Investor Relations

Latest Financial Highlights

Summary

This has been another good year for the Group and we continue to progress as a leading, international provider of high quality, high value, innovative and technologically advanced products for the surgical and advanced woundcare markets .

Our revenues increased 6% to £102.6 million (2017: £96.9 million), representing growth of 7% on a constant currency basis, our adjusted profit before tax increased by 14% to £28.9 million (2017: £25.4 million) and our profit before tax increased by 32% to £28.4 million (2017: £25.3 million). The continued strong cash generation of the business has resulted in the Group ending the year with net cash of £76.4 million (2017: £62.5 million).

Branded Business Unit sales increased strongly by 12% to £62.1 million and by 13% at constant currency, underlining the potential for our products in the global surgical market, with LiquiBand® contributing £31.7 million of sales at 22% growth, or 24% at constant currency. We extended our future addressable market by adding the Sealantis portfolio to our range.

We strengthened our product portfolio in both Business Units with four key launches in Q4: LiquiBand® Fix 8™ Open (EU), LiquiBand® Exceed Mini (US), silver post-operative dressing (US) and antimicrobial PHMB foam dressing (US).

Given the changing market dynamics, particularly in woundcare and the regulatory environment, we continue to evolve our organisation and strategy to maximise value and efficiency for the Group. In 2018 our strategy has evolved to allow increased focus on our four key strategic pillars of Growth, Innovation, Operational Excellence and Culture and going into 2019, we made some minor adjustments within the Business Units to better manage our different surgical and advanced woundcare opportunities and optimise the Group’s routes to market. We are pleased with the progress we have made and are well positioned to drive continued growth for the future.