RNS11 Oct 2010 08:19
For Immediate Release 11 October 2010
ClearStream Technologies Group plc
Final Results for the Year Ended 31 July 2010
A Challenging Year with a Successful Outcome
ClearStream Technologies Group plc ("ClearStream") the specialist global supplier of medical devices used in coronary and peripheral interventional procedures, announces audited final results for the year ended 31 July 2010.
Key Points
· Revenues of €15.1m (2009:€13.9m)
· Profit before tax of €0.5m (2009: €1.9m)
· Net cash balances of €2.6m at year end (2009: €2.9m)
· ClearStream branded sales show further progress in difficult market conditions; healthy growth in sales to BRIC territories, continued advance in OEM sales with significant H2 growth
· Further growth in co-labelling sales
· Substantial investment in re-organising manufacturing facilities to meet growth in demand and quality of production
· Significant extension to co-labelling agreement with Cordis
· First payment milestones achieved with CR Bard
· International distributor network further strengthened and expanded
· Positive outlook for FY 2011
Commenting on the results, Andy Jones, Group CEO of ClearStream said:
"The strategies that ClearStream has consistently pursued over the past three years now place the Company in a strong, resilient commercial position. We are experiencing strong demand for our expanded and differentiated product range across the two broad but distinct interventional markets that we are focussed on and have achieved a good revenue balance between these.
On current trading and prospects, Mr Jones added:
"Looking forward we anticipate another year of sales and profits growth. We have an open order book of circa €3m, which is at a record level.
"The recent extensions to our co-labelling contract with Cordis and approval of their products for sale in Japan combined with additional FDA approvals together with the strength of demand from OEM customers will, we believe, underpin ClearStream's continued positive progress in the new financial year."
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