Sep 4: Vindon Healthcare 1H Pretax Pft GBP557,000
Vindon Healthcare
Highlights:
Edited Press Release
LONDON (Dow Jones)--Vindon Healthcare reported Tuesday a pretax profit of GBP,557,000 for six months ended Jun. 30, from a profit of GBP434,000 for the same period last year.
Chairman Liam Ferguson said: "The Group's immediate future prospects are underpinned by committed revenue arising on storage and service contracts. The Group currently has committed revenue of GBP2.0 million for the next 12 months with a further GBP2.0 million thereafter, giving total committed revenues of GBP4.0 million. This represents a GBP0.3 million increase since Dec. 31, 2006.
"We plan to continue as the UK's leading supplier to the pharmaceutical industry of controlled environment products by building a market defining facility in 2008.
"The pharmaceutical market is subject to positive influences from increasing wealth and lifestyle aspirations throughout the world. Our entry into the Irish and American markets are intended to extend the benefit we already derive from this market sector.
"We look forward to the future with enthusiasm and confidence.
"The Group is a provider of environmental control products and services to the pharmaceutical, life sciences and food sectors and has operational bases in the U.K. and Ireland. Vindon Healthcare provides products and services for the management of temperature, humidity and light where precise conditions are required.
"The product range includes controlled environment chambers, blood banks, plasma freezers and plant growth chambers. The Group's services include controlled environment storage and the service, maintenance and validation of controlled environment chambers, blood banks, plasma freezers and plant growth chambers.
"Financial Highlights: Turnover was GBP2,112,000 which is an increase of 16.6% over the corresponding period, and the gross profit margin was 63.7% against a corresponding 60.7%. This generated an operating profit of GBP603,000 which is an increase of 19.2% over the corresponding period.
"This reflects our focus on higher margin value added services. Costs include revenue expenditure on the establishment of a new storage facility in southern Ireland and the strengthening of our service, maintenance and validation capability.
"Activity levels in manufacturing were comparatively high in June 2007 and this temporarily raised working capital requirements at period end. July deliveries have reduced this to normal levels.
"The acquisition by the Group of Vindon Scientific Limited in 2005 involved deferred consideration of GBP350,000 payable in two equal instalments. During the period the final instalment of GBP175,000 was paid.
"The Company achieved a successful share issue of 10 million new ordinary shares which raised GBP1,910,000 after costs. These funds have been allocated to the development of a new U.K. facility close to our existing site which will, we believe, provide market leading capability in our sector and should enable the achievement of our growth plans. The precise timing of this development is subject to the successful conclusion of current negotiations.
"Current Trading: Activity levels have remained high during July and August, and demand remains strong across all product areas.
"The storage facility in southern Ireland is now open and is currently undergoing audit and inspection by prospective clients with a view to the first products going into store this autumn.
"Marketing: The opening of the new plant in southern Ireland has increased our ability to offer our clients an enhanced service capability and the initial response is encouraging.
"We are pleased to report our first significant manufacturing order from the USA. We consider that this market has considerable potential for us in the future."
| Six months ended 30 June | ||
|---|---|---|
| ()=Loss/Debit | ||
| Figs in GBP'000 and pence (p), unless otherwise stated. | ||
| 2007 | 2006 | |
| Revenue | 2,112 | 1,812 |
| Operating profit | 603 | 506 |
| Pretax profit | 557 | 434 |
| basic | 0.47p | 0.38p |
| diluted | 0.46p | 0.37p |
| Interim dividend | nil |
Highlights:
- Gross Profit GBP1.346 million (2006: GBP1.100 million)
- Record results
- Focus on higher margin value added services
- Final instalment of GBP175,000 for Vindon Scientific paid
- Successfully raised GBP1.9 million net to fund new U.K. facility
- First significant manufacturing order from the U.S.
- New plant opened in southern Ireland
- Total committed revenues of GBP4 million
- Strong demand across all product areas
- Looking forward to the future with enthusiasm and confidence
Edited Press Release
LONDON (Dow Jones)--Vindon Healthcare reported Tuesday a pretax profit of GBP,557,000 for six months ended Jun. 30, from a profit of GBP434,000 for the same period last year.
Chairman Liam Ferguson said: "The Group's immediate future prospects are underpinned by committed revenue arising on storage and service contracts. The Group currently has committed revenue of GBP2.0 million for the next 12 months with a further GBP2.0 million thereafter, giving total committed revenues of GBP4.0 million. This represents a GBP0.3 million increase since Dec. 31, 2006.
"We plan to continue as the UK's leading supplier to the pharmaceutical industry of controlled environment products by building a market defining facility in 2008.
"The pharmaceutical market is subject to positive influences from increasing wealth and lifestyle aspirations throughout the world. Our entry into the Irish and American markets are intended to extend the benefit we already derive from this market sector.
"We look forward to the future with enthusiasm and confidence.
"The Group is a provider of environmental control products and services to the pharmaceutical, life sciences and food sectors and has operational bases in the U.K. and Ireland. Vindon Healthcare provides products and services for the management of temperature, humidity and light where precise conditions are required.
"The product range includes controlled environment chambers, blood banks, plasma freezers and plant growth chambers. The Group's services include controlled environment storage and the service, maintenance and validation of controlled environment chambers, blood banks, plasma freezers and plant growth chambers.
"Financial Highlights: Turnover was GBP2,112,000 which is an increase of 16.6% over the corresponding period, and the gross profit margin was 63.7% against a corresponding 60.7%. This generated an operating profit of GBP603,000 which is an increase of 19.2% over the corresponding period.
"This reflects our focus on higher margin value added services. Costs include revenue expenditure on the establishment of a new storage facility in southern Ireland and the strengthening of our service, maintenance and validation capability.
"Activity levels in manufacturing were comparatively high in June 2007 and this temporarily raised working capital requirements at period end. July deliveries have reduced this to normal levels.
"The acquisition by the Group of Vindon Scientific Limited in 2005 involved deferred consideration of GBP350,000 payable in two equal instalments. During the period the final instalment of GBP175,000 was paid.
"The Company achieved a successful share issue of 10 million new ordinary shares which raised GBP1,910,000 after costs. These funds have been allocated to the development of a new U.K. facility close to our existing site which will, we believe, provide market leading capability in our sector and should enable the achievement of our growth plans. The precise timing of this development is subject to the successful conclusion of current negotiations.
"Current Trading: Activity levels have remained high during July and August, and demand remains strong across all product areas.
"The storage facility in southern Ireland is now open and is currently undergoing audit and inspection by prospective clients with a view to the first products going into store this autumn.
"Marketing: The opening of the new plant in southern Ireland has increased our ability to offer our clients an enhanced service capability and the initial response is encouraging.
"We are pleased to report our first significant manufacturing order from the USA. We consider that this market has considerable potential for us in the future."
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