The increase was due to expansion by the German subsidiary and US operations. The acquisition of Nesbit Evans in November 1993 helped expand the group's product range.
The result includes a healthy underlying organic growth at existing divisions where sales and profits increased by 33 per cent and 44 per cent respectively.
Underlying group pre-tax profits, after redundancy costs of £220,000 for former executives of Nesbit Evans, rose by 42 per cent to £9.8m.
There was also an exceptional item of £3.1m, which relates to a proposed settlement between the group's US subsidiary and the federal authorities over ambiguities on the industry coding of certain medical pumps.
The company said the planned payment would only have a minimal impact on future profit and investment.
Earnings per share rose to 22.4p from 17.3p in 1993. The final dividend is 3.25p per share, giving a total of 6p, a rise of 33 per cent on 1993.Reuse content