Pride Mobility Products is expecting market share growth from all of its business segments in 2017 as it looks to new product launches to return it to the black.
Directors of the firm are confident that profitability will improve after currency volatility dented its bottom line performance during 2016.
Revenues at the Bicester-based outfit declined 3% to £12.4m for the year ending 31 December 2016, according to annual accounts filed with Companies House last week.
The manufacturer said that the £357,000 fall in revenue compared to the £12.8m it achieved in 2015 was “primarily attributable to an overall decline for mobility products and enhanced market competition”.
In a strategic review of the business, Pride’s directors said that its overall performance within its lift chair and scooter segments failed to meet expectations in 2016, however its performance within the powerchair segment was where it expected it to be for the year.
The company is a subsidiary of Pride Mobility Products Inc in the US and felt the impact of the huge swing in currency rates that followed the EU referendum last June. Pride acknowledged that profitability was “significantly impacted” by the decline in the value of the British pound.
Overall the company reported a loss of £1.1m for the year compared with a £366,000 profit the year before.
Directors described 2017 revenue projections as “positive”, adding that it expects to gain market share this year.
“Market share growth will be driven from the introduction of new product for each of its categories. Foreign exchange risk remains a primary concern and will be closely monitored to mitigate loss and promote profitability,” the directors stated.