Slendertone firm records 30pc boost in operating profits
BIO-MEDICAL Research (BMR), the Galway company that manufactures the Slendertone slimming and beauty aids, recorded a near 30pc rise in operating profit to €8.1m last year, despite turnover rising just 4pc to €56m and the gross margin slipping to 72pc from 74pc.
Accounts just filed for the company show that turnover at BMR's consumer division was 21pc higher last year on 2008, with the firm having reported "good growth" across most of its markets.
However, the overall revenue figure was tempered by a lacklustre performance of BMR's medical device business in Germany, where turnover fell 12pc. That unit, Neurotech, sells products that are used to treat orthopaedic, urological and neurological conditions.
Speaking to the Irish Independent, BMR chief executive Patricia Smith said that the United States is now the firm's single biggest market and that the planned launch of its beauty products there is certain to cement that position.
She added that BMR is also planning to begin selling into Canada and Mexico, as well as launching its beauty products in Japan next year.
"Revenue will be ahead this year on 2009 and a lot of that is down to strong growth in the consumer side of the business," she said. Ms Smith added that profits "won't be as good" as 2009 because of legislative changes introduced in Germany that impacted its medical business there.