Medical devices developer ClearStream Technologies reported slightly lower first half revenues.
ClearStream had expected a €400,000 payment in the six months to January 2010 but this will be recognised in the second half. Without that contribution, revenues dipped from €6.03m to €5.85m in the first half. Sales to other manufacturers nearly halved but co-labelling sales rose by more than one-third. The co-labelling contract with Cordis has been extended.
There was a swing from a profit of €107,000 to a loss of €701,000. That was mainly due to a reduction in margins from 35% to 24% due to a period of reorganisation in the manufacturing facility. These margins have already recovered to nearer to former levels.
There was a €2.5m order book at the end of January 2010. Revenues tend to be second half weighted any way. ClearStream is focusing on fast-growing countries such as Brazil, India and China.
ClearStream can produce €25m worth of products from the equivalent of seven production lines based on two shifts. Production bottle necks have been removed. A third shift could be added to increase production further but the current capacity would satisfy
There was net debt of €306,000 at the end of January 2010.
At 26.5p a share, ClearStream is valued at £12.2m.
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