Final Results
RNS Number : 5486W
Mediwatch PLC
01 February 2012
Mediwatch Plc
Final Results for year ended 31 October 2011
Increased profits and cash flow during delayed economic recovery
Mediwatch Plc (AIM: MDW, 'Mediwatch' or 'the Company' or 'the Group'), the innovative urological diagnostic company, announces its final results for the year ending 31 October 2011.
Financial highlights
Operational highlights
- Profits and cash flows have increased due to the re-organisation that commenced in Q1 2011, including the outsourcing of major parts of manufacturing. The re-organisation has enabled Mediwatch to continue to invest in new markets, products and services.
- PSAwatch is at early stage of commercialisation with clinical trials in France to gain reimbursement approval, direct marketing starting in Germany, Hong Kong, Mexico and China, growing sales in the UK private sector and the potential for further co-operation and trials with two international pharmaceutical companies.
- Significant sales growth (75%) in developing markets (Far East and Russia), providing an excellent platform for further growth, balancing the detrimental effects of the Arab Spring.
- Enrolment in the US Federal Government GSA contract allowing sales into Federal Government hospitals including the Veterans Administration network and various private buying groups.
- Mobilewatch is making great strides and has increased its turnover three fold in the last 3 months.
- Continued strengthening of the product range and partnership with EBNeuro S.p.A. for the exclusive distribution of its gastro and neuro-physiology products in the UK.
Omer Karim, Mediwatch Chairman said:
Financial highlights
Sales revenues at GBP10.6m (2010: GBP10.5m)
Increased EBITDA for the year of GBP713,000 (2010: GBP583,000)
Increased profit before taxation for the year of GBP322,000 (2010: GBP233,000) Increased cash flow from operations of GBP835,000 (2010: GBP581,000)
R&D capitalised expenditure steady at GBP770,000 (2010; 742,000)
Operational highlights
- Profits and cash flows have increased due to the re-organisation that commenced in Q1 2011, including the outsourcing of major parts of manufacturing. The re-organisation has enabled Mediwatch to continue to invest in new markets, products and services.
- PSAwatch is at early stage of commercialisation with clinical trials in France to gain reimbursement approval, direct marketing starting in Germany, Hong Kong, Mexico and China, growing sales in the UK private sector and the potential for further co-operation and trials with two international pharmaceutical companies.
- Significant sales growth (75%) in developing markets (Far East and Russia), providing an excellent platform for further growth, balancing the detrimental effects of the Arab Spring.
- Enrolment in the US Federal Government GSA contract allowing sales into Federal Government hospitals including the Veterans Administration network and various private buying groups.
- Mobilewatch is making great strides and has increased its turnover three fold in the last 3 months.
- Continued strengthening of the product range and partnership with EBNeuro S.p.A. for the exclusive distribution of its gastro and neuro-physiology products in the UK.
New $2,000,000 banking facility with Fifth Third Bank to support growth in the
key US market.
Strengthened management team with new operational management in the UK and
the USA.
"In spite of Mediwatch's major markets in Europe and the USA suffering from economic turbulence, I am pleased to report that Mediwatch has maintained its turnover and materially increased profits and cash flows from operations during the year. The improved profitability is a result of the cost reduction programme that occurred during the year to re-align operations, including the outsourcing of major elements of our manufacturing and the reduction of fixed overheads,
Looking forward, we will continue to focus on internal efficiencies and the tight management of our cost base. During 2012 we anticipate the conclusion of a number of important research and development projects that will strengthen and update our existing product lines in urodynamics and ultrasound while reducing unit costs.
We anticipate that the improved product lines, together with the on-going growth of PSAwatch, will deliver improved performance for 2012 and beyond."
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