Flexicare has achieved turnover of over £40m on the back of strong US growth.

The company, which manufactures respiratory and continence products, is based in Mountain Ash, Rhondda Cynon Taf.

Insider Media reports, for the year to November 30th 2017, turnover at Flexicare (Group) Ltd was £43.2m, up from £29.1m in the previous year. Operating profits also rose, up to £2.59m from £1.56m.

The company made significant acquisitions during the year, acquiring US-based Neoforce in July and Germany, Netherlands and Italy-based Medisize in November, which the company says will add £20m to next year’s turnover.

As well as acquisitions, the company also invested heavily in systems and recruitment to enable further growth, both organically and through acquisitions.

However profit margins were affected by the weakening of sterling as well as a strategic change in the mix of products, dropping from 32.3% to 30.6%.

Flexicare managing director Hash Poormand and finance director Marc Davies said “We are delighted with the results for 2017/18 which confirms the impressive progress made by the group. It was a very pleasing year with great success through organic growth and strategic acquisitions. It has been a busy start to 2018/19 as we continue our vision to be the preferred and most trusted healthcare manufacturer for products that enhance patient care.”

A statement accompanying the results said “The directors are pleased to report a very positive set of results following a year of significant development, organically and through acquisition. Strong revenue growth was achieved in the majority of our international markets against a backdrop of continued pricing pressure from healthcare customers. Furthermore, during the year the group invested heavily in system improvements and recruitment to manage growth and support future plans.”