrictions and
associated marketing costs. The increases included 6 months of
overheads associated with SLE Ltd along with our planned continued
investment in personnel to maintain growth. Investment in R&D
amounted to approximately 9% of revenue in the first half as we
accelerate our new product development programme.
Profit before tax of GBP2.5 million was up 133% on last
year.
Profit after tax of GBP2.2 million was up 180% on last year.
EBITDA(1) amounted to GBP3.6 million, an increase of 42% over
the equivalent adjusted amount from the previous period of the
previous financial year.
Adjusting for non-trading items and amortisation of intangible
assets acquired through business combinations, underlying diluted
earnings per share was 3.7p (H1 2020/21: 4.3p). This is reflective
of an increase in the weighted average number of shares in issue as
at 31 July 2021 compared to the previous financial year, primarily
as a result of the acquisition of SLE Ltd and the inclusion of
profit in relation to "one-off" Covid-19 related sales in the
previous financial year. Please see note 6 to the unaudited interim
financial statements for more information.
Cash at 31 July 2021 was GBP8.6 million. The GBP5 million RCF
facility that was put in place during the acquisition of SLE Ltd
remains undrawn and in place and is available for further
utilisation should the Group require.
Operational Review
During the period, the enlarged Group has been strengthened
through development of all of our operational teams and
specifically by investing in roles which focus on increasing
revenue; R&D, Quality and Regulatory, Product Management and
Marketing.
The key business systems (our ERP and document control systems)
are being integrated across the entire Group in line with our plan
and the synergies of the Group products and services are resulting
in new sales opportunities and orders. The focus on optimising our
operational infrastructure continues, with the planned move to new
state of the art facilities likely to take place in Spring 2022,
enabling us to minimise the impact to our business in the run up to
our year end caused by the delays currently being experienced in
construction industry supply chains .
Our own brand AlphaCore portfolio has seen a significant level
of growth in the UK with an 104% increase in units placed compared
to the equivalent period in the last financial year. With a focus
on promoting our rental and service programme stimulating interest,
operating theatres have adopted the technology having seen the
benefits of the environmentally friendly and affordable technology.
This growth has been achieved through a combination of sales and
for the first time, a series of rental agreements. We are now
actively investigating opportunities to repeat this success
internationally with our distributors.
We were delighted to announce the extension of our agreement
with Micrel SA in March 2021. Micrel is a leading manufacturer for
infusion therapies which are distributed by Inspiration Healthcare
in the UK and Ireland and which are used in a wide range of
applications, including parenteral feeding, post operative pain
management, regional analgesia, chemotherapy and a range of other
applications. Offering a robust and diverse product range is a
major strength of our portfolio, reducing the risks associated with
a singular product line. Following the integration of SLE Ltd into
the Group and the increased capabilities and product range, we
continue to explore the most effective solutions to give our to
clients a much wider and more effective range of technology through
further acquisitions, licencing and developing our intellectual
property or other commercial partnerships.
Like most companies involved in manufacturing we have been
mindful of supply issues concerning electronic components such as
semi-conductors ('silicon chips') and whilst we are not immune to
these challenges, we are managing them within our business. We have
experienced some cost increases which we expect to be largely short
term and are currently looking at removing the most costly
components and replacing them with longer term solutions that are
less problematic in terms of supply. We were pleased to announce in
June that Project WAVE study had recruited its first patient in the
Trevor Mann Baby Unit part of the University Hospitals Sussex
(formerly Brighton and Sussex University NHS Trust). The
respiratory device, whose patent have been exclusively licenced by
Inspiration Healthcare for the paediatric patients has been
designed by Inspiration Healthcare. Currently the WAVE trial is
requesting to expand the patient selection criteria due to slower
than expected recruitment to allow earlier preterm babies to be
recruited. The aim is to offer the technology to the patient
population who are affected by apnoea of prematurity and associated
respiratory complications.
Dividend Declaration
In line with our progressive dividend policy we can confirm our
interim dividend payment will increase from 0.2p per share to
0.205p per share (an increase of 2.5% over the prior financial
year). This will be payable to shareholders on the register on
26(th) November 2021 and paid on 29(th) December 2021.
Outlook
The integration of SLE Ltd into the Group is now almost complete
and, as expected, has delivered significant opportunities for
revenue growth globally. Expanding our global opportunities further
remains a key focus and we will continue to invest in resources to
support these projects. Recent operational challenges have been
unavoidable due to the current pandemic climate we have experienced
and I'm pleased to report that we continue to adapt and innovate to
overcomes these issues. Against this background we continue to have
strong order book and seeing increasing demand across the entire
Group. Our portfolio is diverse and robust, offering us the ability
to maintain a flexible strategy aligning with the developing market
needs.
Our expectations of revenue remains unchanged for the year,
albeit with a different product mix in the second half. However,
given the strong margin performance with lower than anticipated
cash based costs in the first half, our expectations for full year
profit have increased.
Mark Abrahams
Chairman
5 October 2021
(1) Earnings before interest, tax, depreciation, share based
payments and non-trading items
Unaudited Consolidated Income Statement
For the six months ended 31 July 2021
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
31 July 31 July 31 January
2021 2020 2021
Notes GBP'000 GBP'000 GBP'000
------------------------------------ ------ ---------- ---------- -------------------
Revenue 20,893 14,218 36,980
Cost of sales (9,932) (6,916) (18,958)
Gross profit 10,961 7,302 18,022
Administrative expenses (8,363) (6,220) (14,778)
Operating profit 2,598 1,082 3,244
Finance income - 2 3
Finance cost (98) (10) (114)
Profit before tax 2,500 1,074 3,133
Income tax 4 (289) (287) (318)
Profit attributable to the owners
of the parent company 2,211 787 2,815
Earnings per share, attributable
to owners of the parent company
Basic expressed in pence per share 6 3.25p 1.84p 5.10p
Diluted expressed in pence per
share 6 3.22p 1.82p 5.07p
------------------------------------ ------ ---------- ---------- -------------------
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 31 July 2021
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 July 31 July 31 January
2021 2020 2021
Notes GBP'000 GBP'000 GBP'000
---------------------------------- ------- ---------- ---------- -----------
Profit for the period/year 2,211 787 2,815
Other comprehensive income
Items that may be reclassified
to profit or loss
Cash flow hedges 9 65 31
Total other comprehensive income
for the period/year 9 65 31
------------------------------------------- ---------- ---------- -----------
Total comprehensive income for
the period/year 2,220 852 2,846
------------------------------------------- ---------- ---------- -----------
Unaudited Consolidated Statement of Financial Position
As at 31 July 2021
(Registered Number: 03587944)
Unaudited Unaudited Audited
As at As at As at
31 July 31 July 31 January
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------- -----------
ASSETS
Non-current assets
Intangible assets 16,364 15,818 15,206
Property, plant and equipment 1,174 811 919
Right of use asset 3,031 482 3,102
----------- ----------
20,569 17,111 19,227
------------------------------- ----------- ---------- -----------
Current assets
Inventories 6,792 9,118 8,190
Trade and other receivables 7,575 9,547 5,163
Cash and cash equivalents 8,608 7,663 10,653
------------------------------- ----------- ---------- -----------
22,975 26,328 24,006
Total assets 43,544 43,439 43,233
------------------------------- ----------- ---------- -----------
Liabilities
Current liabilities
Trade and other payables (5,206) (8,627) (6,809)
Lease liabilities (429) (97) (369)
Financial derivative - - (9)
Contract liabilities (445) (2,624) (533)
------------------------------- ----------- ---------- -----------
(6,080) (11,348) (7,720)
------------------------------- ----------- ---------- -----------
Non-current liabilities
Trade and other payables - (248) -
Lease liabilities (2,705) (376) (2,796)
Contract liabilities (7) - -
Borrowings - (1,500) -
Deferred tax liability (1,091) (227) (1,141)
------------------------------- ----------- ---------- -----------
(3,803) (2,351) (3,937)
------------------------------- ----------- ---------- -----------
Total liabilities (9,883) (13,699) (11,657)
------------------------------- ----------- ---------- -----------
Net assets 33,661 29,740 31,576
------------------------------- ----------- ---------- -----------
Shareholders' equity
Called up share capital 6,812 6,797 6,812
Share premium account 18,838 18,761 18,838
Reverse acquisition reserve (16,164) (16,164) (16,164)
Share based payment reserve 276 247 139
Other reserves - 31 (9)
Retained earnings 23,899 20,068 21,960
------------------------------- ----------- ---------- -----------
Total equity attributable to
owners of the parent company 33,661 29,740 31,576
------------------------------- ----------- ---------- -----------
Unaudited Consolidated Statement of Changes in Shareholders'
Equity
For the six months ended 31 July 2021
Share
Called Reverse based
up Share Share acquisition payment Other Retained Total
Notes Capital Premium reserve reserve reserves earnings equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
At 31 January 2020 3,838 3,475 (16,164) 153 (34) 19,281 10,549
Profit for the period
1 February 2020 to
31 July 2020 - - - - - 787 787
Other comprehensive
income - - - - 65 - 65
Total comprehensive
income for the period - - - - 65 787 852
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
Transactions with
owners in their
capacity
of owners
Employee share scheme
expense - - - 94 - - 94
Issue of ordinary
shares, net of transaction
cost and tax 2,959 15,286 - - - - 18,245
Total transactions
with owners 2,959 15,286 - 94 - - 18,339
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
At 31 July 2020 6,797 18,761 (16,164) 247 31 20,068 29,740
Profit for the period
1 August 2020 to
31 January 2021 - - - - - 2,028 2,028
Other comprehensive
expense - - - - (34) - (34)
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
Total comprehensive
income/(expense)
for the period - - - - (34) 2,028 1,994
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
Transactions with
owners in their
capacity
of owners
Dividends - - - - - (136) (136)
Employee share scheme
expense - - - (16) - - (16)
Issue of ordinary
shares, net of transaction
costs 15 77 - (92) - - -
Deferred tax - - - - (6) - (6)
Total transactions
with owners 15 77 - (108) (6) (136) (158)
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
At 31 January 2021 6,812 18,838 (16,164) 139 (9) 21,960 31,576
Profit for the period
1 February 2021 to
31 July 2021 - - - - - 2,211 2,211
Other comprehensive
income - - - - 9 - 9
----------------------------- --------- --------- ------------ --------- ------------ ------------ -----------
Total comprehensive
income for the period - - - - 9 2,211 2,220
----------------------------- --------- --------- ------------ --------- ------------ ------------ ---------
Transactions with
owners in their
capacity
of owners
Dividends - - - - - (272) (272)
Employee share scheme
expense - - - 137 - - 137
Total transactions
with owners - - - 137 - (272) (135)
----------------------------- --------- --------- ------------ --------- ------------ ------------ ---------
At 31 July 2021 6,812 18,838 (16,164) 276 - 23,899 33,661
----------------------------- --------- --------- ------------ --------- ------------ ------------ ---------
Unaudited Consolidated Statements of Cash flows
For the six months ended 31 July 2021
Unaudited Unaudited Audited
6 months 6 months Year
ended Ended ended
31 July 31 July 31 January
2021 2020 2021
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit for the year 2,211 787 2,815
Adjustments for:
Depreciation and amortisation 883 331 1,228
Impairment of intangible assets - - 47
Employee share scheme expense 137 94 78
Contingent consideration share issue - 435 435
Loss on disposal of tangible asset 10 - 14
Loss on disposal of intangible asset 67 - 65
Finance income - (2) (3)
Finance expense 98 10 114
Income tax expense 289 287 318
--------------------------------------------- ------------------- ----------------- --------------------
3,695 1,942 5,111
Decrease/(increase) in inventories 1,398 (1,653) (573)
(Increase)/ decrease in trade and
other receivables (2,412) 995 4,009
(Decrease)/increase in trade and
other payables (1,543) 1,101 (3,597)
Decrease in contract liabilities (81) (143) (6)
--------------------------------------------- ------------------- ----------------- --------------------
Cash flows generated from operations 1,057 2,242 4,944
Taxation paid (398) (114) (209)
--------------------------------------------- ------------------- ----------------- --------------------
Net cash generated from operating
activities 659 2,128 4,735
--------------------------------------------- ------------------- ----------------- --------------------
Cash flow from investing activities
Payment for acquisition of subsidiary - (16,200) (19,457)
Cash acquired through business combinations - - 6,314
Interest received - 2 3
Purchase of property, plant and
equipment (496) (59) (257)
Purchase of intangible assets (238) (16) (49)
Capitalised development costs (1,379) (87) (614)
--------------------------------------------- ------------------- ----------------- --------------------
Net cash used in investing activities (2,113) (16,360) (14,060)
--------------------------------------------- ------------------- ----------------- --------------------
Cash flow from financing activities
Proceeds from issue of shares - 16,967 16,967
Share issue costs - (957) (957)
Principal elements of lease payments (221) (85) (262)
Interest paid on lease liabilities (66) - (87)
Interest paid on loans and borrowings (32) (10) (27)
Dividends paid to the holders of
the parent (272) - (136)
Proceeds from borrowings - 1,500 1,500
Repayments from loans and borrowings - - (1,500)
Net cash generated from financing
activities (591) 17,415 15,498
--------------------------------------------- ------------------- ----------------- --------------------
Net (decrease)/increase in cash
and cash equivalents (2,045) 3,183 6,173
Cash and cash equivalents at the
beginning of the period 10,653 4,480 4,480
Cash and cash equivalents at the
end of the period/year 8,608 7,663 10,653
--------------------------------------------- ------------------- ----------------- --------------------
Notes to the Unaudited Interim Financial Statements
For the six months ended 31 July 2021
1. Basis of Preparation
This condensed consolidated interim financial information for
the six months ended 31 July 2021 have been prepared in accordance
with AIM rule 18 in relation to half year reports. This information
should be read in conjunction with the annual financial statements
for the year ended 31 January 2021, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
2. Going concern basis
The Group meets its day-to-day working capital requirements
through its cash resources. After making enquiries, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
The Group therefore continues to adopt the going concern basis in
preparing its consolidated interim financial statements.
3. Interim financial information
The interim financial information for the period ended 31 July
2021 is unaudited and does not constitute statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The interim
financial information for the period ended 31 July 2020 is also
unaudited. The audited accounts for the year ended 31 January 2021
for Inspiration Healthcare Group plc were approved by its Board of
Directors on 14 May 2021 and have been delivered to the Registrar
of Companies with an unqualified audit report.
The Company's annual report and financial statements for the
year ended 31 January 2021 were prepared under International
Financial Reporting Standards (IFRS) as adopted by the European
Union, International Financial Reporting Interpretations Committee
(IFRIC) interpretations and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS. The standards
used are those published by the International Accounting Standards
Board (IASB) and endorsed by the EU at the time of preparing those
statements.
4. Taxation
A provision has been made for corporation tax at the rate of 19%
on the estimated taxable profits for the period with an effective
tax rate of 13.5% reflecting primarily the Groups benefit from
R&D tax credits.
5. Dividends Paid
The final dividend for the year ended 31 January 2021 of 0.4p
per share (2020: nil per share) was paid on 30 July 2021.
The Board has declared an interim dividend of 0.205 p per share
(H1 2020/2021: 0.2p per share) to be paid on 29(th) December
2021.
6. Earnings per ordinary share
Basic earnings per share for the period is calculated by
dividing the profit attributable to ordinary shareholders for the
year after tax by the weighted average number of shares in
issue.
Basic diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares in issue to assume
conversion of all potential dilutive ordinary shares.
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------------------ ---------- ---------- -----------
Profit
Profit attributable to equity holders
of the Company 2,211 787 2,815
Add back non-trading items - 1,040 1,014
Add back amortisation of intangible
assets acquired through business combinations 302 31 -
Numerator for underlying earnings per
share calculation 2,513 1,858 3,829
------------------------------------------------ ---------- ---------- -----------
The weighted average number of shares in issue and the diluted
weighted average number of shares in issue were as follows:
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2021 2020 2021
-------------------------------------------- ----------- ----------- -----------
Shares
Weighted average number of ordinary
shares in issue for the purpose of
basic earnings per share 68,121,447 38,380,850 38,380,850
Weighted average number of shares issued
during the period/year - 4,485,115 16,855,015
-------------------------------------------- ----------- ----------- -----------
Weighted average number of ordinary
shares in issue during the period/year
for the purposes of basic earnings
per share 68,171,447 42,865,965 55,235,865
Dilutive effect of potential Ordinary
shares:
Share options 616,616 474,675 309,342
-------------------------------------------- ----------- ----------- -----------
Diluted weighted number of shares in
issue for the purpose of diluted earnings
per share 68,788,063 43,340,640 55,545,207
-------------------------------------------- ----------- ----------- -----------
The basic and diluted earnings per share are as follows:
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
31 July 31 July 31 January
2021 2020 2021
Pence Pence pence
-------------------------------------------- ---------- ---------- -----------
Basic earnings per share 3.25 1.84 5.10
Adjust for:
Non-trading items - 2.43 1.83
Amortisation of intangible assets acquired
though business combinations 0.44 0.07 -
Underlying basic earnings per share 3.69 4.34 6.93
-------------------------------------------- ---------- ---------- -----------
Diluted earnings per share 3.22 1.82 5.07
-------------------------------------------- ---------- ---------- -----------
Adjusted for:
Non-trading items - 2.40 1.82
Amortisation of intangible assets acquired
through business combinations 0.44 0.07 -
Underlying diluted earnings per share 3.66 4.29 6.89
-------------------------------------------- ---------- ---------- -----------
6. Related party transactions
-- Lease of Leicestershire facility
The Leicestershire facility at Earl Shilton is rented on an arms
length basis from a self-invested pension plan controlled by Neil
Campbell, Toby Foster and others. The lease was renewed on an arms
length basis in April 2018.
-- Key management
Key management control 7% of the voting shares of the Company as
at 31 July 2021.
Key management comprise the Group's Executive and Non-executive
Directors
Registere d Office:
2 Satellite Business Village
Fleming Way
Crawley RH10 9NE
T elephone : +4 4 (0) 1455 840555
Fax : +4 4 (0) 1455 841464
Website www.inspirationhealthcaregroup.plc.uk
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IR FSSESLEFSEIS
(END) Dow Jones Newswires
October 05, 2021 02:00 ET (06:00 GMT)
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