Medical group Convatec reports solid start to the year
ConvaTec Group, the Deeside company which specialises in medical products and technologies across the globe, said trading for the first quarter has been in line with expectations.
In a trading update to March 31, the firm reported a 13.7% increase in total revenues of £337.10m, compared with £296.56m.
Chief executive Paul Moraviec said: “We have delivered a solid start to the year, underlining 2018 as a year of stabilisation, and our performance in the first quarter clearly demonstrates the benefits of our diversified portfolio.
“We have made good progress throughout the business and whilst our Q1 results reflect the continuing impact of the supply constraints and associated lost orders which arose last year in our advanced wound and ostomy care franchises, as expected, we are encouraged by the good underlying demand for our key brands.”
He added: “We are pleased with the response to new product launches, in particular the interest in our neria™ guard infusion set, which has applications beyond insulin therapy, and Esteem™ + Flex Convex in Ostomy.
“We confirm our guidance for the 2018 financial year.”
The group’s outlook for the rest of the financial year is unchanged from its annual results announcement in February this year, which is organic revenue growth of 2.5% to 3%.
ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices.
