29th Sep 2021 11:18
(Alliance News) - MyHealthChecked PLC reported surging growth in interim revenue on Wednesday as the consumer healthcare firm benefits from abundant customer demand for PCR home-testing kits.
Revenue for the six months ended June 30 grew to GBP3.3 million, up sharply from just GBP12,700 a year before. The company attributed growth to "a dramatic ramp-up" in Covid-19 testing revenue. Revenue in the six month period has been boosted by the signing of two agreements with Boots and one with Lloyds Pharmacy for the supply of PCR test kits.
The company's pretax loss was dramatically cut to GBP268,700 from GBP1.3 million a year previous.
Despite the positive trading, company shares continued the decline they've seen since April and slumped 16% to 2.44 pence in London in Wednesday morning trading. However, so far in 2021, the stock is up 22%. A year ago, it traded at just 0.90p.
"We have secured commercial contracts with both of the UK's top pharmacy retailers, ending the first half of 2021 with a strong cash position and significantly increased revenues compared to the first half of 2020," commented Chief Executive Penny McCormick.
Looking towards the second half, the company struck an upbeat tone, stating it was confident that trading for the second half would be "considerably higher" than the first due to the continued high demand through the peak holiday period during the summer months in the third quarter.
"MyHealthChecked is well placed with its established customer base to continue to supply a good proportion of the Covid-19 testing market, whilst factoring recent government changes to Covid-19 testing requirements for travellers to the UK announced in mid-September 2021," Chair Adam Reynolds and McCormick said in a joint statement.
Strong third quarter trading is expected, the company highlighted, with revenue expected of at least GBP8.5 million, adjusted earnings before interest, tax, depreciation and amortisation of no less than GBP1.4 million as well as being cash generative for the first time.
By Will Paige; [email protected]
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