11 January 2018 – trading update
An update on trading for the year ended 31 December 2017 has been provided. Group revenue for the year exceeded £8.7m, representing growth of approximately 44% over 2016. Organic growth in the existing business was approximately 10%. The integration of Elemental Healthcare Limited, acquired in August 2017, is said to continue in line with plan. Following the acquisition the reaction of both distributors and suppliers to both businesses has been very positive. Combined gross margins were within the target range and profitability has been in line with expectations. Final results are due out in March and ahead of the news we keep our BUY rating.