UK’s fastest growing advanced wound care business breaks the £25 million mark with like-for-like revenue increase of 25%
Crawford Healthcare, the UK’s fastest growing advanced wound care company, has announced another year of outstanding growth as it releases its Annual Report & Accounts for the year ended 31 March 2017. The Cheshire-based Life Sciences specialist, which exports to more than 20 global destinations, achieved group revenue of £25.2 million, a 25% like-for-like annual increase. The results mark the end of a milestone year for Crawford, which saw the company become the UK’s fourth largest advanced wound care business*.
• Like-for-like sales growth of 25%
• Headline sales growth of 17% to £25.2 million (2016: £21.5 million)
• US revenue up 97% to $5.9 million (2016: $3.0 million)
• Adjusted UK EBITDA of £4.1 million (2016: £5.2 million)
• Gross margin headline up 11% to £15.6 million (2016: £14.0 million)
At the forefront of Crawford’s continued success was the delivery of strong international growth, propelled by the near doubling of sales in the US for the second year running. Having achieved 156 per cent compound annual growth since launching in the US three years ago, the recent FDA approval of KerraCel Ag – a world-first wound dressing containing the revolutionary Oxysalt™ technology – at the beginning of FY2017/18 is set to accelerate growth in the world’s largest wound care market even further.
Outside the US, Crawford has delivered a 400% sales increase in its German operation in just its second full year, as well as gaining substantial traction in the Middle East.
Richard Anderson, CEO of Crawford Healthcare, said: “Thanks to our class-leading products and outstanding sales and marketing, we have continued to make excellent progress towards our goal of becoming a world-class international healthcare business. Our core UK operations continue to deliver strong year-on-year growth with sales of £20.0 million, a like-for-like increase of 14%, whilst our US and German businesses are driving our status as a new and disruptive force in the world’s most competitive markets.
“We’ve invested considerably in building our international teams from the bottom up, and the market’s immediate appetite for our proprietary technologies indicates that our in-house R&D is second to none.”
Crawford has continued to focus on its long-term strategy of developing the market standing of its proprietary brands. The hand-back of a licensed brand (adjusted for in like-for-like sales growth) impacted EBITDA growth this year only, and Crawford exits the financial year with the group’s owned brands generating 85% of global revenues.
Richard Anderson continued: “Our core activities remain an exciting prospect for the long-term, with the prevalence of diabetes and an aging population worldwide continuing to offer opportunities for the sustained development of lean sales and marketing teams in the biggest international markets. Whilst the impact of the UK’s decision to leave the EU is not fully and universally understood, we believe we’re well-placed to thrive in the post-Brexit economy, and continue to proudly fly the flag for Cheshire’s Science Corridor.”
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*Independent market sales data compiled by IMS Health as of March 31st 2016