25th Jul 2024 16:15
(Alliance News) - Novacyt SA on Thursday announced it expects revenue to more than triple following a strong first half.
Novacyt is a Paris-based biotechnology group focused on clinical diagnostics.
Novacyt reported it expects revenue of GBP10.3 million for the six months ended June 30, up from GBP3.3 million a year before.
The firm noted it expects GBP7.8 million of its revenue to relate to recently-acquired Yourgene.
Yourgene, which is a Manchester, England-based molecular diagnostics group, was bought by Novacyt in September, after agreeing to a cash takeover offer from Novacyt that valued the company at around GBP17 million.
Novacyt added that despite "challenging conditions" during the period it has seen "encouraging growth". The firm reported 34% growth in its reproductive health business, and 5% growth in its non-invasive prenatal testing technology portfolio.
Looking forward, Novacyt said it is on track to deliver its target acquisition synergies by the end of the year.
Chief Executive Officer Lyn Rees commented: "The first half of 2024 has shown continued progress for us, with our efforts focused towards working as a single business, reducing our cost base and delivering growth following the acquisition of Yourgene".
Novacyt shares were up 9.7% to 50.36 pence per share in London on Thursday afternoon.
By Lydia Doye, Alliance News reporter
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