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Audited Final Results for Year Ended 30 June 2020.

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 2020.

Financial Overview
  • Group revenue of £21.6 million (2019: £22.8 million)
  • Operating Profit of £0.8 million (2019: £2.3 million)
  • Diluted EPS of 4.7 pence (2019: 9.4 pence)
  • Net debt decreased to £1.4 million, (2019: £1.7 million), 1.0 times EBITDA
  • Proposed dividend of 1.25 pence per share
  • Financial Impact of cyber-attack and COVID-19 difficult to measure, but modelling estimates detrimental effect of c.£1.1 million

Operational Overview
  •  Continued growth in revenues for disease and surveillance testing which have grown by 6% and 5% respectively
  • Signing of exclusive licence for Genocells technology in the UK
  • Continued investment in business capability with CAPEX up 21%
  • Significant operational and financial impact from cyber-attack and COVID-19
  • Internal launch of strategic plan
  • Bank credit approved to support continued business development in line with strategic plan
Managing Director, Andy Warne, commented:
“NMR has had a challenging year and sustaining services to our customers and stakeholders up and down the supply chain has been difficult, which has therefore resulted in a fall in our revenues and operating profit. However, these challenges have highlighted the essential nature of NMR’s service offering, and this is more pertinent now than it has ever been. We continue to recover well from both of the key challenges that we have faced during the year, and we maintain our ambition in terms of our investment and growth plans for the future.

“Given the significance of the operational impacts of the cyber-attack and COVID-19, the NMR team has performed well in its ability to sustain services to the degree where annual revenues across recording and payment testing services, collectively, only decreased by 8.0%. There were also cost implications from these challenges, however, NMR still delivered an EBITDA of nearly £1.5 million.
“The business has invested significantly during the year in a number of areas, including, investment in IT to support in our recovery from the cyber-attack, but principally in support of our strategic plan, the laboratory investment programme, which includes an automation platform to support the growth in Johne’s disease testing, upgraded liquid handlers and replacement milk analysers, and, investment in intangible assets, including the investment in Finance and CRM systems together with the exclusive licence for Genocells in the UK.

“With regards to the UK dairy sector, I am pleased to state that the industry remains strong, with positive prospects for investment in UK processing capacity and for milk prices.

“Following the guidance from Public Health England, this year’s Annual General Meeting will be a closed meeting. Maintaining transparency of our governance is very important to the NMR board, and we will respond to questions ahead of our AGM and publish the outcome of the meeting and prepared presentations on our website.

“Over the next year, together with my management team, I am focused on securing the foundations for the future and delivering the growth and investment ambition in our strategic plan. 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

Canaccord Genuity +44-20-7523-8000
Adam James
Georgina McCooke

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

Click here for the full annoucement
 
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