TIDMIDH
RNS Number : 0830G
Immunodiagnostic Systems Hldgs PLC
20 November 2020
20 November 2020
Immunodiagnostic Systems Holdings PLC
Unaudited Interim Results for the six-month period ended 30
September 2020 (H1 FY21)
Key Business Developments in H1 FY21
The COVID-19 pandemic has had an extraordinary impact on global
economic performance, and to healthcare systems around the world.
Levels of routine diagnostic testing in the market dropped
significantly in April, and since then they have been on a recovery
path, reaching an estimated 85% of normal levels in September. On a
quarterly basis, the directors estimate the market for routine
testing saw a drop of 35 % during Q1, and 15% during Q2. The IDS
revenues followed this market trend.
IDS has launched a number of products for COVID-19 testing in
H1, but revenues from these products have so far not been able to
make up for the impact of the decline in the market for routine
testing.
Unaudited Group revenues for H1 FY21 were GBP13.7m, 27% lower
than the same period last year on both a LFL (i.e. at constant FX
rates) and reported basis. Revenues in Q1 were GBP5.7m (61% of Q1
FY20) but had increased significantly to GBP8.0m in Q2 (84% of Q2
FY20). This development mirrors the recovery of routine diagnostic
testing as noted earlier.
We undertook several cost control efforts during the period to
offset the reduced revenues, including using part time working
schemes where available, and as a result reduced fixed costs by
GBP1.6m versus H2 FY20.
Adjusted EBITDA, our core metric for measuring underlying
profitability, decreased from a profit of GBP2.9m in H1 FY20 to a
loss of GBP0.8m in H1 FY21. Within the period, Adjusted EBITDA has
followed the same improving trend as the revenue, with a loss of
GBP0.9m in Q1 recovering to a profit of GBP0.1m in Q2.
These results are summarised below:
GBPm H1 FY21 H1 FY20 LFL Change*
Group Revenue 13.7 18.8 (27%)
Adjusted** EBITDA (0.8) 2.9 (126%)
------------------- -------- -------- ------------
* Like for like 'LFL' numbers have been restated to remove the
impact of foreign exchange movements in the period by restating the
prior period results using the exchange rates of the current
period.
** Before exceptional items of GBP0.6m (H1 FY20: GBPnil) - see
reconciliation in the Financial Review section.
Jaap Stuut, CEO of IDS, commented:
"The impact of the COVID-19 pandemic dominated our H1 FY21
results. However, on the positive side it was pleasing that our
automated assay menu increased by seven new assays. We also
continued to increase the installed base of IDS analysers and saw a
swift recovery in business performance during Q2 as diagnostic
testing levels recovered. This increased installed base and assay
menu, which now includes a comprehensive SARS-CoV-2 antibody test
offering, coupled with our strong balance sheet position, gives me
confidence that as the global situation improves IDS will return to
growth."
Notes:
Immunodiagnostic Systems Holdings PLC ("IDS" or "the Group") is
a specialist producer of manual and automated diagnostic testing
kits and instruments for the clinical and research markets.
For further information:
Immunodiagnostic Systems Holdings PLC Tel : +44 (0)191 519
0660
Jaap Stuut, CEO
Paul Martin, Finance Director
Peel Hunt LLP Tel : +44 (0)20 7418
8900
James Steel/Oliver Jackson
Chief Executive's Statement
Overview
On both a reported basis and LFL basis, Group revenue decreased
by 27% from H1 FY20, mainly driven by the reduction in routine
diagnostic testing levels due to the COVID-19 pandemic. However, we
witnessed a much stronger performance towards the end of H1, with
Q2 revenues at 84% of the same period in the prior year. The
quarterly Group revenue performance is summarised as follows:
FY21 FY20 % of FY20 revenue
achieved in FY21
Q1 (April -
June) GBP5.7m GBP9.1m 61%
---------- ---------- ------------------
Q2 (July -
Sept) GBP8.0m GBP9.7m 84%
---------- ---------- ------------------
Total GBP13.7m GBP18.8m 73%
---------- ---------- ------------------
Below is a discussion of the main developments and actions taken
in each business unit during the period:
1. AUTOMATED BUSINESS
1.1 Business Performance
LFL Change %
H1 FY21 H1 FY20 H1 FY19 H1 FY21 v H1 FY20
GBP000 GBP000 GBP000 H1 FY20 v
H1 FY19
-------- -------- -------- ---------- ---------
25-OH Vitamin
D 1,069 2,325 2,839 (54%) (20%)
-------- -------- -------- ---------- ---------
Speciality
- Endo 5,410 7,059 6,679 (23%) 5%
-------- -------- -------- ---------- ---------
Speciality
- AI 805 702 425 14 % 64 %
-------- -------- -------- ---------- ---------
Speciality
- Others 214 169 144 26% 17%
-------- -------- -------- ---------- ---------
Instrument
Sales & Service 699 736 714 (6%) 3%
-------- -------- -------- ---------- ---------
Total 8,197 10,991 10,801 (25%) 0%
-------- -------- -------- ---------- ---------
Revenue performance in our Automated business declined versus
the prior year due to lower diagnostic testing levels, as noted
earlier. The revenue trajectory improved significantly as H1
progressed, with revenues of GBP3.3m in Q1 increasing to GBP4.9m in
Q2.
Business performance varied depending on geography, due to the
differing stages of the pandemic in each location. During Q2 FY21
sales in our direct European territories had recovered and were
slightly ahead of the same period in the previous year. Conversely,
sales in the US and some of our distribution territories were
significantly lower.
Over the last few years, our strategy has been to develop new
business streams in our Automated Business, thereby reducing our
reliance on the declining Vitamin D business. Vitamin D now only
accounts for 13% of our Automated business, resulting in a more
diversified revenue base with better underlying growth
characteristics.
It was pleasing to note, despite the macro economic factors,
Speciality Autoimmune revenues continued to grow. This reflects the
attractiveness in the market of our comprehensive assay menu which
combines dedicated autoimmune markers with complementary
endocrinology markers. There is also opportunity to accelerate our
Infectious Disease assay revenues on the back of our automated
SARS-CoV-2 antibody tests which were released towards the end of H1
FY21.
1.2 Instrument Placements
An analysis of instrument placements and sales is set out
below:
H1 FY21 H1 FY20 H1 FY19
Direct Gross Placements
[1] 9 18 15
Direct Returns (10) (14) (12)
Direct Net Placements
[2] (1) 4 3
Sales to Distributors
[3] 12 14 13
Total Analyser Installations
[1] + [3] 21 32 28
Increase in installed
base [2] + [3] 11 18 16
------------------------------- -------- -------- ----------
The worldwide installed base of analysers increased by 11 during
H1 FY21 (H1 FY20: 18).
The focus in most hospitals and laboratories on acute PCR
testing for SARS-CoV-2 has impacted the speed in which we can
install analysers for validation, and more generally to progress
opportunities through our sales pipeline. Sales activity levels, in
both direct and distribution markets, improved during Q2, and as a
result we expect to see improved analyser placement performance
during H2 FY21.
1.3 Assays per Instrument
Average assays being run on each instrument stands at 6.1,
versus 5.4 at 30 September 2019, demonstrating our ability to
upsell new assays onto existing placements, along with the
continued uptake of our enlarged assay portfolio.
1.4 Market Share
We have assessed whether the strong decrease in revenues in H1
FY21 could be the result of a loss of market share and are
confident that we have not ceded market share to competition. We
take this confidence from three sources: the lower number of
analysers returned, the increased ability to upsell more assays
onto our installations, and the fact that many diagnostic companies
routine testing businesses have suffered similar declines in
revenue.
1.5 COVID-19 Products
Towards the end of H1 FY21 we launched two automated
immunoassays for the detection of SARS-CoV2 IgG and IgM antibodies,
which can detect past infections as well as providing critical
public health information. We also provided outsourced
manufacturing services to The Binding Site (UK) for their
ELISA-based SARS-CoV-2 antibody test. Revenue from COVID-19
products amounted to GBP0.4m during Q2 FY21.
With the potential arrival of SARS-CoV-2 vaccines, public health
studies into the virus should increase as there will be a need to
measure the success of the vaccination programmes. There should be
a growing interest in monitoring the overall antibody level in a
population to measure the attainment of a protective antibody level
nationwide for achieving herd immunity. This could drive increased
sales of our automated SARS-CoV2 antibody tests.
The above tests are used to confirm past infections. However
currently the market focus is on testing to verify an active
infection. Therefore, in conjunction with one of our partners, we
are working on the development of a saliva-based rapid test for
SARS-CoV-2 antigens. This manual test, which has the potential for
self-administered use, would allow for immediate identification of
individuals with an elevated amount of SARS-CoV-2 virus and be
extremely helpful for curtailing the spread of the virus. In
addition, it will overcome the shortcoming of presently used rapid
tests based on nasopharyngeal swabs, which rely on sampling by
professional staff only.
1.6 Assay Development and Product Registration
In Europe, in addition to the two automated SARS-Cov-2 tests we
released the IDS Automated Cortisol assay, which rounds out our
automated hypertension panel. We also entered the field of
therapeutic drug monitoring, with a panel of four new tests
co-developed with a partner. These are the first such automated
tests on the market. They are used to monitor the efficacy of
Infliximab (trade name Remicade) and Adalimumab (trade name Humira)
which are antibody-based drugs used in the management of chronic
inflammatory diseases.
In the US we achieved 510k approval for our BAP assay and expect
to make the first sales of this key assay to a major US laboratory
chain during H2 FY21.
In summary, the automated assay menu now available on the IDS
analysers is:
Sep 20 Sep 19
CE FDA CE FDA
---- ---- ---- ----
Endocrinology 23 12 22 11
---- ---- ---- ----
Autoimmune 29 29
---- ---- ---- ----
Infectious Disease 25 23
---- ---- ---- ----
Allergy 67 67
---- ---- ---- ----
Therapeutic Drug 4 -
monitoring
---- ---- ---- ----
Total 148 12 141 11
---- ---- ---- ----
2. Manual Business
LFL Change %
H1 FY21 H1 FY20 H1 FY19 H1 FY21 v H1 FY20
GBP000 GBP000 GBP000 H1 FY20 v
H1 FY19
-------- -------- -------- ---------- ---------
25-OH Vitamin
D 249 604 556 (59%) 6%
-------- -------- -------- ---------- ---------
Other Speciality
- IDS 1,696 2,446 2,524 (31%) (5%)
-------- -------- -------- ---------- ---------
Other Speciality
- Purchased 667 872 987 (24%) (14%)
-------- -------- -------- ---------- ---------
Diametra 999 1,816 2,069 (45%) (13%)
-------- -------- -------- ---------- ---------
Total 3,611 5,738 6,136 (37%) (8%)
-------- -------- -------- ---------- ---------
The Manual business saw a decline of 37% LFL versus H1 FY20,
impacted essentially by the same factors as the Automated business.
Revenues started to recover with Q1 revenue being GBP1.6m and Q2
being GBP2.0m. Despite the efforts of the Manual business unit
sales team, this recovery is less pronounced than our Automated
business, which we believe is due to a greater portion of our
Manual business being generated in geographies which have seen a
slower rebound from the first virus wave and hence lower demand
levels.
The speciality product range has been impacted less by the
reduction in levels of routine testing than our 25-OH Vitamin D and
Diametra products, as the speciality tests are often used in a
research setting, where the volume impact has been less
significant.
3. Technology Business
LFL Change %
H1 FY21 H1 FY20 H1 FY19 H1 FY21 H1 FY20
GBP000 GBP000 GBP000 v v
H1 FY20 H1 FY19
-------- -------- -------- --------- ---------
Royalty Income - - 35 0% (99%)
-------- -------- -------- --------- ---------
Technology Income 1,890 2,062 1,523 (9%) 36%
-------- -------- -------- --------- ---------
Total 1,890 2,062 1,558 (9%) 32%
-------- -------- -------- --------- ---------
Our Technology business, comprising the sale of instruments and
ancillaries to OEMs, showed a LFL decline of GBP172k.
In this business unit, we have widened the sales focus to
include commercialisation of our assay technology and manufacturing
know-how. We had success in this area through our agreements to
provide contract manufacturing services for SARS-CoV-2 ELISA kits,
the revenue for which has been recognised in Technology Income,
along with the revenue from sales of our analyser technology to OEM
partners.
4. Operations
Like most businesses IDS has faced challenges and restrictions
arising from the COVID-19 crisis. These have varied in each of our
operational locations, and across the territories where our
customers and suppliers are based. It is a credit to our entire
team that we were able to maintain full operational capabilities
across the business, thus ensuring continuity of supply to all our
customers, while adhering to all regulations recommended to ensure
the safety of our employees. We have carefully managed costs during
the period - more information related to this is provided in the
Financial Review.
I would like to thank all of the IDS team for their efforts to
ensure we have been able to maintain strong customer service levels
and meet customer requirements during these unprecedented
times.
Financial review
Group revenues were GBP13.7m, compared to GBP18.8m recorded in
H1 FY20. An overview of the revenue performance has been given in
the Chief Executive's Statement.
Adjusted EBITDA (before exceptional items) was a loss of
GBP0.8m, compared to a profit of GBP2.9m in H1 FY20, the reduction
being driven mainly by the lower revenues, offset by cost savings
as explained later in this review. The adjusted EBITDA trajectory
improved significantly during H1 FY21, with Q1 recording a loss,
but returning to profit in Q2. Free cash to equity outflow was
GBP2.9m (H1 FY20: inflow of GBP0.4m).
A. SUMMARY OF INCOME STATEMENT
H1 FY21 H1 FY20* FY20*
GBP000 GBP000 GBP000
------------------------------------- ---------- ----------- ---------
Revenue 13,698 18,791 39,347
------------------------------------- ---------- ----------- ---------
Gross profit 5,260 9,417 19,546
Gross margin 38.4% 50.1% 49.7%
Sales and marketing (4,081) (4,403) (8,890)
Research and development (2,094) (1,899) (4,096)
General and administrative expenses (2,069) (2,473) (5,232)
------------------------------------- ---------- ----------- ---------
Total operating costs (8,244) (8,775) (18,218)
Exceptional items (556) - -
------------------------------------- ---------- ----------- ---------
(Loss)/profit from operations (3,540) 642 1,328
Add back:
Depreciation and amortisation 2,234 2,215 4,722
Exceptional items 556 - -
------------------------------------- ---------- ----------- ---------
Adjusted EBITDA (750) 2,857 6,050
------------------------------------- ---------- ----------- ---------
*Restated - see A1 below
The profit performance for the Group followed a similar
trajectory to revenue, with a significant improvement during Q2 as
revenues increased, and costs reduced. Gross margin was 34% in Q1
FY21, improving to 41% in Q2 FY21. Adjusted EBITDA in Q1 FY21 was a
loss of GBP0.9m, recovering to a profit of GBP0.1m in Q2 FY21.
A1 Change in Accounting Policy
To ensure that the Group's financial performance can be more
easily benchmarked with its peer group, and our policies are
aligned to market practice in the diagnostics sector, the
amortisation costs related to capitalised development spend
previously shown within cost of goods sold, have been reclassified
to Research and Development expenses within Operating Costs. This
change does not impact the profit or net assets of the Group. Prior
period comparatives have been updated to reflect this change in
accounting policy. A table detailing the impact of this
reclassification is set out in Note 1.
A2 Foreign Exchange
The average exchange rates used to translate Euros and US
Dollars to Pounds Sterling are as follows:
Average exchange rates H1 FY21 H1 FY20 FY20
---------------------------- -------- -------- -----
Pounds Sterling: US Dollar 1.27 1.26 1.28
Pounds Sterling: Euro 1.12 1.13 1.15
---------------------------- -------- -------- -----
The movement in FX rates has not significantly impacted the
reported results of the Group and the comparisons versus H1 FY20.
In the period, 73% (H1 FY20: 68%) of the Group's revenues were
denominated in Euros, and 13% (H1 FY20: 20%) were denominated in US
Dollars.
A3 Gross Profit
Gross profit was GBP5.3m (H1 FY20: GBP9.4m) implying a gross
margin of 38.4% (H1 FY20: 50.1%).
It is important to note that this drop in margin is almost
entirely volume related; we have not seen a significant change in
product selling prices to customers. As a result, once sales
volumes recover, we expect gross margins to swiftly return to the
circa 50% level as seen in FY20. Indeed, as the continuous
improvement projects implemented in the operations function have
continued during H1 FY21, margins should continue the upward trend
seen between FY19 and FY20 moving forward.
A4 Operating Costs
The Group's total operating costs (before exceptional items)
comprise:
H1 FY21 % revenue H1 FY20* % revenue*
GBP000 GBP000
---------------------------------- ------- --------- -------- ----------
Sales and marketing (4,081) 29.8% (4,403) 23.4%
Research and development (2,094) 15.3% (1,899) 10.1%
General and administrative
expenses (2,069) 15.1% (2,473) 13.2%
Operating costs (pre-exceptional) (8,244) 60.2% (8,775) 46.7%
---------------------------------- ------- --------- -------- ----------
*Restated H1 FY20 information as described in Section A1 of
Financial Review
Total spend on operating costs has declined by GBP0.6m to
GBP8.2m (H1 FY20: 8.8m) with the details set out in the table
above.
A5 Cost Control Efforts
During H1 FY21 we implemented two restructuring exercises, as
set out in the exceptional items note below, and took advantage of
part time working schemes throughout Europe and the Paycheck
Protection Program scheme in the US.
As a result, our spend on fixed costs across COGS and Operating
costs reduced by GBP1.6m (or 13%) versus H2 FY20, and GBP2.2m
versus our H1 plan for FY21. We will continue these cost control
efforts into H2 FY21 as required, taking account of both how the
business recovers as the pandemic evolves as well as the success of
our new product lines.
A6 Exceptional Items
Exceptional items during the current and previous financial
periods comprise:
H1 FY21 H1 FY20
GBP000 GBP000
-------------------------- ----------------------------- --------
Restructuring costs (556) -
------------------------------------------- ------------ --------
In H1 FY21 the exceptional costs relate to redundancy costs
arising from two strategic reorganisation projects. Firstly, the
assay research and development function was consolidated into the
two sites in Boldon and Spello, and secondly, we streamlined the
IDS Executive Team. We believe both of these changes, which were
independent of the impact of the COVID-19 pandemic, will lead to
quicker and more efficient decision making within the business,
increased output, and a significant reduction in our fixed cost
base.
A7 Finance Expense
Net finance expense was GBP0.1m (H1 FY20: GBP0.9m). The prior
period cost relates mainly to foreign exchange losses on
intercompany loans. In the intervening period the intercompany
balances have been reorganised to reduce the exposure to
intercompany related FX movements.
A8 Taxation
The Group's effective tax rate for the current period is based
on an estimate of the rate for the full financial year and is 19%
(H1 FY20: 107%) giving a tax credit of GBP0.7m (H1 FY20: GBP0.2m).
Before exceptional items, prior year adjustments and the effect of
rate changes on deferred tax balances, the effective rate is 12%
(H1 FY20: 60%).
A9 Earnings Per Share
Basic loss per share was 10.3p (H1 FY20: earnings per share
0.1p).
B. HEADCOUNT
A summary of IDS headcount by function is given below:
30 Sep 20 31 Mar 30 Sep
20 19
Operations 133 136 125
Sales and Marketing 75 77 75
thereof field sales force
& CAS 22 23 23
Research and Development 43 47 38
General and administrative 35 35 35
Total FTE's 286 295 273
IVDR project (10) (9) -
Total FTE's (excluding IVDR
project) 276 286 273
-------------------------------- ---------- ------- -------
Annualised revenue per employee for H1 FY21 decreased to
GBP96,000 per FTE (H1 FY20: GBP138,000). The increase in headcount
versus 30 Sep 2019 is mainly driven by the creation of a team
tasked with ensuring our assays will comply with the future IVD
regulations, which will come into effect in May 2022. This team is
split across the Operations and Research and Development
categories.
C. SUMMARY OF BALANCE SHEET
C1 Equity
The Group's net assets at 30 September 2020 are GBP54.0m,
compared to GBP57.1m at 31 March 2020 (30 September 2019:
GBP56.7m).
C2 Working Capital
The Group net working capital decreased to GBP13.2m from
GBP14.1m at 31 March 2020 (GBP11.3m at 30 September 2019). This
equates to 48% of annualised revenue.
Inventory levels have increased, driven by a decision to build
up stock levels of analysers and related raw materials worth
GBP2.1m, which we expect will be sold or placed during the second
half of the year. This was offset by a net reduction in trade
debtors and trade payables, reflecting the lower activity levels
experienced towards the end of H1 FY21.
D. SUMMARY OF CASH FLOW STATEMENT
A summary of the Group's cash flow is set out below:
H1 FY21 H1 FY20 FY20
GBP000 GBP000 GBP000
----------------------------------- ---------- ---------- --------
(Loss)/profit before tax (3,640) (230) 3,254
Depreciation and amortisation 2,234 2,215 4,723
Income taxes received 902 331 788
Other adjusting items 108 885 (1,908)
Movements in working capital (325) (564) (1,314)
----------------------------------- ---------- ---------- --------
Cash (used in)/generated from
operating activities (721) 2,637 5,543
Cash used in investing activities (1,729) (1,929) (4,663)
Cash used in financing activities (974) (486) (938)
----------------------------------- ---------- ---------- --------
Net (decrease)/increase in cash
and cash equivalents (3,424) 222 (58)
----------------------------------- ---------- ---------- --------
Dividend 547 201 201
----------------------------------- ---------- ---------- --------
Free cash flow (from)/to equity (2,877) 423 143
----------------------------------- ---------- ---------- --------
The net decrease in cash was GBP3.4m, compared to an increase of
GBP0.2m in H1 FY20. The decrease was driven by the lower revenues
recorded, which led to cash of GBP0.7m being used in operating
activities. In H1 FY20, GBP2.6m of cash was generated from
operating activities.
Cash used in investing activities reduced, mainly as a result of
the lower instrument placements during H1 FY21. The increase in
cash used in financing activities was due to the increased dividend
of GBP0.5m related to the prior year (H1 FY20: GBP0.2m).
As a result of the above, free cash outflow to equity was
GBP2.9m (H1 FY20: inflow of GBP0.4m).
As at 30 September 2020, the Group's cash and cash equivalents
are GBP24.2m (30 September 2019: GBP28.1m; 31 March 2020:
GBP27.6m).
E. BREXIT
With a hard Brexit looking more probable, I believe IDS is well
positioned to mitigate any disruption. Most of our production
capacity and customer base is located outside the UK, and thus will
not be impacted by Brexit.
In the run up to 31 December we will position our finished goods
inventory to mitigate the impact of any delays arising at the UK:EU
border, and do not anticipate any impact to our customers.
Furthermore, we have plans to ensure sufficient stock of raw
materials are held, particularly where we know a transfer across
this border is required, to ensure production in our Boldon
facility can continue uninterrupted. Finally, we have taken the
steps necessary to ensure our products retain the relevant
regulatory approval to enable sale in the EU post Brexit.
Should the Pound Sterling be adversely impacted by a hard
Brexit, this will be favourable to IDS, as the majority of our
income stream is in Euros or US Dollars, yet we have significant
costs in Pounds Sterling.
F. OUTLOOK
While I am pleased with the recovery shown during the second
quarter, there remains uncertainty as to how this recovery might
evolve, as it is highly contingent on the future development of the
pandemic. Given the current onset of a second wave of COVID-19
infections across Europe and the US we will keep a tight control on
costs and aim to be ahead of the curve when matching costs to
revenues.
Unaudited consolidated interim income statement
For the six-month period to 30 September 2020
Restated Restated
6 Months 6 Months Year ended
ended ended 31 March
30 Sep 30 Sep 2019 2020
2020
Note GBP000 GBP000 GBP000
2,
Revenue 3 13,698 18,791 39,347
Cost of sales (8,438) (9,374) (19,801)
Gross profit 5,260 9,417 19,546
Sales and marketing costs (4,081) (4,403) (8,890)
Research and development costs (2,094) (1,899) (4,096)
General and administrative expenses (2,069) (2,473) (5,232)
----- --------- ------------ -----------
Operating costs pre-exceptional
items (8,244) (8,775) (18,218)
Restructuring costs (556) - -
Total exceptional items 4 (556) - -
------------------------------------- ----- --------- ------------
Operating costs (8,800) (8,775) (18,218)
(Loss)/profit from operations (3,540) 642 1,328
Finance income
Finance income pre-exceptional
items 36 - 891
Exceptional finance income - - 1,226
Total finance income 36 108 2,117
Finance costs (136) (980) (191)
(Loss)/profit before tax (3,640) (230) 3,254
Income tax credit 6 688 246 94
(Loss)/profit for the period
attributable to owners of the
parent (2,952) 16 3,348
===== ========= ============ ===========
(Loss)/earnings per share
From continuing operations
Adjusted basic 5 (8.6)p 0.1p 7.4p
Adjusted diluted 5 (8.5)p 0.1p 7.4p
Basic 5 (10.3)p 0.1p 11.6p
Diluted 5 (10.2)p 0.1p 11.6p
Unaudited interim statement of other comprehensive income
For the six-month period to 30 September 2020
6 Months 6 Months Year ended
ended ended 31 March
30 Sep 30 Sep 2020
2020 2019
GBP000 GBP000 GBP000
(Loss)/profit for the period (2,952) 16 3,348
Other comprehensive income to be
reclassified to profit or loss in
subsequent periods:
Currency translation differences 390 1,575 (137)
Exchange differences classified to
profit and loss on liquidation of
foreign subsidiary - - (1,226)
Other comprehensive income/(expense)
to be reclassified to profit or loss
in subsequent periods, before and
after tax 390 1,575 (1,363)
Other comprehensive (expense)/income
not to be reclassified to profit
or loss in subsequent periods:
Remeasurement of defined benefit
plan - (39) (8)
Other comprehensive (expense)/income
not to be reclassified to profit
or loss in subsequent periods, before
tax - (39) (8)
Tax relating to other comprehensive
income not to be reclassified to
profit or loss in subsequent periods - - (5)
--------- --------- -----------
Other comprehensive income/(expense),
net of tax 390 1,536 (1,376)
--------- --------- -----------
Total comprehensive (expense)/income
for the period
attributable to owners of the parent (2,562) 1,552 1,972
========= ========= ===========
Unaudited consolidated interim balance sheet
As at 30 September 2020
30 Sep 30 Sep 31 March
2020 2019 2020
Note GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 9,722 8,500 9,806
Other intangible assets 11,183 11,123 11,162
Deferred tax assets 295 284 116
Other non-current assets 110 110 289
21,310 20,017 21,373
Current assets
Inventories 13,181 9,043 10,740
Contract assets 268 402 317
Trade and other receivables 7,228 8,560 11,153
Income tax receivable 1,633 2,528 2,140
Cash and cash equivalents 24,178 28,148 27,584
46,488 48,681 51,934
----- ------- ------- ---------
Total assets 67,798 68,698 73,307
----- ------- ------- ---------
Liabilities
Current liabilities
Lease liabilities 851 554 833
Trade and other payables 7,265 6,518 9,494
Contract liabilities 175 166 209
Income tax payable 218 348 485
Provisions 7 78 47 76
Government grants 18 28 22
8,605 7,661 11,119
----- ------- ------- ---------
Net current assets 37,883 41,020 40,815
----- ------- ------- ---------
Non-current liabilities
Lease liabilities 2,841 2,062 2,724
Employee benefit obligations 370 403 360
Provisions 7 1,009 884 969
Deferred tax liabilities 986 947 1,046
5,206 4,296 5,099
Total liabilities 13,811 11,957 16,218
----- ------- ------- ---------
Net assets 53,987 56,741 57,089
===== ======= ======= =========
Total equity
Called up share capital 8 589 589 589
Share premium account 8 32,345 32,345 32,345
Other reserves 3,687 6,235 3,297
Retained earnings 17,366 17,572 20,858
Equity attributable to owners
of the Parent 53,987 56,741 57,089
===== ======= ======= =========
Unaudited consolidated interim cash flow statement
For the six-month period to 30 September 2020
6 Months 6 Months Year ended
ended ended 31 March
30 Sep 30 Sep 2020
2020 2019
GBP000 GBP000 GBP000
(Loss)/profit before tax (3,640) (230) 3,254
Adjustments for:
Depreciation of property, plant
and equipment 1,140 1,185 2,468
Amortisation of intangible assets 1,094 1,030 2,255
Loss on disposal of property, plant
and equipment 2 2 3
Share-based payment charge 7 11 15
Finance income (36) (108) (2,117)
Finance costs 135 980 191
Operating cash flows before movements
in working capital (1,298) 2,870 6,069
Increase in inventories (2,214) (910) (2,484)
Decrease/(increase) in receivables 4,098 638 (1,933)
(Decrease)/increase in payables,
provisions and deferred income (2,209) (292) 3,103
Cash (used in)/generated by operations (1,623) 2,306 4,755
Income taxes received 902 331 788
Net cash from operating activities (721) 2,637 5,543
--------- --------- -----------
Investing activities
Purchases of other intangible assets (1,065) (922) (2,198)
Purchases of property, plant and
equipment (700) (1,115) (2,638)
Interest received 36 108 173
Net cash used by investing activities (1,729) (1,929) (4,663)
--------- --------- -----------
Financing activities
Principal element of lease payments (327) (215) (546)
Interest paid (100) (70) (191)
Dividends paid (547) (201) (201)
Net cash used by financing activities (974) (486) (938)
--------- --------- -----------
Net (decrease)/increase in cash
and cash equivalents (3,424) 222 (58)
Effect of exchange rate differences 18 213 (71)
Cash and cash equivalents at beginning
of period 27,584 27,713 27,713
--------- --------- -----------
Cash and cash equivalents at end
of period 24,178 28,148 27,584
========= ========= ===========
Unaudited consolidated statement of changes in equity
Share Share Other Retained Total
capital premium reserves earnings
account
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2020 589 32,345 3,297 20,858 57,089
Loss for the period - - - (2,952) (2,952)
Other comprehensive
income
Foreign exchange translation
differences on foreign
currency net investment
in subsidiaries - - 390 - 390
Remeasurement of defined
benefit plan - - - - -
Total comprehensive
income - - 390 (2,952) (2,562)
Transactions with
owners
Share-based payments - - - 7 7
Dividends paid - - - (547) (547)
At 30 September 2020 589 32,345 3,687 17,366 53,987
======== ======== ========= ========= ========
At 1 April 2019 589 32,345 4,660 17,709 55,303
Change in accounting
policy - - - 76 76
Restated as at 1 April
2019 589 32,345 4,660 17,785 55,379
Profit for the period - - - 16 16
Other comprehensive
income
Foreign exchange translation
differences on foreign
currency net investment
in subsidiaries - - 1,575 - 1,575
Remeasurement of defined
benefit plan - - - (39) (39)
-------- -------- --------- --------- --------
Total comprehensive
income - - 1,575 (23) 1,552
Transactions with
owners
Share-based payments - - - 11 11
Dividends paid - - - (201) (201)
At 30 September 2019 589 32,345 6,235 17,572 56,741
======== ======== ========= ========= ========
Share Share Other Retained Total
capital premium reserves earnings
account
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2019 589 32,345 4,660 17,709 55,303
Profit for the year - - - 3,348 3,348
Other comprehensive income
Foreign exchange translation
differences on foreign
currency net investment
in subsidiaries - - (137) - (137)
Exchange differences classified
to retained earnings on
liquidation of foreign
subsidiary - - (1,226) - (1,226)
Remeasurement of defined
benefit plan - - - (8) (8)
Tax effect on remeasurement
of defined benefit plan - - - (5) (5)
Total comprehensive (expense)/income - - (1,363) 3,335 1,972
Transactions with owners
Share-based payments - - - 15 15
Dividends paid - - - (201) (201)
At 31 March 2020 589 32,345 3,297 20,858 57,089
======== ======== ========= ========= ========
In the prior year Interim Financial Statements, the opening
equity was restated due to a change in accounting policy relating
to IFRS16 Leases. This was subsequently noted as incorrect and was
reversed at the year end. The impact is not material and therefore
there is no restatement of prior year Interim opening reserves.
Notes to the Interim Financial Statements
For the six-month period to 30 September 2020
1 Basis of preparation
The unaudited condensed financial statements for the six months
ended 30 September 2020 have been prepared in accordance with IAS
34, 'Interim Financial Reporting', as adopted by the European
Union. They do not include all the information required for full
annual financial statements and should be read in conjunction with
the consolidated financial statements of the Group for the year
ended 31 March 2020. The unaudited condensed financial information
has been prepared using the same accounting policies and methods of
computation used to prepare the Group's Annual Report &
Accounts for the year ended 31 March 2020 that are described on
pages 62 to 72 of that report which can be found on the Group's
website at www.idsplc.com. The annual financial statements of the
Group are prepared in accordance with IFRS as adopted by the
European Union.
New standards or interpretations not yet effective for the
financial year ending 31 March 2021 are as follows: -
-- IAS 1 - Presentation of Financial Instruments - amendments to the definition of material;
-- IAS 8 - Accounting Policies, Changes in Accounting Estimates
and Errors - amendments to the definition of material;
-- IFRS 3 - Business Combinations - amendments to clarify the definition of a business;
-- IFRS 9, IAS 39 and IFRS 7 Financial Instruments - amendments
to interest rate benchmark reform providing certain reliefs for
hedge accounting.
The financial information for the six months ended 30 September
2020 is not reviewed by PricewaterhouseCoopers LLP and accordingly
no opinion has been given. The comparative financial information
for the year ended 31 March 2020 has been extracted from the Annual
Report & Accounts 2020. The financial information contained in
this interim report does not constitute statutory accounts as
defined in section 435 of the Companies Act 2006 and does not
reflect all of the information contained in the Group's Annual
Report & Accounts 2020. The annual financial statements for the
year ended 31 March 2020, which were approved by the Board of
Directors on 16 June 2020, received an unqualified audit report,
did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006 and have been filed with the Registrar of
Companies.
To ensure that the Group's financial performance can be more
easily benchmarked with its peer group, and our policies are
aligned to market practise in the diagnostics sector, the
amortisation costs related to capitalised development spend
previously shown within cost of goods sold, have been reclassified
to research and development expenses. This change does not impact
the profit or net assets of the Group. The changes made are
highlighted in the tables below:
H1 2021 Before Development After
reclassification cost amortisation reclassification
reclassification
GBP'000 GBP'000 GBP'000
Revenue 13,698 13,698
Cost of sales (9,447) 1,009 (8,438)
----------------------------------- -------------------------------- ---------------------------
Gross profit 4,251 1,009 5,260
Sales and
marketing (4,081) (4,081)
Research and
development (1,085) (1,009) (2,094)
General and
administrative (2,069) (2,069)
----------------------------------- -------------------------------- ---------------------------
Operating costs
pre-exceptional
items (7,235) (1,009) (8,244)
Exceptional
items (556) (556)
----------------------------------- -------------------------------- ---------------------------
Operating costs (7,791) (1,009) (8,800)
Loss from
operations (3,540) (3,540)
----------------------------------- -------------------------------- ---------------------------
H1 2020 Before Development After
reclassification cost reclassification
amortisation
reclassification
GBP'000 GBP'000 GBP'000
Revenue 18,791 18,791
Cost of sales (10,380) 1,006 (9,374)
------------------------------------- ------------------------------- -------------------------
Gross profit 8,411 1,006 9,417
Sales and
marketing (4,403) (4,403)
Research and
development (893) (1,006) (1,899)
General and
administrative (2,473) (2,473)
------------------------------------- ------------------------------- -------------------------
Operating costs
pre-exceptional
items (7,769) (1,006) (8,775)
Exceptional - -
items
------------------------------------- ------------------------------- -------------------------
Operating costs (7,769) (1,006) (8,775)
Profit from
operations 642 642
------------------------------------- ------------------------------- -------------------------
FY 2020 Before Development After
reclassification cost reclassification
amortisation
reclassification
GBP'000 GBP'000 GBP'000
Revenue 39,347 39,347
Cost of sales (21,971) 2,170 (19,801)
----------------------------------------- ------------------------------- ----------------------------
Gross profit 17,376 2,170 19,546
Sales and
marketing (8,890) (8,890)
Research and
development (1,926) (2,170) (4,096)
General and
administrative (5,232) (5,232)
----------------------------------------- ------------------------------- ----------------------------
Operating costs
pre-exceptional
items (16,048) (2,170) (18,218)
Exceptional - -
items
----------------------------------------- ------------------------------- ----------------------------
Operating costs (16,048) (2,170) (18,218)
Profit from
operations 1,328 1,328
----------------------------------------- ------------------------------- ----------------------------
The change in accounting policy would have similarly impacted
prior periods, with a decrease in Cost of Sales and an increase in
Research and Development costs. The impact on FY19, FY18, and FY17
would have been GBP2,246,000, GBP2,020,000, and GBP1,865,000
respectively.
2 Revenue
An analysis of the Group's revenue split by the key product
types is as follows:
H1 FY21 Recognised Recognised Total
on delivery over time
GBP000 GBP000 GBP000
------------------------------ ------------- ----------- --------
25-OH vitamin D 1,069 - 1,069
Speciality - Endo 5,410 - 5,410
Speciality - AI 805 - 805
Speciality - Others 214 - 214
Instrument sales and service 388 311 699
------------------------------ ------------- ----------- --------
Total Automated 7,886 311 8,197
------------------------------ ------------- ----------- --------
Automated revenue comprises:
Operating lease rental - 1,628 1,628
Reagent revenue 6,569 - 6,569
------------------------------ ------------- ----------- --------
25-OH vitamin D 249 - 249
Other speciality - IDS 1,696 - 1,696
Other speciality - purchased 667 - 667
Diametra 999 - 999
------------------------------ ------------- ----------- --------
Total manual 3,611 - 3,611
Technology 1,872 18 1,890
Total revenue 13,369 329 13,698
------------------------------ ------------- ----------- --------
H1 FY20 Recognised Recognised Total
on delivery over time
GBP000 GBP000 GBP000
------------------------------ ------------- ----------- --------
25-OH vitamin D 2,325 - 2,325
Speciality - Endo 7,059 - 7,059
Speciality - AI 702 - 702
Speciality - Others 169 - 169
Instrument sales and service 469 267 736
------------------------------ ------------- ----------- --------
Total Automated 10,724 267 10,991
------------------------------ ------------- ----------- --------
Automated revenue comprises:
Operating lease rental - 1,601 1,601
Reagent revenue 9,390 - 9,390
------------------------------ ------------- ----------- --------
25-OH vitamin D 604 - 604
Other speciality - IDS 2,446 - 2,446
Other speciality - purchased 872 - 872
Diametra 1,816 - 1,816
------------------------------ ------------- ----------- --------
Total Manual 5,738 - 5,738
Technology 1,813 249 2,062
Total revenue 18,275 516 18,791
------------------------------ ------------- ----------- --------
FY20 Recognised Recognised Total
on delivery over time
GBP000 GBP000 GBP000
------------------------------ ------------- ----------- --------
25-OH vitamin D 4,822 - 4,822
Speciality - Endo 14,083 - 14,083
Speciality - AI 1,793 - 1,793
Speciality - Others 489 - 489
Instrument sales and service 1,565 632 2,197
------------------------------ ------------- ----------- --------
Total Automated 22,752 632 23,384
------------------------------ ------------- ----------- --------
Automated revenue comprises:
Operating lease rental - 3,178 3,178
Reagent revenue 20,206 - 20,206
------------------------------ ------------- ----------- --------
25-OH vitamin D 969 - 969
Other speciality - IDS 4,979 - 4,979
Other speciality - purchased 1,658 - 1,658
Diametra 3,770 - 3,770
------------------------------ ------------- ----------- --------
Total Manual 11,376 - 11,376
Technology 3,771 816 4,587
Total revenue 37,899 1,448 39,347
------------------------------ ------------- ----------- --------
Operating lease rental relates to contracts implicit in
agreements for the placing of IDS analyser instruments with
customers and the related sale of reagents and is estimated based
on averages.
Contract assets
H1 FY21 H1 FY20 FY20
GBP000 GBP000 GBP000
--------------------- ------ ------ ---
Current contract assets relating to
automated reagent sales 268 402 317
------------------------------------------------ ----- --------- ---------
Contract liabilities
H1 FY21 H1 FY20 FY20
GBP000 GBP000 GBP000
----------------------- ------ ------ ---
Current contract liabilities relating
to instrument sales 175 166 209
-------------------------------------------------- ----- --------- ---------
3 Segmental information
The Group applies IFRS 8 Operating Segments. IFRS 8 requires
provision of segmental information for the Group on the basis of
information reported internally to the chief operating
decision-maker for decision-making purposes. The Group considers
that the role of chief operating decision-maker is performed by the
Board of Directors.
Analysis of revenue is prepared and monitored on a geographical
basis due to the organisation of the sales team as well as by
product type. IDS reports profit from operations for the three
segments below. This is monitored by the chief operating
decision-maker quarterly. All balance sheet and cash flow
information received and reviewed by the Board of Directors is
prepared at a Group level.
H1 FY21 Automated Manual Technology Total
GBP000 GBP000 GBP000 GBP000
------------------------------------ ---------- -------- ----------- --------
Revenue 8,197 3,611 1,890 13,698
Cost of sales (4,648) (2,668) (1,122) (8,438)
------------------------------------ ---------- -------- ----------- --------
Gross profit 3,549 943 768 5,260
Sales and marketing (3,244) (630) (207) (4,081)
Research and development (2,046) 84 (132) (2,094)
General and administrative
expenses (1,250) (571) (248) (2,069)
------------------------------------ ---------- -------- ----------- --------
Operating costs pre-exceptional
items (6,540) (1,117) (587) (8,244)
------------------------------------ ---------- -------- ----------- --------
Adjusted EBIT (2,991) (174) 181 (2,984)
------------------------------------ ---------- -------- ----------- --------
Exceptional items
Restructuring costs (556)
------------------------------------ ---------- -------- ----------- --------
Total exceptional items (556)
------------------------------------ ---------- -------- ----------- --------
EBIT (3,540)
Finance income 36
Finance costs (136)
------------------------------------ ---------- -------- ----------- --------
Loss before tax (3,640)
------------------------------------ ---------- -------- ----------- --------
Adjusted EBIT (2,991) (174) 181 (2,984)
Add: depreciation and amortisation 2,086 117 31 2,234
Adjusted EBITDA (905) (57) 212 (750)
------------------------------------ ---------- -------- ----------- --------
H1 FY20 Restated Restated Restated Restated
Automated Manual Technology Total
GBP000 GBP000 GBP000 GBP000
------------------------------------ ----------- --------- ------------ ---------
Revenue 10,991 5,738 2,062 18,791
Cost of sales (4,698) (3,360) (1,316) (9,374)
------------------------------------ ----------- --------- ------------ ---------
Gross profit 6,293 2,378 746 9,417
Sales and marketing (3,347) (841) (215) (4,403)
Research and development (1,778) - (121) (1,899)
General and administrative
expenses (1,502) (732) (239) (2,473)
------------------------------------ ----------- --------- ------------ ---------
Operating costs pre-exceptional
items (6,627) (1,573) (575) (8,775)
------------------------------------ ----------- --------- ------------ ---------
Adjusted EBIT (334) 805 171 642
------------------------------------ ----------- --------- ------------ ---------
Exceptional items
Restructuring credit -
------------------------------------ ----------- --------- ------------ ---------
Total exceptional items -
------------------------------------ ----------- --------- ------------ ---------
EBIT 642
Finance income 108
Finance costs (980)
------------------------------------ ----------- --------- ------------ ---------
Loss before tax (230)
------------------------------------ ----------- --------- ------------ ---------
Adjusted EBIT (334) 805 171 642
Add: depreciation and amortisation 1,946 239 30 2,215
Adjusted EBITDA 1,612 1,044 201 2,857
------------------------------------ ----------- --------- ------------ ---------
FY20 Restated Restated Restated Restated
Automated Manual Technology Total
GBP000 GBP000 GBP000 GBP000
------------------------------------ ----------- --------- ------------ ---------
Revenue 23,384 11,376 4,587 39,347
Cost of sales (10,263) (6,804) (2,734) (19,801)
------------------------------------ ----------- --------- ------------ ---------
Gross profit 13,121 4,572 1,853 19,546
Sales and marketing (6,821) (1,630) (439) (8,890)
Research and development (3,807) 26 (315) (4,096)
General and administrative
expenses (3,220) (1,476) (536) (5,232)
------------------------------------ ----------- --------- ------------ ---------
Operating costs pre-exceptional
items (13,848) (3,080) (1,290) (18,218)
------------------------------------ ----------- --------- ------------ ---------
Adjusted EBIT (727) 1,492 563 1,328
------------------------------------ ----------- --------- ------------ ---------
Exceptional items
Restructuring credit -
------------------------------------ ----------- --------- ------------ ---------
Total exceptional items -
------------------------------------ ----------- --------- ------------ ---------
EBIT 1,328
Finance income
Finance income pre-exceptional
items 891
Exceptional finance income 1,226
------------------------------------ ----------- --------- ------------ ---------
Total finance income 2,117
------------------------------------ ----------- --------- ------------ ---------
Finance costs (191)
------------------------------------ ----------- --------- ------------ ---------
Profit before tax 3,254
------------------------------------ ----------- --------- ------------ ---------
Adjusted EBIT (727) 1,492 563 1,328
Add: depreciation and amortisation 4,116 485 121 4,722
Adjusted EBITDA 3,389 1,977 684 6,050
------------------------------------ ----------- --------- ------------ ---------
Comparative segmental information has been impacted by the
change in accounting policy relating to amortisation of capitalised
research and development costs. Please refer to Note 1.
4 Exceptional items
The Group incurred the following exceptional items during the
financial period:
H1 FY21 H1 FY20 FY20
GBP000 GBP000 GBP000
--------------------------- ---------------------- -------- --------
Restructuring costs 556 - -
Total exceptional operating costs 556 - -
--------------------------------------------- ---- -------- --------
In H1 FY21, exceptional items related to redundancy costs
relating to the impact of COVID-19.
In H1 FY20 and FY20, there were no exceptional operating costs,
however in FY20 there was exceptional finance income of
GBP1,226,000 relating to the liquidation of Immunodiagnostic
Systems Nordic A/S.
5 Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. The Group has dilutive
potential ordinary shares relating to contingently issuable shares
under the Group's share option scheme. At 30 September 2020, the
performance criteria for the vesting of the awards under the option
scheme had been met and consequently the shares in question are
included in the diluted EPS calculation.
The calculations of earnings per share are based on the
following profits and numbers of shares.
6 Months 6 Months Year ended
ended ended 31 March
30 Sep 2020 30 Sep 2019 2020
GBP000 GBP000 GBP000
(Loss)/profit on ordinary
activities after tax (2,952) 16 3,348
============ ============ ===========
Number Number Number
Weighted average no of shares:
For basic earnings per share 28,784,097 28,784,097 28,784,097
Effect of dilutive potential
ordinary shares:
-Share Options 37,866 14,112 24,608
For diluted earnings per share 28,821,963 28,798,209 28,808,705
============ ============ ===========
Basic (loss)/earnings per
share (10.3)p 0.1p 11.6p
Diluted (loss)/earnings per
share (10.2)p 0.1p 11.6p
(Loss)/profit on ordinary
activities after tax (2,952) 16 3,348
Exceptional items after tax 489 - (1,226)
-------- --- --------
Adjusted (loss)/profit on
ordinary activities after
tax (2,463) 16 2,122
-------- --- --------
Adjusted basic (loss)/earnings
per share (8.6)p 0.1p 7.4p
Adjusted diluted (loss)/earnings
per share (8.5)p 0.1p 7.4p
6 Taxation
The estimated tax rate for FY21 of 19% (H1 FY20: 107%) has been
applied to the profit before tax for the six months to 30 September
2020.
The Group's tax rate is in line with the mainstream UK
Corporation tax rate of 19%, however it is substantially impacted
by claims for R&D relief in certain territories and overseas
taxation paid at higher rates than in the UK.
7 Provisions
Retirement/
Leavers Dilapidation
Provision Warranty Provision Provision Total
GBP000 GBP000 GBP000 GBP000
At 1 April 2020 438 76 531 1,045
Foreign exchange gain 11 1 - 12
Reassessment in period 29 1 - 30
-------------- ----------------------- ------------- --------
At 30 September 2020 478 78 531 1,087
============== ======================= ============= ========
At 1 April 2019 357 46 489 892
Foreign exchange movement 12 1 - 13
Reassessment in period 26 - - 26
-------------- ----------------------- ------------- --------
At 30 September 2019 395 47 489 931
============== ======================= ============= ========
At 1 April 2019 357 46 489 892
Foreign exchange gain 10 1 - 11
Reassessment in the period 71 29 - 100
Unwind of discount - - 42 42
-------------- ----------------------- ------------- --------
At 31 March 2020 438 76 531 1,045
============== ======================= ============= ========
At 30 September 2020
Included in current liabilities - 78 - 78
non-current liabilities 478 - 531 1,009
-------------- ----------------------- ------------- --------
478 78 531 1,087
============== ======================= ============= ========
At 30 September 2019
Included in current liabilities - 47 - 47
non-current liabilities 395 - 489 884
-------------- ----------------------- ------------- --------
395 47 489 931
============== ======================= ============= ========
At 31 March 2020
Included in current liabilities - 76 - 76
non-current liabilities 438 - 531 969
-------------- ----------------------- ------------- --------
438 76 531 1,045
============== ======================= ============= ========
When employees leave Dia.Metra S.r.l, by law the company is
required to pay to that employee an amount equal to one month's
salary for each year they have worked at the Company. The scheme is
Trattamento di Fine Rapporto ('TFR'). A provision for this
obligation is recognised in the balance sheet, but there is
considerable uncertainty over the timing of the settlement due to
lack of forward visibility of employees leaving service. The
present value of the potential liability to current employees as at
30 September 2020 is GBP478,000.
The warranty provision relates to warranties given for the first
year of operation of IDS-iSYS systems. This is reassessed each
year. It is expected that these costs will be incurred in line with
normal warranty terms of one year from the placements of the
instrument.
The dilapidations provision relates to one leased building in
Boldon, UK. The discounted expected future cash flows to restore
the remaining leased building amounted to GBP531,000 at the balance
sheet date.
8 Share Capital
30 Sep 2020 30 Sep 2019 31 March 2020
GBP000 GBP000 GBP000
Equity Shares
Authorised:
75,000,000 Ordinary Shares of GBP0.02 each at
30 September 2020, 31 March 2020 and 30
September
2019 1,500 1,500 1,500
======================== ======================== =================
Share Capital
Allotted, called up and fully paid:
28,784,097 (30 September 2019: 28,784,097, 31
March 2020: 28,784,097) Ordinary shares of 2p
each (excluding own shares held) 576 576 576
Own shares held of 2p each 666,078 (30
September 2019: 666,078, 31 March 2020:
666,078) 13 13 13
589 589 589
======================== ======================== =================
Share Premium
Balance carried forward 32,345 32,345 32,345
======================== ======================== =================
9 Financial assets and financial liabilities
The carrying value of the financial assets and liabilities are
not materially different from their fair value.
10 Interim results
These results were approved by the Board of Directors on Friday
20 November 2020. Copies of this unaudited interim report will be
available to the public from the Group's registered office and
www.idsplc.com .
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END
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November 20, 2020 13:22 ET (18:22 GMT)
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