Teleradiology specialist Medica Group PLC (LSE:MGP, FRA:2MI) said the recovery of the electives business and a strong contribution from the NightHawk emergency service were behind a 55.7% jump in first-half revenues and a more than doubling of underlying profits.
The company added that it was “well-positioned for further growth, with acquisitions in Ireland and the US performing on plan and execution of strategy remaining a key focus”.
Turnover jumped to £26.4mln in the six months to June 30, while underlying profits grew by 106% to £4.3mln.
"Whilst the first half of the year has demonstrated the resilience of our business model and shown month-on-month improvement in performance, post-period trading has further strengthened our confidence in the outlook for the business,” said chief executive, Dr Stuart Quin.
“We remain focused on supporting our clients to provide reporting capacity as they see exceptional levels of demand to process the backlog of cases through the delivery of high quality and reliable services.
“This will be underpinned by our continued drive to recruit new reporters, and our new teleradiology platform, due to launch in early 2022, to improve throughput, as well as the experience for our reporters.”
Medica’s confidence in the future was reflected in the interim dividend payment, which rises to 0.89p from 0.85p.
The company said its FutureTech programme was “well on track” to deliver new its teleradiology platform, with a new picture archiving and communication system at its core, in the first quarter of next year.
It added that augmented intelligence is now integrated into standard workflow, “which has resulted in significantly faster reporting turnaround of urgent stroke cases”.