Bank Irel13.375 Regulatory News (BOI)

19 Jul 2005 07:00

Biotrace International PLC19 July 2005 For Immediate Release: 19 July 2005 BIOTRACE INTERNATIONAL PLC ("Biotrace", "the Company" or "the Group") Half Year Trading Update Biotrace International Plc (BOI.L), a leading manufacturer and supplier ofindustrial microbiology and life science products, wishes to inform shareholdersthat it will publish its interim results for the six months to 30 June 2005 on 7September 2005 and provides an update on trading for the first half. Ian Johnson, Chief Executive of Biotrace, making the following comment ontrading in the first half of the year, said: "I am pleased to report a substantial improvement in the performance of theGroup during the first half compared with the corresponding period last year.The enhanced financial performance, evident in the second half of 2004, is beingsustained during the first half of 2005. The restructuring and optimisation ofthe Group is continuing to show benefits in operational efficiency andproductivity. Gross margins have remained consistent over the last 12 months atthe level reported in the second half of 2004 and underlying operating expensesare reducing as we continue to implement efficiency improvements in Europe. Sales increased in the second quarter after a slow start to the year and we areparticularly pleased that sales of hygiene products in the Americas haverecently exceeded the level previously attained through our former distributor.We remain confident that further growth of this product line can be achieved inthe region in the second half. Additionally, the Company's range of rapidhygiene tests has recently been awarded "Level 2" status by the UK HealthProtection Agency Rapid Review Panel for their potential to reduce healthcareassociated infections. Only 17 out of 97 products have been awarded Level 1 or2 status (note: Levels range from 1 to 6, with 6 being the lowest level). In 2002, the Company formed a joint venture, Biotrace SA, to establish a saleschannel for food safety products in France. The Group owns 53% of the JV andover the last 3 years the performance of Biotrace SA has been impressive, withsales more than doubling in this time. Biotrace is now purchasing the remainingshares for a consideration of £0.47m. The transaction will be immediatelyearnings enhancing. Whilst the trading environment remains competitive, the Board is confident ofthe Group's prospects and of further improvements in financial performance inthe second half. " - ENDS - For further information, please contact:Biotrace InternationalIan Johnson, Chief Executive Officer Tel : +44 (0)1656 641 400Peter Morgan, Finance Director Buchanan CommunicationsMary-Jane Johnson / James Strong Tel: +44 (0)20 7466 5000 Notes to editors: Biotrace International Plc is a leading manufacturer and supplier ofmicrobiology instrumentation and test reagents to industrial, healthcare anddefence markets. Biotrace is the acknowledged leader in rapid hygiene testingand the continuous real-time detection of airborne biological weapons. Most of the world's leading food manufacturers and catering companies rely onBiotrace as an essential part of their quality procedures. Industrial customersalso include many of the world's largest water treatment chemicalmulti-nationals. Biotrace also supplies highly specialised workstations tohospitals, public health laboratories and medical research institutes for theexamination of micro-organisms and diseases. Since 1991 the Company hasmanufactured and equipment and reagents for the detection of biological weapons,which it supplies to the UK MoD, other foreign governments and large defencecontractors,. Formed in 1988 and floated on the London Stock Exchange in 1993, Biotraceintends to continue to broaden its business base through organic growth andacquisition of products and technologies to become a 'one stop shop' for itslarge and growing international customer base. This information is provided by RNS The company news service from the London Stock Exchange