Pani Teresa Medica reports 1% sales growth in 2009

2010-03-05

Sales at Pani Teresa Medica (PTM), the listed manufacturer of medical textile products, rose by 1.5% y-o-y in the fourth quarter of 2009, to PLN 3.11m (€0.8m), while net profit more than halved to just under PLN 0.2m (€0.05m). The company managed to achieve a sales increase mainly thanks to foreign sales (especially to the United States and Slovakia), which in Q4 2009 increased by 361% y-o-y to PLN 1.88m (€0.48m).
In 2009 as a whole, PTM generated sales growth of 0.8%, to PLN 15.31m (€3.53m), although net profit tumbled by more than 40% to PLN 2.05m (€0.47m), according to preliminary unaudited figures. The sharp slowdown of sales came after robust growth of nearly 17% in 2008. As recently as September PTM hoped it would maintain the previous rate of sales growth in 2009 thanks to new product launches and entry into new export markets (most notably Russia, Germany and Ukraine) in the final months of last year. However, the foreign expansion plans have been beset by delays.
In 2010 the company expects to return to double-digit revenue growth with sales of at least PLN 20m (€5m). This is premised on successful entry into three crucial new export markets.