MELBOURNE, Australia, Feb. 23, 2017 /PRNewswire/ -- ITL Limited, (ASX: ITD), an innovative diversified healthcare company, is pleased to announce excellent results for the half year ended 31 December 2016 compared with the previous corresponding period. A full "Results and ITL BioMedical Growth Update" presentation can be viewed here.
Profit after tax of $2.12m (Dec 2015: $1.04m; up 104%)
Earnings per share of 2.2 cents (Dec 2015: 1.2 cents; up 83%)
Revenue of $17.5m (Dec 2015: $15.7m; up 11%)
Profit before tax of $2.12m (Dec 2015: $1.01m; up 110%)
EBITDA was $2.7m (Dec 2015: $1.6m; up 69%)
Net Debt $5.0m (June 2016: $5.5m; down 9%)
The significant increase in profit was driven by improvements in the BioMedical and Healthcare divisions.
ITL BioMedical won new customers, grew its product portfolio and benefited from improved market conditions.
ITL Healthcare achieved improved profitability from strategic sourcing and customer initiatives whilst costs have been carefully controlled.
ITL's investment in MyHealthTest, the direct to consumer pathology test provider for major chronic diseases, has focused on critical systems development and expanding the range of tests.
ITL intends to continue reducing identified key risks, drive product growth and enter new markets in order to keep driving business growth.
The Board expects a strong result for the full financial year even allowing for some seasonality in the 2nd half year.
ITL Limited (ASX:ITD) is an innovative global medical technology company that creates and manufactures leading edge medical devices for the clinical, blood banking, and laboratory markets. ITL is a growing provider of specialist ancillary products for the blood culture testing market, estimated to be worth US$3.3bn.
ITL maintains four divisions including ITL BioMedical, ITL Healthcare, ITL Clinical and MyHealthTest. The Company holds an IP portfolio of 48 patents and sells into 55 countries, protecting healthcare workers in millions of procedures annually.