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1st Dental Lab PLC (FDT)

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Thursday 20 August, 2009

1st Dental Lab PLC

Half Yearly Report

RNS Number : 7255X
1st Dental Laboratories PLC
20 August 2009
 



1st Dental Laboratories Plc

Interim Results for the half year to 31st May 2009



Chairman's Statement and financial highlights


We are pleased to report that Group revenues increased by 5.3% against 2008 half year, which whilst operating from a low base is a creditable performance in a difficult market where discretionary spend is low. In particular, at this time last year we reported that disruptions at our Blackpool and Stourport laboratories had exacerbated a declining revenue trend in the Group, revenues having declined by some 12% against 2007 levels overall. These laboratories have now stabilised with Stourport contributing positively compared with the same time last year. Blackpool has been slower to recover but is starting to come in line with our expectations, beating budget for May.

  

We can report that we have seen in the last six months new clients increase by 6.4% and spend per client across the group increase by 6.3%.


The most significant factor in reversing this trend was to build a centralised sales team, which now totals 10 staff. We are able to report that the sales team is 30% ahead of their internal financial targets having recruited some 102 new clients to the end of June. Whilst still early in the investment cycle, there is good evidence that these clients are returning and increasing their level of spend with us. The increased volumes are absorbing unutilised capacity in the laboratories. The net investment of £147,000 has been absorbed into the current period and its breakeven point is visible.


Since the turn of the year the Group has also invested in new production processes and staff training for metal free restorations in each and every laboratory. The number of Zirconia restorations during this period has almost tripled.


The Eteeth online service business continues to grow, with half year revenues having more than doubled that taken at the same point in 2008. Investment into Eteeth in the current period was £59,000 (2008: £53,000).  


With the exception of the investments in the centralised sales team, new production processes and Eteeth, we are mindful of the current economic climate and we remain very alert and active in considering cost controls and labour efficiencies throughout the Group.


After stripping out the investment in the centralised sales team, new production processes and Eteeth, the underlying operating loss of the Group for the half year was £59,000 (2008: £10,000) but we are reporting an increased headline operating loss of £265,000 at the half year (2008: £63,000). The loss before tax was £326,000 (2008: £141,000).


Despite the headline loss before tax of £326,000 for the period, debt has fallen by £106,000 to £1,885,000 from £1,991,000 at 30 November 2008. Net cash outflow was £283,000 and is relatively low because of the improved working capital management.  


Our Board has been further strengthened with the addition of an experienced FD, Jonathan Foxcroft. As previously reported, Jonathan joined the Board in April and has made a real contribution to date.  


In conclusion, the Board has worked diligently to reverse the sales attrition in difficult economic conditions and this has been achieved. The cost of this has been absorbed into the current period and this has increased the loss against the same period last year.  


With a stronger executive management team now in place and the improved operational and financial controls that this brings, the Board is confident of further growth and profitability for the second half year and beyond. Now being able to report in the combined first two months of the second half not just profits but profits over and above that of the Directors expectations as a result of our actions, even after some restructuring costs.  



Financial results and highlights


Turnover £5,134k an increase of 5.3% (2008: £4,874k)


Gross profit £1,656k (2008: 1,634k)


Gross margin 32.3% (2008: 33.5%)


Operating loss for period £265k after sales force and continued Eteeth net investment equivalent £206k (2008: loss of £63k)


Net profit contributions from Laboratories £435k (2008: £487k)


Net bank debt reduction in period to £1,221k (2008: £1,285k)



Andrew Garner

Chairman 20th August 2009


1st Dental Laboratories plc


















Consolidated income statement









for the 6 months ended 31 May 2009



















Unaudited 6 months ended



  Unaudited 6 months ended



Audited year ended



31 May 09



31 May 08



30 Nov 08












£'000



£'000



£'000











Revenue

5,134



4,874



10,065











Cost of sales

(3,478)



(3,240)



(6,409)











Gross profit

1,656



1,634



3,656



32.3%



33.5%



36.3%











Administrative expenses

(1,921)



(1,697)



(3,743)











Operating loss

(265)



(63)



(87)











Finance costs









Finance income

2



22



37


Finance costs

(63)



(100)



(215)



 








Loss on ordinary activities before tax

(326)



(141)



(265)


Tax on loss on ordinary activities

-



-



16


Loss for the period from continuing operations

(326)



(141)



(249)











Loss per share:


















Basic and diluted

(0.78)

p


(0.34)

p


(0.59)

p










Note : there is no dilution as the share options have not been exercised







1st Dental Laboratories plc












Consolidated Balance Sheet













Unaudited 


Unaudited 


Audited


31 May 09


31 May 08


30 Nov 08

Assets

£'000


£'000


£'000

Non Current Assets






Intangible assets

7,062


7,087


7,067

Property, plant and equipment

2,062


1,894


2,069


9,124


8,981


9,136

Current assets






Inventories

322


302


295

Trade and other receivables

1,506


1,367


1,596

Cash and cash equivalents

280


712


563


2,108


2,381


2,454




 


 

Total assets

11,232


11,362


11,590







Current liabilities






Trade creditors & other payables

1,670


731


1,602

Interest bearing loans & borrowings

696


642


553


2,366


1,373


2,155







Non-current liabilities






Interest bearing loans & borrowings

1,189


1,460


1,438


 


 


 

Total Liabilities

3,555


2,833


3,593


 


 



Net assets

7,677


8,529


7,997







Equity






Called up share capital

4,202


4,202


4,202

Share premium account

6,358


6,358


6,358

Retained earnings

(2,883)


(2,031)


(2,563)

Total Equity

7,677


8,529


7,997







These financial statements were approved by the board of directors on 20th August 2009 and were signed on its behalf by:







AW Garner






Executive Chairman







1st Dental Laboratories plc


Consolidated Statement of changes in equity as at 31 May 2008











Share capital

Share premium

Retained earnings

Total




£'000

£'000

£'000

£'000

At 1 December 2007 (restated)

4,202 

6,358 

(2,330)

8,230 

Result for the year

  -  

  -  

(249)

(249)

Share based payment charges

  -  

  -  

16 

16 

At 30 November 2008

4,202 

6,358 

(2,563)

7,997 

Result for the period



(326)

(326)

Share based payment charges

 

 

Balance as at 31 May 2009

4,202 

6,358 

(2,883)

7,677 








There is no material tax impact of share based payment charges recognised directly in equity.


1st Dental Laboratories plc












Consolidated cash flow statement






for the six months ended 31 May 2009







Unaudited for the 6 months ended


Unaudited for the 6 months ended


Audited year ended


31 May 09


31 May 08


30 Nov 08








£'000


£'000


£'000

Operating activities






Loss for the period

(326)


(141)


(249)

Amortisation

5


  -  


10

Depreciation

158


133


280

(Profit)/loss on sale of plant and equipment

(11)


13


32

Share based payment charges

6


13


16

Net finance expense

61


78


178

Income tax credit

  -  


  -  


(16)

Operating cash inflow before changes in working capital

(107)


96


251

Movement in inventories

(27)


19


1

Movement in trade and other receivables

90


186


(43)

Movement in trade and other payables

68


(215)


242

Operating cash inflow from operations

24


86


451

Interest received

2


22


37

Interest paid on borrowings

(55)


(97)


(168)

Interest element of hire purchase payments

(8)


(3)


(9)

Net cash inflow from operating activities

(37)


8


311

Investing activities






Purchase of plant and equipment

(77)


(154)


(302)

Sale of plant and equipment

11


13


12

Net cash flow from investing activities

(66)


(141)


(290)

Financing activities






Capital element of interest bearing loans and borrowings paid

(180)


(222)


(525)

Net cash flow from financing activities

(180)


(222)


(525)

Net decrease in cash and cash equivalents

(283)


(355)


(504)

Cash and cash equivalents at the beginning of the period

563 


1,067 


1,067 

Cash and cash equivalents at the end of the period

280 


712 


563 


  1st Dental Laboratories plc 

Notes to the interim financial statements 

for the six months ended 31 May 2009

 

1. Significant accounting policies 


Basis of preparation 

The interim results have been prepared and approved by the directors in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and IFRIC interpretations issued and effective at the time of preparing these statements.

 

These interim results are unaudited and have not been reviewed by the Group's auditors. They were approved by the Board of Directors on 20th August 2009. 


The statutory accounts for the year ended 30 November 2008, which were prepared under IFRS, have been reported on by the Group's auditors and delivered to the registrar of companies. The report of the auditors was unqualified and did not contain the statements under section 237(2) or (3) of the Companies Act 1985. The interim financial information does not constitute statutory accounts as defined under Section 240 of the Companies Act 1985.


The accounting policies applied by the Group are the same as those applied in the consolidated financial statements for the period ended 30 November 2008.

 

2. Seasonality 


In the directors' opinion there are no seasonal variations in business operations. 


3. Segmental reporting


The directors consider that the Group operates only one class of business, being the manufacture of dental appliances. All turnover and operating losses originate in the UK therefore geographical analysis has not been presented.


4. Taxation 


There is no taxation in the periods.


5. Loss per share 


The calculation of loss per share is based on loss of £326k in May 2009, loss of £249k in November 2008 and loss of £141k in May 2008, and 42 million shares (Nov 2008: 42m, May 2008: 42m), being the average number of shares in issue.  


The share options are non-dilutive. The potential increase in ordinary shares from the exercise of any of the share options at each balance sheet date presented would be anti-dilutive as the Group reported a net loss for each of those periods. These potential ordinary shares were therefore excluded from the calculation at that date and the diluted loss per share figure reported is the same as the basic earnings per share.



6. Property, plant and equipment



£'000

Net book value at 1 December 2008


  2,069

Additions


  151

Depreciation


(158)

Net book value at 31 May 2009


  2,062


7. Copies of the Interim Report


Copies of the interim report are available to the public from the company's website and head office - Company Secretary, 1st Dental Laboratories plc, 112 Wetherby Road, Harrogate HG2 7AB.




Further Information: 

 

Andrew Garner, Executive Chairman:  01509-650111 

 

William Vandyk, Astaire Securities:  020 7448 4400


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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