COMPUMEDICS’ INAUGURAL 2001 AGM CAPS OFF EXCEPTIONAL YEAR
Compumedics Limited (ASX: CMP) held its first Annual General Meeting on Tuesday 30 October 2001, reviewing its record financial results in an award-winning year.
Compumedics is a global leader in developing and manufacturing diagnostic technologies for sleep and associated medical disorders. In addition to its sales in Australia, the Company exports a range of products to USA, Europe and Asia.
The full year’s results for 2001 showed a net profit of $1.971 million exceeding the prospectus forecast of $1.947 million. The Company’s record revenue of $18.317 million represented a 76% increase on the previous year and exceeded the prospectus forecast of $16.371 million.
In the weeks leading up to the AGM, Compumedics received National and Statewide recognition for its Business and Export Achievements that resulted in the following awards:
* The AVCAL (Australian Venture Capital Association Limited) Award for best Early Stage Investment. This award recognises Compumedics’ business achievements as a well-managed company generating exceptional returns for investors. Compumedics achieved revenue growth of 6 times over the last 5 years.
* The Victorian Exporter of the Year in the Small to Medium Manufacturer Category. This award was won for the second time in four years, and recognises Compumedics as an export-oriented company with outstanding international business success. Compumedics retains approximately 70% of the Australian Sleep Diagnostic Market while still being able to generate 80% of its income from exports.
Executive Chairman, Mr. David Burton, said Compumedics was very pleased with the excellent first year results attributing the Company’s success to Management’s clear focus on producing highly innovative products for the large and expanding global sleep disorder market.
Compumedics expects sustained and increasing demand for its products in the global sleep disorder market. With key distribution networks in place in USA and Europe, and strong investment in customer service planned for 2002, the Company anticipates solid growth in revenue and earnings during this financial year.