Bioquell specialise in the design, manufacture and application of complete bio-decontamination solutions for airborne and surface contamination in the healthcare, life sciences, food production and defence sectors.

Bioquell's unique hydrogen peroxide vapour (HPV) bio-decontamination technology has been used across the globe to eradicate problematic bacteria, viruses and fungi, throughout a wide range of applications. Deployment of Bioquell's HPV process provides residue-free, safe and repeatable sterilisation of rooms, buildings, equipment and sensitive electronics.

It is a clear alternative when replacing traditional decontaminants such as formaldehyde or chlorine-based products.

Bioquell also provides bespoke chemical, biological, radioactive and nuclear (CBRN) filtration equipment for different applications in the defence industry. This equipment is complemented by integral air conditioning systems and auxiliary power units.

http://www.bioquell.com/

up 13%

Pre-close update
RNS
RNS Number : 4210V
Bioquell PLC
14 January 2013





14 January, 2013

BIOQUELL PLC

Pre-close update on the year ended 31 December 2012

Bioquell PLC ("Bioquell") (LSE symbol: BQE) - provider of specialist bio-decontamination technologies to the international Healthcare, Life Sciences & Defence markets, and specialist testing services in the UK via its TRaC division - today announces an update on its trading performance for the year ended 31 December, 2012.

Highlights

§ Group orders of £44.6 million (2011: £44.4 million)

o Group orders ex defence activities of £43.8 million (2011: £38.2 million), up 15%

§ Group revenues of £41.0 million (2011: £41.3 million)

o Group revenues ex defence activities of £40 million (2011 : £37 million), up 8%

§ TRaC orders £17.6 million (2011: £ 14.9 million), up 18%

§ TRaC revenues £15.1 million (2011: £13.6 million), up 11%

§ Record monthly Group revenues and orders (excluding defence activities) in December 2012

§ Net cash of £2.0 million (2011: £4.0 million)

§ Encouraging levels of demand for recently launched new products including ICE-pod, QUBE and Bioquell's 'Triple-lock' range of consumables

§ Recent publication of a research paper by Johns Hopkins (one of America's top hospitals) showing a 64% reduction in hospital acquired infection in Hopkins' Intensive Care Units associated with the use of Bioquell's hydrogen peroxide vapour technology

§ Robust and confident performance from TRaC, which enters 2013 with good momentum



Revenues for 2012 are expected to be £41.0 million (2011: £41.3 million). Notwithstanding record monthly orders (excluding 'lumpy' defence contracts) and revenues in December, we experienced a slight shortfall at the end of the year in orders expected for immediate shipment to Life Sciences customers based in continental Europe. Also we decided not to ship prior to year end a number of orders from customers in the emerging markets which we had received (and had forecast to despatch) but for which we were unable to satisfy ourselves as to the robustness of the associated credit arrangements. In addition our defence invoicing in 2012 was held back at the very end of the year on one large defence contract due to slippage on matters unrelated to Bioquell's activities. Our business is highly operationally geared and such a reduction in revenues has a significant effect on our profitability. We estimate that the aggregate revenue effect relating to these matters will be approximately £0.9 million.

Excluding the effect of our 'lumpy' defence business, the Group showed good progress during the year with orders up by 15% to £43.8 million (2011: £38.2 million) and revenues up by 8% to £40.0 million (2011: £37.0 million). TRaC also performed well throughout the year with orders up 18% to £17.6 million (2011: £14.9 million) and revenues up 11% to £15.1 million (2011: £13.6 million).

The Group enters 2013 with a 12% increase in its opening order book of £17.2 million (2011: £15.4 million) - with no significant change year-on-year in the defence order book. The Bio-decontamination division order book totalled £12.3 million (72% of the total order book) and TRaC represented £4.9 million (28%).

Bioquell also starts 2013 with a substantially enlarged range of bio-decontamination products and services which benefit from attractive usage-based revenues, and which are generating increasing levels of interest from our client base. In parallel, TRaC, the Group's specialist testing business is well positioned for further growth this year.

We are expecting growth in 2013 from our Bio-decontamination division as a result of our recently launched Infection Control Enclosure (ICE-pod) - which enables hospitals to convert open "Nightingale" wards into single rooms and which can also be rapidly and efficiently 'bioquelled'. A number of evaluation ICE-pods have been erected in NHS hospitals and we already have fee-paying ICE-pods erected in a leading London teaching hospital. Feed-back from the initial users of the ICE-pods has been positive and we are beginning to see high levels of demand for this technology from NHS hospitals. We are also beginning to receive requests for information on our ICE-pod technology from overseas hospitals.

A research paper written by a team from Johns Hopkins Hospital, Baltimore, MA was recently published in the scientific journal Clinical Infectious Diseases. http://cid.oxfordjournals.org/content/early/2012/10/01/cid.cis839.short This paper showed, among other things, that Bioquell's hydrogen peroxide vapour ("HPV") technology was associated with a 64% reduction in hospital acquired infection ("HAI") in certain of Hopkins' Intensive Care Units. Johns Hopkins has recently signed a five year service bio-decontamination contract with Bioquell and has also purchased Bioquell HPV equipment. We anticipate that the adoption by Johns Hopkins of our HPV technology, in parallel with the publication of the scientific evidence supporting the use of HPV technology to reduce HAI, will significantly assist our growth prospects in the US healthcare market and elsewhere.

We continue to see increasing interest for our recently launched and innovative QUBE product which allows users to manipulate products, components and reagents under sterile conditions. This product incorporates novel manufacturing techniques developed by Bioquell. We are seeing demand for the QUBE from the Life Sciences sector for sterility test and general bio-pharmaceutical research activities. We are also seeing interest for the QUBE in the Healthcare sector from hospital and compounding pharmacies, including in the USA which has recently experienced a major problem associated with microbiologically-contaminated intravenous drugs prepared by a compounding pharmacy based in Massachusetts.

As expected, we received a large influx of orders from customers in the Life Sciences sector towards the end of 2012 for products needing to be shipped prior to the end of the year. These orders resulted in record order intake (excluding defence activities) and revenues in the month of December. Although we were able to satisfy substantially all of the demand for these late orders in December from stock, we decided not to ship a small number of high value orders, principally from customers in the emerging markets, where, contrary to our expectation, we were unable to agree, or put in place, satisfactory payment guarantees; we anticipate that these orders (with associated revenues) will be fulfilled in the first quarter of 2013. In addition, a small number of orders expected from clients in the Life Sciences sector in continental Europe were not received prior to year end.

In addition to the new products launched last year, we see good growth prospects for our existing range of HPV products, in part from collaboration agreements with third party manufacturers of equipment which require Bioquell's specialist low temperature residue-free bio-decontamination technology. A number of these collaboration agreements were put in place in 2012.

During 2012 a number of Life Science organisations reported problems relating to unreliable biological indicators ("BIs") which are used to confirm the efficacy of bio-decontamination cycles, often for formal regulatory purposes. These BI-related issues have forced a number of organisations to cease, or delay, research and production activities. The Group recognised the strategic importance of BIs to its HPV technology over two years ago and started investing in a development programme which culminated in the launch of Bioquell's own range of BIs at the end of 2012. Given the significant issues that many Life Sciences organisations have been experiencing with third party BIs, we are seeing strong interest in our new HPV-BI consumable range. Moreover we are promoting our new BIs alongside our recently launched chemical indicators (HPV-CI) and our expanding range of proprietary hydrogen peroxide cartridges (HPV-AQ) within our 'Triple-lock' assurance programme. We anticipate strong growth in this business stream in 2013.

As previously announced in our interim results, our 2012 Group performance was adversely affected by the 'lumpy' nature of our defence business. Defence orders in 2012 were £0.8 million (2011: £6.2 million) and Defence revenues were £1.0 million (2011: £4.0 million). During 2012 we took a number of steps to try and reduce the fluctuations in our defence business, although it is too early to assess how successful these various actions have been.

TRaC

TRaC had an excellent 2012 with orders and revenues up 18% and 11%, respectively. TRaC exited last year seeing robust ongoing demand across its broad range of specialist testing, regulatory and compliance services. In particular, activity from the aerospace sector remains strong. We are anticipating a number of drivers of growth for TRaC in 2013 including as a result of recent investments relating to the expansion of its marketing resources as well as the ongoing tightening of European regulatory requirements, which should generate additional work for TRaC across a number of sectors.

Work also continues on expanding the services offered by TRaC in the UK with, for example, investment underway in the expansion of its service offerings to the UK medical devices sector. We continue to enjoy attractive returns from the ongoing investments we have been making in highly specialist testing equipment which enables TRaC to expand its specialist service offerings.

Outlook & prospects

2012 was a challenging year for our Bio-decontamination division as we made major changes to our business model. This included the launch of a number of new products which benefit from captive consumable revenues or other recurring revenues, and which should increase significantly the quality of the Group's earnings as well as being margin enhancing. In 2013 the Bio-decontamination division is expected to increase markedly its revenues generated from the Healthcare sector and hence reduce its current primary reliance on the Life Sciences sector.

TRaC is well positioned for further growth and is benefiting from real momentum entering 2013.

The Group had net cash of £2.0 million at the year end and also has undrawn overdraft facilities in place; accordingly we have the financial resources available to support high levels of organic growth.

*********************

Commenting on the pre-close statement, Nigel Keen, Chairman of Bioquell PLC said:

"After a challenging 2012 for our Bio-decontamination division we are starting 2013 with a substantially expanded product range with attractive recurring revenues which is generating encouraging levels of interest from our clients. We anticipate that these new products will be key drivers of growth and should also enable us to increase the proportion of our revenues generated from the international Healthcare sector."

"TRaC is in great shape and we expect it to continue to perform well in 2013."

:-))

Bioquell: Investec shifts target price from 130p to 136p and maintains a hold recommendation.

Half Yearly Report

RNS


RNS Number : 8937P

Bioquell PLC

26 August 2014
Bioquell PLC - 2014 interim results

Bioquell PLC ("Bioquell") (LSE symbol: BQE) - provider of specialist bio-contamination control technologies to the international Healthcare, Life Sciences & Defence markets; and specialist testing services in the UK via its TRaC division, today announces its interim results for the six months ended 30 June, 2014.

Highlights:

§ Group revenues of £20.7 million (2013: £21.2 million) - flat in constant currency terms

§ Profitability held back by challenges previously announced in Bio division - Group loss before tax of £0.1 million (2013: profit before tax of £0.8 million)

§ Further cost reduction programme underway in Bio division, with estimated pro forma annualised savings of £1.4 million

§ Contract awarded in August for 20 Bioquell Pods and associated hydrogen peroxide vapour bio-decontamination equipment from a hospital in the Middle East concerned by the threat from viruses such as MERS-COV and Ebola

§ £3.7 million defence order received from a Middle Eastern customer

§ TRaC trading well with revenues of £8.4 million (2013: £8.7 million) and operating profit of £1.5 million (2013: £1.5 million), against tough prior year comparators

§ TRaC making good progress on building new, complementary test revenues to diversify its service offerings

Commenting on the 2014 interim results, Nigel Keen, Chairman of Bioquell PLC, said:

"As we flagged up in May, the first half of this year has been extremely tough for our Bio division which has faced a number of difficulties. However, we have started a cost reduction programme, adjusted our business model and have made a number of senior management changes which should help us to generate an appropriate financial return from the division's core technology."

"I am particularly encouraged that we are beginning to see demand from hospitals for our unique combination product comprising our (single patient room) Pods and HPV bio-decontamination equipment."

"TRaC continues to trade well and is working on a number of interesting opportunities to enable it to broaden both technologically and geographically the services it offers its clients."

26 Aug Investec 98.00 Add
26 Aug N+1 Singer 112.00 Buy

Interim Management Statement

RNS


RNS Number : 3767X

Bioquell PLC

19 November 2014








FOR IMMEDIATE RELEASE



19 November, 2014

Bioquell PLC

Interim Management Statement

Bioquell PLC ("Bioquell") (LSE symbol: BQE) - provider of specialist bio-contamination control technologies to the international Healthcare, Life Sciences & Defence markets; and specialist testing services via its TRaC division, today announces its Interim Management Statement for the period from 1 July, 2014 to 18 November, 2014.

Financial position and financial performance of the Company

Group revenues in the ten month period to the end of October 2014 were approximately 3% behind the same period for last year, in line with the trading described in the Group's interim results published in August.

The Group has a strong balance sheet with positive net cash balances at the end of October.

Ebola

The recent outbreak of Ebola in West Africa has created significant interest in the Bio division's equipment and services - and a modest increase in revenues for such products. Bioquell's hydrogen peroxide vapour ("HPV") technology has been used to decontaminate Ebola patient rooms in three hospitals in the USA as well as in hospitals in the UK, France and Holland. Moreover, we have been talking to hospitals in Europe and the USA about helping them with Ebola emergency preparedness and, via our Pod technology, isolation surge capacity.

At the current time, the number of patients being treated for Ebola in the USA and Europe has decreased, and our Ebola-related activity levels are currently reducing. However, based on our experience of this outbreak to date, it appears likely that should an increased number of Ebola patients be admitted to hospitals in the developed world - and, in particular, if there are further cases of healthcare workers contracting the Ebola virus from infected patients - then our activity levels would increase once more.

Our Ebola-related work has heightened awareness of the Group's capabilities. Given the number of hospitals in Europe and the US who have used our technology it has helped establish our position as the "go to" suppliers of sophisticated bio-decontamination technology, when a customer wants to be confident that there are no viable micro-organisms left after the disinfection process. In addition, we now have a substantially broader range of prospective customers in the US and Europe who we believe will contact us in the event that they have a microbiological contamination problem, including issues associated with antibiotic resistant bacteria. Bioquell's strategic interest remains to work with hospitals to help them alleviate the clinical and financial challenges posed by antibiotic resistant bacteria, although we are happy to help hospitals combat the immediate threat posed by Ebola.

Other healthcare

We deployed twenty Pods, in conjunction with four suites of HPV equipment, in a Saudi Arabian intensive care unit in advance of the annual Hajj pilgrimage at Mecca. This was our first substantial Pod deployment outside the UK. We anticipate that this reference site will help us generate further Pod and HPV bio-decontamination revenues from the Middle East.

Life Sciences

We are seeing increasing orders for QUBEs from overseas and our RBDS service business is performing steadily. Our short term challenge remains HPV equipment orders for our older products.

We have completed the restructuring of our Asian and US businesses referred to in our interim report. The annualised cost savings of £1.4m anticipated at the time of our interim report are still expected to be achieved in 2015. Initial signs from these changes are encouraging.

Defence

Our standard product CBRN defence business continues to grow. We are seeing encouraging enquiries from prospective customers in Europe, the Middle East and Asia. A substantial proportion of our order book for defence products for next year is now in place.

TRaC

TRaC - the Group's Testing, Regulatory and Compliance division - continues to trade well with a good performance seen so far in the second half of the year.

TRaC is making steady progress on extending the range and scope of its services, beyond its core EMC and environmental testing.

Prospects and Outlook

Trading for the Bio division in the third quarter was in line with the Board's expectations. As in previous years, we anticipate receiving substantial equipment orders, particularly from customers in the Life Sciences sector, in the final quarter and we intend to fulfil a significant proportion of these orders before the year end.

TRaC has a strong order book for the remainder of the financial year and is expected to continue to perform well.

A pre-close trading update will be issued in mid January

Proposed disposal of TRaC Global Limited
RNS
RNS Number : 2267H
Bioquell PLC
12 March 2015

12 March 2015



Bioquell PLC
("Bioquell" or the "Company")

Proposed disposal of TRaC Global Limited ("TRaC") for £44.5 million



Bioquell PLC (LSE symbol: BQE), the provider of specialist microbiological control technologies to the international Healthcare, Life Science and Defence markets today announces the proposed disposal of its specialist testing services subsidiary, TRaC, to Element Materials Technology Group Holdings Limited ("Element") for a cash consideration of £44.5 million (the "Disposal").



Highlights

§ Total consideration of £44.5 million, payable in cash on completion

§ For the year ended 31 December 2013, TRaC had revenues of £16.8 million, operating profit of £3.4 million and gross assets of £12.9 million

§ Gross cash proceeds from the Disposal equate to approximately 105 pence per Bioquell share, compared to the closing price per Bioquell share of 82 pence on 11 March 2015

§ The Board of Bioquell expects that the majority of the net cash proceeds arising from the Disposal will be returned to Bioquell shareholders in due course

§ The Disposal to Element will allow TRaC to pursue further growth opportunities within a larger testing, inspection and certification ("TIC") business, while providing value to Bioquell shareholders not currently reflected in Bioquell's market value

§ Following the Disposal, Bioquell will comprise a focussed biological contamination control business ("Bio division") selling into the international Life Sciences, Healthcare and Defence markets. The Bio division had revenues of £27.9 million for the year ended 31 December 2013

§ The Disposal constitutes a Class 1 transaction under the UK Listing Rules and is therefore conditional upon the approval of Bioquell shareholders. Directors of Bioquell, who together control directly or indirectly approximately 33.4% of the issued share capital of Bioquell, have given irrevocable undertakings to vote in favour of the Disposal

§ The Disposal is expected to generate an exceptional profit before expenses of approximately £35.4 million



Bioquell will be announcing its preliminary results for the year ended 31 December, 2014 on Wednesday, 18 March, 2015



Commenting on the sale of TRaC, Nigel Keen, Chairman of Bioquell said:

"The Board of Bioquell decided earlier this year to seek offers for TRaC in order to simplify the Group and realise value for shareholders. Over the last ten years we have grown TRaC into a highly successful specialist testing business and I am delighted that we are now able to demonstrate to shareholders the significant value that we have created.

"It has become increasingly clear that the time is right to sell TRaC. The improved prospects of our main Bio division - due to an improved product mix and targeted cost savings - and the inherent value of TRaC have not been properly reflected in the Bioquell share price over recent months. The disposal will enable us to focus on our core Bio-decontamination business and take advantage of the growing opportunities in our core Healthcare, Life Sciences and Defence markets."

12 Mar Investec 116.00 Buy
12 Mar N+1 Singer 112.00 Buy

Simon T of IC - For good measure, and having consolidated share price gains made after news of the TRaC disposal became public, Bioquell's share price is now on the verge of giving a point-and-figure and swing-chart buy signal if it can take out the 126p intra-day hit post that announcement. Beyond that a run-up to the 155p to 159p level, coinciding with the highs from 18 months ago and my three-month target price, is the logical chart-based price target.

So, with both the fundamental and technical set-up positive, I rate Bioquell's shares a very strong buy on a bid-offer spread of 123p to 124p.

Glad I hung onto my shares after the Ebola scare abated - now nicely in profit.

Up for sale

ST of IC today - I definitely see a takeover or sale of the unit as the end game here, and am very comfortable raising my original fair value estimate from 155p to a new range between 170p to 185p a share.

ST of IC today -To put the potential bid premium into perspective, at the lower end of my 170p to 185p price range, this implies a valuation of £25m for Bioquell's biodecontamination business, or 6.5 times the cash profits the unit made last year. Please note that the board are in the process of considering "a number of different pathways" and the planned capital return of a significant part of the TRaC proceeds has been deferred until the outcome of the strategic review has been completed.

On a bid-offer spread of 133p to 137p, and offering 24 per cent share price upside to the bottom end of my valuation range, I continue to rate Bioquell's shares a buy.

ST of IC - So, with the trading outlook remaining positive, and the board committed to returning cash by earnings-accretive share price supportive buybacks, albeit instead of a cash dividend, then I feel my 180p target price is not only achievable, but could prove conservative. Buy.

Half-year Report
RNS
RNS Number : 0685M
Bioquell PLC
26 July 2017
 
26 July 2017
 
Bioquell PLC - 2017 interim results
 
Bioquell PLC ("Bioquell") (LSE symbol: BQE) - provider of bio-decontamination products and services for the Life Sciences, Pharmaceutical and Healthcare markets today announces its interim results for the six month period ended 30 June, 2017.
 
Financial highlights
§ Total revenues including defence sales increased by 19% to £14.3 million (2016: £12.1 million); up 10% at constant currency rates.
§ Bio-decontamination revenues increased by 27% to £14.0 million (2016: £11.1 million); up 17% at constant currency rates.
§ Non-UK revenues amounted to £11.3 million (2016: £9.0 million) - 79% of total revenues (2016: 75%)
§ Gross margin increased to 52% (2016: 46%)
§ EBITDA increased 56% to £2.5 million (2016: £1.6 million)
§ Profit before tax more than trebled to £1.4 million (2016: £0.4 million)
§ Basic earnings per share were 5.5p (2016: 0.8p)
§ Net cash of £11.8 million at 30 June 2017 (2016: £7.3 million)
 
Operational activities
§ US organisation restructured and additional sales resource recruited for Life Sciences
§ Management focused on simplifying the Group and further developing and improving the bio-decontamination business
§ Strong focus on generating recurring revenues from service activities and consumables sales
 
Ian Johnson, Chairman of Bioquell PLC, said:
"I am pleased to report that after a number of years of little growth, total revenues increased by 19% in the half year and that our core bio-decontamination division produced strong revenue growth of 27%. Profitability improved as a result of a significant improvement in margins coupled with tight cost control. Management continues to seek ways to simplify and focus the business around the core bio-decontamination products and services driving higher margin sales and yielding higher quality earnings. Given the momentum in the business the Board believes that the Company's profit before taxation for the current financial year will exceed current market expectations"

Bioquell PLC (BQE:LSE) set a new 52-week high during today's trading session when it reached 213.00. Over this period, the share price is up 38.89%.

Trading Statement
RNS
RNS Number : 2789B
Bioquell PLC
09 January 2018


9 January, 2018
Bioquell PLC
Trading statement
Bioquell PLC ("Bioquell") (LSE symbol: BQE) - a leading provider of specialist biodecontamination products and services for the international Life Sciences, pharmaceutical and healthcare markets today announces an update on its trading performance prior to entering the closed period ahead of the preliminary results for the year to 31 December 2017.
We estimate that revenues for the year ended 31 December, 2017 will be ahead of our previous expectations at approximately £29.3 million (2016: £26.8 million)
This estimate comprises £28.6m for the biodecontamination business (2016: £25.2m), representing growth of some 13% (9.6% at constant currency rates) and £0.7m for the defence business (2016: £1.3m), where revenues fluctuate significantly from year to year.
Pre-exceptional earnings before tax are expected to be significantly ahead of market expectations. As previously announced, an exceptional gain of £0.25m will be recognised on the disposal of the Airflow business.
The Company had net cash of £14.5m at the year end.
The preliminary results for the year ended 31 December, 2017 will be announced on 7 March, 2018.

Final results from a couple of days ago
Financial highlights
• Core biodecontamination business revenues up 13% to £28.5 million (2016: £25.2 million), up 9% at constant currency rates*
• Total revenues including the defence business were up 10% at £29.2 million (2016: £26.5 million), up 6% at constant currency rates*
• Gross Profit Margins improved to 52% from 48% in 2016
• Pre-exceptional EBITDA** increased 29% to £5.3 million (2016: £4.1 million)
• Profit from operations before exceptional items was up 81% to £2.9 million (2016: £1.6 million)
• Exceptional item of £0.3 million relating to profit on disposal of legacy Air Flow business (2016: exceptional items totalled a charge of £1.5 million)
• Profit before tax was £3.3 million (2016: £0.1 million)
• Basic Earnings per share 11.6p (2016: 1.3p)
• Diluted Earnings per share 10.8p (2016:1.2p)
• Cash and cash equivalents was £14.6 million (2016: £8.8 million)
* expressing revenues in both the period under review and the comparative period at constant exchange rates
** earnings before interest, tax, depreciation, amortisation and exceptional items.

Key developments
• Simplified and reduced complexity with the disposal of the legacy Air Flow service business and, subsequent to the year end, related spares business. The full benefit of increased focus on the core biodecontamination business will be felt in the year ending 31 December 2018
• Re-built US-based life sciences sales team which generated record levels of revenue in the US in 2017
• Encouraging sales growth of the Bioquell Qube aseptic workstation
• Completed large Rapid Biodecontamination Service (RBDS) contract with prestigious Middle East hospital

Yes, held mine through the buyback and very glad I did now.