Toumaz's healthcare division slows but profits rise 10%

3rd Aug 2015 12:36

(ShareCast News) - Toumaz, a wireless semiconductor and software technologies provider for healthcare and consumer audio, fell 7% on Monday despite posting an increae of 10% in first-half revenues.Revenues rose to £14m from £10.8m, and gross profits went up 40% to £6.3m during the six months to 30 June 2015, but the company's healthcare division was hurt by slow revenues in its SensiumVitals product.However, the group said it remains confident with the future thanks to recent trials results.On the bright side, Toumaz recently reached a co-development agreement with Google which is expected to drive its next generation connected audio solution.Cash balance was significantly lower at £5.5m from £12.5m.Chief executive Anthony Sethill said its "complex systems for the healthcare environment" need considerable amounts of data and trialling, which have delayed its commercial roll out.However, Sethill added that "given the strong performance by Digital Audio, we remain on course to continue to grow the business in the second half of the year".Shares in the company were down 7.03% to 3.37p on Monday at 1141 BST.