Inspiration Healthcare Group plc (AIM: IHC), the global medical device company, today announces its unaudited interim results for the six months ended 31 July 2018.
- Revenue up 3% to £7.4m in line with our expectations (H1 2017/18: £7.2m)
- Revenue grew both domestically (2%) and internationally (4%)
- First sales recorded of redeveloped Patient Warming System
- First sales of new Unique+ CFM and LifeStart
- EBITDA up by 9% to £0.7m (H1 2017/18: £0.6m)
- Operating profit £0.5m (H1 2017/18: £0.5m)
- Cash remains strong ending the half year at £2.4m; a net inflow of £0.3m in the period
- Outlook unchanged with growth expected in H2
Neil Campbell, Chief Executive Officer, said today:
“From the difficult start to the year caused by the delays in receiving the necessary approvals for our own developed products, I am pleased to report that we are getting back on track with the first sales of the newly developed patient warming system achieved and expect that these sales will increase as we obtain further registrations in other markets.
Despite the slower than expected start of our Own Branded Products, I am also pleased that we have increased revenues domestically and internationally and achieved a 9% increase in EBITDA largely through the prudent management of resources. To some degree, this shows the resilience of the Group’s product mix and operating structure and its ability to adapt to external conditions which are not in its control.
We continue have a strong cash position and are well placed for the rest of the year.“