2nd Dec 2019 11:55
(Alliance News) - Yourgene Health PLC said Monday said it remains on track to hit "ambitious growth targets" for the full year, supported by strong growth and new acquisitions.
The molecular diagnostics group said that in the six months ended September 30, its revenue doubled to GBP7.8 million from GBP3.9 million in the comparative period a year ago. Gross profit rose to GBP4.7 million from GBP2.0 million.
Yourgene Health pretax loss narrowed to GBP1.3 million from the loss of GBP3.5 million in the first half of financial 2019. The company said it has achieved its first ever positive earnings before interest, tax, depreciation and amortization of GBP300,000, swung from loss of GBP2.5 million a year before.
The company said the results reflect strong organic growth as well as a first contribution from molecular diagnostics manufacturer and developer Elucigene Diagnostics, the trading name of Delta Diagnostics (UK) Ltd, which was acquired in April of this year for GBP6.3 million.
Lyn Rees, chief executive officer, said: "I am delighted to announce our first EBITDA profit as a demonstration of the transformation that is underway at Yourgene and resultant organic growth, supported by the contribution from Elucigene and the smooth integration process that is almost complete."
"At this interim stage we are firmly on target to deliver full-year results in-line with market expectations, with consensus analyst forecasts looking for revenues of nearly GBP17 million for the year ending March 31, 2020, a considerable jump from last year's GBP8.9 million," Rees said.
The company said in order to deliver growth, it is focusing on product penetration, geographic expansion, products expansion, and acquisitive growth. Its said pure organic growth during the first half was 56% with non-Elucigene revenue of GBP6.1 million, and it has made a "very good progress" in expanding its commercial footprint into new territories.
Yourgene Health shares were up 0.7% in London at 13.60 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
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