Inspiration Healthcare Group PLC Trading Update (7089V)
August 11 2020 - 1:00AM
UK Regulatory
TIDMIHC
RNS Number : 7089V
Inspiration Healthcare Group PLC
11 August 2020
Inspiration Healthcare Group plc
("Inspiration Healthcare", the "Company" or the "Group")
Trading Update
Inspiration Healthcare Group plc (AIM:IHC), the global medical
technology company , is pleased to give a trading update for the
six months ended 31 July 2020.
In line with the statement made at the Annual General Meeting,
the Group has continued to enjoy a very strong start to the year
with underlying revenues in the first six months of the financial
year circa 30 per cent ahead of those achieved in the same period
last year.
In addition, the Group has a healthy order book which has been
augmented by several unexpected opportunities as a result of the
Covid-19 epidemic and the award of contracts to supply ventilators
and ancillary services to the NHS. As previously reported, the
supply of these ventilators has been made difficult by a number of
factors outside of the Group's control. However, the Company can
report that approximately 40 per cent of the value of the contracts
have been supplied and it continues to work hard to supply the
balance to the NHS.
In June 2020, we announced our intention to acquire S.L.E., a
leader in the design and manufacture of ventilators for neonatal
intensive care, which generated revenues of over GBP16 million and
pre-tax profits of GBP1.5 million last year. Funded by a number of
new and existing institutional investors, the management team and
private investors, we were pleased to complete the acquisition of
S.L.E. in early July which we expect will be earnings enhancing in
the short to medium term as well as delivering significant
commercial synergies.
Neil Campbell, Chief Executive Officer, commented, "Since
completion, the integration of S.L.E. has proceeded according to
plan and, with the recently announced changes to the senior
management team, we are excited about the prospects of the enlarged
group. When taking the orders from the NHS for ventilators as a
result of the Covid-19 epidemic into account we are well placed to
deliver significantly increased revenues. Additionally, this year
has had some large contracts and one off opportunities that have
resulted in sales being first half weighted. Given the strong first
half performance of the underlying business we are confident that
we will achieve market expectations for the current financial
year."
This announcement contains inside information for the purposes
on Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
Inspiration Healthcare Tel: 01455 840555
Group plc
Neil Campbell, Chief Executive
Officer
Jon Ballard, Chief Financial
Officer
Nominated Adviser & Broker Tel: 0207 397 8900
Cenkos Securities plc
Mark Connelly
Stephen Keys
Cameron MacRitchie
Cadogan PR Tel: 07771 713608
Alex Walters
alex.walters@cadoganpr.com
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) is a global provider of
medical technology for use in critical care & operating
theatres. The Company provides high quality innovative products to
patients around the world which help to improve patient outcomes
and it actively invests in innovative product opportunities and
disruptive technologies.
Through investment in research and development the Company has 6
key own brand products that can be used within the first 6 hours of
life to help premature and sick babies; helping with assessment,
resuscitation, stabilisation as well as preventing brain damage.
Additionally the Company has its own range of products for
maintaining normothermia pre- during and post-surgery.
In September 2019, the company acquired Vio Holdings a designer,
manufacturer and supplier of single use respiratory products and
sterile medical consumables for GBP4 million and in June 2020 the
company acquired S.L.E. a leading global provider of neonatal
ventilation products for GBP18 million. Over 90 per cent. of
S.L.E.'s revenues are generated from sales outside of the UK with a
significant proportion of these in Asia Pacific and the Middle
East. When combined, the Group generates approximately 60 per cent
of its revenue from exports.
With product availability extending to over [50] countries
through a distribution network, Inspiration Healthcare's success
has been built on continuous innovation, excellent customer service
and an inherent commitment to improving patient outcomes, working
in close collaboration with key opinion leaders across the
globe.
In the UK and Ireland the Company has a direct sales team
selling Inspiration Branded and complementary products from third
parties, with an additional range of home healthcare products. This
is supported by Technical Support for planned preventative
maintenance and emergency assistance.
Further information on Inspiration Healthcare can be seen at
www.inspiration-healthcare.com
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END
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