News: Difficult year for Inditherm but encouraging signs of improvement

Preliminary financial results from Rotherham-based Inditherm highlight a difficult year in challenging economic conditions.

Based in Manvers, Inditherm's energy efficient polymer technology is used in heating mattresses, pipework, sports pitches, storage vessels and medical treatments.

In their preliminary results for the 12 months ended December 31 2009, post-tax loss was £1m. Revenue was down to £1.152m from £1.983m while the group ended the year with a cash balance of £2.09m.

However, the company's medical orders in 2009 grew by 10%, a lower rate than in recent years, mainly from overseas as spending pressures within the NHS in the UK temporarily halted what has previously been a steady growth trend.

The redirection and focus in the industrial sector also continued to deliver improved contribution margins, albeit on reduced sales. Inditherm is targeting key manufacturers in the confectionery, chemicals and pre-cast concrete sectors and secured a significant industrial order at the end of 2009.

The company also explained how it had combined the manufacturing and technical management roles as part of restructuring and Mark Abrahams, Chairman of Inditherm, thanked staff for their continued support.

On the outlook, Mr Abrahams said: "As was the case for many businesses, 2009 was undoubtedly a difficult year for Inditherm, however the progress we have made in recent months is more encouraging.

"While broadly our customers have been impacted by the economic situation, we were pleased to see growth in some areas of the business, notably in Medical orders through our overseas distributors and in the margins for the Industrial business. We have focused our resources on these areas and are optimistic that the positive trends we are seeing in enquires and orders will continue into 2010."

Inditherm website
Rotherham

Images: inditherm.co.uk