Niox Group PLC AGM Statement (7999Z)
May 18 2023 - 1:00AM
UK Regulatory
TIDMNIOX
RNS Number : 7999Z
Niox Group PLC
18 May 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance
with the Company's obligations under Article 17 of UK MAR. The
persons taking responsibility for this announcement are the Company
contacts named below.
NIOX GROUP PLC
("NIOX" or the "Company" and, together with its subsidiaries,
the "Group")
AGM Statement
Oxford, UK - 18 May 2023: NIOX Group plc (AIM: NIOX), a medical
device company focused on point of care asthma diagnosis and
management, is holding its Annual General Meeting today at the
Hayakawa Building, Edmund Halley Road, Oxford Science Park. Oxford
OX4 4GB.
Trading Update
We are pleased to report that our business has continued to
perform well, with total revenues in the first 4 months of the year
up 21% compared with the same period in 2022. Our core Clinical
business grew strongly with revenues up 28% compared with the same
period in 2022. EMEA has continued to experience strong growth, and
our Asia markets have also improved significantly. In the USA, our
relatively new distributor partners are starting to make an
increasing contribution to revenues in the region, which were up
16% year to date compared with 2022.
Gross margins continued to be robust, which together with the
lower overheads as we exited 2022 meant that adjusted EBITDA for
the first four months of the year was well ahead of management
expectations.
The unaudited cash balance at 30 April 2023 was GBP22.3m (31
December 2022: GBP19.4m). Returns claims amounting to GBP1.1m
relating to the discontinued business that were noted at the time
of the preliminary results were settled in April.
Ian Johnson, NIOX's Executive Chairman, said: "I am pleased to
report a continuing strong trading performance in the year to date,
reflecting the successful execution of our strategy. The effect of
the growth in revenues, robust margins and the lower level of
overheads means that adjusted EBITDA for the full year is now
likely to be significantly higher than management expectations at
the start of the year.
The Board believes that the cash generation and resources of the
Group are now at a level where it is appropriate to commence the
payment of a dividend. Further details of the timing and quantum of
an initial dividend payment will be announced in due course.
I look forward to updating shareholders again on our further
progress and plans at the time of the H1 trading update in
July."
Contacts
NIOX
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker)
Aubrey Powell/ Jen Boorer Tel: +44 (0) 20 7496 3000
About NIOX
Our mission is to improve asthma diagnosis and management by
greater patient access to FeNO testing. Asthma is one of the
biggest healthcare issues globally with 340 million sufferers, many
of whom are undiagnosed or are misdiagnosed. The Group is engaged
in the design, development, and commercialisation of medical
devices for the measurement of FeNO, a precise biomarker for
asthma. Our market leading device, NIOX VERO(R), is increasingly
recognised by healthcare professionals as an important tool to
improve the diagnosis and management of asthma. NIOX VERO(R) is
also the device of choice by leading clinical research
organisations for respiratory studies.
NIOX provides products and services via its direct sales
organisation and extensive distributor network in 50 countries. For
more information, please visit www.niox.com
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END
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