1st Oct 2015 08:01
LONDON (Alliance News) - Medilink-Global UK Ltd on Thursday said its results for the first half of 2015 show an "encouraging trend in improved operating performance", as it reported a slightly narrowed pretax loss for the first half.
Separately, the company announced its delayed results for 2014, when it reported a widened pretax loss due to a significant impairment charge due to ongoing economic uncertainty hitting its operations, which offset an improvement in its underlying trading.
Medilink provides electronic health-card network services to insurance companies and corporate organisations to facilitate administration of medical claims and healthcare data-management.
For the half year to end-June the company reported a pretax loss of GBP131,000, narrowed slightly from a pretax loss of GBP136,000 a year before, on revenue of GBP704,000, up from GBP688,000. Revenue growth was driven by a strong performance in Malaysia, up 4.6%, and revenue from Third Party Administration rising 6.4%.
It attributed its narrowed operating loss to cost saving measures, and lower losses from its Medilink China segment.
"The revenues are expected to be stronger particularly with the impact of continued growth in Third Party Administration membership as well as system licensing in our Malaysia operations, the directors are confident that the group's financial performance should continue to improve in the second half of 2015 and during the financial years thereafter," the company said.
For 2014, Medilink reported a pretax loss of GBP1.9 million, widened from a pretax loss of GBP509,000 in 2013, as a result of a GBP1.7 million goodwill impairment. It posted revenue of GBP1.4 million in 2014, compared to GBP1.3 million in 2013.
Medilink's shares have been restored to trading. They were suspended in June as the company had been unable to report its 2014 results due to an "unanticipated delay in the audit process".
Shares in Medilink were untraded Thursday morning. It last closed at 2.10 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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