<p>30 March 2009
Corin Group PLC
Final Results
Corin Group PLC (LSE: CRG, “Corin” or “the Group”), a leading manufacturer and supplier of
orthopaedic devices, has today published final results for the year to 31 December 2008.
Highlights
• Group sales up 7.7% to £39.8m (2007: £37.0m)
o Excluding US, sales up 23% in second half of 2008 at constant currency rates*
• Operating profit before exceptional items £3.4m (2007: £5.6m); reflecting lower sales
to Stryker and investment in product development and sales resources
o Exceptional items of £7.1m, including £5.2m inventory provision
• Operating loss of £3.7m (2007: profit of £4.5m)
• Loss per share 9.48 pence (2007: earnings per share 6.49 pence)
• Proposed final dividend of 0.9 pence per share, making full year dividend of 1.38 pence
per share (2007: 1.38 pence per share).
• Strategic review completed in first half of 2008
o Continue focus on growth market - demographics, more active population and
younger patients
o Opportunity to broaden portfolio, innovate, expand internationally and develop
Cormet in US
•
Implementation of new strategy well underway
o Completed management restructure, added industry experience
o Resourced acceleration of product development
o Launched Metafix cementless hip stem; Zenith ankle; evaluated MiniHip small
stem hip
o Completed portfolio strategy and taken exceptional inventory charge
* Constant currency is calculated by translating 2008 results at the average exchange rates used for the
2007 results
Peter Huntley, Corin Chief Executive, said:
“The management team has moved quickly to implement our new strategy and I am
therefore very pleased to report that in the second half of 2008 we saw early signs of
good progress with an acceleration in sales growth rates outside the US.
“Although growth in the orthopaedic market is expected to slow, overall we are well
positioned in a resilient industry. We have made a steady start to 2009 following on
the good progress made du