Inspiration Healthcare Group PLC Trading Update (7089V)

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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: [phone] 
  Group plc 
  Neil Campbell, Chief Executive 
  Officer 
  Jon Ballard, Chief Financial 
  Officer 
 Nominated Adviser & Broker        Tel: [phone] 
  Cenkos Securities plc 
  Mark Connelly 
  Stephen Keys 
  Cameron MacRitchie 
 Cadogan PR                        Tel: [phone] 
  Alex Walters 
  [e-mail] 
 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 11, 2020 02:00 ET (06:00 GMT)