Scottish Tech Firm Reactec Reports Profitable 2017

Reactec, the Edinburgh-based supplier of an award winning revolutionary hand arm vibration monitoring device, has reported that the business moved into profit in 2017. 
 
In its accounts for the 12 months to 31 December, 2017, submitted to Companies House this week, Reactec disclosed a pre-tax profit for the year.
 
The profit was achieved on annual sales which were up 35% on the previous year. This growth is accounted for by the launch in 2016 of the company’s unique HAVwear system – based around an affordable, wrist-worn device that determines in real time an individual’s exposure to vibration during every day use of power tools. By the end of 2017, the company had shipped over 20,000 HAVwear units, with subscribers to its Reactec Analytics Platform – for the remote recording and analysis of vibration exposure – growing by more than 50% to reach over 550 customers.  
 
HAVwear is now used by a number of leading private and public organisations in the UK, including British Airways, Murphy Group, Morgan Sindall, the Environment Agency, Siemens, Babcock and over 70 local authorities. Reactec continues to target other industry sectors, both in the UK and internationally, with strong interest being displayed in Australia and Scandinavia.
 
Hand Arm Vibration Syndrome (HAVS), which is also known as Vibration White Finger, is one of the most common industrial diseases in the UK. The condition is usually caused by the prolonged use of power hand tools, whose vibrations can damage the blood vessels, nerves, muscles and joints of the hand, wrist and arm. 300,000 people in the UK suffer from the condition, for which there is no known cure, only prevention. 
 
Since the turn of the year, in a landmark study HAVwear has been independently validated by the Institute of Occupational Medicine, one of the UK’s most respected occupational health organisations. Separately, Reactec has just launched a low cost “off the shelf” version of its device, called HAVRISK Kit, designed for smaller organisations looking for an effective, easy to follow method to assess their HAV exposure risk.
 
Jacqui McLaughlin, Chief Executive of 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".
 

 

Testimonial:

BAM Nuttall - Roy Jackson, Senior Safety Advisor

“BAM Nuttall has always tried to stay on top of the issue of HAVS and ensure the safety of our workforce. In the past, we were trying to accurately estimate the amount of vibration that staff were exposed to ourselves, but this was a lengthy and time-consuming process and we knew that we needed a better system. “When we first introduced HAVmeters two years ago, we saw them as the best option to use to stay ahead of the game on vibration safety. The devices give us a valuable monitoring system that makes sure we know who is working with what machinery and for how long - and provides us with accurate, detailed records of what our teams are exposed to. “We now use HAVmeters in every project where our staff operate vibrating equipment and it is easily the best system on the market for monitoring HAV exposure. By using this equipment, we ensure that we not only keep our workforce safe from injury but also have a robust defence in place to protect ourselves from liability when it comes to vibration issues.”