Tuesday 25 July 2017

Slendertone sales bulge as Irish medical firm returns to profit

The Slendertone slimming device
The Slendertone slimming device

Gordon Deegan

The popularity of the Slendertone slimming device shows no sign of abating with its Irish producers forecasting a 16pc increase in sales this year.

According to the directors of Galway-based Bio-Medical Research, growth in core European markets will offset a decrease in Japanese revenues.

New accounts show recorded pre-tax profits of €2.64m last year. This followed a pre-tax loss of €1.92m in 2013. However, revenues dipped from €52.4m to €51.1m last year.

The directors state that the reduction in sales was as a result of decline in revenues in Germany in the firm's Pain and Orthopaedic business which was disposed of during the year.

The firm last year recorded operating profits of €2.63m compared to an operating profit of €406,095 in 2013.

Numbers employed last year increased from 195 to 198 with staff costs increasing from €13.48m to €13.99m.

The directors are proposing a total dividend of €1.5m but state that "these dividends will not be paid until such time as the company has adequate revenue reserves from which to pay the dividend".

The pre-tax profit takes account of non-cash depreciation costs of €983,895. Directors remuneration totalled €117,500.

Irish Independent

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