Bioquell PLC – 2018 interim results

24 July 2018

Bioquell PLC – 2018 interim results

Bioquell PLC (“Bioquell”) (LSE symbol: BQE) – a leading provider of bio decontamination solutions and modular isolators for the Pharmaceutical, Life Science and Healthcare markets today announces its interim results for the six month period ended 30 June, 2018.

Financial highlights

  • Total revenues including defence sales increased by 9% to £15.7 million (2017: £14.3 million), an increase of 13% at constant currency rates
  • Revenues excluding defence increased by 7% to £15.0 million (2017: £14.0 million). Like-for-like revenues, adjusting for the disposal of the AirFlow Spares and Service business (“AirFlow”), were up 15% at constant currency rates
  • EBITDA increased 28% to £3.3 million (2017: £2.5 million)
  • Profit before tax increased by 41% to £2.0 million (2017: £1.4 million)
  • Basic earnings per share were up 38% to 7.6p (2017: 5.5p)
  • Cash and cash equivalents of £15.0 million at 30 June 2018 (2017: £11.8 million)

 

Operational highlights

  • Disposed of final non-core asset, MDH Defence, for an initial consideration of £0.4 million and a possible future consideration of £0.6 million contingent on financial performance
  • Completed the disposal of AirFlow
  • Repositioned business with focus on bio decontamination solutions and modular isolators

Commenting on the 2018 interim results, Ian Johnson, Executive Chairman of Bioquell PLC, said:

“I am pleased to report continued growth in revenues despite exchange rate headwinds, a strong comparative first half in 2017 and the effect of disposals. Our core business increased by 15% on like for like sales at constant currency.  Profit before tax increased by 41% with further improvement in gross margins from 52% to 54%.

 The final non-core asset disposal of MDH Defence (which will cease to generate revenue from the end of 2018) provides the business with more predictable revenues and higher quality earnings from bio decontamination solutions and modular isolators. Given the continued improvements, particularly with respect to profitability, the Board believes that the Company will exceed current market expectations for profit for the full year.”

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