Bede's analysis looking good
Bede from Durham, UK, a global provider of X-ray technology solutions for materials analysis has announced a placing and its results for the quarter ended 31 March.
Bede from Durham, UK, a global provider of X-ray technology solutions for materials analysis has announced a placing and its results for the quarter ended 31 March.
The proposed placing will raise approximately £3.65m, after expenses, with the proceeds going to provide working capital to respond to increasing demand for its products.
The first quarter results showed an improved order intake of £1.2m (Q4 2002: £0.8m), and a strengthening book to bill ratio for Q1 of 1.4 (Q4 2002: 0.9).
The cost base was reduced to £5.3m (Q4 2002: £5.9m), while Q1 revenues of £0.83m were slightly lower than the last quarter of 2002 (£0.9m). Pre-tax losses of £1.0m (Q4 2002: £1.3m), were also lower than the preceeding quarter.
Commenting on the placing and results Neil Loxley, ceo of Bede, said: 'The Group has, over the last two years, undertaken an intensive investment program in research, development and capital expenditure in order to broaden its product range and target markets. Having built the fundamental value into the Group, we are now concentrating on the execution and delivery of the long-standing growth strategy. The proceeds from the Placing should allow Bede to proceed with confidence to exploit returning market demand.'
Bede has continued to invest in product and applications development during the period, leading to a number of new opportunities in both existing and new markets.
The introduction of new X-ray tools to the pharmaceutical industry is proceeding to plan, with unique applications developed for the in-situ monitoring of batch crystallisation processes and the analysis of active ingredients in finished products. Bede is currently in detailed discussions with key pharmaceutical companies and sales into this market are expected in 2003.