11th Aug 2020 12:06
(Alliance News) - Inspiration Healthcare Group PLC on Tuesday said that it had a strong start to its financial year as unexpected opportunities arose due to Covid-19.
The medical technology supplier said underlying revenue for the first half of the financial year, ended July 31, was 30% ahead of what was achieved a year prior.
The company said it saw several unexpected contracts awarded as a result of the Covid-19 pandemic in which ventilators and ancillary services were supplied to the NHS. Only 40% of the value of the contracts have been supplied to date, with the company citing "a number of factors outside of the group's control" as the reason.
Inspiration Healthcare also looks forward to the earnings produced by its recently acquired SLE Ltd, a designer and manufacturer of ventilators for neonatal intensive care.
Chief Executive Neil Campbell said: "When taking the orders from the NHS for ventilators as a result of the Covid-19 epidemic into account we are well placed to deliver significantly increased revenues.
"Additionally, this year has had some large contracts and one-off opportunities that have resulted in sales being first half weighted. Given the strong first-half performance of the underlying business we are confident that we will achieve market expectations for the current financial year."
Inspiration Healthcare shares were down 3.2% at 61.97 pence each on Tuesday midday in London.
By Greg Roxburgh; [email protected]
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