Teleradiology specialist Medica Group PLC (LSE:MGP) said it saw a ‘robust recovery’ in its fortunes and profit for the year would be ahead of market expectations.
Including a strong performance from acquisitions, the group said revenues for the 12 months to December will be in line with forecasts at £61.9mln, up 68% year-on-year and 33% ahead of their pre-pandemic levels. ‘Careful cost control’ provided the added boost to the bottom line, investors were told.
In the update, Medica said there was some disruption to the services it provides for elective surgeries in the fourth quarter because of the additional health service pressures that accompanied the omicron variant of coronavirus (COVID-19).
But it added, “we are confident that most of our clients have now developed strategies to minimise the disruption to hospital capacity and staffing”.
Chief executive, Dr Stuart Quin said: “Throughout 2021, we saw improvement in demand for our services and I am increasingly confident that our clients are now well prepared to continue to manage elective procedures and to continue clinical trial enrolment despite the ongoing pandemic.
“We have made significant progress with our FutureTech programme and are looking forward to the benefits that we expect this to bring in 2022 and beyond.
“I am also very pleased to see that our recently acquired businesses in Ireland and the US are performing to plan and are well placed for continued growth this year.
“Medica continues to focus on driving reporter capacity and to look at opportunities to internationalise and further diversify its services going forward."
The company was sitting on £3.6mln of cash at the year-end.