Annual profits at Birmingham-based medical equipment group Ferraris more than halved following the sale of its Life Sciences, figures showed yesterday .
The company, which is now focused on its core medical diagnostic devices and services business, reported a pretax profit from continuing operations of #713,000 for the year to August 31 - down from #1.9 million last time.
Exceptional items produced a loss of #3.7 million compared with a deficit of #9.9 milliion in 2004. Turnover from continuing operations rose by 3.5 per cent #52.6 million excluding currency fluctuations and its troubled Clinical Trials business, which was merged with Ferraris's respiratory and cardiac units.
Chairman Ian Dighe said the new financial year had started slowly, as benefits from the shake-up were only just starting to materialise.
"Prospects remain encouraging for the full year, and we expect revenue to be stronger in the second half.
" As announced at our interim results, we continue to evaluate alternatives that will realise the potential of the underlying businesses and deliver value to shareholders."
New group chief executive Bruce Blessington, who replaced Steven Mills at the end of June, had made a significant contribution to the business since he joined as chief operating officer in July 2003, Mr Dighe added.
The group's new Hong Kong office, which opened in the second half of last year, had started "promisingly" in its first full year with sales of #390,000.
As expected, Ferraris maintained its final dividend payment at 3.6p per share, for an unchanged total payout of 5.8p.