News: Inditherm's encouraging results

Innovative Rotherham company, Inditherm has published their latest financial results for the six months ended June 30, showing an increase in turnover of 75%

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

After a difficult year in challenging economic conditions in 2009, turnover increased to £972,000 compared to £555,000 last year. This was boosted by an underlying growth rate of over 70% for Inditherm's medical products.

In August Inditherm Medical expanded their international presence in appointing four new distributors covering Indonesia, Saudi Arabia, Jordan, Iran and Hungary.

Niche medical products include the CosyTherm neonatal range. Their systems can warm patients during surgery at the same running cost as a light-bulb.

Inditherm posted a pre-tax loss of £177,000 for the six months compared to a loss of £635,000 over the same period last year. Overheads were reduced to £731,000 following the restructuring of its industrial business.

Mark Abrahams, chairman of Inditherm, said: "This has been an encouraging six months for Inditherm. The company's turnover has increased and pre-tax operating loss is significantly reduced. The Board has taken this opportunity to make strategic changes to the business in order to reach break-even in the most efficient way.

"Our Medical business has shown encouraging growth in the first half of the year, both in the UK and export markets, although progress in the US has been slow. The cost benefit proposition Inditherm offers in the operating theatre market should place us well to succeed and therefore this is where Inditherm has decided to focus its resources going forward.

"The level of Industrial orders has suffered from protracted decision making and delays in customer projects. There is no sign yet of any upturn in market conditions, therefore Inditherm has taken the decision to exit the process solutions part of the Industrial business, whilst retaining the key aspects of our intellectual property rights.

"The Board is currently evaluating other options to maximise shareholder value and I look forward to updating the market on our progress in due course."

Inditherm website

Images: inditherm.co.uk