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Audited Final Results for Year Ended 30 June 2019. 

National Milk Records plc, the leading supplier of dairy and livestock information services, is pleased to announce its audited results for the year ended 30 June 2019.

Financial Highlights
  • Turnover has increased by 6.5% to £22.8 million (2018: £21.4 million)
  • Operating Profit has risen by 19.9% to £2.3 million (2018: £1.9 million)
  • EBITDA increased by 16% to £2.8 million (2018: £2.4 million)
  • Investment in tangible assets and software development of £1.3 million (2018: £0.8 million)
  • Diluted earnings per share (“EPS”) of 9.4 pence (2018: 8.6 pence)
  • The Board wishes to accelerate investment in laboratories and IT and is recommending a reduced dividend of 1.25 pence per share (2018: 2.5 pence)
  • Net debt reduced to £1.7 million, or 0.6 times EBITDA (2018: 0.9 times EBITDA)
Operational Highlights
  • NMR’s screening service for managing Johne’s disease (a pervasive and wasting infection of cattle) has seen continued growth, with 2,051 herds regularly undergoing screening compared to 1,952 in 2018, an increase of 5.1%
  • Further investment in NMR’s people and infrastructure, including an investment of £1.3 million in laboratory equipment and developing NMR’s digital infrastructure and innovation, particularly in the management of anti-microbial resistance with the Company’s proprietary Farm-Assist system
  • Significant increase in revenues from the Reproductive Services and Traceability revenue streams
    • NMR's revenue was boosted in the first quarter due to the second stage of a genomic testing contract and through increased sale of heat-detection systems, which were supported by grant-aid
  • Positive market outlook
    • Dairy farmers are becoming more professional and data-driven
    • Increasing consumer demand for food safety and traceability
    • The Red Tractor scheme is incorporating Johne’s disease management and control
Managing Director, Andy Warne, commented:

“I am pleased to be able to report another strong set of results for NMR. Over the last year we have seen significant growth in our turnover, EBITDA and EBITDA percentage, increased investment in our systems and infrastructure, paid a £0.5 million dividend and still reduced net debt by £0.5 million. The Board is also pleased to recommend a dividend of 1.25 pence per share.

“NMR continues to grow as a business, and to support this we are investing more in our people and our infrastructure. Shortly after the end of the reporting period, in September 2019, we suffered a virus attack which interrupted our core services and resulted in us making a market announcement on 25 September 2019 advising of a potential risk to current financial year EBITDA of approximately 10%. I am pleased to say that the response from the NMR team has been professional, focused and significant. We saw the reinstatement of many services very quickly. The fact that NMR had already started its digital transformation programme, implementing a new domain architecture ( and moving some services into the cloud, provided significant mitigation to the impact of the threat. More recently, we have restored our finance system, HR and Payroll systems and our primary interface to farmers and advisors, Herd Companion. We are now set on an aggressive programme of upgrading the remainder of our older infrastructure and have engaged third party advisors to provide forensic analysis and greater protection of our IT systems, particularly those on older platforms within our estate where those systems cannot immediately be demised.

“The virus attack has certainly influenced the focus and priority of our planning for the year ahead, and we will prioritise system-integrity and upgrading our core business platforms. This modernisation will also increase our ability to bring new services and innovation to our customers and wider stakeholders, which we believe will serve us, and them, well into the future. The Company is also ambitious and continues to seek and assess complementary growth strategies and opportunities.

“I look forward to updating shareholders on the Company’s progress in due course.”

For further information please contact:

National Milk Records plc
Andy Warne, Managing Director,+44-7970-009141
Mark Frankcom, Finance Director, +44-7458-002444

Peterhouse Capital Limited +44-20-7220-9796
Duncan Vasey
Mark Anwyl

Blytheweigh (Financial PR) +44-20-7138-3204
Megan Ray
Rachael Brooks

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