Monday, January 9, 2017

News: Inspiration Healthcare relocation


Inspiration Healthcare Limited is set to close its Rotherham facility, a year and a half after the reverse takeover by Manvers-based Inditherm was announced.

The AIM-listed firm has announced that it moving its corporate headquarters from Rotherham to a new 4,500 sq ft head office and R&D centre in Crawley.

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 2015, £7.2m reverse takeover came after Inditherm directors identified the need to make the business part of a larger entity, thereby allowing the medical business to grow with fewer constraints.

For the six months to July 31 2016, the new firm had a growth in sales on a proforma basis by 10% to £7.1m compared to the same period in the previous year. International sales were up 19% with growth in the Americas and Europe.

The profit after tax was £361k, up from the £504k loss reported as the takeover was concluded in 2015.

Inspiration Healthcare said that the decision to relocate came as "a result of a strategic review and in a move to streamline business and continue supporting corporate growth."

In a statement the company said: "This decision will result in the simplification of the company's operations including the closure of its factory in Rotherham, enabling Inspiration Healthcare to focus on its core business, and move with greater flexibility and impetus on growth.

"By re-structuring our operations, Inspiration Healthcare is streamlining the organisation allowing us to improve our service and accelerate growth."

Formed in 1998, Inditherm floated on the London Stock Exchange (AIM) in December 2001, raising £3.4m to fund the expansion of the business. In July 2002 it relocated to new premises on the Houndhill Business Park in Manvers which enabled rapid expansion of manufacturing facilities.

The company applied its technology in a number of areas with limited commercial success, including under pitch heating and industrial processes. A decision was taken in 2010 to focus on the medical sector.

Inspiration Healthcare website

Images: Inditherm


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