25th Apr 2019 11:48
LONDON (Alliance News) - Medical devices maker Deltex Medical Group PLC said Thursday its 2018 loss narrowed despite revenue falling markedly as it continue to roll out its new strategy.
In 2018, Deltex's pretax loss improved to GBP1.3 million from GBP2.1 million the year prior. This was despite revenue falling 15% to GBP5.0 million from GBP5.9 million the year before.
Profit performance was helped by a sharp fall in costs to GBP4.8 million from GBP6.3 million the year before. It remained held back, however, by broadly flat cost of sales and a GBP287,000 exceptional charge.
"I am delighted to see the profitability and cash generation in the fourth quarter of 2018, which helps to validate Deltex Medical's new strategy," Chair Nigel Keen said.
"The group continued to generate cash in the first quarter of 2019."
Deltex does not pay a dividend.
"The focus on patient safety, from both regulators and patient advocacy groups, is increasing which is helping to create interest in Deltex Medical's TrueVue System," Keen added.
Shares in Deltex were 5.7% lower at 1.32 pence on Thursday.
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