LONDON (ShareCast) - Healthcare Enterprise's full-year losses narrowed as the medical products firm refocused its healthcare distribution business in Warrington and moved away from low margin contracts.

Pre-tax losses came to £4.1m for the year to 28 February compared to a loss of £18.6m previously. Turnover fell to £12.7m from £16.4m.

The group said it will save about £100,000 when it relocates its head office from London to Warrington before the end of June.

Healthcare added that initial sales at its Ebiox unit were “encouraging” after it secured the US Environment Protection Agency’s approval for patented concentrate and spray disinfectants in February.

Distribution arm Crest Medical is also beginning to see the benefits of the substantial changes made to the medical and first aid distribution business.

“The group is optimistic about the possibility of achieving profitability in the second half of the new financial year,” the group said.

It added that management continues “to actively explore all options” to develop the group and generate shareholder value.

• News Channel