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View online Annual report and accounts 2009

Highlights

• Revenue increased to £4,541,000 (2008: £4,312,000)
• Retained profit at Group level lower at £525,000 (2008: £630,000) due principally to:
• Unavoidable third party issues, now resolved, which resulted in delay in the delivery of a major industrial devices order prior to year end
• A write down of autologous blood transfusion assets, following a strategic review
• EBITDA of core operating company increased by 11% to £1,103,000 (2008: £995,000)
• Net cash of £1,400,000 generated from operating activities
• Continuing and significant investment in new product development in laparoscopic instrumentation
• Major investment in “state-of-the-art” manufacturing facility and cleanroom
• Employees more than doubled to reflect increased demand for products
• Successfully launched Logi®Flex to assist with the accurate placement of gastric bands
• New laparoscopic training centre operational during the year and officially opened by Lord Davies of Abersoch,
  Minister for Trade Investment and Small Business
• Largest ever order for industrial devices based on core technology
• Negotiations during the year with major US Group Purchasing Organisation (GPO), Premier, successfully concluded in January 2010

Highlights

• Revenue increased by 14% to £1.99 million (2008: £1.74 million)
• Operating profit increased by 185% to £234,000 (2008: £82,000)
• Pre-tax profit increased by 95% to £215,000 (2008: £110,000)
• Basic earnings per share of 0.05p (2008: 0.03p)
• Secured a £90,000 Government grant for capital investment
• Launched the new Logi™Flex product for obesity surgery in Europe
• Improved trading with OEM partners