BUCKINGHAMSHIRE, U.K., Feb. 17, 2004 (PRIMEZONE) -- Amersham plc:
FINANCIAL OVERVIEW
The business performance and statutory results are summarised below and the commentary and tables which follow are on a business performance basis unless otherwise stated. Business performance results are stated before exceptional items and goodwill amortisation unless otherwise noted. Management believes that exclusion of these items provides a better comparison of business performance for the periods presented. All growth rates are stated at constant exchange rates (CER) unless otherwise noted. #Denotes ongoing business growth excluding discontinued products. -- Turnover including share of joint venture
Business performance and highlights
12 months 12 months Growth at
to 31 Dec 03 to 31 Dec 02 Constant
m m Exchange Rates
%
Sales-- 1,652 1,618 6#
Operating profit 299 310 12
Profit before tax 294 301 14
EPS 29.0p 29.9p 13
Dividend per 8.77p 7.80p 12
share
Sales up 6%# to 1,652 million, profit before tax up 14% at 294 million, earnings per share up 13% and dividend per share up 12%
Medical Diagnostics sales (excluding Japan) up 11% to 788 million:
- Visipaque(TM) sales accelerated to 122 million up 38%
- Patented product sales up 22% to 412 million, with 5-year CAGR of 22%
- Seven products in phase III trials, on track for launch in 2005/06
Protein Separations sales up 5% to 295 million:
- Stronger growth driven by Laboratory Separations up 14% in second half of 2003 - Significant number of products ready for launch in 2004/05 as a result of increased R&D spend
Discovery Systems sales up 2%# to 384 million: - 14% sales growth from the strategic focus areas; including protein analysis, cellular bioassays and microarrays (Codelink(TM))
- Restructuring ahead of plan delivering over 20 million of cost savings in 2003 moving the business into profit in the second half; with revised expectations of annual savings running at the rate of more than 40 million per annum by the end of 2004
Adverse impact of foreign exchange on profit before tax of 39 million
Operating cash flow of 322 million
- Net debt at 147 million reduced by 35 million in the year
Statutory results
12 months 12 months Growth/(Reduction) at Actual
to 31 Dec to 31 Dec Exchange Rates
03 02 %
m m
Sales-- 1,652 1,618 2
Profit 192 264 (27)
before tax
EPS 16.5p 26.1p (37)
Statutory profit before tax shows a decline at actual exchange rates after exceptional items of 58 million (2002, nil) and after goodwill amortisation of 44 million (2002, 37 million)
Sir William Castell, Chief Executive, Amersham plc, said, "Our strong results in the second half of 2003 reflect unwavering focus on our business fundamentals. We continued to expand sales of our patented Medical Diagnostics products at an excellent rate; delivered stronger second half growth in Protein Separations, moved Discovery Systems into profit in the second half, ahead of schedule, and we delivered improved underlying margins for Amersham."
"Since 1990, Amersham has produced an average annual earnings per share growth on a business performance basis of 17 per cent. Our strategic focus on enabling personalised medicine has given our people a strong sense of purpose, and they have applied their skills successfully to provide our customers with a range of innovative products and technologies. The creation of GE Healthcare will enable us to combine expertise in diagnostics, biology, engineering and informatics. By focusing the scale, brand and competencies of the combined businesses on improved diagnosis, we will have an excellent opportunity to transform global healthcare ensuring a better quality of life for the individual and a more cost effective delivery for payers and providers."
"With the deal now approaching its final phase, I would like to take this opportunity to personally thank our board of directors, executive team and, especially, all our employees at Amersham for their efforts and commitment, not only in producing this outstanding set of results, but also for their dedication to our long term goals."