15th May 2018 14:15
LONDON (Alliance News) - Consumer healthcare firm Integrated Diagnostics Holdings PLC said Tuesday its profit and revenue experienced strong growth in the first quarter, as it reaffirmed its forecasts for the full year.
For the three months ended March, earnings before interest, taxes, depreciation and amortisation expanded 23% to EGP168 million, or GBP7.0 million, from EGP136 million, or GBP5.7 million the year prior. This was after revenue rose 29% to EGP446 million from EGP346 million the year before.
"I am pleased to report that the group's strong operational and financial performance in 2017 is proving resilient and continues in 2018," Integrated Diagnostics Chief Executive Officer Hend El-Sherbini said. "Notably, our 29% revenue growth in the first quarter of 2018 was driven entirely by higher volumes and better pricing and exceeded the 26% increase we reported in the same period a year ago, at which time the favourable impact of foreign currency translation of the Group's results from our businesses in Jordan and Sudan into Egyptian pounds contributed c.9 percentage points of our growth."
"We continued to expand our geographic footprint, opening four new branches in Egypt and one in Sudan to end the period with 400 branches across our footprint, representing 10% year-on-year unit growth," El-Sherbini continued. "Whilst Egypt and Jordan enjoyed very solid first-quarter performances."
"The process of integrating our new Nigerian operation began is well underway and sees us revamping a number of operational aspects to reflect IDH's strict high-quality standards," El-Sherbini added. "Across our geography, strong underlying fundamentals continue to support a favourable outlook for quality medical diagnostic services. I remain confident that our trusted brands, strong supplier relationships and asset-light model will allow us to continue to expand our consumer reach."
Integrated Diagnostics reaffirmed its 2018 guidance of revenue growth of "over" 20% and an Ebitda margin of around 40% in Egypt, Sudan and Jordan. Ebitda margin in the first quarter stood at 38%, down from 39% the year prior.
Shares in Integrated Diagnostics were 0.5% higher at USD4.75 on Tuesday.
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