Eco Animal Regulatory News (EAH)

12 Dec 2016 07:00

12 December 2016

ECO Animal Health Group plc ("ECO")

(AIM: EAH)

Results for the six months ended 30 September 2016

ECO ANIMAL HEALTH REPORTS STRONG PERFORMANCE

HIGHLIGHTS

Financials

25% increase in revenue to £26.9 million (2015: £21.5 million) 43% increase in gross profit to £12.8 million (2015: £8.9 million) 46% increase in adjusted EBITDA to £6.3 million (2015: £4.3 million) 97% increase in pre-tax profit to £5.3 million (2015: £2.7 million) 61% increase in earnings per share to 5.68 pence (2015:3.52 pence) 32% increase in interim dividend to 2.5 pence (2015: 1.9 pence) Cash generation again strong leaving net cash of £18.5 million (2015: £17.0 million)

Operations

Demand for Aivlosin® continues to grow strongly with sales up over 15% Strong performances in the USA and China EU Aivlosin® approval for commercial layers with a zero withdrawal period for eggs allowed submission of regulatory files to key global egg producing markets ; Thailand approval received post period end Continued investment in stockholding achieved

Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:

“The second half of the year has started well with strong order books. ECO has a sound balance sheet and cash flow generation. The company continues to invest successfully in its research and product development programme to obtain further marketing authorisations. I look forward with confidence to reporting another set of strong results in 2017.”

Contacts:
ECO Animal Health Group plc
Peter Lawrence				020 8336 6190
Marc Loomes				020 8447 6906
Spiro Financial
Anthony Spiro				020 8336 6196
Peel Hunt LLP (Nominated Adviser)
Dan Webster, Adrian Trimmings, George Sellar				020 7418 8900
N+1 Singer (Joint Broker)				020 7496 3000
Mark Taylor, Brough Ransom

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

Chairman’s Statement

For the six months ended 30 September 2016

I am very pleased to report that ECO Animal Health Group has delivered another set of record results. I am also delighted to welcome several new investing institutions to our share register and, with the improved liquidity of our shares, the price has risen significantly giving the company a current market capitalisation of over £320 million.

As I mentioned in our Annual Report last June, less than three per cent of our sales are in sterling and the post Brexit weakness of sterling against the dollar and euro, our principal trading currencies, is having a positive impact on our sales and profitability. It is also worth noting that there are currently zero rate tariffs in place for both human and animal drugs around the world.

Financial Performance

Profit before tax increased over 97 per cent to £5.3m (2015: £2.7m) compared with the same period last year while once again sales advanced 25 per cent to £26.9m (2015: £21.5m). Earnings before interest, tax, depreciation, amortisation, share based payments, non-controlling (minority) interests and foreign exchange movements were £6.3m (2015: £4.3m), an increase of over 46 per cent. Cash generated from operations rose by almost 300 per cent from £1.4m in the first half of last year to £5.4m. Earnings per share rose 61 per cent to 5.68 pence per share (2015: 3.52 pence). Gross profit advanced by almost 43 per cent to £12.8m (2015: £8.9m). Margins also grew strongly, building on the progress made in the second half of the previous year. These trading increases were driven by an improved geographical mix of sales, notably in the United States of America and China.

The board is pleased to declare an interim dividend of 2.5 pence per share (2015: 1.9 pence) to be paid on 7 April 2017 to shareholders on the register on 17 March 2017.This increase of almost 32 per cent over last year’s level again reflects the board’s confidence in the sustainable growth of the business and the implementation of a progressive dividend policy.

Operations:

ECO provides essential medications to the ever growing global animal protein production industry. Currently its products are sold in more than sixty countries.

The period under review has continued to deliver excellent sales growth with particularly strong performances from major markets including the USA, China and Japan. Latin America performed strongly, while this result was tempered by the economic and political difficulties in Brazil.

Sales of Aivlosin®, our patented molecule for the treatment of economically important diseases of pigs and poultry, increased by almost 15 per cent. Aivlosin® is prescribed under strict veterinary control at low yet efficacious dose rates for short duration treatment of specified diseases and meets all the US Food & Drug Administration (FDA) guidelines for the responsible use of antimicrobials, which when used appropriately help promote animal welfare and food safety.

Sales in the USA were up 60 per cent in sterling, compared with the same period last year, reflecting strong growth of the Aivlosin® water soluble granule formulation launched in late 2012. The result also included early sales of the Aivlosin® medicated feed additive formulation, which was approved by the Center for Veterinary Medicine (CVM) of the Food and Drug Administration (FDA) at the end of March.

In China, our subsidiary, Zhejiang ECO Biok Animal Health Products, which was established over a decade ago, saw sales rising almost 90 per cent, buoyed by the recent high price of pork and increased investment by producers in high value breeding stock. In Japan, sales grew by nearly 15 per cent reflecting the development of closer ties with key customers in a mature market. Ecomectin®, our range of differentiated anti-parasitic treatments for food producing animals, also posted strong double digit growth in both of these markets.

In June, ECO received a marketing authorisation from the European Medicines Agency (EMA) for the use of Aivlosin® water soluble granules in chickens laying eggs for human consumption. This license allows for the treatment of a major respiratory infection caused by Mycoplasma gallisepticum with a zero day drug withdrawal period for eggs. The Company has begun to submit these files to many of the regulatory authorities in the key egg producing markets in the rest of the world with the first of these approvals having being secured in Thailand in October.

Corporate advisors

Peel Hunt LLP were appointed as the Company’s nominated advisor and broker in 2014. In November, after the period end, N+1 Singer became joint broker to provide additional marketing and research support to our growing number of institutional investors. We have also worked with Capital Access Group, specialising in serving the private client sector.

Outlook

The second half of the year has started well with strong order books. ECO has a sound balance sheet and cash flow generation. The company continues to invest successfully in its research and product development programme to obtain further marketing authorisations. I look forward with confidence to reporting another set of strong results in 2017.

Peter A Lawrence

12 December 2016

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2016
				Six months		Six months		Year
				to		to		ended
				30.09.16		30.09.15		31.03.16
		Notes		(unaudited)		(unaudited)		(audited)
				£000		£000		£000
Revenue		3		26,939		21,499		47,138
Cost of sales				(14,153)		(12,552)		(26,109)
Gross Profit				12,786		8,947		21,029
Other operating income				98		118		337
Administrative expenses				(6,774)		(4,921)		(10,550)
Currency profits/(losses)				277		(67)		(361)
Amortisation of intangible assets				(1,593)		(1,339)		(2,681)
Share based payments				(240)		(120)		(326)
Profit from operating activities:				4,554		2,618		7,448
Net interest/finance income				724		76		201
Share of profit of associate				31		-		55
Profit before income tax				5,309		2,694		7,704
Income tax (charge)				(806)		(315)		(995)
Profit for the period from continuing operations				4,503		2,379		6,709
Attributable to:
Owners				3,632		2,158		6,037
Minority interest				871		221		672
				4,503		2,379		6,709
BASIC EARNINGS PER SHARE		5		5.68p		3.52p		9.71p
FULLY DILUTED EARNINGS PER SHARE		5		5.65p		3.47p		9.56p
Earnings from continuing activities before
interest, taxation, depreciation, amortisation
and share based payments				6,552		4,214		10,695
Exclude foreign exchange differences				(277)		67		361
EBITDA				6,275		4,281		11,056

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2016
		Six months		Six months		Year
		to		to		ended
		30.09.16		30.09.15		31.03.16
		(unaudited)		(unaudited)		(audited)
		£000		£000		£000
Profit for the period		4,503		2,379		6,709
Foreign currency translation differences		998		(699)		(198)
Defined benefit pension plan - actuarial gains		-		-		27
Revaluation of investment property		-		-		86
Other comprehensive income for the period		998		(699)		(85)
Total comprehensive income for the period		5,501		1,680		6,624
Attributable to:
Owners		4,341		1,674		6,049
Minority interest		1,160		6		575
		5,501		1,680		6,624

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2016
		Share		Share		Other		Revaluation		Treasury		Retained		Total		Minority		Total
		Capital		Premium		Reserves		Reserves		Reserve		Earnings				Interest		Equity
		Account		Account
		£000		£000		£000		£000		£000		£000		£000		£000		£000
At 1 April 2015		3,157		54,198		1,775		568		(5,217)		18,771		73,252		3,029		76,281
Total comprehensive income for the period:
Profit for the year		-		-		-		-		-		6,037		6,037		672		6,709
Other comprehensive income
Revaluation of investment property		-		-		-		108		-		-		108		-		108
Deferred taxation movements		-		-		-		(22)		-		-		(22)		-		(22)
Foreign currency translation differences		-		-		-		-		-		(101)		(101)		(97)		(198)
Actuarial gains on pension scheme assets		-		-		-		-		-		27		27		-		27
Total comprehensive income for the period		-		-		-		86		-		5,963		6,049		575		6,624
Transactions with owners
Movement in Treasury Reserve arising from disposal of jointly owned shares		-		-		-		-		4,073		-		4,073		-		4,073
Issue of shares in the year		48		1,392		-		-		-		-		1,440		-		1,440
Purchase of shares into treasury		-		-		-		-		-		(43)		(43)		-		(43)
Dividends		-		-		-		-		-		(2,940)		(2,940)		(402)		(3,342)
Share based payments		-		-		326		-		-		-		326		-		326
Transfer to retained earnings on option expiry		-		-		(73)		-		-		73		-		-		-
Total transactions with owners		48		1,392		253		-		4,073		(2,910)		2,856		(402)		2,454
At 31 March 2016		3,205		55,590		2,028		654		(1,144)		21,824		82,157		3,202		85,359
Total comprehensive income for the period:
Profit for the period		-		-		-		-		-		3,632		3,632		871		4,503
Other comprehensive income
Foreign currency translation differences		-		-		-		-		-		709		709		289		998
Total comprehensive income for the period		-		-		-		-		-		4,341		4,341		1,160		5,501
Transactions with owners
Issue of shares in the year		30		1,165		-		-		-		-		1,195		-		1,195
Movement in Treasury Reserve arising from disposal of jointly owned shares		-		-		-		-		1,134		-		1,134		-		1,134
Disposal of treasury shares		-		47		-		-		-		59		106		-		106
Share based payments		-		-		240		-		-		-		240		-		240
Transfer to retained earnings on option expiry		-		-		(244)		-		-		244		-		-		-
Dividends		-		-		-		-		-		(1,209)		(1,209)		(586)		(1,795)
Total transactions with owners		30		1,212		(4)		-		1,134		(906)		1,466		(586)		880
At 30 September 2016		3,235		56,802		2,024		654		(10)		25,259		87,964		3,776		91,740
Prior interim period
At 1 April 2015		3,157		54,198		1,775		568		(5,217)		18,771		73,252		3,029		76,281
Total comprehensive income for the period:
Profit for the period		-		-		-		-		-		2,158		2,158		221		2,379
Other comprehensive income
Foreign currency translation differences		-		-		-		-		-		(484)		(484)		(215)		(699)
Total comprehensive income for the period		-		-		-		-		-		1,674		1,674		6		1,680
Transactions with owners
Issue of shares in the year		37		1,054		-		-		-		-		1,091		-		1,091
Movement in Treasury Reserve arising from disposal of jointly owned shares		-		-		-		-		2,315		-		2,315		-		2,315
Purchase of shares into treasury		-		-		-		-		-		(43)		(43)		-		(43)
Share based payments		-		-		120		-		-		-		120		-		120
Transfer to retained earnings on option expiry		-		-		(69)		-		-		69		-		-		-
Dividends		-		-		-		-		-		(1,059)		(1,059)		(402)		(1,461)
Total transactions with owners		37		1,054		51		-		2,315		(1,033)		2,424		(402)		2,022
At 30 September 2015		3,194		55,252		1,826		568		(2,902)		19,412		77,350		2,633		79,983

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
			As at		As at		As at
			30.09.16		30.09.15		31.03.16
			(unaudited)		(unaudited)		(audited)
	Notes		£000		£000		£000
ASSETS
Non current assets
Goodwill and other intangibles	8		51,975		47,211		49,337
Property,plant and equipment	9		1,851		1,722		1,833
Investment property	10		185		187		185
Investments			98		9		64
			54,109		49,129		51,419
Current assets
Inventories			16,636		11,905		15,593
Trade and other receivables			15,393		11,814		13,629
Income tax recoverable			163		10		140
Other taxes and social security			565		364		517
Cash and cash equivalents			18,525		16,960		15,665
			51,282		41,053		45,544
Total assets			105,391		90,182		96,963
Current liabilities
Trade and other payables			(11,617)		(9,362)		(10,373)
Income tax			(377)		(219)		(280)
Other taxes and social security			(770)		(299)		(240)
Dividends			(37)		(36)		(38)
			(12,801)		(9,916)		(10,931)
Total assets less current liabilities			92,590		80,266		86,032
Non current liabilities
Deferred tax			(750)		(183)		(573)
Dilapidations on property leases			(100)		(100)		(100)
			91,740		79,983		85,359
Equity
Capital and reserves
Called up share capital			3,235		3,194		3,205
Share premium			56,802		55,252		55,590
Treasury Reserve			(10)		(2,902)		(1,144)
Revaluation reserve			654		568		654
Other reserves			2,024		1,826		2,028
Retained earnings			25,259		19,412		21,824
			87,964		77,350		82,157
Minority interest			3,776		2,633		3,202
Total equity			91,740		79,983		85,359

CONSOLIDATED STATEMENT OF CASH FLOWS
		Six months to		Six months to		Year ended
		30.09.16		30.09.15		31.03.16
		(unaudited)		(unaudited)		(audited)
		£000		£000		£000
Cashflows from operating activities
Profit before tax		5,309		2,694		7,704
Adjustment for:
Net finance costs		(724)		(76)		(201)
Depreciation of property plant and equipment		134		140		242
Losses/(gains) on disposal of non-current assets		1		(2)		(2)
Amortisation of intangible assets		1,593		1,339		2,681
Pension payments		-		-		(55)
Share of associate's results		(31)		-		(55)
Share based payments		240		120		326
Operating cash flow before movement in working capital		6,522		4,215		10,640
Change in inventories		(1,043)		(2,072)		(5,761)
Change in receivables		(1,812)		(546)		(2,432)
Change in payables		1,774		(224)		728
Cash generated from operations		5,441		1,373		3,175
Interest (paid)		-		(5)		(7)
Income tax (paid)		(555)		(299)		(680)
Net cash inflow from operating activities		4,886		1,069		2,488
Cash flows from investing activities
Purchase of property plant and equipment		(86)		(295)		(364)
Sale of property plant and equipment		-		2		6
Costs of acquiring drug registrations and distribution rights		(4,231)		(2,890)		(6,358)
Purchase of own shares		-		(43)		(43)
Interest received		84		36		67
Net cash (used in) investing activities		(4,233)		(3,190)		(6,692)
Cash flows from financing activities
Proceeds from issue of share capital and sale of jointly owned shares and treasury shares		2,435		3,406		5,513
Dividends paid		(1,795)		(1,461)		(3,437)
Net cash from financing activities		640		1,945		2,076
Net increase/(decrease) in cash and cash equivalents		1,293		(176)		(2,128)
Foreign exchange movements		1,567		(599)		58
Cash and cash equivalents at the beginning of the period		15,665		17,735		17,735
Cash and cash equivalents at the end of the period		18,525		16,960		15,665

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2016

1. Basis of preparation

The financial information for the period to 30 September 2016 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2016.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”. As a result, the Group presents all non-owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2016.

3. Revenue is derived from the Group’s animal pharmaceutical businesses.

4. Principal risks and uncertainties

These were set out on pages 63-65 of the notes to the consolidated financial statements for the year ended 31 March 2016. The key exposures are to foreign currency exchange rates, potential delays in obtaining marketing authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.

5. Earnings per share

		Six months to		Six months to		Year ended
		30.09.16		30.09.15		31.03.16
		(unaudited)		(unaudited)		(audited)
Weighted average number of shares in issue (000's)		63,992		61,307		62,170
Fully diluted weighted average number of shares in issue (000's)		64,301		62,087		63,158
Profit attributable to equity holders of the company (£'s)		3,632		2,158		6,037
Basic earnings per share (pence)		5.68		3.52		9.71
Fully diluted earnings per share (pence)		5.65		3.47		9.56

6. Dividends

		Six months to		Six months to		Year ended
		30.09.16		30.09.15		31.03.16
		(unaudited)		(unaudited)		(audited)
		£000		£000		£000
Dividend in respect of the year ended 31 March 2015
at 1.75p/4.75p per share.		-		1,105		3,020
Dividend in respect of the year ended 31 March 2016
at 1.9p per share		1,209		-		-
Dividend waived by employee benefit trust		-		(46)		(80)
		1,209		1,059		2,940
Dividend paid by subsidiary to non-controlling interests
(minorities)		586		402		402
		1,795		1,461		3,342
The company paid a further dividend of 3.8p per share on 3rd October 2016, after the period end.
The total paid was £2.46 million.

7. Related party transactions

At the balance sheet date, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to £98,341 (30 September 2015: £297,368).

During the period the Group provided management services to Anpario plc and Emmelle Developments Limited, both companies in which P A Lawrence is a director and holds equity interests. Fees charged to Anpario plc were: £20,000 (2015: £18,000) and Emmelle Developments Limited £21,643 (2015: £nil). No amount was charged to C-Corp Limited in the period (2015: £21,643).

During the period the Group paid £55,000 to Emmelle Developments Limited in respect of a property acquired by the group for renovation.

During the period ECO Animal Health Limited made sales to Zhejiang ECO Biok Animal Health Products Limited on an at arm’s length basis to the value of £5,389,742 (Six months to 30 September 2015: £1,143,425). At the end of this period there was an intercompany balance owing from this company of £2,454,361 (30 September 2015: £464,109).

ECO Animal Health Limited also made sales on an at arm’s length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of £996,293 (Six months to 30 September 2015 £2,422,591). At the end of the period there was an intercompany balance of £130,244 (30 September 2015: £440,345).

ECO Animal Health Limited also made sales on an at arm’s length basis to ECO Animal Health Japan Inc to the value of £492,081 (30 September 2015: £494,849). At the end of the period there was an intercompany balance of £336,626 (30 September 2015: £298,098).

The Group also made sales on an at arm’s length basis to ECO Animal Health de Mexico to the value of £240,889 (Six months to September 2015: 88,124). At the end of the period there was an inter-company balance of £1,053,732 (30 September 2015: £590,130).

The Group also made sales on an at arm’s length basis to ECO Animal Health USA Corp to the value of £2,979,448 (six months to 30 September 2015: 1,821,017). At the end of the period there was an inter-company balance of £3,388,150 (30 September 2015: £2,055,451).

ECO Animal Health Limited also made sales on an at arm’s length basis to Pharmgate Animal Health Canada Inc to the value of £708,126 (six months to September 2015: £892,620). At the end of the period there was an inter-company balance of £475,066 (30 September 2015: £174,544).

All of the transactions have been eliminated on consolidation, as well as the whole of the balances relating to the subsidiaries and the group’s share of the balances relating to the US and Canadian joint operations.

During the period ECO Animal Health Ltd and ECO Animal Health Group plc received dividends of £610,482 (2015: £418,550) from Zhejiang ECO Biok Animal Health Products Limited. This amount has also been eliminated on consolidation.

8. Intangible non-current assets

				Distribution		Development
		Goodwill		Rights		Costs		Total
Cost		£000		£000		£000		£000
Cost at 1 April 2015		17,930		1,442		53,356		72,728
Additions		-		-		2,890		2,890
Cost at 30 September 2015		17,930		1,442		56,246		75,618
Additions		-		-		3,466		3,466
Cost at 31 March 2016		17,930		1,442		59,712		79,084
Additions		-		-		4,231		4,231
Cost at 30 September 2016		17,930		1,442		63,943		83,315
Amortisation
Amortisation at 1 April 2015		-		615		26,453		27,068
Charge for the period		-		36		1,303		1,339
Amortisation at 30 September 2015		-		651		27,756		28,407
Charge for the period		-		36		1,306		1,342
Foreign exchange movements		-		-		(2)		(2)
Amortisation at 31 March 2016		-		687		29,060		29,747
Charge for the period		-		36		1,557		1,593
Amortisation at 30 September 2016		-		723		30,617		31,340
Net book value at 30 September 2016		17,930		719		33,326		51,975
Net book value at 1 April 2016		17,930		755		30,652		49,337
Net book value at 30 September 2015		17,930		791		28,490		47,211
Net book value at 1 April 2015		17,930		827		26,903		45,660

9. Property, plant and equipment

						Fixtures,
		Freehold		Plant and		fittings &		Motor
		Property		Machinery		equipment		Vehicles		Total
Cost		£000		£000		£000		£000		£000
Cost at 1 April 2015		650		1,427		631		86		2,794
Additions		-		257		38		-		295
Disposals		-		-		-		(31)		(31)
Foreign exchange movements		-		(61)		(6)		-		(67)
Cost at 30 September 2015		650		1,623		663		55		2,991
Additions		-		28		41		-		69
Revaluations		80		-		-		-		80
Disposals		-		(31)		-		(2)		(33)
Foreign exchange movements		-		38		6		-		44
Cost at 1 April 2016		730		1,658		710		53		3,151
Additions		-		30		24		32		86
Disposals		-		(13)		-		-		(13)
Foreign exchange movements		-		84		1		8		93
Cost at 30 September 2016		730		1,759		735		93		3,317
Depreciation
Depreciation at 1 April 2015		18		653		442		62		1,175
Charge for the period		5		87		40		6		138
Disposals		-		-		-		(31)		(31)
Foreign exchange movements		-		(13)		-		-		(13)
Depreciation at 30 September 2015		23		727		482		37		1,269
Charge for the period		5		70		22		3		100
Disposals		-		(29)		-		(1)		(30)
Revaluation adjustment		(28)		-		-		-		(28)
Foreign exchange movements		-		4		3		-		7
Depreciation at 1 April 2016		-		772		507		39		1,318
Charge for the period		5		84		43		2		134
Disposals		-		(12)		-		-		(12)
Foreign exchange movements		-		24		-		2		26
Depreciation at 30 September 2016		5		868		550		43		1,466
Net book value
Net book value at 30 September 2016		725		891		185		50		1,851
Net book value at 1 April 2016		730		886		203		14		1,833
Net book value at 30 September 2015		627		896		181		18		1,722
Net book value at 1 April 2015		632		774		189		24		1,619

10 Investment property

		Freehold
		Property		Total
Valuation		£000		£000
Valuation at 1 April 2015,30 September 2015,31 March 2016 and 30 September 2016		189		189
Depreciation
Depreciation at 1 April 2015		-		-
Charge for the period ended 30 September 2015		2		2
Depreciation at 30 September 2015		2		2
Charge for the period ended 31 March 2016		2		2
Depreciation at 31 March 2016 and September 2016		4		4
Net book value
Net book value at 30 September 2016		185		185
Net book value at 31 March 2016		185		185
Net book value at 30 September 2015		187		187
Net book value at 1 April 2015		189		189

11 Post balance sheet events

The Company paid a further dividend of 3.8 pence per share on 3 October 2016. The total paid was £2.46 million.

The Company issued a further 286,500 ordinary shares for consideration of £575,000 on 9 October 2016 as a result of the exercise of employee options.

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