RNS Number:9001W
Bespak PLC
9 January 2001
Announcement of Unaudited Interim Results
for the 26 weeks ended 27 October 2000
2000 1999*
(Unaudited) (Unaudited)
Turnover #40.4m #39.0m up 4%
Operating profit #7.5m #7.3m up 2%
Profit before tax #7.8m #7.3m up 7%
Earnings per share 22.8p 21.9p up 4%
Dividend per share 6.6p 6.16p up 7%
* The 1999 results exclude the exceptional item and are stated in respect of
continuing businesses
* Strong financial performance in line with expectations. Interim dividend
increased by 7% to 6.6 per share
* Strategic aims to continue development of existing respiratory and
biopharmaceutical businesses and to develop a new nasal drug delivery
business
* Increased investment in the acquisition and development of new
technologies
* Terms of contract extension finalised with GlaxoSmithKline for the
supply of the DiskusO dry powder inhaler
Bespak plc Chairman, Sir David Cooksey, said:
"Today we are pleased to announce another strong financial performance
accompanied by significant increased investment in new technologies. The
investment supports the clear strategies which we have in place enabling us to
take advantage of the many exciting opportunities within the rapidly growing
drug delivery market. This, combined with the successful exploitation of
existing development and manufacturing programmes will underpin the future
growth of the Company.
Bespak is not yet in a position to announce the appointment of a new Chief
Executive but an active search continues. In the meantime, our strong
management team is performing well and is committed to delivering the Group's
strategic vision and aims."
Enquiries:
Robert J. Preece, Acting Chief Executive & Group Finance Director
Bespak plc
020 7638 9571
Issued by:
Sue Pemberton
Citigate Dewe Rogerson
020 7638 9571
Bespak plc
Interim Statement
BUSINESS REVIEW
Strategic Aims
Bespak's strategic aims are to expand the development of its existing
respiratory and biopharmaceutical businesses and to develop a nasal drug
delivery business. The Company's existing businesses presently involve the
supply of drug delivery devices to the pharmaceutical industry for the
treatment of respiratory diseases and to the emerging biopharmaceutical market
for the delivery of protein and peptide-based drugs. The nasal business will
be based on combining new formulation capability with our device development
expertise, building on the nano-particulate technology acquired from the
Massachusetts Institute of Technology announced in July 2000, and
commercialising the Group's innovative portfolio of nasal devices.
Respiratory
Bespak's principal business currently relates to the delivery of drugs to the
lungs for the treatment of respiratory diseases, such as asthma, for which it
is now a leading supplier of both metered dose valves and dry powder inhaler
devices. Bespak is continuing to build expertise and capabilities to improve
on its current strong position in this regulated market by investing in
development and manufacturing technologies. The Company is developing advanced
pulmonary delivery systems which will aid monitoring of patient compliance and
provide more accurate dose counting. Work continues on valves for use with HFA
propellants and we are well advanced in the creation of novel forms of valve
technology which exhibit enhanced performance by reducing unwanted drug
deposition.
Biopharmaceutical
Alongside existing respiratory disease applications, new and exciting
opportunities for inhaled therapies have emerged as novel formulation and
delivery technologies have enabled the delivery of protein and peptide-based
drugs. These drugs can be delivered by inhalation to treat a wide range of
illnesses, such as diabetes, hepatitis, cancer and multiple sclerosis, which
affect parts of the body other than the respiratory system. Bespak has secured
a pre-eminent position in this biopharmaceutical market by establishing a
number of collaborations with the leading companies in this sector. The first
drug to market in this area will be inhaled insulin for diabetes. Bespak has
supply partnerships with most of the major companies involved with this
treatment including Inhale Therapeutic Systems Inc., Dura Pharmaceuticals Inc.
and Alkermes Inc.
The biopharmaceutical segment of the drug delivery market, which comprises
inhaled therapies, needle free injection systems and nasal delivery, is
currently small but is projected to grow to $15 billion by 2008. In addition
to its leading position in the inhaled sector of this market, Bespak has a
partnership with PowderJect Pharmaceuticals for needle free injection systems.
Bespak is in the late stages of negotiating a collaboration with a
biopharmaceutical
partner which will herald the adoption of a new business model. The
collaboration will be the first of what is intended to be a series of such
arrangements whereby Bespak participates, and shares the risk, in the
development cycle at an early stage and will participate in increased returns
following product launch.
Nasal
The reformulation of existing drugs for systemic treatments has presented the
opportunity for the creation of novel delivery systems using non-traditional
routes of delivery. Bespak is developing novel technologies for the nasal
delivery of drugs which previously could be delivered only by injection. In
July 2000 Bespak licensed nano-particulate technology for the nasal delivery
of drugs from the Massachusetts Institute of Technology. A substantial
development programme has begun and several drugs have been identified which
are suitable for this form of delivery and which are estimated to have
significant market potential. A detailed scientific programme is being
undertaken both internally and externally to take the formulation technology
to the next stage of development. In parallel, Bespak is developing a number
of proprietary nasal devices and taking steps to develop its formulation
capability.
Science and Technology Group
A Science and Technology Group has been formed, under the leadership of Paul
Taylor, the Group Research and Development Director, comprising our existing
development teams and bringing in new expertise. It will support and develop
the Group's respiratory, biopharmaceutical and nasal technology developments.
This group is responsible for identifying acquisition, joint venture,
licensing and partnering opportunities in drug delivery technologies. The
group will also create and develop innovative concepts based on Bespak's own
expertise. Bespak recognises that the development of novel technology, which
will produce attractive and effective drug delivery products, requires
substantial additional investment. The current level of investment in science
and technology of 5% of annual sales will continue whilst in the current
financial year there will be additional investment of around #1 million. This
additional investment could rise to #4 million by the end of the next
financial year if the negotiations with our prospective biopharmaceutical
partner are completed successfully.
Operating Review
Sales and profits in the first half-year were again at record levels, with
performance in line with expectations. Profit before tax at #7.8 million
compared to #7.3 million in the same period last year. Earnings per share
increased by 4% to 22.8p. The Group's strong cash generation resulted in net
funds increasing from #7.5 million to #11.6 million in the half-year. The
interim dividend is to be increased by 7% to 6.6 pence per share (1999 6.16
pence).
As signalled at the year-end, sales of metered dose inhaler and critical care
valves declined from #18.2 million in the same period last year to #15.1
million in the first half-year. As expected, a greater decline was seen in CFC
valve sales whilst HFA sales continued to increase. Completion of the
transition of Aventis Pharma's three valve variants from CFC to HFA is on
track for completion during 2002. Development work with GlaxoSmithKline on HFA
valves continues and results from the low strength technical development
programme are favourable. The supply of HFA valves to Boehringer Ingelheim and
Norton Healthcare was to plan. The transition from CFC to HFA propellants seen
in the first-half will continue in the second-half and is forecast to grow in
the next financial year.
Sales of drug delivery devices showed an improvement over the last half-year,
increasing by 28% to #21.5 million. Volumes of DiskusTM supplied to
GlaxoSmithKline were ahead of forecast. A letter of intent has now been signed
recording the principal terms of the contract extension as contemplated in
July.
A capacity expansion programme for Orion Pharma's dry powder inhaler,
Easyhaler, has been completed and a further capacity expansion and device
design enhancement programme has commenced which is due for completion at the
end of 2001. The development programme on the novel two-piece spacer for
Forest Laboratories, Inc.'s flunisolide HFA inhaler system has been completed.
Scale-up for volume manufacture has started ahead of an anticipated product
launch in 2001.
The facility extension at Milton Keynes to accommodate the production of
Inhale's inhaled insulin device is currently producing devices for clinical
trials. Pfizer, Inhale's pharmaceutical partner, has announced that it intends
to file a regulatory submission with the FDA by the end of 2001. Full-scale
manufacture of the device will be scheduled to coincide with the relevant
regulatory approvals. The programmes with our other biopharmaceutical
partners, Dura, Alkermes and PowderJect, are all progressing well.
In line with the Group's strategy of expanding the markets it serves by
seeking development and manufacturing opportunities throughout the drug
delivery market, Bespak is undertaking a project with Provensis Ltd (a
wholly-owned subsidiary of BTG plc) involving the design and prototyping of a
component for use in Provensis' non-surgical varicose vein treatment,
Varisolvea . This is an exciting opportunity outside Bespak's usual field of
respiratory and nasal drug delivery but which nevertheless calls on Bespak's
existing device design and development capabilities.
Sales of personal care products were comparable to the same period last year
at #3.8 million.
Chief Executive
Bespak is not yet in a position to announce the appointment of a new Chief
Executive but an active search continues. In the meantime, our strong
management team is performing well and is committed to delivering the
strategic vision and aims set out in this statement.
Outlook
The Group has established leading positions in the growing inhaled therapy and
rapidly expanding biopharmaceutical markets and anticipates that it will
generate significant shareholder value by increasing its investment in these
markets. The trading pattern for the full-year is likely to result in similar
profits as the previous year before the increased investment in new
technologies. In the short to medium-term, the investment in new technology
and product development will increase significantly. This investment, combined
with the timing of scale-up for the new biopharmaceutical programmes, will
impact the Group's profits. However, we are confident that the Group's
strategic investment in innovation, combined with the successful exploitation
of existing development and manufacturing programmes with partners such as
Inhale Therapeutics, Dura Pharmaceuticals, Alkermes and PowderJect, underpins
the future growth of your Company.
Consolidated Profit and Loss Account
Unaudited 26 Unaudited 26 Unaudited 26
weeks to 27 weeks to 29 weeks to 29
October 2000 October 1999 October 1999
Before Exceptional
exceptional items
Notes Total #000 items #000
#000
Turnover
Continuing operations 40,403 38,969 -
Discontinued - 4,719 -
operations
----------- ----------- -------------
2 40,403 43,688 -
Operating expenses (32,953) (36,301) (583)
----------- ----------- -------------
Group operating profit
Continuing operations 7,450 7,284 (583)
Discontinued - 103 -
operations
------------ ------------ ------------
2 7,450 7,387 (583)
Share of operating 136 79 -
profit of associated
companies ------------ ------------ ------------
Total operating profit 7,586 7,466 (583)
Loss on sale of - - -
business -
discontinued
operations
Net interest 4 242 (141) -
receivable/(payable)
------------ ------------- ------------
Profit/(loss) on 7,828 7,325 (583)
ordinary activities
before taxation
Taxation 5 (1,808) (1,685) 175
------------ ------------- ------------
Profit/(loss) on 6,020 5,640 (408)
ordinary activities
after taxation ------------ ------------
Dividends (1,749)
------------
Retained profit/(loss) 4,271
=======
Dividends per ordinary 6 6.6p
share (pence)
=======
Earnings/(loss) per 7 22.8p 21.9p (1.6p)
ordinary share (pence)
======= ======== =======
Diluted earnings/ 7 22.8p 21.5p (1.6p)
(loss) per ordinary
share ======= ======== =======
(pence)
Unaudited 26 Audited 52 Audited 52 Audited 52
weeks to 29 weeks to 28 weeks to 28 weeks to 28
October 1999 April 2000 April 2000 April 2000
Total #000 Before Exceptional Total
exceptional items
items #000 #000
#000
Turnover
Continuing operations 38,969 76,715 - 76,715
Discontinued 4,719 6,301 - 6,301
operations
------------- ------------- ------------- ------------
43,688 83,016 - 83,016
Operating expenses (36,884) (68,279) (583) (68,862)
------------- ------------ ------------- ------------
Group operating
profit
Continuing operations 6,701 14,666 (583) 14,083
Discontinued 103 71 - 71
operations
------------ ------------ ------------- -------------
6,804 14,737 (583) 14,154
Share of operating 79 229 - 229
profit of associated
companies ------------ ------------- ------------- -------------
Total operating 6,883 14,966 (583) 14,383
profit
Loss on sale of - - (29,739) (29,739)
business -
discontinued
operations
Net interest (141) (129) - (129)
receivable/(payable)
------------- ------------- ------------ -------------
Profit/(loss) on 6,742 14,837 (30,322) (15,485)
ordinary activities
before taxation
Taxation (1,510) (3,375) 76 (3,299)
Profit/(loss) on 5,232 11,462 (30,246) (18,784)
ordinary activities
after taxation ------------- -------------
Dividends (1,622) (4,430)
-------------- --------------
Retained profit/ 3,610 (23,214)
(loss)
======== ========
Dividends per 6.16p 16.8p
ordinary share
(pence) ======== ========
Earnings/(loss) per 20.3p 44.0p (116.1p) (72.1p)
ordinary share
(pence) ======== ======== ======== ========
Diluted earnings/ 19.9p 43.5p (114.8p) (71.3p)
(loss) per ordinary
share (pence) ======== ======== ======== ========
Consolidated Balance Sheet
Unaudited 27 Unaudited 29 Audited 28
Notes October 2000 October 1999 April 2000
#000 #000 #000
Fixed assets
Tangible assets 58,391 56,945 54,089
Investments 1,674 1,338 1,517
----------- ---------- ----------
60,065 58,283 55,606
----------- ---------- ----------
Current assets
Stocks 3,121 3,318 3,205
Debtors 8,609 15,367 13,163
Short-term deposits 22,200 10,000 15,350
Cash at bank and in hand 2,560 2,727 2,284
----------- ---------- ----------
36,490 31,412 34,002
Creditors
- amounts falling due 8 (26,170) (25,951) (22,608)
within one year
------------ ------------ -----------
Net current assets 10,320 5,461 11,394
------------ ------------ -----------
Total assets less 70,385 63,744 67,000
current liabilities
Creditors
- amounts falling due 9 (4,220) (5,642) (5,844)
after more than one year
Provisions for 10 (794) (980) (760)
liabilities and charges
------------ ------------ -----------
Net assets 65,371 57,122 60,396
------------ ------------ -----------
Capital and reserves
Called up share capital 2,653 2,639 2,643
Share premium account 21,672 21,217 21,395
Special reserve - 308 -
Profit and loss account 41,046 32,958 36,358
------------ ----------- -----------
Equity shareholders' 65,371 57,122 60,396
funds
------------ ----------- -----------
Consolidated Cash Flow Statement
Unaudited 26 Unaudited 26 Audited 52
weeks to 27 weeks to 29 weeks to 28
Notes October 2000 October 1999 April 2000
#000 #000 #000
Cash inflow from operating 11 13,691 5,512 17,700
activities
Dividends received from 48 35 36
associated companies
Returns on investment and
servicing of finance
Interest received 677 299 669
Interest paid (363) (489) (870)
------------ ----------- -----------
Net cash inflow/(outflow) 314 (190) (201)
from returns on investment
and servicing of finance ------------ ----------- -----------
Taxation
UK corporation tax (998) - (1,711)
Overseas tax (279) (31) (278)
----------- ------------ ----------
Net cash outflow from (1,277) (31) (1,989)
taxation
----------- ------------ -----------
Capital expenditure and
financial investment
Payments to acquire tangible (4,962) (4,101) (6,379)
fixed assets
Payments to acquire tangible (13) (1,085) (1,177)
fixed assets in respect of
Innovata Biomed contract
Receipts from sales of 53 30 36
tangible fixed assets
Payments to acquire (301) - -
intangible fixed assets
Purchase of fixed asset (100) (19) (50)
investments
Receipts from sale of fixed 7 - -
asset investment
------------ ------------ ------------
Net cash outflow from (5,316) (5,175) (7,570)
capital expenditure and
financial investment ------------ ------------ ------------
Acquisitions and disposals
Receipts from sale of - - 3,645
business
------------ ------------ -----------
Net cash inflow from - - 3,645
disposals
Equity dividends paid (2,806) (2,465) (4,089)
----------- ------------ -----------
Net cash inflow/(outflow) 4,654 (2,314) 7,532
before management of liquid
resources and financing ======= ======= ======
Management of liquid
resources
Movement in short-term (6,850) (5,000) (10,350)
deposits
Financing
Issue of shares 13 289 1,556 1,770
Net decrease in loans (2,069) (1,911) (1,939)
------------ ------------ -----------
Net cash outflow from (1,780) (355) (169)
financing
------------ ----------- -----------
Decrease in net cash (3,976) (7,669) (2,987)
======= ======= ======
Statement of Total Recognised Gains and Losses
Unaudited 26 weeks Unaudited 26 weeks Audited 52 weeks
to 27 October 2000 to 29 October 1999 to 28 April 2000
#000 #000 #000
Profit/(loss) on 6,020 5,232 (18,784)
ordinary activities
after taxation
Exchange movements on 417 (77) 147
foreign currency net
investments ---------- ----------- ----------
Total recognised gains 6,437 5,155 (18,637)
and losses for the
period ====== ====== ======
Reconciliation of Movements in Shareholders' Funds
Unaudited 26 weeks Unaudited 26 weeks Audited 52 weeks
to 27 October 2000 to 29 October 1999 to 28 April 2000
#000 #000 #000
Profit/(loss) on 6,020 5,232 (18,784)
ordinary activities
after taxation
Goodwill reinstated on - - 29,692
disposal of business
Dividends (1,749) (1,622) (4,430)
Issue of ordinary share 287 173 355
capital
Exchange movements on 417 (77) 147
foreign currency net
investments
Shareholders' funds 60,396 53,416 53,416
brought forward
----------- ------------ -----------
Shareholders' funds 65,371 57,122 60,396
carried forward
====== ======= =======
Notes to the Interim Accounts
1. Basis of preparation and accounting policies
The unaudited results for the 26 weeks ended 27 October 2000 have been
prepared in accordance with UK generally accepted accounting principles. The
accounting policies applied are those set out in the Group's Annual Report and
Accounts for the 52 weeks ended 28 April 2000.
The charge for taxation on the profits for the 26 weeks ended 27 October 2000
has been calculated by reference to the estimated effective tax rate for the
52 weeks to 27 April 2001.
The Profit and Loss Account and Cash Flow Statement for the 52 weeks ended,
and the Balance Sheet at, 28 April 2000 are an abridged statement of the full
Group Accounts for that period which have been delivered to the Registrar of
Companies. The report of the Auditors on the Accounts for the 52 weeks ended
28 April 2000 was unqualified and did not contain a statement under either
section 237(2) or section 237(3) of the Companies Act 1985.
2. Segment information
The analysis of turnover, net operating income and net assets is as follows:
Turnover by product 26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
Valves 15,145 18,226 35,804
Devices 21,454 16,816 33,217
Personal care 3,804 3,927 7,694
----------- ----------- ----------
Continuing operations 40,403 38,969 76,715
Discontinued operations - 4,719 6,301
----------- ----------- ----------
40,403 43,688 83,016
======= ====== ======
Average rate of exchange 1.49 1.61 1.61
of #1 Sterling:US$
Geographical area 26 weeks to 27 26 weeks to 29 52 weeks to 28
(turnover by October 2000 #000 October 1999 #000 April 2000 #000
destination)
United Kingdom 19,190 20,842 36,451
United States of America 10,550 9,816 21,163
Europe 7,413 4,790 10,592
Rest of the World 3,250 3,521 8,509
------------ ------------ ----------
Continuing operations 40,403 38,969 76,715
Discontinued operations - 4,719 6,301
------------ ------------ ----------
40,403 43,688 83,016
======= ======= ======
Turnover by origin 26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
United Kingdom 33,236 33,415 64,708
Inter-segment sales (2,571) (4,852) (10,499)
------------ ----------- -----------
External sales 30,665 28,563 54,209
----------- ----------- -----------
United States of America 9,738 10,406 22,506
Inter-segment sales - - -
----------- ----------- -----------
External sales 9,738 10,406 22,506
----------- ----------- -----------
Total sales 42,974 43,821 87,214
Total inter-segment (2,571) (4,852) (10,499)
sales
----------- ----------- -----------
Total external sales - 40,403 38,969 76,715
continuing operations
Discontinued operations - 4,719 6,301
------------ ----------- -----------
40,403 43,688 83,016
======= ======= =======
Group operating 26 weeks to 27 26 weeks to 29 52 weeks to 28
profit October 2000 #000 October 1999 #000 April 2000 #000
Group operating
profit by segment
United Kingdom
Before exceptional 7,256 6,444 12,679
items
Exceptional items - (583) (583)
----------- ----------- ----------
United Kingdom total 7,256 5,861 12,096
United States of 194 840 1,987
America
----------- ----------- ----------
Continuing 7,450 6,701 14,083
operations
Discontinued - 103 71
operations
----------- ----------- ----------
7,450 6,804 14,154
====== ====== ======
Net assets 26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
Operating assets by
segment
United Kingdom 44,416 46,472 44,540
United States of America 13,567 13,368 13,334
------------ ------------ -----------
57,983 59,840 57,874
Discontinued operations - 3,617 -
Unallocated net assets/ 7,388 (6,335) 2,522
(liabilities)
----------- ------------ -----------
65,371 57,122 60,396
======= ======= =======
Closing rate of exchange 1.45 1.64 1.56
of #1 Sterling:US$
3. Exceptional items
26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
Abortive acquisition costs - (583) (583)
------------ ----------- -----------
Exceptional items included - (583) (583)
in operating expenses
Discontinued operations
Loss on disposal of net - - (47)
tangible assets
Goodwill previously - - (29,692)
eliminated against
reserves ------------- ------------ ------------
Loss on sale of business - - (29,739)
------------- ------------ ------------
Total exceptional costs - (583) (30,322)
before taxation
Taxation - 175 76
------------- ------------ ------------
Exceptional items after - (408) (30,246)
tax
------------- ------------ ------------
4. Net interest receivable/(payable)
26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
Interest payable
- bank & other (401) (439) (833)
interest payable
- associated (11) (9) (19)
companies
------------ ------------ ------------
(412) (448) (852)
Interest receivable 654 307 723
on deposits
------------ ------------ ------------
242 (141) (129)
======= ======= =======
5. Taxation
26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 #000 October 1999 #000 April 2000 #000
UK corporation tax at 1,545 1,337 3,004
30% (1999-30%)
Deferred taxation - - (146)
Share of taxation of 56 27 87
associated companies
Overseas taxation 207 146 354
------------ ----------- ------------
1,808 1,510 3,299
======= ====== =======
Taxation is based on an estimate of the effective rate of tax which will be
chargeable on the profit for the year.
6. Dividends
The interim dividend of 6.6p (1999-6.16p) will be paid on 19 February 2001 to
shareholders on the register on 19 January 2001.
7. Earnings per ordinary share
26 weeks to 27 26 weeks to 29 52 weeks to 28
October 2000 October 1999 April 2000
#000 #000 #000
The calculation of earnings per
ordinary share is based on the
following:
Net profit for the period before 6,020 5,640 11,462
exceptional items
Exceptional items after tax - (408) (30,246)
-------------- -------------- --------------
Profit/(loss) attributable to 6,020 5,232 (18,784)
shareholders
======== ======== ========
Weighted average number of 26,462,341 26,362,248 26,388,045
ordinary shares in issue
Shares owned by Employee Share (61,029) (621,177) (344,945)
Ownership Trust
---------------- -------------- --------------
Average number of ordinary shares 26,401,312 25,741,071 26,043,100
in issue for basic earnings
Dilutive impact of share options 44,327 549,354 295,033
outstanding
---------------- -------------- --------------
Dilutive average number of 26,445,639 26,290,425 26,338,133
ordinary shares in issue
---------------- -------------- --------------
Earnings per share before 22.8 21.9 44.0
exceptional items (pence)
Earnings per share on exceptional - (1.6) (116.1)
items (pence)
Earnings per ordinary share 22.8 20.3 (72.1)
(pence)
Diluted earnings per share before 22.8 21.5 43.5
exceptional items (pence)
Diluted earnings per share on - (1.6) (114.8)
exceptional items (pence)
Diluted earnings per ordinary 22.8 19.9 (71.3)
share (pence)
8. Creditors - amounts falling due within one year
27 October 29 October 28 April 2000
2000 #000 1999 #000 #000
Proportion of loans due within one 2,150 1,891 2,012
year (note 9)
Bank overdrafts & short-term 6,746 7,274 2,296
borrowings
Proposed dividend 1,749 1,622 2,806
Taxation 3,387 2,991 2,911
Creditors 12,138 12,173 12,583
------------ ----------- ----------
26,170 25,951 22,608
======= ====== ======
9. Creditors - amounts falling due after more than one year
27 October 2000 29 October 1999 28 April 2000
#000 #000 #000
Lease purchase 163 220 187
Bank loan (US $ unsecured) 6,207 7,313 7,669
----------- ----------- ----------
6,370 7,533 7,856
Less proportion of loans due (2,150) (1,891) (2,012)
within one year
----------- ----------- -----------
4,220 5,642 5,844
======= ====== =======
10. Provisions for liabilities and charges
Deferred Innovata Post retirement Total
taxation Biomed contract benefits
#000 #000 #000 #000
At 29 April 2000 150 342 268 760
Profit and loss - - 16 16
account
Utilised during - (13) - (13)
the period
Exchange rate - - 31 31
adjustments
------------- ------------- ------------ ------------
At 27 October 2000 150 329 315 794
======= ======== ======= =======
Innovata Biomed contract
In the period #13,000 was incurred on fixed asset expenditure. An impairment
loss has been recognised on these assets which has been matched by the
utilisation of the existing provision as originally intended when the
provision was established.
11. Net cash inflow from operating activities
Reconciliation of operating profit to net 27 October 29 October 28 April
cash inflow from operating activities 2000 #000 1999 #000 2000 #000
Group operating profit before exceptional 7,450 7,387 14,737
items
Exceptional item - (583) (583)
Depreciation 3,204 3,109 6,152
Impairment loss relating to Innovata Biomed 13 1,085 1,177
fixed assets
Loss on sale of tangible fixed assets 28 28 53
Profit on disposal of fixed asset investment (3) - -
Decrease/(increase) in stocks 180 16 (380)
Decrease/(increase) in debtors 4,596 (3,338) (2,541)
(Decrease)/increase in creditors (1,790) (1,126) 223
Decrease in Innovata Biomed provision (13) (1,085) (1,177)
Increase in other provisions 26 19 39
------------ ------------- --------
Net cash inflow from operating activities 13,691 5,512 17,700
======= ======= =======
12. Reconciliation of net funds
The table below provides an analysis of net funds and a reconciliation of net
cash flow to movement in net funds.
At 29 Cash Inception of Exchange At 27
April flow leasing movements October
2000 contracts 2000
#000 #000 #000 #000 #000
Cash at bank and in hand 2,284 255 - 21 2,560
Bank overdrafts & short-term (2,296) (4,231) - (219) (6,746)
borrowings
------- ------- ------------ ------------- ----
Net overdrafts (12) (3,976) - (198) (4,186)
Loans and leasing obligations (7,856) 2,069 (31) (552) (6,370)
Short-term deposits 15,350 6,850 - - 22,200
------ ----- ------------ ------------ -----
Net funds 7,482 4,943 (31) (750) 11,644
------ ----- ------------ ------------ ----
Financing items included in
cash flow movements
Issue of shares (289)
------------
Net cash inflow before 4,654
management of liquid
resourcing and financing ------------
13. Issue of shares
In the period Bespak QUEST Limited transferred 803 shares to employees under
the Bespak plc Savings Related Option Scheme for a total consideration of #
1,863. In addition, 94,168 shares were issued under the Executive Share Option
and Approved Profit Share Schemes for a total consideration of #287,000.
Bespak (LSE:BPK)
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Bespak (LSE:BPK)
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From Nov 2023 to Nov 2024
