PURI23 Aug 2011 09:13
Interim Results for the Six Months Ended 30 June 2011
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 23 August 2011 - PuriCore (LSE: PURI), the life sciences company focused on developing and commercialising proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today announces its interim results for the six months ended 30 June 2011.
Financial Highlights (unaudited)
· H1 sales of $18.8 million, a decrease of 2% (5% at constant currency) (H1 2010: $19.1 million)
§ Supermarket Retail sales of $7.6 million, an increase of 6% (H1 2010: $7.2 million)
- Supermarket Retail margins improved to 35.1% (H1 2010: 28.8%) as volume increased, field service team efficiency improved, and quality continued to improve
§ Endoscopy and Laboratory sales of $10.9 million, a decrease of 7% (12% at constant currency) (H1 2010: $11.7 million)
- Recurring revenues increased 28% to $8.3 million in H1 2011 (H1 2010: $6.5 million) accounting for 76% of sales for the first six months of 2011
§ Wound Care sales of $0.22 million, an increase of 24% (H1 2010: $0.18 million)
· Overall gross profit margin of 29.9% for H1 2011 (H1 2010: 32.3%) before one-off charges
§ Supermarket Retail margins increased driven by volume, quality, and service team leverage
§ Endoscopy and Laboratory margins decreased (driving the Group decrease) driven primarily by volume and decreased service team leverage
· Operating expenses, excluding depreciation, amortisation, non-cash share option expenses, and professional fees for the terminated Endoscopy sale, decreased 13.9% to $8.3 million (H1 2010: $9.6 million)
· $3.8 million in cash as at 30 June 2011 (30 June 2010: $12.2 million)
§ $4.0 million available under $4.0 million facility signed during H1
§ H1 2011 cash outflow from operating activities decreased 59.2% to $(1.6) million (2010: $(4.0) million)