11th Oct 2012 07:00
For release 7:00am 11 October 2012
Synergy Health plc("Synergy" or "the Company")
Trading Update
Synergy Health plc (SYR.L), a leading global provider of specialist outsourced sterilisation services to the medical device and healthcare sector, is pleased to announce that trading for the six months ended 30 September 2012 is in line with the Board's expectations.
Underlying organic growth has been challenging in light of the slowdown in the UK, economic pressure in Europe and currency effects. Margins have continued to improve, however, resulting in solid earnings growth.
The integration of SRI in the United States is progressing positively, with the senior leadership re-focused onto a new strategy to rebuild margin and growth. The business now operates profitably having been delisted from Nasdaq and, with the introduction of Synergy's cost leadership programme, has seen progressive improvements over the last 10 weeks. At the time of the acquisition we were expecting operating margins to reach 10% within 18 months, but we now expect to achieve this by 31 March 2013.
Interim results for the six months ended 30 September 2012 will be announced on 13 November 2012.
For Further Information:
Synergy Health plc | |
Dr Richard Steeves, Chief Executive | Tel: +44 (0) 7768 020202 |
Gavin Hill, Finance Director | Tel: +44 (0) 7850 312262 |
Investec | |
Patrick Robb | Tel: +44 (0) 20 7597 5970 |
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