Latest Financial Highlights

Financial

2015 2014 Reported
growth
Growth at
constant
currency1
 Group revenue (£ million)  68.6  63.0  9%  11%
 Adjusted2 operating margin (%)  25.4  24.7  70 bps  –
 Adjusted2 profit before tax (£ million)  17.4  15.6  12%  –
 Profit before tax (£ million)  17.0  15.2  12%  –
 Adjusted2 diluted earnings per share (p)  6.86  6.26  10%  –
 Diluted earnings per share (p)  6.68 6.08  10%  –
 Net operating cash flow (£ million)3  22.5 18.4  22%  –
 Net cash (£ million)4  34.2  17.3  98%  –

 Proposed final dividend of 0.55p per share, making a total dividend for the year of 0.80p (2014: 0.70p), up 14.3%

Business

 Good sales progress across all Business Units on a constant currency basis;

  • Branded Distributed up 37% to £14.6 million (2014: £10.7 million)5, and up 38% at constant currency
  • Branded Direct down 3% to £22.3 million (2014: £23.2 million)5, and up 3% at constant currency
  • OEM up 10% to £27.7 million (2014: £25.3 million), and up 8% at constant currency
  • Bulk Materials up 2% to £3.9 million (2014: £3.9 million), and up 12% at constant currency

 Strong performance in the U.S. with LiquiBand® tissue adhesive range;

  • Revenues up 79% at constant currency to £8.0 million (2014: £4.1 million)
  • As at 31 December 2015, market share by volume6 increased to 16.8% (July 2015: 11.1%) in the combined hospital and non-hospital market

 ActivHeal® continued to make good progress in the U.K. NHS, with an 8% increase in revenue

– Silver alginate revenues increased by 10% at constant currency to £15.5 million (2014: £13.7 million)

– Hernia mesh fixation device, LiquiBand® Fix8™, delivered £1.0 million of sales in the first full year and launched in 20 countries

– CE approval for antimicrobial foam including Polyhexamethylene Biguanide (PHMB) for Europe received on 27 August 2015 with launches expected in 2016

– 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 market

– FDA approval to market suture portfolio in the U.S. in line with strategy post acquisition of RESORBA®.


  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 amortisation of acquired intangible assets which, in 2015, were £0.4 million (2014: £0.4 million) as defined in the financial review
  3. Operating cash flow is arrived at by taking the operating profit for the period and adjusting it for 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. £0.4m of sutures for the dental market has been reclassified from the Branded Direct to the Branded Distributed segment.  The 2014 revenues have been restated to aid comparison.
  6. Data supplied by Global Healthcare Exchange