Slendertone sales bulge as Irish medical firm returns to profit
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.