Crawford Healthcare (‘Crawford’ or the ‘Group’), a leading international advanced wound care and dermatology business, today announces a record financial year, releasing its Annual Report and Accounts for the year ended 31 March 2016. Alongside its increasingly profitable UK operations, Crawford’s international operations in the US and Europe gained significant traction, contributing to record Group revenue of £21.5 million, a 17% increase on the prior year.
• Group revenue increased by 17% to £21.5 million (2015:18.4 million)
o UK revenue increased by 12% to £19.4 million (2015: £17.3 million)
o US revenue increased by 82% to £2.0 million (2015: £1.1 million)
• Adjusted UK EBITDA growth of 27% to £5.2 million (2015: £4.1 million)
• Gross margin increased to 65% (2015: 63%)
• Cash generation in UK operations continued to enable investment in US operations of £4.4 million (2015: £2.9 million)
The record figures mark an exceptional year for the Company, which was recognised with the Queen’s Award for Enterprise in International Trade, as well as securing exclusive rights to develop wound care products incorporating the fastest and most powerful antimicrobial treatment available globally. 2015/16 also saw Crawford become the largest SME within the advanced wound care market, reflecting average annual sales growth of 41% over the last 3 years.
Richard Anderson, CEO of Crawford Healthcare, said: “In terms of innovation, Crawford is a leading international healthcare business, and in 2015/16 we have significantly accelerated our growth.
“Our UK business continues to deliver strong year-on-year growth with sales up 12% at £19.4 million. Our strategic entry into advanced wound care via acquisition in 2011 is proving to be extremely successful for the Group and has been a major catalyst for our growth - from a business at acquisition selling less than £2.5 million, our wound care operation is currently the 4th largest in the UK.”*
The Group’s success in the UK has enabled our recent entry into fast-growing markets overseas. Having entered the US in late 2014, Crawford has doubled its sales in the territory this financial year to £2.0 million, with considerable momentum expected to build following an already strong start to 2016/17. Crawford’s German JV operation is younger still but has also recorded a strong start to this financial year, following its first sales in Europe’s largest wound care market.
The continued development of innovative new products is a key feature of Crawford’s growth plan, centering around its silver-based Oxysalt TM technology, which was the subject of a long-term proprietary deal with Canada-based Exciton Technologies in early 2016.
Richard Anderson added: “We believe the anti-microbial benefits of Oxysalt TM to be unparalleled and are not only pleased with the progress of KerraContact AG, our first product to use the technology, but are also excited about the near-term opportunity to incorporate it into other wound dressings.
“Crawford is well-positioned for future momentum across the business and we look forward to reporting on our success during the coming 12 months.”
*Independent market sales data compiled by IMS Health as of March 31st 2016
About Crawford Healthcare:
Crawford Healthcare is a leading international advanced wound care and dermatology business based in Knutsford, Cheshire. The group develops and sells advanced wound care and dermatology products and is the UK’s fastest-growing advanced wound care business. Crawford Healthcare has a direct sales presence in the UK, USA and Germany.
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