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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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