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Interim Results

ConvaTec revenues rise

03 August 2017 07:43

ConvaTec's adjusted operating profits fell to $193.5m in the six months to the end of June - down from $209.0m last time.

Revenues of $831.3m were up from $828.9m a year ago but adjusted EBITDA fell to $216.4m from $226.2m.

On a reported basis EBITDA rose to $180.9m from $152.1m and operating profits of $92.8m were up from $58.7m last time.

ConvaTec confirmed full-year guidance with revenue growth weighted towards the second half of the year.

Group chief executive Paul Moraviec said: "These results show the continued progress we are making across the business, as we deliver on our strategy to drive growth, innovation and efficiency.

"During the first half we saw accelerating growth in our Ostomy Care franchise, which delivered 3.6% organically in Q2, driven by a strong performance in the U.S. and continued underlying momentum across our other three franchises.

"Our Margin Improvement Programme delivered a further net 40 bps of gross margin benefit in the first half at constant currency, and we continue to expect to deliver around half of the targeted c. 300 bps adjusted gross margin improvement during 2017.

"The first half has been busy for new product launches across all our franchises, as we continue to leverage our strong pipeline and invest in growth. In the period we launched GentleCath Glide in the U.S. and Flexi-Sea PROTECT in the U.S. and Europe, and our Neria Guard infusion set for non-diabetes conditions in June.

"We also continued the global rollouts of Avelle and Esteem+ Flex Convex, and have just launched our convex Accordion range. "Building on our solid start to the year, with our balanced portfolio across products and geographies, and structurally growing addressable markets, we are confident for the future and delivering our full year guidance, with accelerating growth in the second half underpinned by a growing contribution from new products and the unwinding of first half timing impacts."

Story provided by StockMarketWire.com

Related Company: CTEC

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