Bioquell PLC – 2017 Preliminary Results

Bioquell PLC (LSE symbol:BQE), the specialist provider of biodecontamination systems and services to the international Life Sciences, Pharmaceutical and Healthcare markets, today announces its preliminary results for the year ending 31st December 2017.

 

Financial highlights

  • Core biodecontamination business revenues up 13% to £28.5 million (2016: £25.2 million), up 9% at constant currency rates*
  • Total revenues including the defence business were up 10% at £29.2 million (2016: £26.5 million), up 6% at constant currency rates*
  • Gross Profit Margins improved to 52% from 48% in 2016
  • Pre-exceptional EBITDA** increased 29% to £5.3 million (2016: £4.1 million)
  • Profit from operations before exceptional items was up 81% to £2.9 million (2016: £1.6 million)
  • Exceptional item of £0.3 million relating to profit on disposal of legacy Air Flow business (2016: exceptional items totalled a charge of £1.5 million)  
  • Profit before tax was £3.3 million (2016: £0.1 million)
  • Basic Earnings per share 11.6p (2016: 1.3p)
  • Diluted Earnings per share 10.8p (2016:1.2p)
  • Cash and cash equivalents was £14.6 million (2016: £8.8 million)

*   expressing revenues in both the period under review and the comparative period at constant exchange rates

** earnings before interest, tax, depreciation, amortisation and exceptional items.

 

Key developments

  • Simplified and reduced complexity with the disposal of the legacy Air Flow service business and, subsequent to the year end, related spares business. The full benefit of increased focus on the core biodecontamination business will be felt in the year ending 31 December 2018
  • Re-built US-based life sciences sales team which generated record levels of revenue in the US in 2017
  • Encouraging sales growth of the Bioquell Qube aseptic workstation
  • Completed large Rapid Biodecontamination Service (RBDS) contract with prestigious Middle East hospital

 

Ian Johnson, Executive Chairman of Bioquell PLC, said:

"I am pleased to report continued substantial improvements in the financial performance of the Company for 2017.  Management continue to simplify the Group and focus on generating top line growth from the core biodecontamination business, which reached record levels for the year.  The disposal of the legacy Air Flow service activity will enhance our ability to deliver excellent customer service to our core customers.  We have invested in sales and marketing resource to maximise our potential in the international Life Sciences and Pharmaceutical market and on further improving financial performance through generating additional recurring revenues.”

 

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