Ability Matters Group has reported a successful year of trading for the 12 months ending October 2019, with revenue increasing 26%.
The provider of specialist prosthetic, orthotic and mobility services said its turnover for its UK operations amounted to £62.3 million, up 12.8 million from 2018.
The Oxfordshire-based company said in its annual report, published on Companies House last month, that the increase is due to contract gains in the NHS service business and increased product sales to third parties, both in the UK and overseas.
In addition, the group purchased the trade assets of the Orthotics Services division of Trulife in January 2019, and 100% of the share capital of Flat Free Tyres in August.
Ability Matters Group also reported an operating profit of £2.6 million, up from £2.3 million in the 12 months to October 2018. This news comes despite the group closing the majority of its retail outlets last year to focus on its core clinical service contracts.
The closure of outlets in Manchester, Huddersfield, Oxford, Harrow, Newport Pagnell and Bletchley cost the company £140,000.
The group continues to tender for additional public service contracts in the UK and expand its product base domestically and overseas. Directors expect this activity to lead to continuing growth in the comping year and further improved profitability.
The company noted that its activities are potentially impacted by restrictions on the ability of its clinicians to see service users face to face during the COVID-19 pandemic, with corresponding reduction in levels of activity and income.
However, directors have said they are “confident” that the risk represented by the pandemic can be mitigated to the point where the group’s operations and net assets are not significantly impacted.