25th Jul 2019 13:15
(Alliance News) - Medica Group PLC said Thursday it expects full year revenue ahead of expectations following strong organic growth in the first half.
The radiology technology provider said revenue for the six months to June 30 is expected at GBP21.9 million, which represents organic growth of 18% compared to the year before.
Medica said the growth can be attributed to demand for its NightHawk and Cross Sectional services continuing to increase.
As a result, Medica expects its full year revenue to be "slightly ahead" of its own expectations. Profit is guided to "remain in line" as the company continues to invest in "optimising the business for future growth".
In 2018, the company posted pretax profit of GBP9.2 on revenue of GBP39.0 million.
The company said its recruitment momentum continued in the first half, with a net 28 radiologists added. Medica's total contracted radiologists, including radiographers and rheumatologists, at June 30 was 390.
"Medica continues to make good progress with its strategic objectives of developing the core business by continuing to improve our service to clients and radiologists and growing capacity, including internationally," said Chief Executive John Graham.
He continued: "We continue to increase market penetration of our NightHawk and Cross Sectional services and have delivered double-digit organic revenue growth in the first half of 2019. We also have a strong pipeline for further recruitment during the rest of the year. Our first half performance gives us confidence that we remain on track for the full year."
Shares in Medica Group were 7.5% higher in London on Thursday at 136.00 pence each.
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