21st Apr 2020 16:03
(Alliance News) - Inspiration Healthcare Group PLC on Tuesday said revenue was substantially higher following its Viomedex Ltd acquisition.
The medical technology firm reported a GBP1.1 million pretax profit for its financial year ended January 31, down 8.3% from GBP1.2 million the year before.
This came despite a 15% rise in revenue to GBP17.8 million from GBP15.5 million following the September acquisition of Viomedex holding company Vio Holdings Ltd in September 2019.
Cost of sales increased 9.5% to GBP9.2 million from GBP8.4 million, meaning gross profit was GBP8.6 million versus GBP7.0 million the prior year.
This, combined with the 28% rise in administrative expenses to GBP7.4 million from GBP5.8 million, mean that profit fell year-on-year.
Chief Executive Neil Campbell said: "Financial 2020 has been a very successful year and I am particularly delighted to report progress on all three of the major elements of our strategy: double digit revenue growth, advancement of Project Wave and completing our first acquisition in Viomedex. Whilst being acutely aware of the nearer term uncertainties in the economy arising from Covid-19, I am confident that our approach in developing novel technology such as Project Wave, acquiring small to medium size businesses and the organic growth of our core business will continue to add value to our group over the coming years."
Shares in Inspiration were down 0.4% at 61.75 pence in London on Tuesday afternoon.
By Anna Farley; [email protected]
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