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Final results for the year ended 30 June 2012

25 September 2012

Regenersis plc (AIM: “RGS”) (“Regenersis” or the “Group”), a strategic outsourcing partner to many of the world’s leading consumer technology companies, is pleased to announce its final results for the year ended 30 June 2012, which show a strong financial performance and the growth strategy, implemented by the new Board, working well.

Financial Highlights

  • Group revenue increased by 13% to £139.9 million (2011: £123.8 million)
  • Headline operating profit(*) increased by 24% to £7.8 million (2011: £6.3 million)
  • Operating cash flow improved to £4.9 million (2011: £2.4 million).
  • Further Improvement in headline operating margin to 5.5% (2011: 5.1%)
  • Net debt reduced to £2.9 million (2011: £3.8 million)
  • Banking facility extended from £15 million to £23.25 million for the period to October 2015, to support further organic investment and incremental M&A activity
  • First dividend payment since 2007 - recommended final dividend of 1.1 pence per ordinary share

M&A Highlights

  • Acquisition of HDM on 31 August 2012 for headline price of €6.5 million, adding operations in Spain, Mexico and Argentina
  • Acquisition of Swedish business formerly owned by Anovo in January 2012 for €0.25 million, providing an entry point into the Nordic market

Operational Highlights

  • Advanced Solutions operations established in the US to target cable TV operators - first contract with major operator
  • Presence extended to Spain, Mexico, Argentina, Sweden and the USA, serving our goal to grow in Emerging Markets and Advanced Solutions, and serve large clients in multiple geographies
  • Contract wins with Virgin Media and a significant contract extension with Wincor Nixdorf
  • The Board and senior management strengthened, reflecting a continued focus on operational excellence and future growth

Outlook

  • Current trading in line with market expectations and trending well
  • Opportunity for global growth both organically and by acquisition remain good

Matthew Peacock, Executive Chairman of Regenersis, said:  “Our plan, to deliver double digit sales growth on steadily improving operating profit margins, concentrating on Emerging Markets, Advanced Solutions and niche product areas, is firmly underway.  In the past nine months, we have extended the Group’s operations into Spain, Mexico, Argentina, Sweden and the USA. Regenersis now has 22 sites in 12 countries.  The opportunity exists for us to build a sizeable, multinational provider of aftermarket services and technology to global technology clients and it is our aim to do so.”  

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

Enquiries:

Regenersis Plc  +44 (0) 20 7657 7000
Matthew Peacock, Executive Chairman
Jog Dhody, Chief Financial Officer

Arden Partners plc (Nomad and Joint Broker)   +44 (0) 121 423 8900
Steve Douglas

Panmure Gordon (UK) Limited (Joint Broker)   +44 (0) 20 7886 2500
Dominic Morley / Charles Leigh-Pemberton

Tavistock Communications  +44 (0) 20 7920 3150
Catriona Valentine / Matt Ridsdale / Keeley Clarke

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