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Interim Management Statement

26 Apr 2012 07:00

RNS Number : 1136C
PuriCore Plc
26 April 2012
 



PuriCore plc

 

Q1 2012 Interim Management Statement

Strong Revenue Growth Drives Profitability and Operational Cash Flow  

PuriCore (LSE: PURI), the water-based clean technology company, today issues its Interim Management Statement covering the period 1 January 2012 to 26 April 2012.

 

Q1 Financial Highlights (unaudited)

·; Sales up 29.2% (30.4% at constant currency) to $14.3 million (Q1 2011: $11.1 million)

§ Supermarket Retail sales up 60% to $7.4 million (Q1 2011: $4.6 million)

§ Endoscopy sales up 3% (5% at constant currency) to $6.6 million (Q1 2011: $6.4 million)

§ Wound Care sales up 218% to $0.4 million (Q1 2011: $0.1 million)

·; Operating expenses decreased 15%

·; EBITDA profitable across the company including in all business units

·; Strong operating cash flow positive

·; Cash as at 31 March 2012 of $6.3 million

 

Q1 Operational Highlights

·; Supermarket Retail: sales of approximately 420 Sterilox Fresh and FloraFresh Systems from existing and new customers

·; Endoscopy: recurring revenues up 12%, accounting for 70% of revenues; growth driven by increase spending by UK NHS

·; Wound Care: strong organic and distribution sales

·; R&D: received confirmation from the US EPA for Aqualox System to treat frac water; the University of Oxford received a £500,000 grant to study PuriCore's ActiVita Agricultural Solution from the Biotechnology and Biological Sciences Research Council (BBSRC)

 

Greg Bosch, Chief Executive Office, said:

"PuriCore delivered a robust sales performance and EBITDA profitability across the business and in each major division, which drove the Company to be operational cash flow positive for the second quarter in a row. This performance resulted from the strong order book for the US Supermarket Retail business at the start of the year, and the increased spending by the UK NHS during the quarter, typically the heaviest as it ends its fiscal year, and strong sales in Wound Care."

 

Business Report

Sales for the Company increased 29.2% to $14.2 million in the first quarter of 2012 (Q1 2011: $11.1 million), driving EBITDA profitability of each business unit. Continued robust Supermarket Retail sales drove revenues up 60%, including sales of 422 Sterilox Fresh and FloraFresh Systems in leading US national and regional retailers. The Company has installed more than 5,700 Systems in approximately 20% of the target market stores in the US and Canada. In the UK, increased NHS spending in its final fiscal quarter drove Q1 sales for this business up 3% (5% at constant currency). The strategy to increase recurring revenues, including rentals, chemistry, and consumables, continues to be successful with a 12% increase, accounting now for 70% of division sales. In the Wound Care business, sales, including distribution sales, significantly increased 218%.

 

PuriCore's continued its R&D investment in promising new applications and markets. Agriculture R&D continues for PuriCore's reformulated solution as a broad-spectrum fungicide, the Biotechnology and Biological Sciences Research Council (BBSRC) awarded a £500,000 research grant to The University of Oxford for the study of PuriCore's ActiVita Agricultural Solution. In addition, the US EPA confirmed the Aqualox System as an on-site generator of an oil and gas biocide to treat hydraulic fracturing (or frac) water.

 

PuriCore will host a conference call for investors and analysts today at 2.00 pm BST, and a recording will be available.

 

Enquiries:

FTI Consulting

 +44 (0) 20 7831 3113

Susan Quigley / Victoria Foster Mitchell

 

About PuriCore

PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively and naturally kill infectious pathogens without causing harm to human health or the environment. The Company's products are used in a broad range of markets that depend upon controlling contamination, including supermarket retail and foodservice, medical device disinfection, and wound care. The Company's technologies are proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK.

 

To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.

 

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

All 2012 financials are unaudited.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSIFMATMBITMMT
Date   Source Headline
30th Jul 20087:04 amRNSPuriCore Wins Food Safety Con
30th Jul 20087:02 amRNSTrading Update
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27th May 20087:00 amRNSAnnual Information Update
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14th May 200812:19 pmRNSHolding(s) in Company
13th May 20089:07 amRNSDirector/PDMR Shareholding
1st May 200810:06 amRNSDirector/PDMR Shareholding
30th Apr 20084:01 pmRNSDirector/PDMR Shareholding
29th Apr 20087:01 amRNSInterim Management Statement
29th Apr 20087:01 amRNSFinal Results
23rd Apr 20087:01 amRNSPresent Clinical Data
3rd Apr 20087:00 amRNSNotice of Results
21st Feb 20084:20 pmRNSNotice of Interest in Shares
21st Feb 20087:01 amRNSDirector/PDMR Shareholding
20th Feb 20087:01 amRNSTrading Update
20th Feb 20087:01 amRNSAcquisition Agreement for IP
8th Feb 20082:26 pmRNSHolding(s) in Company
6th Feb 20088:31 amRNSBlocklisting Interim Review
6th Feb 20088:04 amRNSSenior Independent Director
1st Feb 20088:48 amRNSVoting rights
23rd Jan 20087:00 amRNSResearch Update
11th Jan 20087:00 amRNSRe: Food Retail Contract
21st Dec 200711:36 amRNSHolding(s) in Company
10th Dec 20077:01 amRNSAdditional US Patent
23rd Nov 20075:52 pmRNSHolding(s) in Company
25th Oct 200712:00 pmBUSPuriCore Presenting at Acumen BioFin Rodman & Renshaw 9th Annual Healthcare Conference
25th Oct 20077:00 amRNSPresenting at Conference
17th Oct 200712:00 pmBUSPuriCore Arranges New $20 Million Borrowing Facility
17th Oct 20077:00 amRNSArranges Borrowing Facility
12th Oct 20078:46 amRNSFCSI Product of the Year
11th Oct 20074:35 pmBUSSterilox Food Safety System Named FCSI Product of the Year
8th Oct 200712:00 pmBUSPuriCore Receives US Patent on Wound Therapy Method
8th Oct 20077:00 amRNSReceives US Patent
24th Sep 20077:03 amRNSRe: Wound Therapy System
24th Sep 20077:01 amRNSInterim Results
5th Sep 20074:14 pmRNSHolding(s) in Company
4th Sep 20077:01 amRNSBlocklisting Applications
31st Aug 20077:01 amRNSBlocklisting Interim Review
24th Jul 20076:24 pmRNSHolding(s) in Company
24th Jul 20079:32 amRNSDirector's Interest
23rd Jul 20077:01 amRNSTrading Update
18th Jun 200712:00 pmBUSAdditional Studies Demonstrate PuriCore's Sterilox Solution Effective against Major Outbreak Pathogens
18th Jun 20077:02 amRNSResearch Update

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