Trading Update (9875A)
February 10 2011 - 2:00AM
UK Regulatory
TIDMCTN
RNS Number : 9875A
ClearStream Technologies Group PLC
10 February 2011
For Immediate release 10 February 2011
ClearStream Technologies Group plc
("ClearStream" or "the Company")
Trading Statement
ClearStream Technologies Group plc ("ClearStream") the
specialist global supplier of medical devices used in coronary and
peripheral interventional procedures, announces the following
trading update in advance of the publication of its interim results
to 31 January 2011 which are expected to be announced on March 24
2011.
The Board is pleased to report that ClearStream has enjoyed a
good start to the year and that at the half year point results are
anticipated to be comfortably in line with market expectations for
the full year to 31 August 2011.
The improvements and expansions introduced during 2010 into the
Company's production lines to increase flexibility and consistency
in manufacturing and to provide the additional capacity needed to
meet the growth in demand for its products, have been successfully
integrated. Yields, through put and gross margins are all showing
progressive improvement. The Company now operates the equivalent of
nine production lines and plans to introduce an additional line
during the next quarter. With the recently announced support of
Enterprise Ireland, ClearStream has acquired additional factory
space to service the current and forecast increases in production
and is planning to invest in further R&D to maintain its
leading position in the peripheral intervention area The new
facilities are expected to be operational by June.
During the period, sales of co-label and OEM products have been
very healthy and, following a slower start, sales of own brand
products are now trending upwards. Cash flows are healthy and the
Company has been able to fund the expansion in its activities
without resort to external finance.
Traditionally, ClearStream enjoys stronger trading in the second
half of its financial year and the Directors anticipate a good
performance during the second half of the current year driven by
further demand for OEM product, the successful launch by Cordis, on
a co-label basis, of the new, ground-breaking Sleek OTW catheter in
North America and continued momentum in its own brand product
sales.
For further information:
ClearStream Technologies Group Tel: + 353 (0) 53 923
plc 7111
Andrew Jones, CEO
Winningtons Financial Tel: + 44 (0) 117 985
8989
Paul Vann
FinnCap Tel: + 44 (0) 20 7600
1658
Marc Young, Corporate Finance
Charlotte Stranner, Corporate
Finance
Stephen Norcross, Corporate
Broking
About ClearStream:
ClearStream, , based in Enniscorthy, Co Wexford, Ireland, is an
innovative maker of medical devices used in peripheral (lower limb)
and coronary interventional procedures, including catheters and
stents. Its products are sold under ClearStream's own brands and
are also supplied to Original Equipment Manufacturers.
The Company is listed on the AIM market of the London Stock
Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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