11th Dec 2024 12:39
(Alliance News) - RUA Life Sciences PLC on Wednesday celebrated a return to profit as the company cut costs and grew revenue in the first-half of its financial year.
RUA Life Sciences is the holding company of multiple medical device businesses based in Glasgow.
RUA Life Sciences reported a pretax profit of GBP631,000 for the six months ended September 30, improved from a GBP1.4 million loss a year before.
Revenue rose by 89% to GBP1.5 million for the same period, from GBP794,000 a year before.
The company attributed this to reduced costs and improved performances across its businesses, most notably in Medical Devices & Components sales.
Administrative costs fell by 16% to GBP1.7 million during the first-half, from GBP 2.0 million a year before.
Revenue from Medical Devices & Components more than doubled during the half, rising to GBP1.3 million from GBP595,000 a year before.
The company also noted the impact of the initial bargain purchase gain from the acquisition of Analytic Biosurgical Solutions.
RUA Life Sciences bought the medical device manufacturer for EUR80,000 from the French liquidator of IPSA SAS back in September.
Looking ahead, the company said it will continue to leverage its intellectual property and advance subcontract development and manufacturing of medical devices to aid development.
Chair Geoffrey Berg commented: "The focus of management has been to maximise revenue from Contract Manufacturing, reduce costs and secure deals for longer term growth."
"Success has been demonstrated in each of these areas which together with the Abiss purchase has resulted in a profit being reported for the period, marking a significant milestone."
RUA Life Sciences shares were down 1.2% at 11.16 pence on Wednesday afternoon in London.
By Lydia Doye, Alliance News reporter
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