Creo Medical Group PLC on Wednesday reported improved performance as the company expanded its product offerings.

The Chepstow, Wales-based medical device company said pretax loss narrowed in 2023 to £24.5 million from £30.9 million.

Revenue increased 13% to £30.8 million from £27.2 million.

Unchanged from the previous year, the company continues to pay no dividend.

Creo Medical said it successfully generated sales momentum establishing additional channels throughout the year with the launch of new products and the development of its Kamaptive technology and associated licensing income.

Notably, the company made significant progress in the roll-out of its core technology since the beginning of 2023, more than doubling the user base.

Chief Executive Officer Craig Gulliford commented: ‘The growth seen during the year throughout all key parts of the business, and lowered costs all contributed to a reduced operating loss for the year. This, coupled with the continued momentum we’ve seen to start 2024, encourages me as we move closer towards our goal of achieving cashflow break even in 2025.’

Creo Medical shares were down 7.2% to 32.39 pence each in London on Wednesday around midday.

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