Creo Medical Group, the AIM-listed medical device company focused on minimally invasive surgical endoscopy for pre-cancer and cancer patients, reported a 45% rise in revenue to £3.2m for the six months to 30 June, up from £2.2m a year earlier.
Trading was in line with management expectations, and the Board remains confident of hitting its existing full-year guidance of 50% to 60% revenue growth, underpinned by a strong order book carried into the third quarter and continued expansion in Latin America.
Underlying operating costs fell 15% to £7.8m, helped by the completed disposal and outsourcing of the Company's manufacturing operations announced in April, and the underlying operating loss narrowed by more than a quarter to £4.9m from £6.9m.
Cash and cash equivalents stood at £7.4m at the half-year end, down from £12.4m at 31 December, following a £5.5m equity placing and a £2m convertible loan note from the Development Bank of Wales completed in May.
Creo is also progressing the sale of its remaining 49% stake in Creo Medical SL, expected to complete in the third quarter, which the Directors believe will strengthen the balance sheet sufficiently to fund the business through to sustainable cash generation.
"We have delivered a strong first half, with the actions taken during the period strengthening the foundations of the Group," said chief executive Craig Gulliford, adding the company remains "confident in delivering our full year guidance."
Creo will publish its unaudited interim results for the period in September.
