Final Results
Dechra Pharmaceuticals PLC
04 September 2007
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Tuesday, 4 September 2007
Embargoed: 7.00am
Dechra(R) Pharmaceuticals PLC
An International Veterinary Pharmaceutical Business
Preliminary Results for the year ended 30 June 2007
Year Ended Year Ended
June 2007 June 2006
Revenue £253.8m £232.5m +9%
Operating profit £13.8m £12.3m +12%
Profit before taxation £12.6m £11.0m +14%
Earnings per share
Basic 16.86p 14.71p +15%
Diluted 16.62p 14.36p +16%
Dividend
Final 5.00p 4.33p +15%
Total 7.50p 6.24p +20%
Strong increase in own pharmaceutical revenue, up by 22%
Regulatory approval received for three new UK generic products, Domidine(R),
Sedator(R) and Thyroxyl.
Three acquisitions have been made; Leeds Veterinary Laboratories, the
Intellectual Property for Equidone(R) Gel and the marketing rights for the
Pharmaderm range of veterinary products: total investment £3.7 million
Strong performance from NVS(R), our veterinary wholesaling business,
demonstrated by a retention of overall UK market share, above 44%, and a revenue
growth ahead of the market
Operating profit at Dales, our manufacturing business, increased by 33%
International product development is progressing to expectations
Product development cash expenditure has doubled to £3.3 million
Full year dividend increased by 20%
Enquiries:
Ian Page, Chief Executive Fiona Tooley, Director
Simon Evans, Group Finance Director Keith Gabriel, Senior Account Manager
Dechra Pharmaceuticals PLC Citigate Dewe Rogerson
Today: 0207 638 9571 Today: 0207 638 9571
Mobile: 07775 642222 (IP) or 07775 642220 (SE) Mobile: 07785 703523 (FMT) or 07770 788624
Thereafter: 01782 771100 Thereafter: 0121 455 8370
www.dechra.com
corporate.enquiries@dechra.com
8.30am - 9.30am Analysts' Presentation
at
Citigate Dewe Rogerson Ltd
3 London Wall Buildings
London Wall
EC2M 5SY
Tel: 020 7638 9571
-2-
Dechra Pharmaceuticals PLC
Preliminary Results for the year ended 30 June 2007
CHAIRMAN'S STATEMENT & EXTRACTS FROM THE BUSINESS & FINANCIAL REVIEW
STATEMENT BY THE CHAIRMAN, MICHAEL REDMOND
I am pleased to report that we have continued to achieve good growth in revenue
and profitability from our UK businesses; this has been enhanced by significant
revenue from our own product portfolio in the EU. Strategic progress has been
made with acquisitions that strengthen the Group and provide a revenue stream
and platform for growth in the US. The development of our own branded veterinary
pharmaceutical portfolio is progressing to schedule.
Financial Highlights
Group revenue increased 9.2% from £232.5 million to £253.8 million.
Operating profit increased by 12.5% to £13.8 million (2006: £12.3 million) and
profit before taxation rose 14.3% to £12.6 million (2006: £11.0 million).
Basic earnings per share was 16.86 pence, up 14.6% from the 14.71 pence achieved
in 2006.
Total cash investment in product development was £3.3 million (2006: £1.6
million), of which £1.6 million was charged to the income statement (2006: £1.4
million).
Cash flow continued to be strong with cash flow from operations being 103% of
operating profit. As at 30 June 2007, the Group had net funds of £1.0 million,
virtually unchanged from the £1.1 million at 30 June 2006.
Interest cover was 11.3 times (2006: 9.7 times).
During the year, the Group acquired the rights to the Pharmaderm range of
veterinary products for US$5 million (£2.6 million), made an initial payment of
US$0.5 million (£0.3 million) for the intellectual property rights for Equidone
Gel and acquired Leeds Veterinary Laboratories Limited for a cash and equity
consideration of £0.8 million.
Further details are contained in the Business Review.
Dividend
In line with our progressive dividend policy and our confidence in the business,
the Directors are recommending an increase in the final dividend to 5.00 pence
per share (2006: 4.33 pence per share). This, together with the interim dividend
of 2.50 pence per share (2006: 1.91 pence per share), makes a total dividend for
the year of 7.50 pence per share (2006: 6.24 pence per share), a 20% increase.
The total dividend is covered 2.2 times by profit after taxation.
The final dividend, which is subject to Shareholder approval at our Annual
General Meeting to be held on Wednesday 17 October 2007, will be paid on 23
November 2007 to Shareholders on the Register at 26 October 2007.
Prospects
Current trading continues to meet management expectations. With the continued
solid growth of our UK businesses, the acquisitions made throughout the year and
with the international product development programme beginning to deliver
revenue, we remain confident in our future.
-3-
Please note the following Business and Financial Reviews are excerpts taken from
the complete Directors' Business Review which will be contained in the
Report & Accounts due to be published shortly, following which it will be found
on the Company website www.dechra.com.
The Business
Dechra Pharmaceuticals PLC ('Dechra') comprises six businesses operating under
two divisions, Pharmaceuticals and Services. Both Divisions are focused on the
veterinary market with a key area of specialisation being on companion
animal products.
The Group's main focus is delivering organic growth from its two divisions;
however, the key strategy to deliver medium to long-term growth is the development
of our own branded veterinary pharmaceutical products for licensing
internationally.
At 30 June 2007, Dechra employs 758 people who operate out of 17 locations.
Product Development
During the last five years we have licensed four specialist products and four
generic products, three of which received approval towards the end of the
financial year. Within our current licensed portfolio, Vetoryl Capsules and
Felimazole Tablets still provide excellent opportunities for international
growth.
Vetoryl Capsules is a novel and patented product for the treatment of Cushing's
Disease (excess cortisol or hyperadrenocorticism) in dogs. It is the only
licensed product within the EU and is the only recognised safe and efficacious
veterinary product for the treatment of Cushing's Disease around the world.
Launched in the UK on a provisional marketing authorisation in September 2001,
Vetoryl Capsules has since achieved full approval and has consistently increased
market penetration, with substantial revenue now in excess of £2.0 million per
year. It also achieved mutual recognition for approval within the EU in 2006 and
has now been launched within all the key European territories with good initial
sales exceeding £1.5 million. In the USA it is also sold under the Food and Drug
Administration ('FDA') waiver scheme. Global revenue for Vetoryl Capsules in the
2007 financial year was £4.5 million.
Felimazole Tablets is the first veterinary licensed product for the treatment of
feline hyperthyroidism. It competes in the world's markets against human
equivalents; however, the Cascade Legislation has supported its growth.
Felimazole Tablets received marketing approval in 2002 and has achieved UK
revenues in excess of £2.9 million in the financial year. Felimazole Tablets was
approved in the EU in 2005 and has achieved £0.4 million sales in the year. This
relatively low level of sales can be attributed to the failure of veterinarians
to comply with the Cascade Legislation and the status of the cat throughout most
of the EU.
Both Vetoryl Capsules and Felimazole Tablets have been granted an expedited
review status by the FDA in the USA. The principal advantage to an expedited
review is that there is a target 90-day response from the time of the submission
of information.
Development Update
There have been a number of achievements within our development programme
throughout this financial year: -
- The safety and CMC sections for Vetoryl Capsules were submitted to the FDA
prior to the financial year end. The submission of the efficacy section is
imminent. An initial response to the CMC section has been received with only
three areas requiring further clarification, none of which should result in
delayed approval. We remain confident in the safety and efficacy of the product
and await a response from the FDA.
- All cats have now been enrolled on the clinical trial for Felimazole Tablets.
We anticipate that the efficacy submission will be made prior to the end of this
calendar year.
continued...
-4-
- Clinical trials have commenced in Japan and are progressing to our
expectations. These trials are the responsibility of our partner Kyoritsu
Seiyaku ('KS'), who are the leading animal pharmaceutical supplier with over
sixty representatives marketing directly to veterinary practices. KS anticipate
that it will be at least a further two years to gain approval within this
significant territory.
- As reported last year, the dossier for Vetoryl Capsules has been submitted to
the Canadian and Australian authorities and the dossier for Felimazole Tablets
has been submitted in Canada. We understand that the review process has now
commenced within these territories.
- A 10mg small dog Vetoryl Capsule has been approved within the EU; marketing is
expected to commence within the next six months. The US approval for the 10mg
strength will be concurrent with the full application.
- Intra-Epicaine(R) and Somulose(R), two of the minor, although unique products
in our portfolio, have been approved for sale in Ireland.
- Two Vetivex(R) range extensions have received UK approval.
- Three generic products, Domidine, Sedator and Thyroxyl have received approval
for the UK. Domidine and Thyroxyl were launched towards the end of the financial year.
- Two other generic products are at an advanced stage of the approval process
and are expected to be licensed within the first half of the current financial year.
- Progress is also being made with three further generic products which will be
targeted at the EU market.
We currently have a number of other products under development and are exploring
several other opportunities to add to the portfolio. Due to commercial
sensitivity we believe it to be appropriate to treat the nature of these
projects as confidential.
Acquisitions
Intellectual Property Acquisition
In December we announced that we had acquired the intellectual property for
Equidone Gel, an equine product, which is at an advanced stage of development
for the US market.
The use of the active ingredient, Domperidone, has been co-developed by Equi-Tox
and Clemson University, based in South Carolina, USA for the prevention of
Fescue Toxicity, a disease which is caused by eating a fungus which infects tall
fescue grass. The most serious clinical signs are observed in the late stages of
pregnancy and the toxicity can result in foal death.
Equidone Gel is already patented and under limited distribution in the US under
a special licence. The market for equine Fescue Toxicity is estimated to be
approximately US$2.0 million per annum. Other patents for Equidone Gel uses have
also been approved; explorations into these indications, which have
substantially larger markets, have commenced.
Laboratory Acquisition
In April we announced the acquisition of Leeds Veterinary Laboratories Limited
('LVL'). LVL is a well established veterinary laboratory, founded in 1986. The
business employs 18 staff and three consultants and offers a comprehensive range
of veterinary diagnostic tests for companion, exotic, equine and farm animals
from its 6,000 sq. ft. facility in Yeadon, Leeds, Yorkshire. The effective cash
and equity consideration for LVL was £750,000.
continued...
-5-
US Veterinary Product Portfolio
In May we secured a long-term trademark license and supply agreement with
Pharmaderm Animal Health ('Pharmaderm'), part of the US commercial division of
ALTANA Inc.
The agreement provides the Group with exclusive marketing and distribution
rights for a range of veterinary licensed ophthalmic, otic and dermatological
products and the opportunity to develop new licenses for both North America and
Europe.
Under the agreement, Dechra paid US$5.0 million in cash for the licenses. The
products, which are currently sold to veterinary practices in the USA, achieved
sales of US$7.7 million in the year ended 31 December 2006.
Pharmaceutical Division
Our Pharmaceutical Division comprises Dechra Veterinary Products ('DVP EU'),
Dechra Veterinary Products USA ('DVP USA'), Arnolds(R) Veterinary Products
('Arnolds') and Dales Pharmaceuticals ('Dales').
DVP EU
DVP EU, located in Shrewsbury, England, employs 67 people. This business markets
and sells our own branded, licensed veterinary pharmaceuticals in the UK, and
manages the relationships with our EU marketing partners. We have over 40
products, however, there are 13 key brands which represent over 90% of DVP EU's
sales. We have a number of UK marketing agreements; with Virbac Inc. to market
Thyroxyl within the UK and Ireland, with Eurovet to market Domidine and Sedator
in the UK and Ireland, with Biopure to market Oxyglobin(R) in the EU and with
Peptech to market Ovuplant(R) in the EU. Thyroxyl is a generic product used for
the treatment of Hyperthyroidism in dogs. Domidine and Sedator are generic
analgesics used in the treatment of horses and dogs respectively. Ovuplant is a
seasonal equine fertility product, launched in the UK in Spring 2005;
development is progressing to licence the product within the rest of the EU.
Felimazole Tablets and Vetoryl Capsules, together with Equipalazone(R) Powder,
Paste and Injection, the market leading equine Non-Steroidal Anti-Inflammatory
Drug ('NSAID'), are marketed within the EU by various partners, the key
territories being serviced by Janssen, Intervet and Orion.
DVP EU, grew strongly throughout the year. This can be principally attributed to
an increase in sales of Vetoryl Capsules and Felimazole Tablets within the UK
and EU and also the successful launch, towards the end of the period, of the
generic products outlined above. Vetoryl Capsules sales have been enhanced by
the production of an interactive DVD which is utilised as a technical sales aid.
The Arnolds business has been consolidated within DVP EU; the Vetivex range of
products are now marketed by the pharmaceuticals team. Vetivex continues to grow
with an increase in market share of over 6%. Two new presentations, 100ml Sodium
Chloride and 250ml Hartmann's Solution, which were licensed in the year, have
further differentiated our range from our main competitor. UK sales of
Equipalazone, our market leading NSAID, grew by 12% despite competing with a new
entrant within the sector; however, EU revenues fell slightly due to phasing of
large EU export orders.
Within the year, three veterinary surgeons were appointed. Greg Williams and
Alison Roberts strengthen our technical support and Dr Michael Hemprich has
taken on the role of European Account Manager to further develop our
relationship with our EU marketing partners and to explore other European
opportunities.
continued...
-6-
DVP US
This business, employing five people, was established in 2005 and is located in
the Kansas City animal health corridor, USA. It has been significantly
strengthened by the Pharmaderm licensing deal, which provides a range of seven
licensed veterinary brands. This agreement is a major achievement for the Group;
it provides the opportunity to increase sales and to strengthen our profile and
brand awareness within the American market ahead of the launch of our own
developed products.
Furthermore, it has enabled us to extend the management team with the
appointment of a Manager of Technical Services, Dr Erin Evans, Chris Huettner,
Customer Service/Office Manager and an experienced sales professional, Tammy
Rice, who has joined us from Pharmaderm. The management team are now looking to
make further appointments within the sales department.
The US market is very significant to Dechra's strategy, being approximately ten
times the size of the UK market. We anticipate immediate growth from the
Pharmaderm range of products and significantly increased pharmaceutical revenues
once Vetoryl Capsules, Felimazole Tablets and Equidone Gel receive approval.
Dales
Dales, located in Skipton, England, employing 155 people, is a fully Medicines
and Healthcare Regulatory Agency ('MHRA') approved pharmaceutical manufacturer
with multi-competence in both scale and dose form. Dales manufactures the vast
majority of our own branded licensed pharmaceutical products, which are marketed
through DVP EU, but also derives approximately 50% of revenues from third party
toll manufacture, predominantly for human pharmaceutical companies. This is
Dechra's only significant source of revenue not derived from the veterinary
market. As major volume pharmaceutical manufacturing becomes increasingly
dominated by India and China, our capabilities on multiple scale production and
specialisation (i.e. controlled drugs) allow us to maintain and write new
contracts.
Throughout the year we have again strengthened the Quality Department with a
target to seek FDA approval for one of our products within two years. Continued
focus on efficiency and quality systems has resulted in a strong performance for
the year. This has been enhanced by full-scale production of a £1.0 million per
annum contract, which was announced at the end of the last financial year.
Services Division
Our Services Division comprises National Veterinary Services ('NVS'), NationWide
Laboratories ('NWL') and Cambridge Specialist Laboratory Services ('CSLS').
NVS
NVS, located in Stoke-on-Trent, England, employing 460 people, is the UK market
leader, as measured in terms of market share, in the supply and distribution of
veterinary products to veterinary practices and other approved outlets.
NVS services both companion animal and livestock practices and agricultural
merchants, with sales being approximately 60% in favour of companion animal
related products. As with other divisions within Dechra, NVS benefits from the
solid growth in the veterinary market.
continued...
-7-
At the beginning of the year the management team made a strategic decision to
arrest the year-on-year increase in discount allowed to customers and to
increase the focus on the high levels of customer service, new services and
strong alliances with our customers. This strategy has proved to be successful
with another very strong performance from NVS, demonstrated by a retention of
our market share at 44% and a revenue growth rate ahead of the market. Two IT
innovations have performed well throughout the year; Vpod, launched in March
2006, now has in excess of 200 users and VetKiosk, an innovative marketing and
merchandising terminal designed for practice waiting-rooms, is also being well
received by the profession. NVS are marketing VetKiosk in partnership with the
innovators Onstream. As previously reported, the £700,000 investment made last
year in automation and capacity within the central warehouse is now fully
commissioned and has improved productivity and overall operational efficiency.
Laboratories
NWL operates out of three locations, Poulton-le-Fylde (Lancashire), Leeds
(Yorkshire) and Swanscombe (Kent) and employs 63 people. As first referral
veterinary laboratories, they provide histology, pathology, haematology,
chemistry and microbiology services to veterinary practices. NWL also offers
other services such as Allervet(R), a pet and equine allergy testing programme
and Petscreen, a chemotherapy sensitivity test for small animal tumours.
CSLS, located in Sawston (Cambridgeshire), England employs 7 people. It operates
as a first and second referral laboratory, with a key area of expertise being
endocrinology. The second referral work, i.e. providing services for NWL and
some of NWL's competitors, is mainly derived from a key area of specialisation
in radio-immuno assays. The business also provides precise assays which support
the dosage regimes and patient monitoring of our key products, Vetoryl Capsules
and Felimazole Tablets.
The acquisition of LVL has strengthened our service offering and increased our
market share. Additionally, LVL has increased our skill set within the
veterinary laboratory market, particularly in the agricultural animal sector. We
are progressing to plan in the integration of LVL, which has been re-branded to
NWL. The Swanscombe satellite laboratory in the south of England, which opened
at the beginning of the year, has continued to attract new accounts.
Group Financial Performance
The 2007 financial year saw encouraging progress from both of our Divisions with
each achieving healthy revenue growth and improvements in operating margin.
Overall, Group revenue grew by 9.2% for the year whilst operating profit was up
by 12.5%.
The Group achieved a pre-tax profit of £12.6 million, an improvement of 14.3%
compared to last year.
The results are reviewed in more detail on a Divisional basis below:
Pharmaceuticals Division
2007 2006
£'000 £'000
Revenue
Own branded pharmaceuticals 16,599 13,565
Instruments, consumables and equipment 3,817 3,878
Third party contract manufacturing 6,232 5,809
--------- ----------
Total revenue 26,648 23,252
--------- ----------
Operating profit 6,081 4,868
--------- ----------
Operating margin 22.8% 20.9%
--------- ----------
continued...
-8-
The Vetivex range of products is now shown within own branded pharmaceuticals
rather than instruments, consumables and equipment and the comparative figures
have been adjusted accordingly.
Revenue from own branded pharmaceuticals grew strongly at 22.4% compared to last
year. The principal drivers of this growth continued to be our lead products
Vetoryl Capsules and Felimazole Tablets. Vetoryl Capsules achieved global
revenue of £4.5 million, a 56.8% increase over the £2.9 million achieved last
year. Within this figure, European revenue was £1.5 million (2006: £0.2
million), an encouraging performance in our first full year of marketing in this
territory.
Global revenue from Felimazole Tablets increased by 39.0% to £3.4 million (2006:
£2.4 million) with most of this increase coming from the UK.
With regard to our other key products, global revenue from Equipalazone, our
long established equine product, fell slightly by 1.3% to £2.7 million. However,
the Vetivex range of critical care fluids showed growth of 18.8% to £1.5
million.
On 14 May 2007, the Group acquired the marketing and distribution rights to the
Pharmaderm range of veterinary licensed products. At the time of acquisition,
annualised revenue was US$7.7 million. As this acquisition happened towards the
end of the financial year, there is only a relatively small contribution within
the figures being reported on. The financial year ending 30 June 2008 will see
the full benefit.
Revenue from instruments, consumables and equipment fell by 1.6% due to
continued competitive pressure and from 'grey market' imports.
Revenue from third party contract manufacturing increased by 7.3% to £6.2
million with the benefit of the new £1.0 million contract announced last year
starting to be realised in the second half of the financial year.
Product development expenditure charged to the income statement increased by
19.4% to £1.6 million. A further £1.7 million of development expenditure was
capitalised. The total cash investment in product development during the year
was therefore £3.3 million, more than double the £1.6 million invested last
year.
Operating profit for the Pharmaceuticals Division increased by 24.9% to £6.1
million. This strong performance reflects a higher proportion of revenue from
own branded pharmaceuticals and further efficiency improvements at our Dales
manufacturing facility.
Services Division
2007 2006
£'000 £'000
Revenue
Veterinary wholesaling 229,840 211,759
Laboratories 4,367 3,797
--------- ----------
234,207 215,556
Operating profit 9,519 8,681
--------- ----------
Operating margin 4.1% 4.0%
--------- ----------
Our veterinary wholesaling business, NVS, grew revenue by 8.5% ahead of last
year. This compared to market growth as measured by GfK of 7.8%. Growth in
operating costs was contained at a lower level than the growth in revenue,
allowing NVS to improve operating profit by 10.0%.
continued...
-9-
There was much activity within our laboratories business during the year, with
the acquisition of Leeds Veterinary Laboratories and the opening of a new
laboratory in Swanscombe, Kent. This expanded geographical coverage was
reflected in revenue growth of 15.0%. Although growth in operating profit was
restricted by the set-up costs for the Swanscombe laboratory, we did achieve an
improvement compared to last year.
Return on Capital Employed ('ROCE')
A key focus of the Group has been to make efficient use of the capital that we
employ. We measure ROCE by dividing operating profit by average operating assets
utilised during the year. Operating assets exclude cash and cash equivalents,
borrowings, tax and deferred tax balances.
A further increase in ROCE was achieved this year with the figure rising from
34.9% to 37.5%, reflecting the continued strong trading performance of the
Group.
Net Finance Expense
The net finance expense showed a small reduction from £1.27 million to £1.23
million. A reduction in average debt levels during the year was offset by
increasing interest rates.
The net finance expense was covered 11.3 times by operating profit (2006: 9.7
times).
Taxation
The effective tax rate this year was 29.9% compared to 31.6% last year. The tax
charge has benefited from research and development tax credits and a reduction
in the rate at which deferred tax is provided from 30% to 28%, the changes to
tax rates contained in the 2007 Budget having been substantively enacted at 30
June 2007.
During the year, additional tax credits totalling £455,000 relating to
share-based payments were recognised directly in equity.
Earnings per Share and Dividend
Earnings per share increased by 14.6% from 14.71p to 16.86p.
The Board is proposing a final dividend of 5.00p per share which, when added to
the interim dividend of 2.50p per share already paid, gives a total dividend for
the year of 7.50p, a 20.2% increase over the 2006 figure of 6.24p. Even with
this substantial increase, the total dividend is covered 2.2 times by profit
after taxation (2006: 2.3 times). This is ahead of our medium term target cover
of 2.0 times. There is therefore scope, subject to investment requirements, to
continue to increase the dividend ahead of earnings.
Cash Flow
The Group achieved a cash conversion rate (defined as cash generated from
operations as a percentage of operating profit) of 103.5% (2006: 114%). This was
ahead of the target of 100%.
Major cash outflows were on intangible assets (including development costs) of
£4.5 million, acquisition of subsidiaries of £0.7 million, other capital
expenditure of £0.8 million, income taxes of £2.9 million, dividends of £3.6
million and debt repayments of £3.5 million.
continued...
-10-
Financial Position at the end of the Year
2007 2006
£'000 £'000
Non-current assets
Intangible assets 13,089 7,527
Property, plant & equipment 5,739 5,595
Deferred tax assets - 445
--------- ----------
18,828 13,567
Working capital 13,264 11,774
Current tax liability (2,464) (2,505)
Deferred tax liabilities (147) -
Net cash 1,027 1,079
--------- ----------
Equity shareholders' funds 30,508 23,915
========= ==========
The financial position at the end of the year was strong, with equity
shareholders' funds standing at £30.5 million.
The major additions to intangible assets were the Pharmaderm products (£2.6
million), development costs (£1.7 million) and the acquisition of Leeds
Veterinary Laboratories Limited (£0.8 million including goodwill). Additions to
property, plant and equipment were £1.1 million.
Working capital increased by 12.7% over last year, slightly higher than the
growth in revenue. The number of days revenue included in inventory increased
from 37 to 42. This was due to an initial stocking-up order following our
acquisition of the Pharmaderm products and the build up of the inventory of a
key NVS supplier in anticipation of a price rise. Receivable days fell from 41
days to 40 days.
Net cash at the balance sheet date was virtually unchanged compared to last
year's figure. As normal, due to the working capital cycle of the Group, there
will be a return to a net borrowings situation at the next reporting date of 31
December 2007.
-11-
Consolidated Income Statement
for the year ended 30 June 2007
Year ended 30 June
Note 2007 2006
£'000 £'000
Revenue 2 253,803 232,471
Cost of sales (216,952) (199,205)
------------ ------------
Gross profit 36,851 33,266
Distribution costs (10,850) (10,309)
Administrative expenses (12,152) (10,645)
------------ ------------
Operating profit 2 13,849 12,312
Finance income 3 1,044 725
Finance expense 4 (2,274) (1,993)
------------ ------------
Profit before taxation 12,619 11,044
Income tax expense 5 (3,772) (3,487)
------------ ------------
Profit for the year attributable to equity
holders of the 8,847 7,557
parent
============ ============
Earnings per share (pence)
Basic 7 16.86p 14.71p
============ ============
Diluted 7 16.62p 14.36p
============ ============
Dividend per share (interim paid and final
proposed for 6 7.50p 6.24p
the year)
============ ============
-12-
Consolidated Balance Sheet
At 30 June 2007
As at 30 June
Note 2007 2006
£'000 £'000
ASSETS
Non-current assets
Intangible assets 8 13,089 7,527
Property, plant & equipment 9 5,739 5,595
Deferred tax assets 10 - 445
------------ ------------
Total non-current assets 18,828 13,567
============ ============
Current assets
Inventories 11 25,732 21,957
Trade and other receivables 12 36,173 35,347
Cash and cash equivalents 13 17,222 19,738
------------ ------------
Total current assets 79,127 77,042
============ ============
Total assets 97,955 90,609
============ ============
LIABILITIES
Current liabilities
Borrowings 16 (4,529) (3,417)
Trade and other payables 14 (48,641) (45,530)
Current tax liabilities 15 (2,464) (2,505)
------------ ------------
Total current liabilities (55,634) (51,452)
============ ============
Non-current liabilities
Borrowings 16 (11,666) (15,242)
Deferred tax liabilities 10 (147) -
------------ ------------
Total non-current liabilities (11,813) (15,242)
============ ============
Total liabilities (67,447) (66,694)
============ ============
Net assets 30,508 23,915
============ ============
EQUITY
Issued share capital 17 528 519
Share premium account 28,041 27,693
Hedging reserve (71) (71)
Merger reserve 1,770 1,720
Retained earnings 240 (5,946)
------------ ------------
Total equity attributable to equity holders of
the 30,508 23,915
parent
============ ============
-13-
Consolidated Statement of Changes in Shareholders' Equity
for the year ended 30 June 2007
Issued Share Hedging Merger Retained Total
Share Premium Reserve Reserve Earnings
Capital Account
£'000 £'000 £'000 £'000 £'000 £'000
Year ended 30 June 2006
At 1 July 2005 511 26,953 (71) 1,720 (11,582) 17,531
Profit for the period
being total
recognised income and - - - - 7,557 7,557
expense for the period
Dividends paid - - - - (2,777) (2,777)
Share-based payments
including current and
deferred tax - - - - 856 856
Shares issued 8 740 - - - 748
------- ------- ------- ------- ------- -------
At 30 June 2006 519 27,693 (71) 1,720 (5,946) 23,915
======= ======= ======= ======= ======= =======
Year ended 30 June 2007
At 1 July 2006 519 27,693 (71) 1,720 (5,946) 23,915
Profit for the period
being total
recognised income and - - - - 8,847 8,847
expense for the period
Dividends paid - - - - (3,595) (3,595)
Share-based payments
including current and
deferred tax - - - - 934 934
Shares issued 9 348 - 50 - 407
------- ------- ------- ------- ------- -------
At 30 June 2007 528 28,041 (71) 1,770 240 30,508
======= ======= ======= ======= ======= =======
-14-
Consolidated Statement of Cash Flows
for the year ended 30 June 2007
Year ended 30 June
Note 2007 2006
£'000 £'000
Cash flows from operating activities
Profit for the period 8,847 7,557
Adjustments for:
Depreciation 984 886
Amortisation 137 136
Gain on sale of property, plant and equipment (7) (23)
Finance income (1,044) (725)
Finance expense 2,274 1,993
Equity-settled share-based payment expenses 479 427
Income tax expense 3,772 3,487
------------ ------------
Operating cash flow before changes in working 15,442 13,738
capital
Increase in inventories (3,737) (1,567)
Increase in trade and other receivables (248) (1,736)
Increase in trade and other payables 2,871 3,562
------------ ------------
Cash generated from operations 14,328 13,997
Interest paid (2,228) (1,890)
Income taxes paid (2,895) (2,618)
------------ ------------
Net cash from operating activities 9,205 9,489
Cash flows from investing activities
Proceeds from sale of property, plant and 23 23
equipment
Interest received 1,059 672
Acquisition of subsidiaries 20 (717) -
Purchase of property, plant and equipment (823) (1,320)
Capitalised development expenditure (1,680) (195)
Purchase of other intangible non-current (2,845) -
assets ------------ ------------
Net cash from investing activities (4,983) (820)
Cash flows from financing activities
Proceeds from the issue of share capital 357 780
New borrowings - 705
Repayment of borrowings (3,481) (1,582)
Dividends paid (3,595) (2,777)
------------ ------------
Net cash from financing activities (6,719) (2,874)
Net (decrease)/increase in cash and cash equivalents (2,497) 5,795
Cash and cash equivalents at start of period 19,719 13,924
------------ ------------
Cash and cash equivalents at end of period 17,222 19,719
============ ============
Shown as:
Cash and cash equivalents 17,222 19,738
Bank overdraft - (19)
------------ ------------
17,222 19,719
============ ============
Reconciliation of net cash to movement in net
borrowings
Net (decrease)/increase in cash and cash (2,497) 5,795
equivalents
Repayment of borrowings 3,481 1,582
New borrowings - (705)
Borrowings assumed on acquisition of (55) -
subsidiaries
New finance leases (956) (649)
Other non-cash changes (25) (85)
------------ ------------
Movement in net cash in the period (52) 5,938
Net cash/(borrowings) at start of period 1,079 (4,859)
------------ ------------
Net cash at end of period 19 1,027 1,079
============ ============
-15-
Notes to the Financial Statements
For the year ended 30 June 2007
1. Status of Accounts
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union ('adopted
IFRS'). These financial statements have also been prepared in accordance with
the Companies Act 1985.
The Board of Directors approved the preliminary announcement on 4 September
2007.
2. Segmental Analysis
The Group's primary reporting segment is business divisions which correspond
with the way the operating businesses are organised and managed within the Group
and its secondary segment is geographical origin.
Segment results, assets and liabilities comprise those items directly
attributable to particular segments as well as items which can reasonably be
allocated to those segments. Inter-segment transactions are entered into
applying normal commercial terms that would be available to third parties.
Unallocated items comprise mainly corporate assets, expenses, loans and
borrowings together with the elimination of inter-segment transactions.
The composition of the segments is detailed in the Business Review section of
this announcement.
BUSINESS Pharmaceuticals Services Unallocated Total
SEGMENT
2007 2006 2007 2006 2007 2006 2007 2006
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue
External
customers 19,736 17,001 234,067 215,470 - - 253,803 232,471
Inter-segment 6,912 6,251 140 86 (7,052) (6,337) - -
------- ------- ------- ------- ------ ------- ------ -------
Total revenue 26,648 23,252 234,207 215,556 (7,052) (6,337) 253,803 232,471
======= ======= ======= ======= ====== ======= ====== =======
Operating
profit 6,081 4,868 9,519 8,681 (1,751) (1,237) 13,849 12,312
======= ======= ======= ======= ====== =======
Finance 1,044 725
income
Finance (2,274) (1,993)
expense ------ -------
Profit before
taxation 12,619 11,044
Income tax
expense (3,772) (3,487)
------ -------
Profit for
the 8,847 7,557
year ====== =======
Assets
Intangible
assets 9,382 5,104 3,707 2,423 - - 13,089 7,527
Property,
plant and
equipment 3,624 3,571 2,115 2,024 - - 5,739 5,595
Other assets 15,071 11,071 70,090 64,235 156 2,181 85,317 77,487
Cash offset - - - - (6,190) - (6,190) -
------- ------- ------- ------- ------ ------- ------ -------
Total assets 28,077 19,746 75,912 68,682 (6,034) 2,181 97,955 90,609
======= ======= ======= ======= ====== ======= ====== =======
Liabilities
Borrowings (586) (508) (1,489) (1,056) (20,310) (17,095) (22,385) (18,659)
Other
liabilities (5,452) (3,026) (42,571) (41,965) (3,229) (3,044) (51,252) (48,035)
Cash offset - - - - 6,190 - 6,190 -
------- ------- ------- ------- ------ ------- ------ -------
Total
liabilities (6,038) (3,534) (44,060) (43,021) (17,349) (20,139) (67,447) (66,694)
======= ======= ======= ======= ====== ======= ====== =======
Net
assets/
(liabil 22,039 16,212 31,852 25,661 (23,383) (17,958) 30,508 23,915
ities) ======= ======= ======= ======= ====== ======= ====== =======
Other Segment
Items
Capital
expenditure
- intangible
assets 4,611 552 1,348 72 - - 5,959 624
- property,
plant and
equipment 549 469 595 1,066 - - 1,144 1,535
------- ------- ------- ------- ------ ------- ------ -------
Total capital
expenditure 5,160 1,021 1,943 1,138 - - 7,103 2,159
======= ======= ======= ======= ====== ======= ====== =======
Share-based
payments
charge - - - - 596 515 596 515
======= ======= ======= ======= ====== ======= ====== =======
Depreciation
and
amortisation 569 566 552 456 - - 1,121 1,022
======= ======= ======= ======= ====== ======= ====== =======
continued...
-16-
GEOGRAPHICAL SEGMENT
In presenting information on the basis of geographical segments, IAS14 'Segment
Reporting' requires segment revenues to be based on the geographical location of
customers. In this respect, £247,920,000 arises from customers in the UK (2006:
£228,191,000) and £5,883,000 from customers in the rest of the world (2006:
£4,280,000). The table below gives additional information in respect of segment
revenue and segment operating profit based on the geographical location of the
business unit supplying the goods or services. Segment assets and capital
expenditure are based on the geographical location of the assets and
expenditure. Activities in the UK comprise all operating segments. Overseas
operations comprise pharmaceuticals only.
UK USA Unallocated Total
2007 2006 2007 2006 2007 2006 2007 2006
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue by
geographic
origin 253,429 232,145 374 326 - - 253,803 232,471
======= ======= ======= ======= ====== ======= ====== =======
Operating
profit 15,798 13,809 (198) (260) (1,751) (1,237) 13,849 12,312
======= ======= ======= ======= ====== ======= ====== =======
Total assets 102,533 88,190 1,456 238 (6,034) 2,181 97,955 90,609
======= ======= ======= ======= ====== ======= ====== =======
Capital
expenditure
- intangible
assets 5,959 624 - - - - 5,959 624
- property,
plant and
equipment 1,141 1,532 3 3 - - 1,144 1,535
------- ------- ------- ------- ------ ------- ------ -------
Total
capital
expenditure 7,100 2,156 3 3 - - 7,103 2,159
======= ======= ======= ======= ====== ======= ====== =======
3. Finance Income
2007 2006
£'000 £'000
Bank interest receivable 1,018 627
Other interest receivable 26 52
Fair value gains on derivative financial instruments - 46
--------- ---------
Total finance income 1,044 725
========= =========
4. Finance Expense
2007 2006
£'000 £'000
Bank loans and overdrafts 2,042 1,913
Finance charges payable on finance leases and hire
purchase 186 64
contracts
Fair value losses on derivative financial instruments 46 16
--------- ---------
Total finance expense 2,274 1,993
========= =========
5. Income Tax Expense
2007 2006
£'000 £'000
Current tax - charge for current year 3,361 3,491
- adjustment in respect of prior years (69) (58)
--------- ---------
Total current
tax expense 3,292 3,433
--------- ---------
Deferred tax - origination and reversal of temporary 409 4
differences
- adjustment in respect of prior years 71 50
--------- ---------
Total deferred
tax expense 480 54
--------- ---------
--------- ---------
Total income
tax expense in
the income
statement 3,772 3,487
========= =========
All taxation is in the United Kingdom.
continued...
-17-
The tax on the Group's profit before tax differs from the standard rate of UK
corporation tax of 30% (2006: 30%). The differences are explained below:
2007 2006
£'000 £'000
Profit before taxation 12,619 11,044
========= ==========
Tax at 30% 3,786 3,313
Effect of:
- depreciation on assets not eligible for tax allowances 47 27
- disallowable expenses 41 33
- overseas trading losses 58 78
- (over)/under-recovery of deferred tax on share-based
payments (46) 44
- research and development tax credits (60) -
- reduction in tax rate used to calculate deferred tax
liability (56) -
- adjustments in respect of prior years 2 (8)
--------- ----------
Total income tax expense 3,772 3,487
========= ==========
Additional current tax credits of £454,000 (2006: £367,000) and deferred tax
credits of £1,000 (2006: £62,000) have been recognised directly in equity.
6. Dividends
2007 2006
£'000 £'000
Final dividend paid in respect of prior year but not
recognised as a liability in 2,278 1,794
that year 4.33p per share (2006: 3.50p)
Interim dividend paid 2.50p per share (2006: 1.91p) 1,317 983
--------- ----------
Total dividend 6.83p per share (2006: 5.41p) recognised
as 3,595 2,777
distributions to
equity holders in the period
========= ==========
Proposed final dividend for the year ended 30 June 2007:
5.00p 2,640 2,248
per share
(2006: 4.33p)
========= ==========
Total dividend paid and proposed for the year ended 30
June 3,957 3,231
2007: 7.50p
per share (2006: 6.24p)
========= ==========
In accordance with IAS10 'Events After the Balance Sheet Date', the proposed
final dividend for the year ended 30 June 2007 has not been accrued for in these
financial statements. It will be shown as a deduction from equity in the
financial statements for the year ending 30 June 2008.
The proposed final dividend for the year ended 30 June 2006 is shown as a
deduction from equity in the year ended 30 June 2007.
continued...
-18-
7. Earnings per Share
Earnings per ordinary share have been calculated by dividing the profit
attributable to equity holders of the parent after taxation for each financial
period by the weighted average number of ordinary shares in issue during the
period.
2007 2006
Pence Pence
Basic earnings per share 16.86 14.71
========= ==========
Diluted earnings per share 16.62 14.36
========= ==========
The calculation of basic and diluted earnings per
share is based upon:
£'000 £'000
Earnings for basic and diluted earnings per share
calculations 8,847 7,557
========= ==========
No. No.
Weighted average number of ordinary shares for basic
earnings per share 52,482,659 51,385,648
Impact of share options 737,011 1,227,342
--------- ----------
Weighted average number of ordinary shares for
diluted earnings per share 53,219,670 52,612,990
========= ==========
8. Intangible Assets
Goodwill Software Development Patent Product Marketing Acquired Total
£'000 £'000 Costs Rights Rights Authorisations Intangibles £'000
£'000 £'000 £'000 £'000 £'000
COST
At 1 July 4,385 288 631 789 278 822 - 7,193
2005
Additions - 429 195 - - - - 624
-------- ------- ---------- ------ ------- ---------- -------- ------
At 30 June
2006 and 1
July 2006 4,385 717 826 789 278 822 - 7,817
Additions 467 591 1,680 257 2,556 31 377 5,959
Disposals - - - - (278) - - (278)
-------- ------- ---------- ------ ------- ---------- -------- ------
At 30 June 4,852 1,308 2,506 1,046 2,556 853 377 13,498
2007
======== ======= ========== ====== ======= ========== ======== ======
AMORTISATION
At 1 July - 33 121 - - - - 154
2005
Charge for
the year - 58 60 - 18 - - 136
-------- -------- ---------- ------- -------- ---------- -------- -------
At 30 June
2006 and 1
July 2006 - 91 181 - 18 - - 290
Charge for
the year - 58 52 - 21 - 6 137
Disposals - - - - (18) - - (18)
-------- -------- ---------- ------- -------- ---------- -------- -------
At 30 June - 149 233 - 21 - 6 409
2007
======== ======== ========== ======= ======== ========== ======== =======
NET BOOK
VALUE
At 30 June 4,852 1,159 2,273 1,046 2,535 853 371 13,089
2007
======== ======== ========== ======== ======== ========== ======== ========
At 30 June
2006 and 1
July 2006 4,385 626 645 789 260 822 - 7,527
======== ======== ========== ======== ======== ========== ======== ========
At 1 July
2005 4,385 255 510 789 278 822 - 7,039
======== ======== ========== ======== ======== ========== ======== ========
Development costs are internally generated. All other additions to intangible
assets were acquired outside the Group and have been measured at cost of fair
value at the time of acquisition.
The amortisation charge is recognised within administrative expenses in the
income statement.
continued...
-19-
9. Property, Plant and Equipment
Freehold Short Motor Plant and Total
land leasehold vehicles fixtures £'000
£'000 buildings £'000 £'000
£'000
COST
At 1 July 2005 13 2,444 538 6,307 9,302
Additions - 157 - 1,378 1,535
Disposals - - (105) (185) (290)
------- -------- ------- -------- -------
At 30 June 2006 and 1 July
2006 13 2,601 433 7,500 10,547
Additions - 27 - 1,079 1,106
Acquisition through business
combinations - - - 38 38
Disposals - - - (33) (33)
------- -------- ------- -------- -------
At 30 June 2007 13 2,628 433 8,584 11,658
======= ======== ======= ======== =======
DEPRECIATION
At 1 July 2005 - 415 537 3,404 4,356
Charge for the year - 135 1 750 886
Disposals - - (105) (185) (290)
-------- -------- -------- -------- --------
At 30 June 2006 and 1 July
2006 - 550 433 3,969 4,952
Charge for the year - 147 - 837 984
Disposals - - - (17) (17)
-------- -------- -------- -------- --------
At 30 June 2007 - 697 433 4,789 5,919
======== ======== ======== ======== ========
NET BOOK VALUE
At 30 June 2007 13 1,931 - 3,795 5,739
======== ======== ======== ======== ========
At 30 June 2006 and 1 July
2006 13 2,051 - 3,531 5,595
======== ======== ======== ======== ========
At 1 July 2005 13 2,029 1 2,903 4,946
======== ======== ======== ======== ========
10. Deferred Taxes
Recognised deferred tax assets and liabilities are attributable to the
following:
Assets Liabilities Net
2007 2006 2007 2006 2007 2006
£'000 £'000 £'000 £'000 £'000 £'000
Intangible assets - - (740) (193) (740) (193)
Property, plant and - - (325) (311) (325) (311)
equipment
Inventories - - - - - -
Receivables 30 98 - - 30 98
Cash and cash equivalents - - - - - -
Borrowings - - - - - -
Payables 32 38 - - 32 38
Current tax liabilities - - - - - -
Share-based payments 856 813 - - 856 813
------- ------- ------- ------- ------- -------
918 949 (1,065) (504) (147) 445
======= ======= ======= ======= ======= =======
On the basis that all deferred income taxes relate to the UK and that there is a
legally enforceable right to offset current tax liabilities against current tax
assets, deferred income tax assets and liabilities have been offset.
11. Inventories
2007 2006
£'000 £'000
Raw materials and consumables 2,250 1,443
Work in progress 208 117
Finished goods and goods for resale 23,274 20,397
---------- -----------
25,732 21,957
========== ===========
continued...
-20-
12. Trade and Other Receivables
2007 2006
£'000 £'000
Trade receivables 34,029 33,476
Other receivables 1,368 1,073
Prepayments and accrued income 776 798
---------- -----------
36,173 35,347
========== ===========
Trade receivables are stated after an impairment provision of £3,171,000 (2006:
£2,035,000).
13. Cash and Cash Equivalents
2007 2006
£'000 £'000
Cash at bank and in hand 1,468 4,552
Short term deposits 15,754 15,186
---------- -----------
17,222 19,738
========== ===========
The short term deposits are repayable on demand
14. Trade and Other Payables
2007 2006
£'000 £'000
Trade payables 44,019 41,988
Other payables 605 491
Other taxation and social security 1,978 1,373
Accruals and deferred income 2,039 1,678
---------- -----------
48,641 45,530
========== ===========
15. Current Tax Liabilities
2007 2006
£'000 £'000
Corporation tax payable 2,464 2,505
========== ===========
16. Borrowings
2007 2006
£'000 £'000
Current liabilities
Bank loans and overdrafts 4,000 3,019
Finance lease obligations 529 398
---------- -----------
4,529 3,417
Non-current liabilities
Bank loans 10,200 14,200
Finance lease obligations 1,546 1,147
Arrangement fees netted off (80) (105)
---------- -----------
11,666 15,242
---------- -----------
Total borrowings 16,195 18,659
========== ===========
continued...
-21-
At the year end, the Group had the following unutilised borrowing facilities:
2007 2006
£'000 £'000
Revolving credit facility 5,000 5,000
Bank overdraft facility 4,000 4,000
---------- -----------
9,000 9,000
========== ===========
The overdraft facility is renewable annually whilst the revolving credit
facility is committed until 30 June 2010.
17. Share Capital
Ordinary shares of 1p each
2007 2006
£'000 No. £'000 No.
Authorised 750 75,000,000 750 75,000,000
========== ============ ========== ==========
Issued at start of year 519 51,915,002 511 51,120,964
New shares issued 9 888,697 8 794,038
---------- ------------ ---------- ----------
At end of year 528 52,803,699 519 51,915,002
========== ============ ========== ==========
During the year, 873,889 new ordinary shares of 1p (2006: 794,038 new ordinary
shares of 1p) were issued following the exercise of options under the Executive
Incentive Plan and the Approved, Unapproved and SAYE Share Options Schemes. The
consideration received was £357,000 (2006: £748,000).
In addition, 14,808 new ordinary shares of 1p (2006: nil) were issued in part
consideration for the acquisition of Leeds Veterinary Laboratories Limited. The
market value of these new ordinary shares of 1p at the date of issue was £50,000
and this amount has been credited to merger reserve.
18. Share-based Payments
2007 2006
£'000 £'000
Equity-settled share-based transactions 479 427
Cash-settled share-based transactions 117 88
---------- -----------
596 515
========== ===========
The above charge to the Income Statement was included within administrative
expenses.
19. Analysis of Net Cash
2007 2006
£'000 £'000
Bank loans and overdraft (14,120) (17,114)
Finance leases and hire purchase contracts (2,075) (1,545)
Cash and cash equivalents 17,222 19,738
---------- -----------
Net cash 1,027 1,079
========== ===========
continued...
-22-
20. Acquisition of Subsidiary
On 26 April 2007 the Company acquired the entire share capital of Leeds
Veterinary Laboratories Limited. The assets and liabilities acquired are
allocated as follows:
Book value Fair value Fair value
£'000 Adjustments £'000
£'000
Intangible assets - 377 377
Property, plant and equipment 67 (29) 38
Inventories 38 - 38
Trade and other receivables 691 - 691
Cash and cash equivalents 13 - 13
Borrowings (55) - (55)
Trade and other payables (140) - (140)
Current tax (16) - (16)
Deferred tax - (113) (113)
--------------------------------------------------------------------------------
598 235 833
Goodwill 467
Total consideration 1,300
================================================================================
Satisfied by:
Cash 673
Issue of ordinary shares 50
Transfer of freehold property 520
Expenses of acquisition 57
--------------------------------------------------------------------------------
Total consideration 1,300
Less: Issue of ordinary shares (50)
Transfer of freehold property (520)
Cash acquired (13)
--------------------------------------------------------------------------------
Cash flow on acquisition 717
================================================================================
Intangible assets recognised on acquisition represent customer relationships.
Goodwill represents the expertise and technical knowledge of the company's staff
and the long-term strategic benefit of expanding the geographic coverage of the
Group's Laboratories businesses.
continued...
-23-
21. Other Information
The financial information set out above does not constitute the company's
statutory accounts for the years ended 30 June 2007 or 2006 but is derived from
the 2007 accounts. Statutory accounts for 2006 have been delivered to the
registrar of companies and those for 2007 will be delivered in due course. The
auditors have reported on those accounts; their reports were (i) unqualified,
(ii) did not include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their reports and (iii) did not
contain statements under section 237(2) or (3) of the Companies Act 1985.
22. This Preliminary statement is not being posted to shareholders. The Report &
Accounts for the year ended 30 June 2007 will be posted to shareholders shortly.
Further copies will be available from the Company's Registered Office: Dechra
House, Jamage Industrial Estate, Talke Pits, Stoke on Trent, ST7 1XW. Email:
corporate.enquiries@dechra.com. Copies are also available on the Company website
www.dechra.com.
23. Trade Marks
Trade Marks appear throughout this document in italics. Dechra and the Dechra
'D' logo are registered Trade Marks of Dechra Pharmaceuticals PLC.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 10 hours ago Centrica
- 11 hours ago On The Beach Group
- 11 hours ago SThree
- 12 hours ago Zigup
- 12 hours ago Zigup