Slide 1: Results for full year ended 31 March 2014 - Presentation to Analysts
Results for full year ended 31 March 2014 Presentation to Analysts 10 June 2014 INNOVATESPECIALISE INNOVATESPECIALISEINTEGRATE SPECIALISEINTEGRATEGLOBALISE INTEGRATEGLOBALISE
Slide 2: Highlights
HIGHLIGHTS Highlights • Revenue increased by 12.4% to £97.3 million due to strong sales in traditional divisions and increasing sales at CIT • Divisional operating profit increased to £8.6 million and underlying operating profit from continuing operations was up to £ 6.6 million. • Profit before tax
Slide 3: Financial Highlights
HIGHLIGHTS Financial Highlights Year ended Year ended Increase 31 March 31 March 2014 2013 £000 £000 % Revenue Technical Plastics 58,080 55,335 5.0 LED Technologies 28,160 23,013 22.4 Precision Engineering 7,776 7,505 3.6 Conductive Inkjet Technology 3,251 661 391.8 Total 97,267 86,514 12.4 Operatin
Slide 4: CIT – XSense™ Project: Commercial progress
CIT – XSense™ Project Commercial progress • CIT commissioned its coating manufacturing facility on time early in the financial year • £3.3 million of coated film to Atmel during the year, and this was a mix of sales for our partner’s production qualification and sales for end customer products • Two
Slide 5: CIT – XSense™ Project: Technical progress
CIT – XSense™ Project Technical progress • CIT evolved its metal mesh technology with focus on manufacturing efficiency, line width and substrate agnosticism • These key developments are either in evaluation trials with our partner or in the final stages of scaled up testing in Cambridge • We are no
Slide 6: CIT – Other applications
CIT – Other applications Printed Electronics • Our printed electronics technology was the precursor to Touch • With a high volume and low cost method of creating copper on film circuitry we have now created a standalone CIT business tasked with commercialising this technology • Pilot scale productio
Slide 7: Carclo Diagnostic Solutions – Progress
PLATFORM DIAGNOSTICS “PDL” Carclo Diagnostic Solutions – Progress • CDS has developed fully disposable, novel Point-of-Care diagnostics platforms which do not rely on a secondary reader • CDS platforms integrate low cost electronics from CIT with microfluidic mouldings from Technical Plastics • CDS
Slide 8: Carclo Diagnostic Solutions – Development Timelines
PLATFORM DIAGNOSTICS “PDL” Carclo Diagnostic Solutions – Development Timelines Coag pi-GST CRP Troponin-I CAT Pro CAT Pro Phase 1 Prepare Product Definition Document Develop prototype assay Q4' 2014 Q1' 2015 Phase 2 Optimisation of assay and device, R&D scale Performance evaluation Q3' 2014 Q1' 2014
Slide 9: Technical Plastics
TECHNICAL PLASTICS Technical Plastics 2014 2013 Operating Operating £million Revenue profit Margin Revenue profit Margin Technical Plastics 58.1 4.6 7.9% 55.3 4.0 7.1% * as previously indicated the geographical comparative analysis is increasingly uninformative due primarily to the flux of b usiness
Slide 10: LED Technologies
PRECISION PRODUCTS LED Technologies 2014 2013 Operating Operating £million Revenue profit Margin Revenue profit Margin LED Technologies 28.2 2.6 9.1% 23.0 2.2 9.5% • Wipac has now secured new lighting programs for a number of leading global supercar brands • We were awarded design and manufacture co
Slide 11: Precision Engineering
PRECISION PRODUCTS Precision Engineering 2014 2013 Operating Operating £million Revenue profit Margin Revenue profit Margin Precision Engineering 7.8 1.5 19.8% 7.5 1.5 20.1% • The year was aided by a one-time remedial machining contract • Underlying financial performance was lower year on year due t
Slide 12: Income Statement Comparative
INCOME STATEMENT COMPARATIVE Income Statement Comparative 2014 2013 restated £million £million • 2013 restated in respect of revisions to IAS 19 Revenue 97.3 86.5 • Group turnover from continuing operations increased to £97.3 million Operating profit • Divisional operating profit was £8.6 million Di
Slide 13: Financial Position – Cash Flow
FINANCIAL POSITION – CASH FLOW Financial Position – Cash Flow £million £million Net debt at start of period (9.2) • Cash generation from operations of £11.4 million Cash from operations 11.4 • Increase in working capital due largely to partial Working capital (4.1) utilisation of US$10.0 million Atm
Slide 14: Financial Position – Debt and pensions
Financial Position – Debt and pensions Debt • Group debt of £17.7 million at 31 March 2014 representing gearing of 23.7%, excluding the net pension surplus • Due to high capital expenditure, the cash cost of developing our technology businesses and utilisation of the Atmel prepayment, net debt incre
Slide 15: Outlook
OUTLOOK Outlook • Whilst the touch screen market has become significantly more competitive we are well positioned for our touch business to grow. Our partnership with Atmel Corporation remains strong and we are both committed to growing the XSense™ business. We are continuing to enhance our product