Galway-based company Bio Medical Research, the parent company of Slendertone, has returned to profitability for the first time since 2002.
Results filed with the Companies Registration Office today show that it reported a turnover of €46.6m for the year ended December 2005, up from €29m in 2004. Pre-tax profits amounted to €5.7m, compared with a loss of €5.4m in 2004.
The company, which specialises in electrotherapy devices for the fitness and medical markets under the Slendertone and Neurotech bands, said the improved figures were driven by strong performances by the Slendertone Division in Japan and the US.
Progress was also reported in Europe, where the company regained distribution rights for its products in key markets.
Administration costs were substantially below 2004 costs, reflecting the completion of the radical cost-restructuring programme that was started in early 2003.
'This set of results in the outcome of a three year process during which virtually every aspect of the business has been restructured resulting in a much-reduced cost base consistent with a new centralised, focused and controlled business model,' commented Dr Patricia Smith, the CEO of Bio Medical Research.
She added that after the take-over of its US distributor last June, BMR re-acquired the rights to the growing Slendertone brand in the US market where Slendertone Flex is the only FDS cleared abdominal toning belt on the market.
'BMR is now in an excellent position to capitalise on market growth opportunities within the personalised health and fitness sector with new products to launch in both the medical and fitness markets and for geographical expansion of both the Neurotech and Slendertone divisions,' she added.
