Investor Relations

Latest Highlights

The Group has faced an unprecedented first half of 2020 as a result of the severe impact on our core markets arising from the COVID-19 pandemic. As a business, we have responded well to the challenge, prioritising our employees’ safety and continuing critical supply to customers. Whilst the short-term impact has been stark, we are proud that the Group remains profitable and cash generative during this time whilst maintaining the dividend and a robust balance sheet.

Trading was in line with the trading update of 9 July 2020, with the majority of the business impacted by government-led restrictions to control COVID-19 and a slowdown in demand across all regions and product categories. All manufacturing sites have remained in operation throughout the COVID-19 pandemic, servicing customers and order demand, and having implemented strict controls to ensure employee safety at all times.

First half revenue was £39.3 million, down by 19% on a reported and constant currency basis. Despite the significant challenges, the Group reported an adjusted operating profit of £5.5 million and a 6% increase in net cash to £67.9 million. The US LiquiBand^® recovery plan remains on track with sales initiatives recovering 2% share of end market volumes. LiquiBand^® Rapid launched with a key partner as planned and regained product listings on the two previously lost Group Purchasing Organisation (GPO) contracts.

Investment has been maintained in R&D to progress key projects and we are well positioned for growth as our markets continue to recover. Whilst we expect COVID-19 to continue to impact sales and profitability in the short-term, the Board remains positive about our medium to long-term prospects.

Product approvals for new geographies have continued with our first approvals in India for both LiquiBand^® and LiquiBandFix8^®. Patents have been granted for LiquiBand^® Exceed in the UK and US, providing protection and tax benefits until 2034.