Creo Medical eyes transition to full commercialisation in FY25
By Iain Gilbert
Date: Monday 17 Feb 2025
(Sharecast News) - Medical device company Creo Medical said on Monday that it would transition from development to full commercialisation in FY25.
Creo Medical said revenues came to £30.4m in FY24, down slightly from £30.8m a year earlier. However, it said it had delivered a 74% increase in "Creo core technology" revenues to £4.0m.
The AIM-listed group stated that actions to reduce costs in H2 had resulted in a decrease in operating costs of approximately £5.0m, with the full benefit of its cost-cutting programme set to come through in FY25.
Creo also noted that its sale of a 51% stake in its Creo Europe business to Micro-Tech, with proceeds of approximately €30.0m payable in cash received on 14 February. Following completion of the sale, the group's cash and equivalents were £31.2m.
Looking forward, Creo added that the start to the year has been "positive" and that it was trading in line with management expectations.
As of 1200 GMT, Creo Medical shares were down 7.41% at 17.50p.
Reporting by Iain Gilbert at Sharecast.com
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