Medical technology group Inspiration Healthcare Group PLC (LON:IHC) said it performed ahead of expectations in the year just ended.
The group said it expects to report a 15% year-on-year increase in revenue for the year to 31 January 2020 to around £17.8mln.
The recently acquired Viomedex business contributed to the revenue growth, performing in line with expectations; on a like-for-like basis, revenue growth was 12%.
“We are delighted with the results achieved this year, we had targeted double-digit revenue growth and delivered it notwithstanding difficult macro-economic conditions such as Brexit,” said Neil Campbell, the chief executive officer of Inspiration.
“The acquisition has contributed positively and we look forward to greater contributions. This gives the group a strong platform for continued double-digit revenue growth as the company plans for further business development," he added.
In a note on Thursday, analysts at Cenkos reiterated their ‘buy’ rating on the stock, saying the “strong trading update” demonstrated “the strength of both Inspiration Healthcare’s underlying business and recent acquisition”.
“We expect Inspiration Healthcare to deliver strong revenue growth, with a focus on its Own-Brand products supporting margin improvement. Ongoing internal investments in disruptive technologies and regulatory support functions provide a solid foundation for future growth and further business development”, the broker added.
Shares in Inspiration were up 9% at 72.5p in late-afternoon trading.
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