21 July 2011
Trading Update: Full-Year Result 2011 Financial Year
Adelaide, Australia, 21 July 2011 – Ellex Medical Lasers Limited (ASX:ELX) today announced that as a result of reduced revenues in the 2011 financial year, the Company expects the operating result to be breakeven or a small loss.
The material strengthening of the Australian dollar against the YEN, Euro and USD currencies during the 2011 financial year impeded trading margins, compared to the prior corresponding period.
Group revenues are expected to be down by 10% from last year, of which approximately 8% can be attributed to unfavourable exchange rates. A reduction in sales volume of 2% accounts for the balance.
“The key strengths and value of the Ellex business reside in our intellectual property, global distribution network and engineering capabilities. The future of our business lies in leveraging these in a sustainable manner. Plans are underway accordingly,” said Ellex CEO, Tom Spurling.
Ellex expects to release its audited full-year result in the week commencing 22 August 2011.
Ellex Medical Lasers Limited (ASX:ELX) is a global leader in the design and manufacture of ophthalmic laser and ultrasound systems used by ophthalmologists to diagnose and treat eye disease. With more than 15,000 systems delivered to the market, Ellex has evolved since 1985 from a manufacturing company of primarily OEM products, to direct marketing of its own branded products through subsidiaries in the United States, Japan, Germany and Australia, and a network of distribution partners in more than 100 countries. In recent years, Ellex has diversified its product range beyond lasers and ultrasound equipment to include distribution of a number of complementary third-party ophthalmic products.