2023 Preliminary Results
Investor Presentation
March 2024
Disclaimer
Neither this presentation nor any verbal communication shall constitute, or form part of, any offer, invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, any shares or other securities in NIOX Group plc ("NIOX").
Forward-looking statements
This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of NIOX. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this presentation or communicated verbally should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. NIOX undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.
Presenting today
Ian Johnson, Executive Chairman
Ian has spent his business career in life science and was founder and CEO of Biotrace International PLC, which was a listed company until its sale to 3M in December 2006. Inadditiontohisappointmentwith NIOX Group plc Ian is Senior Independent Director of Induction Healthcare plc. Previous appointments include Executive Chairman of Bioquell PLC, Non-executive Chairman of Redcentric PLC, Quantum Pharma PLC, Cyprotex PLC and Celsis Group Ltd, Senior Independent Director of Clinigen plc and Non-executive Director of Ergomed PLC.
Michael Roller, CFO
Experienced public company and healthcare/ life science finance director. Previously at Bioquell plc and Corin Group plc.
Jonathan Emms, COO
Jonathan has worked in the healthcare and life sciences industry for 30 years. He started his career at GSK, initially in the respiratory business and then progressing to run the UK HIV business unit. Latterly he worked for Pfizer for 20 years in a variety of roles in the various medicines and device businesses in the Pfizer portfolio. His last role was Chief Commercial Officer of Pfizer's Internal Medicines business before that UK General Manager and prior to that European Marketing Head. During his time at Pfizer, Jonathan was involved in several successful business turnaround situations, 16 product launches and a number of successful transactions.
Agenda
Highlights
Ian Johnson, Executive ChairmanFinancial Review
Michael Roller, CFO
Business Review
Jonathan Emms, COOSummary and outlook
Ian Johnson, Executive Chairman
Highlights - Ian Johnson
Highlights
Revenues up 18% to £36.8m (2022: £31.3m); 22% on a constant currency basis
Clinical revenue growth of 24% (29% on a constant currency basis) to £32.6 million (2022: £26.2 million)
Group adjusted EBITDA* of £11.4 million, in line with upgraded consensus estimates (2022: £7.3 million)
Special dividend of £10.5m paid to shareholders in September 2023.
Cash increased to £19.9m at year end (31 December 2022: £19.4m)
* Earnings before interest, tax, depreciation, amortisation and share option charge.
Financial Review - Michael Roller
Financial Review - Summary Statement of Income
2023
FY £m
2022
FY £m
Revenue Gross margin Overheads* Adjusted EBITDA** Operating profit Beyond Air settlement Profit before tax Taxation
36.8 31.3
72% 71%
(15.1) (14.9)
11.4 7.3
4.6 1.8
- 8.1
4.1 10.5
5.4 3.6
Discontinued operations Profit for the year
1.2 2.0
* Excludes depreciation, amortisation and share option charge.
** Earnings before interest, tax, depreciation, amortisation and share option charge.
10.7 16.1
Financial Review - Cash Flow
NIOX®
£m
Adjusted EBITDA
Net working capital movements
Other non-cash movements
Cash generated /(used) in operations by business unit
13.5
14.9
1.4
-
Head office
Continuing operations £m | Group £m | |
11.4 1.4 (0.3) | 1.2 (2.0) - | 12.6 (0.6) (0.3) |
12.5 | (0.8) | 11.7 |
Group
£m
£m
(2.1)12.6
-(0.6)
(0.3)(0.3)
(2.4)11.7
Financial Review - Dividends and Cash
Proposed final dividend of 1p per share
Progressive dividend policy, related to earnings growth
Consideration to be given to additional special dividends periodically, based on business' cash needs going forward
Further $4.5m due from Beyond Air on 31 August 2024
Cash increased to £22.4m at end February 2024; no borrowings
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NIOX Group plc published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 08:27:09 UTC.