Download the 2011 results*
Financial summary - 12 months to 31 December 2011
Revenue up 6.1% from £227.9m to £241.9m
- Positive growth in constant currency sales across all regions
Increase in Adjusted EBITDA
- Adjusted EBITDA (before restructuring costs, loss on disposal of subsidiary and management fee to private equity investor) increased by 5.0% from £44.4m to £46.6m.
- Solid financial position
- £26.4m of cash and cash equivalents and £35.0m of committed but undrawn facilities at the end of 2011
- No repayments scheduled on the senior bank facilities until 2016 and beyond with the senior loan notes repayable in 2018.
Operational summary and developments
Resilient profitability and cash flow generation
- Highly diversified across business sectors, geographies and customers providing resilience against regional and business specific downturns and currency fluctuations.
- Strong operational cashflows support capital expenditure growth opportunities.
Strategy and business development
- Strategy review completed with comprehensive regional and sector growth plans developed.
- Further development of the Group structure and performance management processes including the introduction of a Laboratory Performance Dashboard which tracks key indicators and allows benchmarking between laboratories to establish optimum performance.
Investment for long term growth
- Appointment of new CEO, Ian El-Mokadem, in 2011 to lead the business through the next stage of profitable growth.
- Development of the management team in 2011 including the appointments of a Group Health & Safety Director to reinforce our commitment to safe working practices and a Group Technical Director to drive best practice sharing and ensure there are clear development plans for our scientists and technologists.
- Further investment in sales resources and development of group-wide sales management and forecasting tools.
- Increased capital expenditure on new equipment, systems and facilities by 27% in 2011, ensuring we have the tools required to meet our customers’ needs.
- Good growth fundamentals in key markets.
- Strong long term relationships with leading global organisations in high growth, high investment sectors including oil & gas and aerospace.
- Business well positioned for growth both organically and by bolt-on acquisitions should attractive opportunities arise.
- Continued development of people, processes, expertise and further investment in innovative new testing methods to support our clients’ ambitions.