International Medical Devices (IMD) remains acquisitive after turning £360,000 annual losses into pre-tax profits of £538,000.

The acquisitive AIM-quoted diversified safety needles specialist increased turnover from £3.8 million to £11.2 million in the year to August, augmented by the £4 million takeover of the Procare group and the £760,000 purchase of Minster Medical. IMD funded these acquisitions with a £3.95 million loan from Allied Irish Bank and a 'flexible book debt facility', which allowed the company to refinance all its group debt.

Chairman Lindsay Sanford claims IMD is 'well placed to act as a consolidator' in the fast-growing medical devices market, though year-end cash was down from £706,000 to £463,000. At 4.13p, down from 11.5p three years ago, the shares have some speculative potential as a recovery punt.

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International Medical Devices	AIM	£2.94m	0.88p	0.00p
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