Don't pay just to have an ISA. Find out more
(NUT.L) NeutraHealth PLC Buy/Sell
Add to portfolio Set Alert Level 2 Desktop Trader
Summary
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Date/Time | Headline | Source |
|---|---|---|
| 16-03-10 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 6181I
NeutraHealth Plc
16 March 2010
16 March 2010
NEUTRAHEALTH PLC ("the Company")
2009 PRELIMINARY RESULTS STATEMENT
NeutraHealth plc, one of the leading UK vitamins & supplements companies, is pleased to announce preliminary results with profit in line with expectations for the year ending 31 December 2009.
The Company has delivered a 20% increase in revenue in the year with adjusted EPS growth of 22%. EBITDA before one off items has increased by 21% to £2.3m.
Financial Highlights
· Revenue increase of 20% to £34.6m (2008: £28.9m)
· Like for like revenue increase of 4.2%
· EBITDA increase of 21% to £2.3m (2008: £1.9m)
· Adjusted* EPS increase of 22% to 0.6p (2008: 0.5p)
· Basic and diluted EPS of 0.3p (2008: 1.2p including exceptional profit and costs)
· Cash generated from operations before working capital changes increase of 57% to £1.8m (2008: £1.1m)
· Goodwill impairment in relation to Nutrigold Limited of £0.4m
* Adjusted figure excludes the non-cash effect of acquired intangible asset amortisation, share option related charges and post tax impact of one off items.
Operational Highlights
Brunel division
· Brunel achieved 6.6% like for like revenue growth in 2009
· £1.4m revenue from new products launched in 2009 - exceptional customer acceptance of new product development and innovation programme
· Strong management team established after 2008 consolidation and changes
· Progress made on input price reductions
BioCare division
· Sales sustained at 2008 level, with EBITDA increased by 6% to £1.6m
· Strong growth in export sales to £1.4m (2008: £1.2m), helped by new distribution in the Middle East
· New IT systems fully operational, delivering operational efficiencies and business intelligence
· Disposal of loss-making Nutrigold business in January 2010, allowing focus on core BioCare business
Outlook
· Improving market conditions, with modest growth returning to the sector
· Continued focus on critical success factors of market awareness and new product development
· Brunel targeting revenue growth with new products, new customers, and move into Europe to improve economies of scales
· BioCare targeting further export growth and broader professional customer base
· Revised banking facilities agreed with existing lenders to support future growth
Ray Myers, Chief Executive, commented:
"During 2009 we made considerable operational improvements across the group, which helped deliver our improved results for the year. More importantly, these improvements have put us in a strong position to grow in the coming years.
Our priority across the group is to increase profits through reduction of input prices, targeting of new customer accounts, and introduction of new products.
We operate strong businesses that are recognised market leaders in their channels, and we are confident about the future."
For more information:
Further information for investors is available on the Company's website at www.neutrahealthplc.com/
NeutraHealth plc
Ray Myers, Chief Executive 07768 940 630
Robin Hilton, Finance Director 07738 018 411
Pelham Bell Pottinger
Kate Catchpole 020 7337 1512
Cenkos (Nominated Adviser and Broker)
Stephen Keys 020 7397 8900
CHIEF EXECUTIVE'S REVIEW
Overview
We are pleased to report that NeutraHealth performed strongly in 2009, driving organic growth across the Group and delivering improvements in each business. We have grown underlying EBITDA by 21% and like for like revenue by 4.2%. We have the fundamentals in place to continue to achieve profitable growth over the coming years.
Strategy
The Group's strategy since foundation in 2005 has been to build a group of companies targeting the nutraceutical market, initially focused on the vitamins, minerals and supplements (VMS) sector, delivering growth through organic expansion and through strategic acquisitions, starting in the UK and expanding into Europe and beyond.
There are four distinct sales channels within the UK market - practitioners, independent retailers, multiple retailers and direct to consumers - and we operate businesses that service each of these channels.
Through acquisition and growth, we have achieved a market leading position with our two business units - Brunel and BioCare - in their respective channels. After difficult trading conditions in 2008 and significant changes within the Group, we have rebuilt the foundations for future growth, and started to deliver growth again in 2009.
Our current emphasis is on improving the profitability of the group. We expect this to be achieved through organic growth in revenue and in gross margin improvement. We continue to review the market and assess potential acquisition opportunities, and will progress those opportunities that we believe will improve our strategic position.
Market
Vitamins and supplements are taken regularly by over 42% of the UK adult population, with usage increasing for those over the age of 55. All products are governed by food regulations, and there are restrictions regarding health claims that can be made. Understanding this complex regulatory environment creates a barrier to entry for competitors.
Consumer demand for vitamins and supplements remained static from mid 2008 until mid 2009, and has improved steadily since then. Overall, demand for supplements has remained remarkably healthy despite the economic conditions of 2008 and 2009. This can be attributed to two main factors. Firstly, nutritional supplements have genuine and specific health benefits which are recognised and valued by consumers who continue to give priority to good health. For instance, Glucosamine eases joint pain and consumers continue to pay for those benefits despite the recession. Secondly, the majority of consumers are aged over 45 years old and in socio-economic group ABC1. The incomes of these groups have not been as badly affected in the recession as other demographic groups.
Review of Businesses
Brunel Healthcare
Brunel is the largest of our business units, generating revenue of £26.4m in 2009, representing 76% of Group revenue, and achieving like for like revenue growth of 6.6%. Revenue comes from a mix of private label manufacturing, contract manufacturing and a small element of consumer branded products. During the year we have strengthened our position as the market leading provider of private label vitamins in the UK, servicing the major retailers such as Boots, Tesco, Sainsbury and Superdrug.
Brunel is in a good position to deliver the step change in growth that will lead to increased shareholder value. The fundamentals required by our customers - quality, service, cost and innovation - have all been addressed and improved following the acquisition and consolidation of operations in 2008. We are developing a culture of greater situational awareness of customer trends, products opportunities, and material pricing. The buying strength of the major retailers may constrain our ability to increase selling prices, but we have a strong competitive position and many new opportunities that will increase both our margin and our absolute level of profitability.
Brunel has considerable expertise in managing the needs of business customers, in understanding trends within the UK healthcare market and regulatory frameworks, and in developing and sourcing consumer healthcare products. We are pursuing revenue growth in four main areas:
· Further penetration of the UK high street retailer market through securing new accounts;
· Offering new products, both supplements and other healthcare goods, to existing customers;
· Winning new contract manufacturing business;
· Entering other European markets.
We have a number of leads in European markets to work on, but do not expect to see significant export revenue until 2011. We expect all other sources of new business to generate revenue growth in 2010.
Two key pieces of European legislation, the Nutrition & Health Claims Regulation and the Nutritional Labelling Directive come into effect in 2010. Our technical expertise and ability to advise customers on these regulations is proving absolutely crucial in securing new business. Our expertise in this area was endorsed by Sainsbury awarding us their Best Technical Service award in 2009 for private label suppliers (across all non-food categories).
Notwithstanding our work on securing revenue growth, our main priority in Brunel is on improving profitability, and our material cost reduction project is of critical importance in achieving this. In 2009 our EBITDA was £1.4m. This was achieved with the help of a particularly lucrative licensing contract that delivered £1.0m of income. This contract will only contribute a further £0.5m before expiring in June 2010. We have already secured material cost savings for 2010 that more than replaces the contribution that will be lost in the coming year. We continue to pursue sourcing of quality materials at factory gate prices for the commodity products we offer and we have the scale to be the lowest cost provider in our market. This is helping us secure our position with existing accounts and win new business. We have achieved this in a number of areas, but we still have progress to make.
BioCare and other brands
BioCare offers high quality and innovative vitamins and supplements to practitioners and to independent retailers. These premium products are typically consumed by individuals who are very knowledgeable about nutrition, or who require high strength supplementation for specific health needs. Education, of practitioners and retailers, is the key means of promotion for BioCare. Our other brands in this segment include : Patrick Holford, a range of optimum nutrition supplements; Totally Nourish, a small business offering health products direct to consumers over the internet; and Nutrigold.
Sales in 2009 were sustained at £7.6m. Behind the headline numbers, export sales have grown from £1.2m to £1.4m. UK sales declined during the start of the year, but returned to growth again by the autumn. Totally Nourish, which makes up a small part of the UK figures, saw sales decline by £0.1m.
There are three reasons why we have confidence in BioCare's future success.
Firstly, we undertook market research at the end of 2008 and beginning of 2009 to understand customers' perception of the BioCare brand. This confirmed our belief that there is extremely high support for the brand and for the efficacy of our products, both in absolute terms and compared to our competitors. 96% of practitioners who used or recommended our products said efficacy was excellent, very good, or good. We also learned about areas for improvement. As a result we are engaging in different ways with our existing customers and have targeted new groups of customers.
Secondly, the installation of our new computer system at the end of 2008 proved a distraction in the early part of the year as problems appeared and then had to be eliminated. Now that it is fully implemented and working, we have greater operational efficiency, such as quicker product picking routes and better stock management systems. We also have significantly enhanced data analysis capabilities that allow us to understand our business much better. We have the tools to help us understand profitability by customer and by products and to see trends arising.
Thirdly, BioCare is now focused on its core business. We have the right tools, through our computer system. We have the right people in place with the right knowledge and increasing situational awareness. And we have removed distractions that have hampered growth in previous years.
As part of the focus on core business, we disposed of the trade and assets of Nutrigold in January 2010. Nutrigold had been acquired in February 2006 for £0.5m plus costs at a time when revenue was £1.0m, and successfully consolidated into operations. However, the brand performed poorly, with revenue falling to £0.6m by 2009. December 2009 marked the end of the original earn out period that had been put in place on acquisition, and we took this opportunity to dispose of the business. The buyer was the previous vendor, and we received £0.3m cash on completion. The future prospects for Nutrigold within NeutraHealth were poor. We have recovered a significant proportion of our investment at the same time as reducing complexity and allowing focus on BioCare's core customers.
Shareholder Value, Dividend Policy and Board Effectiveness
We recognise that we need to be more profitable, and that we would benefit from a larger market capitalisation.
We believe that we can substantially improve shareholder value by growing the trading profits of the constituent business units, both of which are now well placed to advance. While the AIM market suffered through the global financial crisis we have successfully increased our share price during the year by delivering improved performance, resulting in increased investor confidence. We continue to strive to grow the share price back to an acceptable level and beyond by delivering our results targets and meeting market expectations.
We continue to review our dividend policy. We increasingly recognise the importance of our private shareholders, and we understand their desire to receive a dividend as a return on investment, as well as an increase in share price. Expected improvements in profitability may put us in a position to start paying a dividend in 2010.
We currently operate without a Chairman. Board meetings are chaired by the Senior Independent Director, Anthony Good. The Directors believe that the Board operates effectively with the current Board structure, and that appointing a Chairman would be an unnecessary additional cost to the business and would not necessarily enhance the effective running of the Group at this time.
We welcome dialogue with all our shareholders and we are happy to receive feedback on ways to improve our shareholder communication.
Outlook
We have put considerable effort into shaping NeutraHealth to perform profitably and generate revenue growth in the last year. We have made many changes in response to market conditions and as a necessary prerequisite to proceeding with strength. The endorsement of that effort has come in the strong second half of 2009 and the good start to 2010.
We are a more capable and better informed business than we have ever been. We have a strong market position, and many opportunities to strengthen our position further. We have increased confidence that we can deliver significant growth in the coming years.
Ray Myers
Chief Executive
16 March 2010
FINANCE DIRECTOR'S REVIEW
EBITDA before one-off items 2009 : £2.3m 2008 : £1.9m
We delivered a 21% increase in EBITDA in 2009, achieved through growth in revenue and focus on input cost reduction. We have focussed on the fundamentals necessary for business growth, having made significant alterations to the group in 2008 as a result of market changes.
The above result includes an EBITDA loss of £0.1m made by Nutrigold Limited during 2009. This business was sold after the year end.
Gross profit 2009 : £12.5m 2008 : £10.8m
The absolute level of gross profit has increased by 15.7% in the year, while the gross profit percentage has fallen from 37.5% to 36.1%. This is due to the full year effect of Brunel Healthcare being part of the group, following the acquisition in June 2008. Gross profit has also been affected during the year by increases in raw material prices.
Revenue 2009 : £34.6m 2008 : £28.9m
Revenue increased by 20% in the year, reflecting the full year effect of the acquisition of Brunel Healthcare in the middle of 2008. Like for like sales have increased by 3.6% excluding the Nutrigold business.
Other income 2009 : £1.2m 2008 : £0.6m
The majority of the other operating income received by the Group is attributable to one licensing contract in Brunel which is due to expire in June 2010. Our success to date in reducing raw material prices will more than offset the impact of this contract coming to an end.
Impairment of Goodwill 2009 : £0.4m 2008 : £nil
The impairment of goodwill relates to Nutrigold Limited. This business was acquired for £0.5m plus costs in February 2006, has contributed to £0.1m to Group EBITDA during our ownership, and has been divested for £0.3m in cash. This business was declining and lost £0.1m EBITDA in 2009.
Due to the necessary structure of the disposal, a significant impairment has arisen. Our focus has been on the cash aspects of the deal, and we believe from that perspective the deal is in the interests of shareholders.
Cash generated from operations
before changes in working capital 2009 : £1.8m 2008 : £1.1m
Changes in working capital 2009 : £(1.4)m 2008 : £(0.3)m
Cash generation before working capital saw a significant improvement on 2008, which was adversely affected by termination and restructuring costs. Our working capital has increased significantly at the year end as a result of the increase in our trading. Inventory has increased by £2.5m, and this has been partly offset by improvements in receivables collection throughout the year.
The working capital profile in our manufacturing business means that continued growth will lead to increased working capital requirements. We are investigating ways of limiting this increase, including considering updating old IT systems in use. However, our commitment to servicing customers and the complexity of our business means that high stock levels will continue to be necessary.
Adjusted EPS 2009 : 0.6p 2008 : 0.5p
Basic and Diluted EPS 2009 : 0.3p 2008 : 1.2p
We have achieved a 22% increase in adjusted EPS, which adjusts earnings for one off items, amortisation of intangible assets recognised on acquisition, and share option charges. Details of these adjustments are included in the notes to the financial statements.
Capital Structure
At the year end the Group had net debt of £5.0m (2008: £4.3m), including finance leases. Debt has increased during the year through increases in inventory and payment of the final deferred consideration for Brunel Healthcare of £0.7m in March 2009.
We consider this to be an acceptable level of gearing. Our inventory levels, while high, are necessary to maintain service levels to our customers. Our receivables are mostly blue chip UK businesses, which gives us confidence in our receipt of cash for sales.
We have agreement in principle with our existing bank to change to new banking facilities, combining invoice discounting and other asset backed lending, to ensure that NeutraHealth has continued access to finance that supports the growth of the operations.
Principal Risks and Uncertainties
All businesses face a range of risks and uncertainties, being subject to hazards from internal and external sources. NeutraHealth undertakes a regular risk assessment within a framework encompassing a range of risk factors: operational, financial, strategic, environmental, political, social, economic, and technological. The likelihood and significance of risk factors are considered when putting in place risk management procedures to ensure risk mitigation.
The following are considered to be the key risks facing the Group.
Availability of Credit
Our working capital profile leads to increases in stock and debtors to support growth. We have many opportunities to grow profit and sales, and this therefore requires appropriate facilities. However, the debt markets have not fully recovered yet. There is a risk that lenders are not prepared to increase facilities when the growth comes.
NeutraHealth is mitigating this through the negotiation of new banking facilities that support any necessary working capital growth within the business. Our profitability and business success also make equity raising a potential solution to any funding requirements we have as we grow.
Product Sourcing
Our ability to source materials at factory gate pricing is important for those products that are considered commodities in the market. Having the lowest market prices will allow us to secure existing business and win new contracts by continuing to offer the best possible prices to our customers.
We must also constantly source new products to drive our innovations offering to all customers.
NeutraHealth is mitigating these risks by having teams dedicated to material price reduction and sourcing of new innovative products or materials. The performance of these teams is important for our success.
Robin Hilton
16 March 2010
Consolidated Statement of Comprehensive Income
Year ended 31 December 2009
Note 2009 2008
£'000 £'000
REVENUE 34,602 28,864
Cost of sales (22,100) (18,047)
Gross profit 12,502 10,817
Other operating income 1,168 641
Administrative expenses (12,225) (10,251)
PROFIT FROM OPERATIONS
BEFORE ONE OFF ITEMS 1,445 1,207
Other expenses:
Impairment of goodwill (405) -
Employee termination and reorganisation costs - (825)
Impairment of property, plant and equipment - (675)
Profit on disposal of / (Impairment of)
available-for-sale investments 103 (262)
Recognition of onerous lease - (615)
Profit on disposal of subsidiary - 3,380
PROFIT FROM OPERATIONS 1,143 2,210
Investment income 5 72
Finance costs (240) (489)
PROFIT BEFORE TAX 908 1,793
Income tax (expense) / credit 3 (306) 318
PROFIT FOR THE YEAR 602 2,111
Other comprehensive income:
Decrease in value of available-for-sale - (63)
investments
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF
TAX - (63)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 602 2,048
Profit attributable to:
Equity holders of parent 602 2,111
Total comprehensive income attributable to:
Equity holders of parent 602 2,048
Earnings per share
Basic 4 0.3p 1.2p
Diluted 4 0.3p 1.2p
Consolidated Balance Sheet
At 31 December 2009
Note 2009 2008
£'000 £'000
ASSETS
Non-current assets
Goodwill 18,009 18,414
Other intangible assets 2,211 1,935
Property, plant & equipment 3,526 4,245
Available-for-sale investments - -
Deferred tax assets 3 129
23,749 24,723
Current assets
Inventories 8,238 5,691
Trade and other receivables 5,708 6,929
Current tax assets - 39
Cash and cash equivalents 961 1,283
14,907 13,942
Total assets 38,656 38,665
EQUITY AND LIABILITIES
Capital and reserves
Share capital 5 17,599 17,599
Other reserves 6 2,042 2,161
Retained earnings 7 4,764 4,015
Total equity attributable to equity holders of the parent 24,405 23,775
Non-current liabilities
Deferred tax liabilities 819 899
Provisions 270 640
Bank loan 4,967 4,544
Obligations under finance leases - 57
6,056 6,140
Current liabilities
Trade and other payables 6,527 7,292
Current tax liabilities 279 -
Provisions 365 425
Bank loan 967 972
Obligations under finance leases 57 61
8,195 8,750
Total liabilities 14,251 14,890
Total equity and liabilities 38,656 38,665
Consolidated Cash Flow Statement
Year ended 31 December 2009
2009 2008
Note £'000 £'000
OPERATING ACTIVITIES
Profit from operations for the year 1,143 2,210
Adjustments for:
Depreciation and amortisation 789 1,353
Share-based expense payments 28 56
Profit on disposal of subsidiary - (3,380)
Profit on disposal of property, plant & (81) -
equipment
(Profit on disposal) / Impairment of
available-for-sale investments (103) 262
Impairment of goodwill 405 -
Recognition of onerous leases - 615
Release of provisions (430) -
Cash generated by operations before changes in
working capital 1,751 1,116
(Increase) / Decrease in inventories (2,547) 719
Decrease / (Increase) in receivables 1,221 (874)
Decrease in payables (51) (130)
Cash generated from operations 374 831
Income taxes received / (paid) 58 (190)
Interest paid (201) (437)
Net cash generated by operating activities 231 204
INVESTING ACTIVITIES
Interest received 5 72
Purchase of property, plant & equipment (183) (656)
Purchase of intangible assets (167) (468)
Proceeds from sale of property, plant &
equipment 84 -
Acquisition of subsidiaries net of cash (720) (7,860)
acquired
Disposal of subsidiary net of cash disposed - 5,661
Proceeds from sale of available-for-sale
investments 103 -
Net cash used in investing activities (878) (3,251)
FINANCING ACTIVITIES
Repayment of borrowings (1,000) (1,000)
Repayment of obligations under finance leases (61) (159)
New bank loans raised 1,400 2,100
Cost of raising bank loans (14) -
Net cash from financing activities 325 941
Net decrease in cash and cash equivalents (322) (2,106)
Cash and cash equivalents at the beginning of the year 1,283 3,389
Cash and cash equivalents at the end of the 961 1,283
year
Consolidated Statement of Changes in Equity
Year ended 31 December 2009
Share capital Share premium Investment Share- based Retained earnings
revaluation reserve payments
£'000 £'000 £'000 £'000
£'000
At 1 January 2008 17,599 1,967 63 272 1,770
Total comprehensive income for - - (63) - 2,111
the year
Recognition of share-based - - - 56 -
payments
Lapse of share options - - - (134) 134
Transactions with owners - - - (78) 134
At 31 December 2008 17,599 1,967 - 194 4,015
Total comprehensive income for - - - - 602
the year
Recognition of share-based - - - 28 -
payments
Lapse of share options - - - (147) 147
Transactions with owners - - - (119) 147
At 31 December 2009 17,599 1,967 - 75 4,764
Notes to the Consolidated Financial Statements
1. GENERAL INFORMATION
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2009 or 2008 but is derived from those accounts. Statutory accounts for the year ended 31 December 2008 have been delivered to the Registrar of Companies, and those for 2009 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985 in respect of the accounts for 2008 nor a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2009.
The Annual Report and Accounts will be made available to the public at the Company's registered office, 180 Lifford Lane, Kings Norton, Birmingham, B30 3NU from the date of release.
The Annual General Meeting will be held at 11 am on 28 April 2010 in London.
2. BASIS OF PREPARATION
The consolidated financial statements for the year ended 31 December 2009 have been prepared in accordance with International Financial Reporting Standards as adopted by the EU.
These accounts have been prepared on the basis of the same accounting policies as for the year ended 31 December 2008.
3. TAXATION
2009 2008
£'000 £'000
Corporation tax - current year 276 42
Deferred tax (note 23) 46 (352)
322 (310)
Corporation tax - prior year (16) (8)
Income tax expense / (credit) for the year 306 (318)
Income tax is calculated at 28% (2008 : 28.5%) of the estimated assessable profit for the year. On 1 April 2008, the rate of corporation tax applicable to the companies in the Group fell from 30% to 28%. The total charge for the year can be reconciled to the accounting profit as follows:
2009 2008
£'000 % £'000 %
Profit before tax 908 1,793
Tax at the income tax rate of 28% (2008: 28.5%) 254 28.0 511 28.5
Tax effect of non-deductible impairment of 113 12.4 - -
goodwill
Tax effect of non-taxable profit on disposal of (23) (2.5) - -
assets
Tax effect of non-taxable (profit on disposal)
/ non-deductible impairment of
available-for-sale investments (29) (3.2) 75 4.2
Tax effect of non-taxable profit on disposal of
subsidiary - - (963) (53.7)
Tax effect of expenses that are not deductible
in determining taxable profit 14 1.5 79 4.4
Tax effect of small company rate in group - - (12) (0.7)
companies
Tax effect of over provision in prior year (16) (1.7) (8) (0.4)
Other difference (7) (0.8) - -
Tax expense / (credit) expense and effective
tax rate for the year 306 33.7 (318) (17.7)
4. EARNINGS PER SHARE
2009 2008
£'000 £'000
Earnings
Earnings for the purposes of basic and diluted
earnings per share (profit for the year
attributable to equity holders of the parent) 602 2,111
Add back / (Deduct):
Impairment of goodwill 405 -
Amortisation of intangible assets recognised on
acquisition, net of deferred tax credit 136 136
Charges for share options in issue 28 56
One off items, net of corporation tax impact (74) 1,974
Profit on disposal of subsidiary - (3,380)
Earnings for the purpose of adjusted earnings per
share 1,097 897
2009 2008
Number Number
'000 '000
Number of shares
Weighted average number of ordinary shares for 175,985 175,985
the purposes of basic earnings per share
Effect of dilutive potential ordinary shares:
Share options - -
Weighted average number of ordinary shares for
the purposes of diluted earnings per share 175,985 175,985
2009 2008
p per share p per share
Earnings per share
Basic 0.3 1.2
Diluted 0.3 1.2
Adjusted 0.6 0.5
The performance conditions for the share options in issue at this year end and last year end had not been met, and therefore the share options have not been treated as dilutive.
5. share capital 2009 2008
£'000 £'000
Authorised:
300,000,000 ordinary shares of 10p each - 30,000
300,000,000 new ordinary shares of 1p each 3,000 -
300,000,000 deferred shares of 9p each 27,000 -
30,000 30,000
Issued and fully paid:
175,985,137 ordinary shares of 10p each - 17,599
175,985,137 new ordinary shares of 1p each 1,760 -
175,985,137 deferred shares of 9p each 15,839 -
At 31 December 17,599 17,599
On 29 April 2009 each ordinary share of 10p was divided into one new ordinary share of 1p each and one deferred share of 9p each. At 31 December 2009 the Company has 175,985,137 new ordinary shares and 175,985,137 deferred shares (2008: 175,985,137 ordinary shares of 10p each) in issue.
The new ordinary shares entitle holders to vote and receive dividends, and on liquidation would be repaid the nominal amount paid up before other classes of shares.
The deferred shares do not entitle the holders to vote or receive dividends, and on liquidation would be repaid the nominal amount paid up after the new ordinary shares had been repaid.
6. OTHER RESERVES
Share- based
payments reserve Investment
Share premium £'000 revaluationreserve
£'000 Total
£'000 £'000
At 1 January 2008 1,967 272 63 2,302
Recognition of share-based - 56 - 56
payments
Transfer of lapsed share - (134) - (134)
options value to Retained
Earnings
Decrease in fair value of - - (63) (63)
financial asset investments,
net of deferred tax
At 31 December 2008 1,967 194 - 2,161
Recognition of share-based - 28 - 28
payments
Transfer of lapsed share - (147) - (147)
options value to Retained
Earnings
At 31 December 2009 1,967 75 - 2,042
7. RETAINED EARNINGS
2009 2008
£'000 £'000
At 1 January 4,015 1,770
Profit for the year attributable to equity holders of the
parent 602 2,111
Transfer of lapsed share options value from Other Reserves
147 134
At 31 December 4,764 4,015
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXDSFSKEEFF
More |
||
| 21-01-10 | RNS |
|
|
RNS Number : 8859F NeutraHealth Plc 21 January 2010 21 January 2010 NEUTRAHEALTH PLC ("the Company")
TRADING UPDATE NeutraHealth plc, one of the leading UK vitamins & supplements companies, is pleased to provide the following trading update. Sales in the second half of 2009 were strong, and are expected to exceed £18 million. This is almost 9% growth on the first six months of 2009, and over 4% growth on the second half of 2008. This has been achieved through product innovation and by focusing on our core customers, which has led to an increase in consumer demand. Profit for the year is in line with management expectations. Input prices have remained volatile. Our efforts on raw material cost reduction have increased and will have a positive impact in 2010. We are also pleased to announce that we have disposed of the trade and assets of Nutrigold Limited, removing a loss making brand from the group and allowing BioCare to focus fully on core business. Nutrigold was purchased in February 2006 for consideration of £467,000 plus costs when sales were approaching £1million per annum. An earn out was put in place for the vendor which expired in December 2009, at which time sales had fallen to £626,000, with a loss exceeding £100,000 per annum. The cash received on disposal is £315,000 before costs, which will necessitate a goodwill impairment charge in the year to 31 December 2009. Ray Myers, Chief Executive, commented: "We are pleased with our sales growth and hopeful that improved market conditions will be sustained. Delivering profitable growth is our priority for 2010. This will be achieved through reducing input costs, securing increased market share, and realising new product and customer opportunities." Enquiries:
NeutraHealth plc
Cenkos (Nominated Adviser and Broker)
Pelham Public Relations
This information is provided by RNS The company news service from the London Stock Exchange END
TSTBMMRTMBTTBJM More |
||
| 21-01-10 | RNS |
|
|
RNS Number : 8859F NeutraHealth Plc 21 January 2010 21 January 2010 NEUTRAHEALTH PLC ("the Company")
TRADING UPDATE NeutraHealth plc, one of the leading UK vitamins & supplements companies, is pleased to provide the following trading update. Sales in the second half of 2009 were strong, and are expected to exceed £18 million. This is almost 9% growth on the first six months of 2009, and over 4% growth on the second half of 2008. This has been achieved through product innovation and by focusing on our core customers, which has led to an increase in consumer demand. Profit for the year is in line with management expectations. Input prices have remained volatile. Our efforts on raw material cost reduction have increased and will have a positive impact in 2010. We are also pleased to announce that we have disposed of the trade and assets of Nutrigold Limited, removing a loss making brand from the group and allowing BioCare to focus fully on core business. Nutrigold was purchased in February 2006 for consideration of £467,000 plus costs when sales were approaching £1million per annum. An earn out was put in place for the vendor which expired in December 2009, at which time sales had fallen to £626,000, with a loss exceeding £100,000 per annum. The cash received on disposal is £315,000 before costs, which will necessitate a goodwill impairment charge in the year to 31 December 2009. Ray Myers, Chief Executive, commented: "We are pleased with our sales growth and hopeful that improved market conditions will be sustained. Delivering profitable growth is our priority for 2010. This will be achieved through reducing input costs, securing increased market share, and realising new product and customer opportunities." Enquiries:
NeutraHealth plc
Cenkos (Nominated Adviser and Broker)
Pelham Public Relations
This information is provided by RNS The company news service from the London Stock Exchange END
TSTBMMRTMBTTBJM More |
||
| Date/Time | Subject | Author | ||
|---|---|---|---|---|
| 15-09-09 | ||||
|
| ||||
|
| ||||
|
A sound set of results, which no doubt the market will completely ignore. It would have been nice to have made a quick buck on a takeover, but as long as net debt does come down as promised, I have no qualms about holding.
|
||||
| 08-06-09 | ||||
|
| ||||
|
| ||||
|
Hmm, ticked up again today, maybe we will see some profit from this before we are all drawing our pensions!
|
||||
| 05-06-09 | ||||
|
| ||||
|
| ||||
|
If we wait long enough we will make some money. Whether it is enough to buy a loaf of bread by the time we get it is debatable. I think this is a good little company that the market just does not care about.
|
||||
| 05-06-09 |
BUY
Re: Sailor
|
|||
|
| ||||
|
| ||||
|
It's dirt cheap at these levels, bid or no bid
|
||||
The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
More...