Tuesday, October 13, 2015

News: Inspiration Healthcare's strong foundations for growth

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The Inspiration Healthcare Group plc has reported its first financial results since it was created when Rotherham company, Inditherm completed the acquisition of Inspiration Healthcare Limited in a reverse takeover.

Manvers-based Inditherm has developed products using low voltage carbon polymer technology to provide heat. Its systems are used for patients undergoing operations which carry risk of inadvertent hypothermia and in neonatal wards.

Inspiration was founded in Leicestershire in 2003 as a medical device distribution company focused on innovative products for critical care.

The £7.2m deal, which completed in June, was announced after AIM-listed Inditherm completed a review of strategic options with the objective of creating shareholder value. Directors identified the need to make the business part of a larger entity, thereby allowing the medical business to grow with fewer constraints.

The board said that since completion of the transaction, restructuring plans are being implemented to improve market focus and deliver the benefits of the combined businesses. They added that progress is encouraging and the process is expected to be completed by the end of the financial year.

For the half year to July 31 2015 the adjusted figures showed that the consolidated Group is showing healthy growth in revenue of 17% and an underlying return on sales of 8%. Revenue for the six months was £5.6m compared to £4.5m in the same period in 2014. The operating profit for the period before exceptional items was £713k, compared to £295k in 2014, and after exceptional items £108k (2014 was £295k). The figures included the elimination of losses of Inditherm plc prior to the reverse takeover.

Cash generated is set to allow continued investment in R&D for innovative new products which will be launched over the next 12 months. These new products are focused on the neonatal space.

Mark Abrahams, chairman of Inspiration Healthcare Group plc, said: "The reverse takeover has brought a scale to the company which will allow us to build on a platform that reaches into areas of critical care in more than 50 countries around the world. This scale will allow us to leverage relationships with distribution partners overseas, create a critical mass in the UK with a larger sales team and allow us to invest further in marketing and R&D for future products.

"The new group will concentrate on three main areas of business, the largest being Critical Care incorporating neonatal intensive care, paediatric intensive care and adult intensive care, the second being Operating Room and the third being Other products which include distributed products for infusion therapy as well as our historic industrial sales.

"It is also pleasing to report that all of our key customers, principals and suppliers have viewed the transaction as positive and have expressed a desire to continue to work with the enlarged group."

"The fully integrated business will have a strong foundation for growth in 2016."

Inditherm website
Inspiration Healthcare website

Images: Inspiration Healthcare

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