Financial Highlights

Operating profit increased 17.9% to $13.2 million (2008: $11.2 million)

EBITDA increased 13.9% to $15.6 million (2008: $13.7 million) and EBITDA margin increased to 29.7% (2008: 25.9%)

Profit before tax increased 21.9% to $12.8 million (2008: $10.5 million) and profit before tax and amortisation increased 19.6% to $13.4 million (2008: $11.2 million)

Group cash inflows increased to $13.7 million (2008: $12.9 million)

Earnings per share (EPS) increased 27.8% to 41.88 cents (2008: 32.78 cents) and EPS adjusted for amortisation of intangible assets increased 25.1% to 44.57 cents per share (2008: 35.62 cents per share)

All numbers above reflect continuing operations and all comparative 2008 numbers have been restated to reflect the prior year results of continuing operations

Operational Highlights

Rapid Detection revenues increased 9.2% to $23.7 million (2008: $21.7 million)

Strong consumable reagent sales and healthy growth in instrument placements

Successful launch of Celsis ReACT RNA-based assay

Analytical Services revenues decreased 4.7% to $18.1 million (2008: $19.0 million)

Strong recovery in H2 after 9.2% fall in H1 on continuing operations

Discontinuation of Development Services business unit significantly improves profit margins

In Vitro Technologies revenues decreased 13.0% to $10.7 million (2008: $12.3 million)

Pharmaceutical industry consolidations impacted H2

Exclusive alliance established with leading life sciences company Promega


In a difficult global economic environment, total revenue from continuing operations for the year ended March 31, 2009 was down 0.8% at $52.5 million against $52.9 million the previous year.

Group profit before tax from continuing operations was up 21.9% at $12.8 million against $10.5 million the previous year. Group profit before taxation and before amortisation of intangible assets on continuing operations was up 19.6% to $13.4 million (2008: $11.2 million) and operating margins increased to 25.1% (2008: 21.1%). EBITDA on continuing operations was up 13.9% to $15.6 million against $13.7 million last year. Administrative expenses have been positively impacted by a favourable exchange rate movement.

Gross Margin

The Group’s gross margin from continuing operations for the year to 31 March remains high at 69.8% (2008: 70.2%).

Operating Expenses

Operating costs from continuing operations, excluding research and development, decreased 9.8% from $25.4 million last year to $22.9 million this year.

Sales and marketing expenses represented 36.3% of revenues, against 37.5% the previous year. Administrative expenses decreased to 7.3% of revenues versus 10.5% the previous year.

Research and Development efforts have continued to focus on the completion of the new ribo-nucleic acid identification test.


The Group’s operating profit from continuing operations was $13.2 million (2008: $ 11.2 million) representing an increase of 17.9% on the prior year.

Goodwill and Intangible Asset Amortisation

The Board reviewed the carrying value of goodwill and separately recognised acquired intangible assets at March 31, 2009 and confirmed that no provision for impairment was necessary. The amortisation charged during the year on intangible assets amounted to $ 0.6 million (2008: $0.6 million).


The Group’s tax charge is $3.6 million for the year (2008: $3.3 million). The difference of $0.3 million is mainly due to two factors.

Earnings per Share

Basic Earnings per Share (EPS) after discontinued operations were slightly higher compared to 2008 at 30.94 cents per share (2008: 30.53 cents per share).

Capital Expenditure

Tangible fixed asset additions in the year amounted to $1.6 million (2008: $4.6 million). In the prior year, tangible fixed asset additions were higher due to the relocation of our US headquarters in Chicago and the transfer of the Rapid Detection Manufacturing Centre from Holland to Germany.

In the year, intangible fixed asset additions amounted to $1.5 million (2008: $1.3 million) of which $0.6 million related to capitalised internally generated development costs (2008: $0.7 million).