A portfolio of next generation products supported by a significant
body of technical, scientific and safety data addressing both
patient and physician demands
2017 was a year of good progress in most of our territories around the world.
We reported sales of £45.3 million, representing 20% growth year on year and we
achieved a small EBITDA profit. An otherwise most encouraging year was marred by
a disappointing performance in the US leading to the termination of our distribution
agreement with ThermiGen in early 2018. However, as the sales line clearly shows,
the rest of the world was able to deliver a more than satisfactory rate of growth to
help offset the underperformance in the US.
It should be noted that the small EBITDA profit was reached after investing
significant discretionary funds in the Company’s operations globally, particularly
in consumer marketing and physician promotion and training, a whole series of
innovative digital initiatives and importantly, ongoing product trials which will lead
to future product and country launches. We expect all this investment to contribute
to further accelerated growth in 2018.
Grahame Cook, Chairman