Tech business in the black thanks to good vibrations

● Reports profits thanks to launch of wrist-worn device ● Turnover up by 35% compared with previous year

Reactec, the technology company based in Edinburgh, has reported that its business moved into the black in 2017.

The company, which provides monitors and devices to track and prevent hand arm vibration syndrome (HAVS), disclosed a pre-tax profit of £94,000 for 2017, compared with a loss of £369,000 in the previous year.

Itsaccountsforthe12months to 31 December 2017, submitted to Companies House this week, showed a turnover of £3.6 million, up 35 per cent from 2016 (£2.6m).

This growth was attributed to the 2016 launch of the company’s Havwear system, a wrist-worn device that determines an individual’s exposure to vibration during every day use of power tools.

By the end of 2017, the company had shipped more than 20,000 Havwear units, showing growth of more than 50 per cent, with clients also subscribing to the firm’s analytics platform which remotely records and analyses vibration exposure.

Reactec is backed by business angel investment syndicate Archangels, also based in the capital.

Jacqui Mclaughlin, chief executive at Reactec, said: “Reaching profitability is a major milestone for Reactec, but what is more important is that it coincides with a watershed for Havwear as a product, as we see the whole issue of HAV monitoring achieving unprecedented profile and Havwear’s role in this being both recognised and validated.

“We are also seeing increasing international interest in Havwear and so far this year we have visited the United States, Australia and Japan in response to increased interest from industry and thought leaders in the subject matter who recognise the role of technical innovation to invigorate resolution of an old problem.

“HAVS is a painful and potentially debilitating condition that is disappointingly prevalent, yet entirely preventable, and we will continue our push to rid industry of this awful condition.”

According to regulatory body the Health and Safety Executive, there are currently 300,000 people in the UK suffering from HAVS, also known as vibration white finger, and there is no cure available, only methods of prevention.

The condition is caused by vibrations from power hand tools, which damage the blood vessels, nerves, muscles and joints of the hand, wrist and arm.

HSE estimates a total of two million people in the UK are at potential risk of HAVS, but Reactec’s research shows around 5 per cent (100,000 people) take up monitoring systems to mitigate this risk. Havwear now has more than 550 customers and is used by a number of private and public organisation in the UK, including British Airways and Siemens.