Source - Alliance News

Creo Medical Group PLC on Tuesday reported a narrowed interim loss amid higher revenue.

The Chepstow, Wales-based medical device company focused on surgical endoscopy said in the first half of 2023, pretax loss narrowed to £13.2 million from £16.1 million a year prior. Revenue climbed 15% to £15.7 million from £13.6 million.

Administrative expenses contracted 7.1% to £20.9 million from £22.5 million.

‘Trading across the group during H1-2023 has been in-line with management’s expectation including there being a significant increase in the number of regular users of Creo’s Speedboat Inject device,’ the company said.

Looking ahead, Creo Medical expects revenue growth to continue and that ‘active cost control will support a stable cost base, driving efficiencies through the business’.

Creo Medical shares fell 5.4% to 30.75 pence each on Tuesday morning in London.

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