plc lc 31 DE 1 DECEMB MBER 20 2017 INTER INT ERIM IM RE RESU SULTS INVESTOR IN OR PR PRESEN ENTATION TION Paul Swinney CEO Liz Dixon FD
FI FINANCIAL ANCIAL HI HIGHL HLIGHT IGHTS UP 10% UP 18% PRE-TAX PROFIT* REVENUE TO £10.7m TO £2m (2016: 6: £1.7m 7m) (2016: 6: £9.75m) m) UP 28% UP 21% OVERSEAS SALES EPS* TO £5.4m TO 4p (2016: 6: £4.2m) (2016: 6: 3.3p 3p) OVERSEAS SALES 50% OF INTERIM DIVIDEND UP 14% TOTAL SALES TO 1.6p PER SHARE (2016: 6: 43%) (2016: 6: 1.4p) UP 18% EBITDA* CASH £4.9m TO £2.7m (2016: 6: £2.3m 3m) (2016: 6: £3.9m 9m) * before share-based payments 2
OP OPERATIONAL TIONAL HI HIGHLIG HLIGHT HTS HONG KONG DIRECT REPRESENTATION ESTABLISHED MOBILE ODT APP BASED COLLABORATION FOR TRAINING AND DISINFECTION COMPLIANCE EPA ADDITIONAL DATA PROVIDED ENVIRONMENTAL PROTECTION AGENCY (EPA) APPROVAL AWAITED 3
MDD = Me Medical al De Device Disinf nfec ectio tion SALES STR TRATE TEGIC GIC OVERVIEW SD = Surfac ace e Disinf nfec ectio tion Animal Human an Contam amin inat ation ion He Healthc thcare Healthc thcare Contr trol Tristel’s chlorin orine e dio ioxide ide MDD £7,721k disin infect ectan ants ts SD £103k SD £636k 6k SD £31k MDD £95 950k Other r chemi mical SD £228k MDD £114k SD £601k disin infect ectan ants ts we we SD £343k manuf ufactur cture 4
SALES – HA HALF ON ON HA HALF 2015-16 16 2016-17 17 2017-18 18 H1 on £,000 H1 H1 H1 H1 H1 H1 H1 % 2,695 3,478 3,604 4% Medical devices UK Human healthcare 620 683 601 (12%) Surfaces 840 578 192 (67%) Legacy 2,307 3,801 4,867 28% Medical devices O/seas Human healthcare 65 96 139 45% Surfaces 213 94 132 40% Legacy 770 578 704 22% Contamination control Animal healthcare 500 440 488 11% Group roup sale les 8,010 9, 9,747 10,727 10% Contin ontinue ued peri riod on peri riod sale les grow rowth th Criti tical al su surfac ace disinf nfec ectio tion n → new w prod roduct uct ra range e la launch h May May 2018 • • Medical Me al device e disinfec ecti tion on sales les dri riving growth rowth Leg Legac acy prod roducts ucts → impac act of f decli cline ne now ow lessen lessening • • 5
SALES – BY CHA HANNEL NNEL Growt rowth h % at t a cons nstan ant t Chan anne nel Cou ountr ntry 2017-18 H1 2016-17 7 H1 H1 on H1 grow rowth th H1 on H1 grow rowth th % curr cu rren ency cy Australia 1,155 776 379 49% 48% China 297 295 2 0% 2% Hong Kong 222 354 (132) (37%) (35%) Direct Germany & Central 1,953 1,526 427 28% 23% Europe New Zealand 374 299 75 25% 28% Overseas distributors Distributor 1,372 943 429 45% 45% (managed by UK) Total overseas sales 5,373 4,193 1,180 28% 27% Total UK sales 5,354 5,555 (201) (4%) (4%) Group roup sale les 10,727 9, 9,748 979 979 10% 10% 6
GROSS MARGIN GIN – HA HALF ON ON HA HALF 2015-16 16 2016-17 17 2017-18 18 H1 H1 H1 H1 H1 H1 Human healthcare 74% 75% 77% Animal healthcare 69% 75% 63% Contamination control 52% 62% 64% Group roup gros ross ma margi gin 71% 74% 75% 75 • Gros ross ma margi gin n pre ressur ure e → Supplier price rise ses → FOC go good ods and nd re rebat ates in ve veterin terinar ary arr rran angeme ments nts • Cust ustome omer r price incr crease se in H2 to to comb mbat at ma margi gin drift • Red Reduc uced GM ex expec ectation tions fo for H2 7
SALES GROWTH TH – TH THE SOU OURC RCES £800,000 £800,0 00 £70 £700,0 0,000 00 £600,0 £60 0,000 00 £5 £500 00,00 ,000 £40 £400,0 0,000 00 £300 £300,00 ,000 Focu cus → a re return urn to to growth rowth in the UK £200 £2 00,00 ,000 → contin ontinue ue to to consider er distri tribut utor or acqui uisiti tion on oppor ortuni nitie ties £100,0 £1 0,000 00 £0 £0 UK UK Ov Over erseas seas Over Ov erseas seas New ew acq acquisiti sition on Curren ency impact cy impact -£ -£100 00,00 ,000 distr dis tributor ibutors subsidi subsidiar aries ies im impact pact -£ -£200,0 0,000 00 H1 H1 20 2016-1 -17 £ £2,0 2,079,00 ,000 sa sales les g grow owth th H1 H1 20 2017-1 -18 £9 8 £979,00 ,000 sales g 0 sales grow owth th 8
SALES GROWTH TH TH THE ENABL BLERS ERS – REGULA ULATOR ORY APP PPROVAL ALS Regulat Reg ator ory activ tivity ty H1 → new regulatory dossiers started x 55 → regulatory dossiers submitted to authorities x 82 → approvals granted x 15 → India & Japan company incorporations and preliminary regulatory investigations underway USA A EPA A st statu tus → dossier re-submitted Nov 2017 in accordance with EPA request → response expected by 31 May 2018 → if successful, next step: state by state submissions → first sales expected in 2018-19 FY → in discussion with potential North American re-sellers and routes to market USA A FDA DA st statu tus → compatibility, stability & efficacy testing underway 9
SALES GROWTH TH TH THE ENABLE BLERS RS – NEW PR PROD ODUCT CTS Medical Me al devi vice e disinf nfectio ection n – within in the hosp ospital al → The driver of demand is the number of diagnostic patient procedures using a medical device that require high level disinfection. → The two principal diagnostic technologies are visualisation (endoscopy) and ultrasound. → Our unique position is being able to access both. Me Medical al devi vice e disinf nfectio ection n – outside e of the hosp ospital al → The growing trend is for diagnostic procedures to move into the community. → Again - The two principal diagnostic technologies are visualisation (endoscopy) and ultrasound. → Our unique position is being mobile and free of the constraints of traditional automated disinfection processes. 10
SALES GROWTH TH TH THE ENABLE BLERS RS – NEW PR PROD ODUCT CTS Expa pandin ding g our opp pportunity nity in cr critic tical al sur surfac ace e disinf nfectio ection SHOT Fuse for Surfaces VS VS VS VS Impregnated Wipes Chlorine Tablets 11
INVESTM TMENT ENTS £0.5m 5m REGULATORY PROGRAMME MANUFACTURING EQUIPMENT £0.2 .2m FOR SURFACES PRODUCT DEVELOPMENT £0.2 .2m FOR SURFACES & APP £0.1m 1m PATENTS AND PROTECTIONS 12
STR TRATE TEGIC GIC FI FINANCIAL NANCIAL PL PLAN N TO O JUNE NE 201 019 GROW SALES ON AVERAGE BY 10% – 15% MAINTAIN A PRE-TAX PROFIT MARGIN OF AT LEAST 17.5%, WHILST INVESTING IN NORTH AMERICA RETURN SURPLUS FUNDS TO SHAREHOLDERS 13
THANK YOU TH OU 13
APPENDIX – INCOME STATEMENT Perio iod d ended ed Perio iod d ended ed 31.12.17 7 31.12.16 6 £’000 £’000 Turno nover er 10,7 ,727 27 9,748 48 Cost of sales (2,643) (2,496) Gross ss profit fit 8,084 84 7,252 52 Gross ss margin in % 75% 74% Administrative expenses (5,367) (4,959) Net interest 1 3 Results from associate 8 6 Operating profit before amortisation & shared based payments 2,726 2,302 Amortisation & Depreciation (713) (595) Share based payments (164) (5) Pre-tax x profit ofit 1,849 49 1,701 01 Tax charge /(credit) (296) (312) Profit after tax 1,553 1,389 Basic ic EPS S – penc nce 3.62p 2p 3.30p 0p Diluted EPS – pence 3.46p 3.14p 15
APPENDIX – BALANCE SHEET 31.12.17 7 31.12.16 6 Non-curr curren ent asset ets £’000 £’000 Goodwill and other intangible assets 7,404 6,882 Property, plant and equipment 1,518 1,381 8,922 8,263 Curren ent asset ets Inventories 2,226 1,753 Trade and other receivables 3,871 3,776 Cash and cash equivalents 4,945 3,854 11,042 42 9,383 83 Total l asset ets 19,964 64 17,646 46 Continued… 16
APPENDIX – BALANCE SHEET CONTINUED 31.12.17 31.12.16 £’000 £’000 Capit ital l and reser erves es Share capital 429 424 Share premium account 10,892 10,443 Merger reserve 478 478 Foreign exchange reserve 52 80 Retained earnings 4,986 2,849 Non-controlling interests 7 5 Total l equit ity 16,844 44 14,279 Curren ent liabilit bilitie ies Trade and other payables 2,296 2,583 Current tax 639 649 Total l curren ent liabilit bilities ies 2,935 35 3,232 32 Deferred tax 185 135 Total l liabilit ilitie ies 3,120 3,367 67 Total l equit ity and liabilit bilities ies 19,964 64 17,646 46 17
APPENDIX – CASH FLOW RECONCILIATION Perio iod d ended ed Perio iod d ended ed 31.12.17 31.12.16 £’000 £’000 Revenue 10,727 9,748 Less expenses (8,002) (7,455) Changes in circulating capital (inventory, receivables, payables) (911) (592) Purchase of tangible fixed assets (402) (244) Purchase of goodwill & intangible assets (263) (1,163) Proceeds from sale of property, plant & equipment 17 14 Dividends paid (1,130) (2,193) Shares issued 189 34 Net interest 1 2 Corporation tax paid (375) (94) Decrea ease in cash h (149) (1,943) 43) 18
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