Advanced Wound Care division lifts profits at Convatec
Convatec Group, the Deeside-based medical products business, increased its profits in the year to December 31, 2024, it revealed today.
The FTSE 100 listed business said there was good organic growth across all four of its chronic care categories, notably in Advanced Wound Care, which has been based at Deeside Industrial Park since 1982, where the company employs more than 650 people.
Overall revenues were $2.289bn, up from $2.142bn the previous year, while pre-tax profits jumped to $245m from $167.4m.
In the Advanced Wound Care division revenue of $743m was down to a strong performance in North America.
Karim Bitar, chief executive of ConvaTec
Karim Bitar, Chief Executive Officer, said: “Our FY24 results demonstrate that Convatec has successfully pivoted to broad-based, sustainable and profitable growth.
“Our FISBE (focus-innovate-simplify-build-execute) strategy is delivering strongly, evidenced by our sixth year of accelerating revenue growth, further operating profit margin expansion, double digit growth in adjusted EPS and strong cash conversion.
“We expect FY25 to be another year of strong strategic progress. This will be driven by our strongest-ever innovative, new product pipeline and further simplification and productivity improvements. We are on-track to deliver our medium-term guidance of 5-7% annual organic revenue growth, mid-20’s operating margin by 2026 or 2027 and double-digit compound annual growth in adjusted EPS and free cash flow to equity(5). This is underpinned by our leading positions in structurally growing chronic care markets, our specific targeting of the fastest growing market segments and a clear focus on execution excellence by our dedicated team of over 10,000 colleagues worldwide.”
