26th Jul 2022 12:14
(Alliance News) - Medica Group PLC on Tuesday said it anticipates a double-digit rise in revenue for the first half of 2022 as it eyes full-year performance to be in line with expectations, citing an increase in customer demand.
Medica is a Hastings, England-based company which provides services such as x-ray and MRI scan analysis to hospitals.
For the six months that ended on June 30, the company expects group revenue to be GBP36 million, representing a 36% increase compared to the same period last year. On a like-for-like basis, revenue is expected to increase 27%. Medica reported a total of GBP61.9 million revenue in 2021.
The company said there has been strong demand for its NightHawk services, with expected revenue of GBP16.2 million during the period. This is up 14% year-on-year. "NightHawk growth has been driven by a combination of underlying market growth, successful contract renewals with existing clients and net new contract wins," Medica explained.
Separately, the company said Medica Ireland also performed strongly, exceeding the company's expectations. Revenue is anticipated to be GBP5.6 million, up 24% compared to a year ago.
The company said the growth was driven by "a combination of an increased number of scan and reporting contracts in ultrasound and x-ray plain film, as well as a significant increase in the number of new out-of-hours teleradiology hospital clients."
Chief Executive Officer Stuart Quin said: "Demand for our services is expected to remain high and, to address this, we continue to work to increase our reporting capacity by adding new reporters to our network and through improvements to our technology platform to support increased productivity."
Looking ahead, Medica said it continues to expect an increase in demand for its reporting services in the UK and Ireland as national health services tackle the backlog of elective patients waiting for diagnosis and treatment due to the Covid-19 pandemic.
It said it expects the full year financial performance to be in line with expectations.
Shares were up 3.1% at 150.50 pence on Tuesday morning in London.
By Xindi Wei; [email protected]
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