Inspiration Healthcare Group PLC Trading update

RNS Number : 6963M

Inspiration Healthcare Group PLC

01 May 2024

 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

 

Trading update

 

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology company pioneering best-in-class, specialist neonatal intensive care medical devices, announces a trading update.

 

Further to the announcement on 31 January 2024, the Company notes that the material export order that was due at the end of January remains outstanding.  The Company still expects to receive this order in the current financial year but is not able to confirm a date due to factors outside of its control. As a result, the Company has been in discussions with its bank regarding covenant tests on its debt facility on 30 April 2024 and has sought and received a waiver from its lender in this respect. Alternate covenants have been agreed until 30 April 2025 which will need to be met and bank consent received ahead of any further drawdowns of the Revolving Credit Facility. The Company is investigating alternate financing options in the event the order is not received and will make a further announcement as appropriate.

 

The Company notes that the first quarter of the new financial year has seen a continuation of the challenging trading conditions experienced in the second half of the last year and expects sales in the current year to be significantly second half weighted. Excluding the material export order, underlying growth in the Group's business is expected to be mid-single digits for the financial year overall, and with some ongoing pressure on margins. In addition, Sales at Airon Corporation, the Group's newly acquired business in Florida have started the year positively and the business is reporting significant growth over the prior year.

 

In the meantime, the Group continues to focus on delivering on its growth strategy internationally.

 

For further information, please contact:

 

Inspiration Healthcare Group plc	Tel: [phone]
Neil Campbell, Chief Executive Officer Alan Olby, Chief Financial Officer
Liberum (Nominated Adviser & Broker)	Tel: [phone]
Phil Walker Richard Lindley Will King
Walbrook PR Ltd (Media and Investor Relations)	Tel: [phone] or [e-mail]
Anna Dunphy	Mob: [phone]
Stephanie Cuthbert	Mob: [phone]
Louis Ashe-Jepson	Mob: [phone]

 

About Inspiration Healthcare

 

Inspiration Healthcare (AIM: IHC) designs, manufactures and markets pioneering medical technology. Based in the UK, the Company specialises in neonatal intensive care medical devices, which are addressing a critical need to help to save the lives and improve the outcomes of patients, starting with the very first breaths of life.

 

The Company has a broad portfolio of its own products and complementary distributed products, for use in neonatal intensive care designed to support even the most premature babies throughout their hospital stay. Its own branded products range from highly sophisticated capital equipment such as ventilators for life support through to single-use disposables.

 

The Company sells its products directly to hospitals and healthcare providers in the UK and Ireland, where it also distributes a range of advanced medical technologies for infusion therapy.  In the rest of the world the Company has an established network of distribution partners around the world giving access to more than 75 countries.

 

The Company operates in the UK from its world-class Manufacturing and Technology Centre in Croydon, South London and from its facility in Hailsham, East Sussex, and in the USA from its facility in Melbourne, Florida.

 

Further information on Inspiration Healthcare can be found at www.inspirationhealthcaregroup.com

 

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