23rd Sep 2019 09:54
(Alliance News) - Medical devices maker Deltex Medical Group PLC said Monday its interim financial performance improved "significantly" despite a revenue fall, as it slashed costs and continued to secure technology grants.
For the six months ended June, pretax loss narrowed to GBP307,000 from GBP1.2 million the year prior. This was despite revenue falling 13% to GBP2.0 million from GBP2.3 million the year before.
Profit performance was helped by a step fall in administrative, sales & administration costs to GBP1.5 million from GBP2.4 million the year prior,
"The significantly improved underlying financial performance of the group can clearly be seen with positive adjusted Ebitda in the first half," Deltex Chair Nigel Keen said.
For the interim period, adjusted earnings before interest, taxes, depreciation & amortisation jumped to a GBP153,000 profit from a GBP963,000 loss the year prior.
"We are delighted with the number of new technology grants that Deltex Medical has been awarded so far in 2019," Keen added. "As well as providing non-dilutive capital for our development programmes, these grant awards provide independent validation of the potential for the Group's technology with the increasing focus on patient safety."
Deltex does not pay an interim dividend.
"Deltex Medical is well placed to provide clinicians around the world with advanced haemodynamic monitoring which is becoming increasingly recognised as an important factor associated with improved patient safety as well as the reduction of avoidable complications during and after surgery," Keen concluded.
Shares in Deltex were 1.9% lower at 1.30 pence in London on Monday.
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