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ClearStream Technologies

  • BY: Andrew Hore |
  • POSTED: 18/04/2010 |

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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