The healthcare equipment manufacturer and supplier posted a pretax loss of
The company said that its first-half had been held back by issues at its Bio division. The division has been hit by consolidation amongst international pharmaceutical companies reducing the number of larger Life Science facilities in the
It implemented a cost reduction programme in the division, and reviewed its business models, which it expects to be broadly neutral in the current year but lead to yearly pretax cost savings of
"As we flagged up in May, the first half of this year has been extremely tough for our Bio division which has faced a number of difficulties," said Chairman
Gross margins were hit by changes in product mix in the Bio division and stronger sterling exchange rates, it said.
The company said that its Testing, Regulation and Compliance services division is well positioned for further growth, and it expects to see a good second half performance from this division, as the Bio division continues to undergo "significant changes."
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