Apolonia Medical, the maker of specialist furniture and fixtures for dental clinics, on 7 September floated its shares on NewConnect. It was a rather disappointing debut, with the company’s shares closing down 13% on the day, despite gaining 5% at the opening of trade.
Apolonia forecasts a near-doubling of sales revenues this year, to at least PLN 0.8m (€0.2m). Net profit is to double as well, to PLN 0.1m (€0.03m).
Last month Apolonia raised PLN 1.2m (€0.3m) from a private share issue, which it wants to use to invest substantially in new machinery and brand building. The company plans to buy a new line for serial production, which is expected to bring costs down by 40% and enable it to handle much larger orders. Apolonia is betting on rapid growth in the hospital market, which it entered earlier this year and which is to contribute 50% of revenues in the future.
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