27th Apr 2020 14:59
(Alliance News) - Deltex Medical Group PLC on Monday reported a revenue fall but narrowed its annual loss, as the medical devices maker was able to trim costs.
Revenue in 2019 fell by 14% to GBP4.3 million from GBP5.0 million and Deltex reported a pretax loss of GBP210,000, narrowed from GBP1.3 million.
Selling & distribution expenses were 44% lower at GBP1.2 million from GBP2.2 million, and administrative expenses were down by 12% to GBP1.5 million from GBP1.7 million.
Before exceptional costs, which were down 52% to GBP137,000, Deltex swung to a pretax profit of GBP90,000 from a GBP943,000 loss.
"I am pleased to see the group generate a profit before exceptional costs at the operating level," Chair Nigel Keen said.
Exceptional costs in 2019 were mainly a compensation payment due to a former director.
Focus now turns to the current global health crisis, which has painted a mixed picture so far for Deltex.
"The impact of Covid-19 on the group's trading in 2020 is likely to be significant. Deltex Medical has seen a slow-down in elective surgical procedures in hospitals throughout the world as a consequence of measures taken to combat Covid-19.
"Conversely, sales of monitors and probes for critical care use to hospitals in countries fighting the Covid-19 virus have sharply increased. It is too early to assess the quantum or timing of these effects on the group's trading in 2020."
Shares in the company were 4.5% higher at 1.88 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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