PBO panbio limited

Panbio revenue up 50% exceeding prospectus forecas

  1. 713 Posts.
    PBO - ASX Company Announcement
    $hmb2
    27 August 2002
    Part 1/1
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    PANBIO LIMITED
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    HOMEX - Brisbane
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    Revenue Up 50% for Second Consecutive Year

    Medical diagnostics company, PANBIO, has reported a 50% jump in sales
    for the financial year 2001-02 versus the previous year. The company
    reported sales of $17.117 million, up $5.7 million from last year.

    In achieving the result, PANBIO has exceeded its Prospectus forecast
    for sales of $14.9 million by 15%, and its upgraded forecast of $16.9
    million. Strong sales of Australian manufactured products coupled
    with growth in key export markets, Latin America, the USA and Asia
    fuelled the better than expected result. The company reported a
    better than forecast net loss of $1.36 million, against the
    Prospectus forecast loss of $1.8 million and reforecast loss of $1.5
    million.

    The US operation showed a significant turnaround in performance with
    revenue growing 46% in the second half versus the first half. Actual
    sales for the US were $3.5 million in the first half versus $5.1
    million in the second half. After incurring a $1.4 million net loss
    in the first half, the US business delivered a breakeven result in
    the second half.

    The company remains in a strong cash position with cash reserves at
    the end of July 2002 of $11.3 million.

    PANBIO Chief Executive Officer, Mr Mel Bridges said he was delighted
    that the company had exceeded the two years of Prospectus forecasts.
    The board and management team were absolutely committed to delivering
    on the targets set out in the company's 2001 Prospectus and to
    building our international business, he added.

    The company remains committed to a better than breakeven performance
    in the current financial year and to increasing levels of
    profitability in the 2003-04 year and beyond despite the
    strengthening of the Australian dollar.

    PANBIO's product development pipeline is being targeted to address
    the US $5 billion infectious disease diagnostics market.

    J P Morgan's Head of Equity Capital Markets, David Schlessinger, said
    the result reflected on the strength of management and strategy that
    PANBIO offered. J P Morgan was underwriter to the IPO and since
    listing in April 2001 PANBIO has met or exceeded prospectus forecasts
    at every reporting date.

    PANBIO has manufacturing facilities in Australia and the United
    States and exports to over 65 countries. It is currently implementing
    growth plans to fast track its expansion into new markets and
    continue to increase export sales.

    Further information: Mr Mel Bridges
    CHIEF EXECUTIVE OFFICER
    Ph: (07) 3357 1177
    Mobile: 041-3051600

    ends - AAP


 
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