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but it wont, will it! on that RNS info, the novacyt hogwarts train is about to leave the station for platform 11 and 3/4 :)
All that cash puts them in great strategic position for acquisitions , mergers , and expansion .
They aren't sitting on their hands .
LFT , US entry . It just goes on .
PS. I think the cheeky f.ckers at DHSC want to do a runner. Contract says faulty goods to be replaced under warranty, while the gov don't want replacement goods because they have already spent the taxpayer's money on Chinese crap.
Karma will get them one day.
RNS looks good to me, mainly because they've chosen to lay out the boundaries of the dispute in a way which removes uncertainty. A brave decision by the company that I applaud.
The underlying figures (even ex dispute) are extraordinary. Very rarely will you own shares in a company that reports sequential revenues of £12m, £11m, £277m. Earnings (post tax etc as properly defined) are close to 50%, with cash-generation as clean-as-a-whistle.
Wow.
Blue - not quite. Ncyt appear to have f.cked up and want to correct the f.ck up by replacing the product at the cost up to a maximum of £19m, as provided for in the accounts. There might be a bigger impact on profitability, as far as I can understand, if DHSC continue pushing for a different resolution to the dispute, but that seems to be "improbable".
Since accounting provisions have to be prudent, there should be a very good legal case in favour of NCYT for them to make such a provision.
Looks pretty strong to me
Well it's only a £19.8m provision which ncyt are confident we will win on anyway. That's alot less than people have been speculating. 100m rev forecast, 90 oddm in the bank and 70 oddm in invoices awaiting dhsc payment. Add that in we have 160m cash in the bank, and 100m annual revenue base
f.ck the market.
Cash is cash. Cash is King.
This can drop to £1 on open for all I care - the market will eventually correct itself.
is it fair to say that the rns is in line with OUR expectations, rather than the market expectations?
That is a pretty damn good RNS .
Lots to digest
Big numbers , and big ambitions
Well done
Isn't it close to Porkys BEST scenario
SP £12
Hope so.
If demand picks up in line with expectations, the Company expects to see full year sales of approximately £100m, excluding the sales to the DHSC which are in dispute.
46 pages c u later
£20m provision? Ahahahaha
Full year 2020 results and update on growth strategy
Transformational performance in 2020
Continued strong demand for COVID-19 testing in 2021
Strategy to deliver long-term growth through test, instrument, and geographic expansion in key areas, supplemented by M&A
Paris, France and Camberley, UK - 22 June 2021 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces its audited results for the year ended 31 December 2020 and provides an update on its growth strategy.
Graham Mullis, Group CEO of Novacyt, commented:
"2020 was a year of transformation for Novacyt as we responded to the worldwide spread of COVID-19. Historically, we have built a reputation for the innovation and high performance of our diagnostic technologies, which allowed us to rapidly respond to the pandemic through the development of a reliable COVID-19 PCR testing portfolio. As a result of supporting an urgent global demand for PCR testing, the future of Novacyt has been secured, having repaid all long-term debt, significantly strengthened the balance sheet, and delivered on a number of strategic objectives to support future growth.
"As the COVID-19 testing market has continued to evolve in 2021, we have continued to strengthen our core capabilities and apply our bioinformatics and design expertise to expand our product offering. We therefore expect to see Novacyt continue to play a major role in COVID-19 testing and, specifically, we expect to see strong revenue growth in private testing as markets and international travel re-opens.
"As we look to build on our solid foundations, and develop Novacyt into a major diagnostics player, we have updated our strategy for delivering long-term growth with a refined focus in key areas of test, instrument, and geographic expansion. We will also continue to supplement these growth initiatives through our M&A strategy. The Board believes that Novacyt is well positioned to create sustainable, long-term value.
"I would like to extend my sincere gratitude to all of our employees for their ongoing hard work and dedication, as well as our partners and suppliers for their loyalty throughout 2020 and so far in 2021 as we continue the fight against COVID-19. Finally, I would like to thank our shareholders, long-standing and new, who continue to support Novacyt."
Financial highlights
· Group consolidated revenue increased by over 20x to £277.2m in 2020 compared with £11.5m in 2019
· Group gross margin continued to improve, increasing to 76.3% in 2020 from 64.0% in 2019
· Group EBITDA increased to £176.1m in 2020 compared with £0.2m in 2019, with EBITDA margin increasing to 64% in 2020 compared with 2% in 2019
· Operating profit of £167.4m in 2020 compared to a loss of £1.6m in 2019
· Profit after tax of £132.4m in 2020 compared to a loss of £5.7m in 2019
· Cash at year-end of £91.8m compared with £1.5