Losses slashed at Arthro Kinetics

Date: Tuesday 22 Apr 2008

Arthro Kinetics, the orthopædic implants company, said its restructuring programme had led to a radically improved trading position, as it reported sharply reduced full year losses.

Loss before taxation in 2007 narrowed to €6.7m from €18.5m in 2006, helped by the absence this year of intellectual property and goodwill impairment charges; in 2006, the company took a €5m hit for intellectual property impairment and a €2.7m charge for goodwill impairment.

However, the 2007 results did include a €3.1m write-down on the value of Arthro Anda Tianjin Biologic Technology Company in China as a result of regulatory uncertainties in China.

Revenue climbed 49% to €2.69m from €1.8m, in line with management’s expectations. Second half revenues totalled €1.6m and were 39% higher than revenues in the first half of the year, and bode well for the management’s expectations for a strong performance in 2008.

The company’s cash position at the end of the year stood at a better than expected €5.6m.

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