Convatec’s Deeside site drives strong 2024 financial results

Deeside-based medical products company Convatec has reported an increase in revenue and profit for the year ending 31 December 2024, with its Advanced Wound Care division playing a key role in growth.

The FTSE 100-listed company recorded total revenue of £1.81bn, up from £1.69bn in 2023.

Pre-tax profit rose to £193.7m, a sharp increase from £132.3m the previous year.

The company’s Advanced Wound Care division, which has operated from Deeside Industrial Park since 1982, delivered a strong performance, particularly in North America, contributing £587m in revenue.

Convatec employs more than 650 people in Deeside, where it continues to invest in innovation and production.

The site is central to the company’s efforts in wound care, with products such as Aquacel Ag+ Extra and ConvaFoam performing well in the market.

Karim Bitar, Convatec’s Chief Executive Officer, said: “Our FY24 results demonstrate that Convatec has successfully pivoted to broad-based, sustainable and profitable growth. Our FISBE strategy is delivering strongly, evidenced by our sixth year of accelerating revenue growth, further operating profit margin expansion, double-digit growth in adjusted EPS and strong cash conversion.”

Looking ahead, Convatec remains confident in its 2025 outlook, forecasting 5-7% organic revenue growth, excluding InnovaMatrix. The company expects to maintain an adjusted operating profit margin of 22-22.5%, supported by productivity improvements and commercial execution.

The company’s strong financial position is also reflected in an increased final dividend of 3.63p per share, bringing the total for the year to 5.07p—a 3% rise.

Convatec has reaffirmed its focus on long-term growth, targeting mid-20% operating margins by 2026 or 2027.