24th Jul 2018 10:41
LONDON (Alliance News) - Bio decontamination solutions provider Bioquell PLC said Tuesday that its profit for the first half of 2018 increased 41%, as it disposed of its non-core defence business.
Shares were trading 8.4% higher at 403.90 pence each.
For the six months to June 30, the company's pretax profit rose to GBP2.0 million from GBP1.4 million year-on-year.
Revenue, including the sale of the company's defence unit, increased by 9% to GBP15.7 million from GBP14.3 million last year. Excluding the sale, revenue was up 7% to GBP15.0 million.
The company sold its defence business in May, for GBP400,000 with further GBP600,000 contingent on financial performance.
"The final non-core asset disposal of MDH Defence, which will cease to generate revenue from the end of 2018, provides the business with more predictable revenues and higher quality earnings from bio decontamination solutions and modular isolators," Chairman Ian Johnson said.
The company said it anticipates a similar financial performance for the remaining of the year, while it believes it will exceed profit market expectations for the full year.
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