Inditherm Plc, the supplier of heating products using its proprietary carbon polymer technology, announced their preliminary results for the 12 months ended 31st December 2010. Inditherm have had somewhat of a turnaround in 2010, showing improved results from 2009 driven by good performance in their medical business.
Revenue from continuing operations increased 47% to £1.3 million post the disposal of the Industrial Processes division (2009: £902,000) and gross profit increased 58% to £805,000 (2009: £510,000). Pre-tax loss on continuing activities was £382,000 (2009: £684,000) and the year-end cash balance was £1.7 million (2009: £2.1 million) – representing a significantly improved cash outflow from both continuing and discontinued operations of £391k (2009: £1.0 million).
Inditherm have achieved a reduction in losses by focusing on medical product activity. 2010 medical orders grew by 50% vs. 2009. After struggling with the economic conditions during the previous year, and sales in Inditherm’s industrial and construction divisions failing to secure expected orders, the decision was taken to dispose of the Industrial process solutions in December 2010.
Inditherm have received a positive draft recommendation by NICE on the benefits of their patient warming system and expect an increase in product uptake by the NHS if finalised in its current form. However, the process for confirming final guidance is still underway.
No dividend will be paid as Inditherm’s Board have decided to devote all of the company financial resources to the development of the business.
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