RUA Life shares rise as newly bought ABISS turns profit in 2024
RUA Life Sciences PLC on Monday celebrates its newly acquired manufacturer of a number of long-term implantable devices swinging to a profit in 2024.
RUA Life Sciences is the holding company of multiple medical device businesses.
RUA said its newly bought Saint Etienne, France-based company Analytic Biosurgical Solutions, known as ABISS, has turned a profit in 2024.
ABISS’s revenue rose about 7% in 2024 to €2.3 million. Notably, it turned to a pretax profit of €46,000 in 2024, from a loss of €352,000 in 2023.
RUA said ABISS has overcome supply chain challenges it faced in the first nine months of 2024.
RUA Chief Executive Officer Bill Brown said: ‘Abiss is demonstrating itself to be a very high-quality business, and the combination with RUA allows a number of strategic opportunities to be pursued in further developing the group.’
Back in September, RUA bought ABISS for €80,000 from the French liquidator of IPSA SAS, its former parent company.
Further, last week Wednesday RUA announced a new multi-year supply contract with a global customer with an initial annual value of over £500,000. The contract is within RUA’s medical device & components business unit.
‘The revenue expected during the current calendar year is anticipated to grow over time with a potential value over a five-year period of £3.3 million. This new contract represents a six-fold increase on the level of business undertaken for the customer prior to commencing work on the project,’ RUA said.
RUA Life shares rose 8.0% to 13.50 pence each on Monday afternoon in London.
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