Latest Financial Highlights

Financial

2016 2015 Reported
growth
Growth at
constant
currency1
 Group revenue (£ million)  82.6  68.6  20%  13%
 Adjusted2 operating margin (%)  23.9  25.4  (150bps)  –
 Adjusted2 profit before tax (£ million)  19.7  17.4  13%  –
 Profit before tax (£ million)  19.1  17.0  12%  –
 Adjusted2 diluted earnings per share (p)  7.66  6.86  12%  –
 Diluted earnings per share (p)  7.38 6.68  10%  –
 Net operating cash flow3 (£million)  22.3 22.5  (1%)  –
 Net cash (£ million)4  51.1  34.2  49%  –

 Proposed final dividend of 0.62p per share, making a total dividend for the year of 0.92p (2015: 0.80p), up 15%

Business

 Good sales progress across all Business Units;

  • Branded Distributed up 42% to £20.8 million (2015: £14.6 million), and up 30% at constant currency
  • Branded Direct up 10% to £24.6 million (2015: £22.3 million), and up 3% at constant currency
  • OEM up 16% to £32.1 million (2015: £27.7 million), and up 12% at constant currency
  • Bulk Materials up 33% to £5.2 million (2015: £3.9 million), and up 21% at constant currency

– Continued strong performance in the US with LiquiBand® tissue adhesive range:

  • Revenues up 56% to £12.5 million (2015: £8.0 million) and 39% at constant currency
  • As at 31 December 2016, market share by volume5 increased to 23% (June 2016: 19%) and initial 20% target share achieved in the combined hospital and non-hospital market

– Successful launch of antimicrobial and atraumatic foam dressings into Europe

– Antimicrobial dressing revenues including both silver and PHMB (Polyhexamethylene Biguanide) up 13% to £17.5 million (2015: £15.5 million) and 9% at constant currency

– Sales of the hernia mesh fixation device, LiquiBand® Fix8™ increased 73% to £1.7 million (2016: £1.0 million), 68% at constant currency, and is in use in 25 countries; now preparing for Pre Market Approval (PMA) in the US

– German and Czech RESORBA® business up 15% to £13.1 million (2015: £11.3 million) and 4% at constant currency

– FDA approval for two new product claims for the octyl formulation product, LiquiBand® Exceed™, giving it a competitive advantage in the U.S. topical skin adhesive

– ActivHeal® business declined 5% to £6.0 million (2015: £6.4 million)


  1. Constant currency removes the effect of currency movements by re-translating the current period’s performance at the previous period’s exchange rates
  2. All items are shown before exceptional items which were £0.4 million (2015: £nil) and amortisation of acquired intangible assets which, in 2016, were £0.2 million (2015: £0.4 million) as defined in the financial review
  3. Operating cash flow is arrived at by taking the operating profit for the period before exceptional items of £0.4 million (2015: £nil), depreciation, amortisation, working capital movements and other non cash items
  4. Net cash is defined as cash and cash equivalents plus short term investments less financial liabilities and bank loans
  5. Data supplied by Global Healthcare Exchange