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LONDON (Alliance News) - Medical technology firm Inspiration Healthcare Group PLC said Tuesday full year profit and revenue rose as new product launches look set to drive revenue and margins higher in the future.
For its year ended January, pretax profit expanded to GBP1.2 million from GBP444,000 the year prior. This was after revenue rose to GBP15.5 million from GBP14.3 million the year before.
Earnings before interest, tax, depreciation and amortisation rose to GBP1.5 million from GBP1.4 million the year prior.
"I am delighted to have delivered a set of results in line with expectations," Chief Executive Neil Campbell said.
"To achieve revenue and Ebitda growth of 8% and 6% respectively, as well as strengthening the depth and skills of our management team whilst also investing in our regulatory and R&D resources and compliance systems is very pleasing."
Chairman Mark Abrahams added: "At the end of the year we obtained market approval in the European Union for some exciting new products and we expect them to gain traction in their markets over the next couple of years.
"Some of these innovative and disruptive technologies may take longer to fully penetrate the market as an evidence base is created for their clinical impact. The early signs of acceptance are very good and give us an indication of their potential contribution to the success of the group in the future."
"The tougher regulatory environment will again slow the process of product launches however, as the year unfolds, we increasingly expect to turn this challenge into a competitive advantage," Abrahams added. "We expect to continue our growth trend in the coming year, although it will again be characterised by investment in product development and strengthening of our resources, enabling us to move through the next stages of expansion."
Shares in Inspiration Healthcare were 2.0% higher at 52.00 pence on Tuesday.
