Slendertone slims profits 17pc to €6.7m
THE Galway company that manufactures Slendertone slimming devices posted a near 17pc decline in operating profit last year to €6.75m, partly due to legislative changes in Germany that impacted its medical business there.
Revenue at Bio-Medical Research (BMR) during 2010 rose 1pc to €55.9m, according to accounts just filed.
Directors at the company, which is headed by chief executive Patricia Smith, said the outcome was a mix of a 6pc rise in sales at its consumer business -- which includes the Slendertone products -- offset by a 6pc decline in its medical device business. Among BMR's medical products are devices used to treat orthopaedic, urological and neurological conditions.
The latest set of accounts for the business, which employs about 240 people, show that its cost of sales rose by about €1m in 2010 to €16.4m, while distribution costs edged nearly €800,000 higher to €27.9m.
The company has also been seeking to expand its sales into Canada and Mexico.