MEDICAL AUSTRALIA LIMITED
OPERATING AND FINANCIAL REVIEW
Chief Executive Officer's Review
Financial Year 2010 has been a year of significant progress and consolidation for Medical Australia Limited (MLA), and the management team is confident that the foundation is now in place to fast track growth, and transform MLA into a profitable medical device and product manufacturing and distribution company.
Revenue for the year was steady at $7.3 million and the company reported gross profit of $4.3 million, compared to $2.9 million in the prior year. Following a number of one-off costs associated with MLA's restructuring, the company recorded a net loss of $1.34 million.
Laying the foundation for future growth
While the financial performance for MLA for FY2010 is below acceptable levels, the year is best characterised as one of transition, where the necessary building blocks have been put into place to now fast track growth, generate acceptable levels of profit, and importantly,
deliver returns for our shareholders.
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