Medica Group PLC (LSE:MGP), the medical imaging group, delivered a strong set of prelims, which showed the company has pushed beyond pre-Covid financial levels.
It also provided an optimistic assessment of prospects as chairman Roy Davis said: “Whilst we are not yet out of the woods in terms of the impact of COVID-19, we have confidence that we will be able to support our clients to tackle their respective backlog of scanning, reporting and clinical trial studies in 2022.
“We continue to have a positive outlook on the market and think that the dynamics are still very favourable for Medica as we observe more and more reporting capacity pressure in the NHS and Health Safety Executive in Ireland.”
For the 12 months ended 31 December 2021, revenues grew by 68% to £61.9mln, giving underlying profits of £12.1mln, up 141%.
Medica ended the period with £9.6mln in the bank, which is more than enough to cover a 1.79p a share dividend, up 5% on the year prior.
The group, which provides teleradiology services both as an overnight service and to support elective procedures, last year benefited from a normalisation of business post-pandemic.
It also received a boost from its acquisition RadMD in the US and the creation of a new joint venture in Australia.
“We look forward to continuing our momentum through 2022 to consolidate our position as the trusted, teleradiology partner of choice for healthcare providers,” said Medica chief executive, Dr Stuart Quin.