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27 Feb 2014 | Press Release

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1300SMILES Ltd 2014 Half Year Result

Company Reporting and Announcements

1300SMILES Ltd, the only dental service provider listed on the Australian Stock Exchange, today announced its results for the first half of the 2014 financial year.

1300SMILES Managing Director Dr. Daryl Holmes said that the results were down, in line with expectations, as a result of the fact that the previous year's first half results were inflated as patients and dentists responded to the surprise closure of the federal government's Medicare Chronic Disease Dental Scheme (CDDS) in November 2012.

Dr Holmes said, "The results for the first half of the 2014 year are the new baseline against which all future results will be measured."

He continued, "The first half of the 2014 year illustrates the strengths of 1300SMILES in the new industry environment. The company is delivering solid organic growth and enjoying success with its innovative $1 a day Dental Care Plan."

Revenue declined by 29.5% to $14.8 million, NPAT declined by 36.1% to $2.5 million, and Profit before tax (NPBT) declined by 35.7% to $3.6 million.

Dr Holmes said that the company had performed well considering the reduction in revenue, and was pleased to post a strong profit. "A 29.5% decline in Revenue would in most businesses reduce NPAT by 100% or more. In real terms our underlying NPAT may have grown on a normalised basis, if you were to strip out the distortion of the CDDS", he said.

Dr Holmes indicated that there was already evidence of growth from the new baseline through both existing and new initiatives and programs. Dr Holmes commented particularly on the new Child Dental Benefits Schedule, growth in the company's $1 a day Dental Care Plans, greatly improved opportunities to acquire dental practices at reasonable prices, the ongoing public private partnerships with Queensland hospital and health services, and an upturn in enquiries from dentists amid a tough job market.

1300SMILES announced a half year dividend of 6.5 cents per share, fully franked, down 35% on the previous half.

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