Regenersis - Turning Around Technology

04 Apr 2012: Regenersis Announces Vesa Keranen As New Managing Director of Mobile Sector

12 Mar 2012: Regenersis PLC Interim Results For The Six Months Ended December 31 2011

Regenersis plc

Interim Results for the six months ended 31 December 2011

Regenersis plc (LSE AIM: RGS) (“Regenersis” or the “Group”), a strategic outsourcing partner to many of the world’s leading consumer technology companies, is pleased to announce interim results for the six months ended 31 December 2011, which demonstrate good momentum in the business and reflect the strong progress already made in executing on the Group’s new strategy.

Financial Highlights

• Group revenue increased 15.9% to £69.9 million (2010: £60.3 million)
• Headline operating profit(*) increased 18.3% to £3.8 million (2010: £3.2 million)
• Operating profit remained at £2.9 million after acquisition related costs
• Operating cash flow increased to £1.6 million (2010: £0.7 million)

o Improved control of working capital

• Net debt was £4.1 million (December 2010: £4.4 million)

Operational Highlights

• Entry into two new emerging markets, South Africa and Turkey.
• Significant multi-year contract secured for roll-out of in-field diagnostic testers with Virgin Media

o First US trial for in-field diagnostic testers also secured

• Rapid growth in the B2B business
• Significant performance improvement from turnaround focus at UK Depot Solutions
• Acquisition of the Nordic business formerly owned by Anovo
• Bank facility increased to £23.25 million from £15 million in anticipation of further potential corporate development opportunities  

(*)  Headline operating profit excludes exceptional restructuring costs, amortisation or impairment of acquired intangible assets, share-based payments and share of results of jointly controlled entities.

Regenersis’ Executive Chairman, Matthew Peacock, commented:

“The results of this first, full half year under the new board are pleasing.  They demonstrate that our plans to deliver a step-up in operational and financial performance are beginning to take effect, driven by turnaround action in the underperforming UK business and by good contractual growth in Western Europe.

We have also made strong progress in establishing a solid platform for future growth.  We have established new businesses in high growth markets such as Turkey and South Africa, signed a key multi-year contract to launch our in-field diagnostic tester, and acquired a new business in the Nordic market.  Given this progress, the Board looks forward to the second half of the year and beyond with confidence.” 

Click on this link to download a full copy of the Interim Results.

25 Jan 2012: Regenersis Acquires ANOVO Nordic

12 Jan 2012: Kevin Bradshaw Appointed as Non-Executive Director

12 Jan 2012: Regenersis Half Year Trading Update