TIDMSDI
RNS Number : 9944J
Scientific Digital Imaging Plc
24 July 2013
SCIENTIFIC DIGITAL IMAGING PLC
Final Results for the year Ended 30 April 2013
Cambridge, UK 24 July 2013: Scientific Digital Imaging's (AIM:
SDI, "SDI" or the "Company"), the AIM quoted group that builds and
sells scientific instruments based on digital imaging technology,
predominantly for applications in the life sciences, announces
today its final results for the year ended 30 April 2013.
Financial Highlights
-- Revenue increased by 6.9% to GBP7.7m (2012: GBP7.2m)
-- Operating profit for the year was GBP280k (2012: GBP84k)
after reorganisation costs of GBP14k (2012: GBP73k) and share based
payments GBP4k (2012; GBPnil)
-- Basic profit per share was 1.05p per share (2012: 0.11p)
-- Expenditure on research and development in the current year
was GBP600k, representing 7.8% of Group sales (2012: GBP494k
representing 6.9% of Group sales)
Operational Highlights
-- Large order for Synbiosis systems from the Chinese State Food and Drug Administration
-- New division Synoptics Health formed to market and supply ProReveal
o Global demand has notably increased and a number of new
worldwide distributors have been appointed
-- To meet demand Syngene has introduced new PXi Touch systems
for image capture which are selling well
Post-period events
-- Successful equity fundraising of GBP850,000 (before expenses)
to enable a loan note repayment and to reinvest in the business
Commenting on the results, Ken Ford, Chairman of SDI said: "I am
convinced we will drive the Company to even greater success in the
coming year".
--ENDS--
FOR FURTHER INFORMATION
Scientific Digital Imaging plc 01223 727144
Ken Ford, Chairman
Mike Creedon, Chief Executive Officer
www.scientificdigitalimaging.com
finnCap Ltd. 020 7220 0500
Ed Frisby/Rose Herbert - Corporate Finance
Simon Starr - Corporate Broking
JW Communications
Julia Wilson - Investor & Public Relations 0781 8430877
Note to Editors
Scientific Digital Imaging Plc
Scientific Digital Imaging plc (SDI) is focused on the
application of digital imaging technology to the needs of the
scientific and technology community. Its principal subsidiary is
Synoptics Limited, which designs and manufactures special-purpose
instruments for use mainly in the life sciences, supplying
customers in the academic, research and health sectors. Within
Synoptics, the recently formed Synoptics Health division has
launched the Synoptics Health ProReveal system. This patented
system offers a highly sensitive fluorescence-based test to detect
dirty surgical instruments in hospitals and aims to reduce
incidences of cross contamination of patients. In addition, under
the Atik brand, SDI designs and manufactures high-sensitivity
cameras for both astronomical and life science applications.
www.scientificdigitalimaging.com
Chairman's statement
OVERVIEW
I am delighted to confirm that in my first report as Chairman
for the 12 months ended 30 April 2013, Scientific Digital Imaging
plc ("SDI") has continued to generate profits during this period of
continued weakened global trading conditions. With the internal
reorganisation completed and the advances in SDI in-house product
development programmes, we now have several new competitively
priced, automated systems in our portfolio, launched in the past
year for which demand is exceeding supply. The Board is confident
that SDI is well positioned to continue to grow.
Post-year end SDI raised GBP850,000 by way of a placing for cash
to enable repayment of a loan note and to reinvest in the business.
This placing ensures we can fulfil the forward orders of our
products, especially the ProReveal system for which global demand
has notably increased.
Group revenues increased and gross margins remained stable in
the year following SDI's reorganisation. Additionally,
re-engineering of the technology portfolio to eliminate the use of
third party camera components is producing improved profitability.
The outcome of these successful activities is a significant
turnaround in the business and there are many opportunities for the
Group to develop especially within the Synoptics Health and
Synbiosis brands to enable on-going growth for the coming year.
FINANCIAL RESULTS
Revenue for the period increased to GBP7.7m (2012: GBP7.2m), an
increase of 6.9%. This has resulted in an operating profit for the
year of GBP280k, a profit margin of 3.6% after reorganisation costs
of GBP14k (2012: GBP73k) and share based payments of GBP4k (2012:
GBPnil). This result is inclusive of currency gains. The increase
in SDI revenue is due to the Synoptics subsidiary, whose Syngene
and Synbiosis brands saw increased revenue. Basic earnings per
share were 1.05p and diluted earnings were 1.01p.
These results are the best we have reported since 2009 and the
Board believes business for the future continues to look promising.
We look forward to new sales from the patented ProReveal product
launched during the year.
STRATEGY
During the year SDI has focused on improving the underlying
business which has proved a successful strategy. In the year, the
Group did not add any new companies but the Board believes the
Group is now in a position to acquire new businesses with
complementary product portfolios and this will be part of SDI's
strategy in the year ending 2014. SDI will also continue to invest
in its current operations to take advantage of the under-exploited
rapid microbiology testing and healthcare sectors where SDI's new
products are currently well positioned for growth.
CURRENT TRADING AND OUTLOOK
The financial year to the end of April 2013 marked a turning
point for SDI, increasing profitability and recommencing its
acquisition strategy. SDI has come through the recession very
robustly, aided by its modernisation and investment programme. We
have continued to seek process improvements during the downturn and
also maintained our skill base and output capability. These factors
stand us in good stead as volume recovery continues.
We continue to see investment in our imaging products in the
developing markets in the Asia-Pacific region continue to invest in
our imaging products.SDI received a large order for Synbiosis
systems from the Chinese State Food and Drug Administration (SFDA),
where there is on-going interest in our automation. We will promote
our products globally but will focus on developing our North
American market and on the Asia-Pacific region where we have put in
place six new distributors to exploit Synoptics Health's unique
ProReveal technology.
The Board expects SDI to continue to make good progress over the
coming financial year as we will continue to pursue our strategy of
organic and acquisitive growth. We believe that the recent SFDA
order independently validates our technology as the "gold standard"
and consider that our growth in Asia will continue to be fuelled by
their need for excellent automation in the life sciences. The
Company's new products, especially in the rapid microbiology
testing and healthcare sectors show commitment to innovation and
the Board views SDI's prospects for 2013 positively.
STAFF
On behalf of the Board, I would like to thank our staff. They
have continued to work tirelessly to ensure our new technology
portfolio is ready for launch at key events. It is their commitment
which has helped SDI to be successful and I am convinced will drive
the Company to even greater success in the coming year.
Ken Ford
Chairman
23 July 2013
CHIEF EXECUTIVE'S OPERATING REPORT
SDI designs and manufactures digital imaging technology for use
by the scientific community, through its Synoptics brands (Syngene,
Synoptics Health, Synbiosis, and Syncroscopy) and the Artemis CCD
Company brands (Atik Cameras and Artemis CCD Cameras).
SYNOPTICS
Synoptics designs and manufactures scientific instruments based
on digital imaging technology, mainly for the life science,
microbiology healthcare and microscopy markets. The Divisions offer
their products under marketing brands including G:BOX, PXi,
ProtoCOL and ProReveal, each targeting a different sector of these
markets.
Syngene
Syngene remains the largest of the Synoptics brands and
accounted in 2013 for 83 percent of the Synoptics company's
turnover. The brand provides systems and software for documenting
and analysing 'gels' and 'blots' used by scientists in genomic and
proteomic studies. Almost all research in biological sciences
requires an understanding of the underlying molecular processes
involving DNA, RNA and proteins, and gel electrophoresis and
Western blotting continue to be key processes in many laboratories
working in this area.
To keep pace with the continuing global trend for the smaller
format imaging systems, this year, Syngene extended its range by
adding the PXi gel documentation product with the introduction of
six new touch screen versions. These new systems have been selling
successfully in Europe and the US where research budgets remain
restricted. The PXi system is also selling well in Asia because lab
space is at a premium and smaller format gels are routinely used in
research.
To ensure PXi and Syngene's higher end G:BOX imaging systems
continue to be competitively priced and generate good gross
margins, the products have been re-engineered to include cameras
(one of the most expensive components of the systems) sourced not
from a third party, but instead from SDI's Artemis CCD Company.
We continue to build a strong sales and marketing team for these
products and this year have appointed a new distributor in Canada
and invested in a dedicated sales person and manufacturer's
representative to cover North America, where a number of our
competitors are based. Our new sales team for the UK and Europe is
performing well and our Syngene sales in the Asia-Pacific and
Middle East region continue to grow.
Syngene's products are particularly strong in the area of
imaging multiple fluorescent dyes. To maintain our competitive
position in this application, we intend to update our image
analysis software, GeneTools, which we anticipate will help us
continue to grow the Syngene's brand.
Synoptics Health
During the year, SDI introduced the new brand of Synoptics
Health to market and supply ProReveal, an automated viewer and
fluorescence-based spray test to detect proteins remaining on
surgical instruments after the decontamination process. ProReveal
could help to prevent hospital infections caused by protein based
prions such as variant Creutzfeldt-Jakob Disease (vCJD). The unique
ProReveal fluorescence imaging technology, the result of our
successful strategic collaboration with Queen Mary University of
London, has been well received in the UK. Independent studies have
shown ProReveal can detect nanogram amounts of protein, which is
100 times more sensitive than current gold standard tests being
used in sterile services department (SSDs).
ProReveal is well positioned in the healthcare market to meet
new UK guidelines for decontamination as the Department of Health
(DOH) in England is preparing to issue a minimum safe standard for
the amount of protein that is allowed to remain on a surgical
instrument after decontamination. The Ninhydrin kit (the current
gold standard test), used in UK SSDs is not sensitive enough to
provide an adequate level of protein detection. ProReveal is the
only technology currently available that can meet nanogram levels
of detection and could potentially be installed in 300 SSD's, in
hospitals and private decontamination companies throughout the
UK.
In 2013, 10 ProReveal systems were sold in the UK and Synoptics
Health's UK distributor has installed three ProReveal systems in
two major SSD's of leading London hospitals and one in an NHS
training facility. This means that existing and future SSD
personnel receiving training at these sites will be familiar with
this technology and are more likely to consider it for use in their
own hospital SSDs.
Synoptics Health is currently enjoying a first mover advantage
in this untapped healthcare market sector not just in the UK but
internationally. During the period, the Synoptics Health Division
appointed a network of six new distributors throughout the
Asia-Pacific region and these partners intend to show the ProReveal
system in numerous hospitals in the region in Q3 of 2013. In
Europe, the Division has appointed a new distributor in Germany and
sold four systems, which are being independently evaluated by
German hospitals. There are plans to have Dutch and Italian
distributors in place, as well as a North American distributor
within the next few months ensuring growth in demand for the
ProReveal viewer and more importantly, a recurring revenue stream
for the ProReveal spray over the coming year.
Synbiosis
The Synbiosis division provides systems for microbiologists to
automatically count and measure microbial colonies and these are
used for microbiological testing in the food, water and
pharmaceutical markets. These systems benefit users by reducing
labour costs, providing more reproducible results, and by automatic
recording data for audit purposes, an area which is becoming
increasingly important as microbiological testing becomes more
regulated.
Like the molecular biology sector, there is a need for
affordable automated microbiology testing and to fill this niche,
in 2013 Synbiosis re-designed and launched aCOLyte 3, a low cost
automated colony counter, which will appeal to the large clinical
and academic markets, where equipment budgets remain
restricted.
In 2013, the ProtoCOL 3 automated high end colony counter proved
popular, especially in Asia where 25 systems were sold in China to
the major government organisation, the Chinese State Food and Drug
Administration (SFDA). This ProtoCOL 3 placement is significant as
it was the result of a six month tender process, in which
technology from 10 other international companies was assessed
alongside and thus validates the ProtoCOL 3 as a world leading
system for automated colony counting.
To build on the success of this brand, Synbiosis launched its
new ProtoCOL 3 statistical analysis software in 2013. The software
is compatible with new European Pharmacopoeia/US Pharmacopeia
regulations and allows microbiologists to rapidly obtain potency
data from their zone measurements or colony count results. The
Chinese SFDA is currently reviewing the software, with a view to
adding the package to each of the 25 ProtoCOL 3 systems installed
throughout China.
To allow Synbiosis to enter the lucrative market of rapid
microbiology testing, we are collaborating with CHROMagar, an
international company that supplies the world's widest range of
chromogenic media to introduce a version of ProtoCOL 3 which will
automatically recognise and identify different types of
microorganisms based on colony colour. This innovation provides
another first mover advantage as no other commercial colony counter
currently in the microbiology market can perform this task with the
same level of accuracy and because of our competitive advantage
Synbiosis expects good sales growth of this product.
Syncroscopy
The Syncroscopy Division provides digital imaging software to
microscope users. Its main product, AutoMontage is a software
package that allows customers to overcome the severely limited
depth of field in an optical microscope. AutoMontage continues to
sell well under licence to Leica Microsystems, a leading microscope
manufacturer as an optional part of Leica's LAS software suite.
ARTEMIS CCD
The Artemis CCD Company acquired by SDI in October 2008 designs
and manufactures high-sensitivity cameras. These are sold to life
science and industrial applications under its Artemis Cameras brand
and for deep-sky astronomy imaging as Atik Cameras. During 2013 we
have reorganised to reduce costs and improve our competitive
advantage.
Artemis Cameras.
In the period, the new Artemis CCD Camera brand together with a
dedicated web site was created to differentiate the scientific
camera range from the existing astronomy focussed Atik brand. This
is proving successful in guiding OEM customers towards long term
direct business to business relationships. Artemis CCD Cameras
provide additional features and compatibility with scientific
equipment control and image analysis software plus a wider model
range to improve flexibility of integration for the system
designer. A completely new VS range was introduced aimed
specifically at the OEM customer base and fluorescence microscopy
users. The Company also appointed its first distributor for
scientific cameras in the territories of France, UK, Ireland and
Spain.
Atik Cameras
During the year Atik Camera sales grew again with increases in
sales to the US leading the way. The release of new, high
performance, sensors from Sony has enabled the introduction of new
cameras based on existing designs. These have proved popular and
provided a cost efficient way to introduce new products as well as
giving Atik a competitive edge against companies relying more
heavily on sensors from other manufacturers.
The Atik dealer network continues to grow with new appointments
being made in America, India, Brazil, Japan and China as well as in
Europe. While it is expected the majority of sales to continue to
come from established western markets Atik are in a good position
to take advantage of increases in discretionary expenditure coming
from faster growing economies.
The majority of Atik's development effort in the year has been
spent on a new platform which is planned to be used to introduce a
new range of cameras this year targeting increased ease of use and
integration of functions. Collaborations with third party
developers has brought MacOS support for our camera to customers
not wishing to run the cameras through Microsoft Windows.
SUMMARY
At Synoptics, Syngene has introduced new PXi Touch systems for
image capture, which are selling well and the Synbiosis ProtoCOL 3
continues to be purchased as the global gold standard colony
counter. These successes combined with the introduction of our
flourishing new Synoptics Health Division and its ProReveal
technology ensure current and forecast sales are very positive.
Artemis CCD continues to make an increasing contribution to the
SDI Group thanks to both intra-group revenues to Synoptics and to
growth in both its amateur astronomy and science markets.
Life science markets are beginning a tentative recovery and we
anticipate that new products, especially in rapid microbiology
testing and healthcare sectors released during the first half of
2013 together with the on-going cost efficiencies within the Group,
should result in steady growth for SDI throughout the coming
year.
Mike Creedon
Chief Executive Officer
FINANCIAL REVIEW
Group Summary
Group revenue for the year increased by 6.9% to GBP7.7m (2012:
GBP7.2m).
Gross profit increased to GBP4.4m (2012: GBP4.1m) with gross
margins at 56.9% (2012: 56.9%).
Operating profit for the year was GBP280k (2012: GBP84k) after
reorganisation costs of GBP14k (2012: GBP73k) and share based
payments of GBP4k (2012: GBPnil).
Investment in R&D
Total research and development in the current year was GBP600k,
representing 7.8% of Group sales (2012: GBP494k representing 6.9%
of Group sales). Under IFRS we are required to capitalise certain
development expenditure and in the year ending 30 April 2013
GBP430k of cost was capitalised and added to the balance sheet.
This expenditure represents the Group's investment in new product
development. The amortisation charge for 2013 was GBP247k (2012:
GBP235k). The carrying value of the capitalised development at 30
April 2013 was GBP622k (2012: GBP454k) to be amortised over three
years.
Reorganisation Costs
The Board has carried out a thorough review of the operations
and structures of the Group in 2012 and GBP14k of costs from the
review and reorganisation were incurred in 2013.
Earnings per Share
Basic earnings per share for Group were 1.05p (2012: 0.11p),
diluted earnings per share for the Group were 1.01p (2012:
0.10p).
Finance Costs and Income
Net financing expense was GBP67k (2012: GBP64k). Loan stock
interest charges for the year were GBP34k (2012: GBP34k). Loan
stock of GBP379k was issued in July 2008.
Taxation
The tax charge of GBP21k (2012: GBPnil) is largely due to the
deferred tax charge in the Group, this is inclusive of any
deduction for R & D expenditure.
Cash Flow
During the year the Group had improved cash flow, reporting a
cash balance of GBP388k (2012: GBP285k) at the year end.
Currency Translation
The results for the Group's overseas businesses are translated
into Pounds Sterling at the average exchange rates for the relevant
year. The balance sheets of overseas businesses are translated into
Pounds Sterling at the relevant exchange rate at the year end.
Exchange gains or losses from translating these items from one year
to the next are recorded in other comprehensive income.
As with the majority of international companies, the Group's UK
and overseas businesses purchase goods and services, and sell some
of their products, in non-functional currencies. Where possible,
the Group nets such exposures or keeps this exposure to a minimum.
The Group's principal exposure is to US Dollar and Euro currency
fluctuations.
Funding and Deposits
The Group utilises short-term facilities to finance its
operations. The Group has one principal banker with an invoice
discounting facility of up to GBP500k. At the year end the Group
had cash on the balance sheet. Surplus funds are placed on
short-term deposit.
The Group utilises long-term borrowings from the issue of loan
stock and finance leases.
Summary
The reorganisation of the Group is now complete and it is in a
position to offer competitive products at competitive prices whilst
achieving improved gross margins.
CONSOLIDATED INCOME STATEMENT
Note 2013 2012
GBP000 GBP000
Revenue 1 7,665 7,170
Cost of sales (3,304) (3,090)
--------- ---------
Gross profit 4,361 4,080
- currency exchange
(losses)/gains (2) 2
- reorganisation costs (14) (73)
- share based payments (4) -
- other administrative
expenses (4,061) (3,925)
--------------- -------
Total administrative
expenses (4,081) (3,996)
--------- ---------
Operating profit 280 84
Finance income - 1
Finance payable and
similar charges (67) (65)
--------------- -------
Net financing expenses (67) (64)
--------- ---------
Profit before tax 213 20
Income tax 2 (21) -
--------- ---------
Profit for the year 192 20
========= =========
Earnings per share
Basic earnings per share 51.05p 0.11p
===== =====
Diluted earnings per
share 51.01p 0.10p
===== =====
All activities of the Group are classed as continuing.
STATEMENT OF COMPREHENSIVE INCOME
2013 2012
GBP000 GBP000
Profit for the period 192 20
Other comprehensive income
Exchange differences on translating
foreign operations 39 (21)
------- ------
Total comprehensive income for the
period 231 (1)
======= ======
CONSOLIDATED BALANCE SHEET
Note 2013 2012
Assets GBP000 GBP000
Intangible assets 896 726
Property, plant and equipment 415 386
Deferred tax asset 3 125 113
------ -----------
1,436 1,225
Current assets
Inventories 947 826
Trade and other receivables 1,467 1,527
Cash and cash equivalents 388 285
------ -----------
2,802 2,638
Total assets 4,238 3,863
------ -----------
Liabilities
Non-current liabilities
Borrowings 4 38 423
Deferred tax liability 3 164 138
------ -----------
202 561
Current liabilities
Trade and other payables 1,423 1,282
Provisions for warranty 17 17
Borrowings 4 472 114
Current tax payable - -
------ -----------
1,912 1,413
Total liabilities 2,114 1,974
------ -----------
Net assets 2,124 1,889
====== ===========
Equity
Share capital 194 187
Merger reserve 2,606 2,606
Share premium account 335 262
Own shares held by Employee Benefit
Trust (85) (85)
Other reserves 100 176
Foreign exchange reserve (34) (73)
Retained earnings (992) (1,184)
------ -----------
Total Equity 2,124 1,889
====== ===========
Ken Ford Mike Creedon
Chairman Chief Executive Officer
CONSOLIDATED STATEMENT OF CASHFLOW
2013 2012
GBP000 GBP000
Operating activities
Profit for the year 192 20
Depreciation and amortisation 492 457
Profit on sale of property, plant and equipment (2) -
Finance costs and income 67 64
Taxation expense in the income statement 21 -
Increase in provisions - -
Exchange difference 39 (26)
Employee share based payments 4 -
------- ---------------
Operating cash flows before movement in
working capital 813 515
Increase in inventories (139) (45)
Changes in trade and other receivables 48 (136)
Changes in trade and other payables 153 228
------- ---------------
Cash generated from operations 875 562
Interest paid (67) (56)
Income taxes received/(paid) - 5
------- ---------------
Cash generated from operating activities 808 511
Investing activities
Capital expenditure (356) (155)
Expenditure on development (430) (229)
Sale of property, plant and equipment 93 41
Interest received - -
------- ---------------
Net cash used in investing activities (693) (343)
Financing activities
Movement of finance leases (12) (21)
Bank borrowing movement - (25)
Issues of shares and warrants - 2
------- ---------------
Net cash from financing (12) (44)
Net changes in cash and cash equivalents 103 124
Cash and cash equivalents, beginning of
year 285 158
Foreign currency movements on cash balances - 3
======= ===============
Cash and cash equivalents, end of year 388 285
======= ===============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Merger Foreign Share premium Own shares held by Other reserves Retained earnings Total
reserve exchange EBT
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 30
April 2013 187 2,606 (73) 262 (85) 176 (1,184) 1,889
---------------- -------------- --------------- -------------- ------------------- ------------------- ------------------- -----------------
Shares issued
as deferred
payment 7 - - 73 - (80) - -
Share based
payments - - - - - 4 - 4
Transaction
with
owners 7 - - 73 - (76) - 4
---------------- -------------- --------------- -------------- ------------------- ------------------- ------------------- -----------------
Profit for the
year
Foreign
exchange on 192 192
consolidation
of
subsidiaries - - 39 - - - - 39
---------------- -------------- --------------- -------------- ------------------- ------------------- ------------------- -----------------
Total
comprehensive
income for
the period - - 39 - - - 192 231
Balance at 30
April 2013 194 2,606 (34) 335 (85) 100 (992) 2,124
================ ============== =============== ============== =================== =================== =================== =================
Share capital Merger Foreign Share Own Other Retained earnings Total
reserve exchange premium shares reserves
held
by EBT
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 30
April 2012 187 2,606 (52) 260 (85) 176 (1,204) 1,888
--------------- --------- --------- -------- ------- --------- -------------------- --------------
Share options
issued - - - 2 - - - 2
--------------- --------- --------- -------- ------- --------- -------------------- --------------
Transactions
with owners - - - 2 - - - 2
--------------- --------- --------- -------- ------- --------- -------------------- --------------
Profit for the
year - - - - - - 20 20
Foreign
exchange on
consolidation
of
subsidiaries - - (21) - - - - (21)
--------------- --------- --------- -------- ------- --------- -------------------- --------------
Total
comprehensive
income for
the period - - (21) - - - 20 (1)
Balance at 30
April 2012 187 2,606 (73) 262 (85) 176 (1,184) 1,889
=============== ========= ========= ======== ======= ========= ==================== ==============
Note 1 SEGMENT ANALYSIS
Management consider that there is a single operating segment
being the supply of digital imaging equipment, encompassing
Synoptics three marketing brands: Syngene, Synbiosis, Syncroscopy
and the Atik brand which is used within Synoptics brands and sold
externally to the amateur astronomy market. Each of the brands have
a number of products and whilst sales performance of each brand are
monitored, resources are managed and strategic decisions made on
the basis of the Group as a whole.
The geographical analysis of revenue by destination and
non-current assets (excluding deferred tax) by location is set out
below:
Revenue by destination of external customer 2013 2012
GBP000 GBP000
United Kingdom (country of domicile) 747 802
Germany 774 505
Rest of Europe 1,443 1,376
America 2,354 2,248
Hong Kong 743 500
India 482 665
Rest of Asia 809 734
Rest of World 313 340
------ ------
7,665 7,170
====== ======
Non-current assets by location 2013 2012
GBP000 GBP000
United Kingdom 1,076 894
Portugal 62 61
America 173 157
------ ------
1,311 1,112
====== ======
NOTE 2 TaxATION
2013 2012
GBP000 GBP000
Corporation tax:
Corporation tax due - 10
Current year R & D claim - -
Prior year R & D claim 2 -
----------------------------------- --------------------
2 10
Deferred tax expense/(credit) 19 (10)
----------------------------------- --------------------
Income tax charge 21 -
=================================== ====================
Reconciliation of effective tax rate
2013 2012
GBP000 GBP000
Profit on ordinary activities before tax 213 20
--------------- ------------------
Profit on ordinary activities multiplied
by standard rate of
Corporation tax in the UK of 23.92% (2012:
25.84%) 51 5
Effects of:
Expenses not deductible for tax purposes 1 14
Additional deduction for R&D expenditure (104) (58)
Transferred to tax losses 73 39
--------------- ------------------
21 -
=============== ==================
The Group takes advantage of the enhanced tax deductions for
Research and Development expenditure in the UK and expects to
continue to be able to do so.
NOTE 3 Deferred tax
2013 2012
Deferred Deferred
tax tax Deferred Deferred
asset liability tax asset tax liability
GBP000 GBP000 GBP000 GBP000
At 1 May 2012 113 (138) 113 (148)
Deferred tax on capitalised
R & D - (20) - 6
Tax losses utilised - - 19 -
Short term temporary differences 12 (14) (11) (4)
Charge on intangibles recognised
on acquisition - 8 - 8
Share based payments - - (8) -
At 30 April 2013 125 (164) 113 (138)
============= ============ ================= ================
2013 2012
Asset Liability Asset Liability
GBP000 GBP000 GBP000 GBP000
Deferred tax on capitalised
R & D - (129) - (109)
Other temporary differences 12 (20) 1 (13)
Deferred tax on acquisition
intangibles - (15) - (16)
Trading losses recognised 113 - 112 -
------------- --------------- ------------- ----------------
125 (164) 113 (138)
============= =============== ============= ================
Deferred tax assets are recognised for tax losses available for
carrying forward to the extent that the realisation of the related
tax benefit through future taxable profits is probable. The Group
did not recognise deferred tax assets of GBP430k (2012: GBP524k) in
respect of losses. Total losses (provided and unprovided) totalled
GBP1.8m (2012: GBP2.4m).
There were no unrecognised taxable temporary differences.
NOTE 4 Borrowings
Borrowings are repayable as follows:
2013 2012
GBP000 GBP000
Within one year
Loan stock 368 -
Bank finance 76 91
Finance leases 28 23
----------------------------- ------------------
472 114
----------------------------- ------------------
After one and within five years
Loan stock - 368
Finance leases 38 40
----------------------------- ------------------
38 408
----------------------------- ------------------
Over five years
Finance leases - 15
----------------------------- ------------------
Total borrowings 510 537
============================= ==================
Bank finance relates to amounts drawn down under the Group's
invoice discounting facility.
The proceeds of GBP368,000 from the issue of the loan stock are
stated after adjustment in accordance with the accounting treatment
required under IAS 32. Certain rights that are attached to the
Company's loan stock result in it having characteristics of both
equity and liabilities. Therefore the loan stock is considered to
be a compound instrument.
The value of the liability component has been calculated based
on the present value of the future cash flows in respect of
payments the Company is obliged to make to holders of its loan
stock. A value of GBP40,986 included within equity under the
heading 'Other reserve' is the residual amount.
The loan stock is unsecured, bears interest at 9% per annum and
could have been converted at any time prior to 30 April 2013 at a
rate of one ordinary share for every GBP0.70 nominal amount of loan
stock. Any unconverted loan stock is due for repayment on 31 July
2013.
Subscribers to the loan stock also received warrants to
subscribe for one ordinary share at a price of GBP0.70 for each
GBP4.00 of loan stock subscribed for. The warrants are valid until
31 July 2013, except that this period may be extended by the
Company at its sole option. The total number of warrants issued by
the Company was 94,750.
NOTE 5 Earnings per share
The calculation of the basic earnings per share is based on the
profits attributable to the shareholders of Scientific Digital
Imaging plc divided by the weighted average number of shares in
issue during the year, excluding shares held by the Synoptics
Employee Benefit Trust. All earnings per share calculations relate
to continuing operations of the Group.
Basic earnings
Profits Weighted per share
attributable average number amount in
to shareholders of shares pence
GBP000
Year ended 30 April 2013 192 18,323,464 1.05
Year ended 30 April 2012 20 17,989,257 0.11
The calculation of the diluted earnings per share is based on
the profits attributable to the shareholders of Scientific Digital
Imaging Plc divided by the weighted average number of shares in
issue during the year, as adjusted for dilutive share options and
dilutive deferred consideration.
Diluted
earnings
per share
amount in
pence
Year ended 30 April 2013 1.01
Year ended 30 April 2012 0.10
The reconciliation of average number of ordinary shares used for
basic and diluted earnings is as below:
2013 2012
Weighted average number of ordinary shares
used for basic earnings per share 18,323,464 17,989,257
Weighted average number of ordinary shares
used as deferred consideration - 666,500
Weighted average number of ordinary shares
under option 659,063 370,927
---------- ----------
Weighted average number of ordinary shares
used for diluted earnings per share 18,982,527 19,026,684
========== ==========
Since the balance sheet date the Group announced that it had
raised approximately GBP850,000 (before expenses) through a placing
and a subscription of new ordinary shares. This will increase the
shares in issue to 25,034,910. The impact would be a dilution of
the earnings per share amount to 0.76p.
NOTE 6 FINANCIAL INFORMATION
The financial information set out above, which has been
extracted from the annual report and accounts for the year ended 30
April 2013 does not constitute statutory accounts within the
meaning of section 435 of the Companies Act 2006.
The annual report and accounts will shortly be sent to
shareholders and will be available on the Company's website,
www.scientificdigitalimaging.com
The Company's Annual General Meeting is due to take place at
Francis House, 112 Hills Road, Cambridge CB2 1PH on 16 September
2013 at 11:00 am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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