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Interim results for the six months ended 31 December 2018

NMR, the leading UK supplier of dairy and livestock services, has revealed a £1.2million increase - 11% - in turnover in its unaudited results for the six months ended 31 December 2018 compared with the previous six months.
 
These interim results for NMR show strong development when compared to the same period last year. Turnover for the six-month period stands at £11.7million, and earnings before interest, tax, depreciation and amortisation (EBITDA), which is a measure of a company's operating performance, has increased by more than 15% to £1.4million for the same period.
 
One-off and seasonal activity provided 48% of the growth in turnover in the six months to 31 December 2018. This included a contract for genomic tests of a bovine tuberculosis index, as well as some grant activity supporting the sale of heat detection systems.
 
Within NMR’s cornerstone revenue streams, revenues for testing of payment samples for bulk milk have increased by 1.8%, whilst milk recording revenue for producers is flat, with a modest fall in the number of cows on the database being offset by inflation.
 
Underlying revenues have been enhanced by the continuing growth in Johne’s disease testing, which has increased by 22% when compared to the same period last year, now standing at £2.1M for the first six months of the year. New testing services, notably for antibiotic detection and analysis, are also showing a positive development in the first half and whilst revenues from these other testing services are still modest, comprising approximately 2.6% of total sales, revenues from this sector have grown by approximately 36% year on year.

 
Other highlights include:
  • Profit on ordinary activities, before taxation, of £1.130M (2016: £0.957M)
  • Increased overhead costs represents inflation and investment in training and Information Technology systems
  • EBITDA percentage increased from 11.2% to 11.7%
  • Net Debt reduced to £2.064M after paying a dividend of £0.5M
  • Cash generation from operations of £0.9M and capital investment of £0.3M
  • Net assets of £2.8M, up from £1.0M last year
 
Managing director, Andy Warne, commented: “We are delighted to announce this strong set of interim results which are supported by a number of one-off projects carried out during the period. Additionally, almost half of our revenue growth can be attributed to new revenue streams.
 
“However, NMR remains focused on its core business and is encouraged that it is delivering positive results from both new revenue streams and core business areas. It is also very satisfying to note that within the six-month period we have paid a dividend and continued to reduce debt.
 
“We are continuing our strategic planning, which is beginning to paint an exciting vision for our future development and, to help support this ambition, we are continuing to invest in our internal systems and the training and development of our people.
 
“With regard to the British dairy industry, we believe both our farming and corporate customers will continue to feel margin pressure for the next six months due to higher feed prices and general over supply in the global market. However, we remain positive that UK dairy is a good place to do business and look forward to a successful second half of the year.”
 
 
For further information please contact:
NMR plc
Andy Warne, Managing Director                    +44-7970-009141
andyw@nmr.co.uk
Mark Frankcom, Finance Director            +44-7458-002444    
markf@nmr.co.uk
 
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