Business
Final Results
Final Results.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n\n \n \nRUA Life Sciences plc\n(\"RUA Life Sciences\", the \"Company\" or the \"Group\")\n \nFinal results for the year ended 31 March 2024\n \nRUA Life Sciences, the holding company of a group of medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-EonTM), announces its audited final results for the year ended 31 March 2024.\n Highlights:\n \n· Revenue growth of 1% to £2,191,000 (2022: £2,179,000)\n· Strong second half to year with 64% of Revenues and Gross Profit\n· Loss before tax reduced 13% to £2,019,000 (2023: £2,322,000)\no RUA Biomaterials was impacted by a strong Sterling against the Dollar with 10% revenue reduction to £496,000 (2023: £554,000). RUA Biomaterials maintains a high operating profit margin (85%) (2023: 89%);\no RUA Contract Manufacture enjoyed strong operating profit growth of 19% to £944,000 (2023: £794,000) on modest revenue growth of 1%. It maintained good operating profit margins of 55% (2023: 49%);\no RUA Vascular and RUA Structural Heart now pivoted strategy to commercialise IP created and reduce R&D spend;\n· Reduced R&D spend £873,000 (2023: £1,072,000)\n· Strategy to commercialise IP created in RUA Vascular and RUA Structural Heart being pursued\n· Year-end cash £3,931,000 (2023: £1,484,000)\n· John McKenna to retire from executive duties and become non-executive director.\n \nCurrent trading and outlook\nCurrent trading is in line with Board expectations and significant opportunities are being pursued to grow revenues. \n \n \nGeoff Berg, Chairman of RUA Life Sciences, commented: \"The past year has seen a switch for RUA from being a business with future funding requirements to finance R&D projects to a fully funded business with a focus on cash generation and return to profitability. The balance sheet was strong at the year end with some £4 million in cash and prospects for growth remain exciting.\"\n \n \nFor further information contact:\n \nRUA Life Sciences &nbs...