REVENUES AT medical devices firm ClearStream Technologies increased by 56 per cent in the six months to January 31st.
Unaudited interim results show the Co Wexford-based company generated revenues of €9.11 million in the period, up from €5.85 million a year earlier.
It recorded a profit of €120,000 in the period, reversing a €700,000 loss in the previous six months and noted that trading during the first half of the current financial year had been buoyant.
Net margins at the firm, which is listed on London’s AIM market, increased from 24 per cent to 28 per cent.
ClearStream said it had experienced an upward trend in demand across its three sales channels – branded, co-labelled and OEM (business to business) devices.
The company develops and manufactures medical devices such as catheters, stents and stent-delivery systems for use in coronary and peripheral interventional procedures.
Chief executive Andy Jones said the company’s performance was comfortably in line with current expectations for the full year.
The acquisition of a factory facility adjacent to its existing site had given it capacity to service production demand in excess of €30 million annually, he said. The firm took on 70 additional staff in January in product engineering, research and development, manufacturing, sales and marketing.
“With a traditionally stronger second half, the board anticipates a solid performance in the six months to July 31st, 2011, and believes that the outlook for ClearStream remains positive,” he said.
