Int Diag Hld Share News (IDHC)

(Alliance News) - Integrated Diagnostics Holdings PLC on Tuesday reported an interim period of "strong" growth.

Integrated Diagnostics is a consumer healthcare firm with operations in Egypt, Jordan, Sudan, and Nigeria.

Revenue for the six months to June climbed 23% to EGP1.06 billion, or GBP52.3 million, and pretax profit rose 14% to EGP347.2 million.

Integrated Diagnostics said the revenue growth was mainly driven by a rise in patient numbers and test volumes. Egypt makes up the great majority of revenue, an in this segment revenue was up 27% to EBP911 million.

Patient numbers were 3.7 million in the half, up 14% on the year before, with test volumes climbing 24% to 15.6 million.

Chief Executive Hend El-Sherbini said: "I am very pleased with our first-half results and our ability to deliver strong top-line growth with good profitability. IDH achieved a 23% increase in revenues to EGP1.1 billion in the first half of 2019 along with an expansion in the earnings before interest, tax, depreciation, and amortisation margin to 42%.

"This performance was driven by Integrated Diagnostics' operational growth, with increased patient and test volumes supported by the breadth of the group's branch network and the strength of its brands. I am also pleased to report IDH's full-fledged radiology branch in Egypt, Al Borg Scan, is delivering impressive results with over 11,000 tests performed during the six-month period and an accelerating revenue and Ebitda trajectory."

Looking ahead, Integrated Diagnostics is confident on meeting its 2019 revenue growth target of 20% and an Ebitda margin of around 40%. Revenue in 2019 was EGP1.92 billion, and the Ebitda margin for the first half was 42%.

In a separate announcement, the firm announced a new Egyptian subsidiary, called Wayak, which will invest in data mining and artificial intelligence platforms.

"Wayak will allow Integrated Diagnostics to build electronic medical records of patients and better cater to their needs with new value propositions," said the company.

Shares in the company were 1.7% lower on Tuesday shortly before midday in London at USD4.70 each.