14th May 2019 15:37
LONDON (Alliance News) - AorTech International PLC on Tuesday expressed confidence going forward after delivering two-fold revenue growth in its most recently-ended financial year.
The stock was down 9.4% in afternoon trade at 63.00 pence a share.
The medical devices developer reported 14% growth in polymer licensing revenue to over GBP460,000 in the year that ended on March 31 from GBP404,000 a year prior.
The development focus during the year has been on heart valve design and the synthesising of materials for vascular prothesis, AorTech explained.
The company said its new strategy is to develop medical devices based upon the "world class" properties of AorTech's polymers whilst continuing to license the rights to those same polymers in non-competing areas.
"Our strategy of transitioning AorTech into a medical device manufacturer is progressing well with much having been achieved over the last year," said Chair Bill Brown.
"We remain confident of delivering further progress in the current year," added Brown.
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