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LONDON (Alliance News) - Inspiration Healthcare Group PLC on Tuesday said its revenue grew marginally in the first half of its current financial year as it experienced a delay in product releases.
The medical device company said pretax profit slipped to GBP504,000 in the six months to the end of July from GBP512,000 reported for the same period a year earlier as its operating expenses grew to GBP2.8 million from GBP2.7 million.
Inspiration Healthcare said it expects its spend on research & development to grow further in the second half of the year.
Meanwhile, revenue increased 3% to GBP7.4 million from GBP7.2 million year-on-year, with particularly "good" sales in Home Healthcare, the company said.
Whilst revenue in the Distributed Products segment improved by 20% to GBP3.2 million, revenue in Own Brand Products declined to GBP3.2 million from GBP3.5 million the year before due to delayed product releases.
"From the difficult start to the year caused by the delays in receiving the necessary approvals for our own developed products, I am pleased to report that we are getting back on track with the first sales of the newly developed patient warming system achieved and expect that these sales will increase as we obtain further registrations in other markets," said Chief Executive Neil Campbell.
Shares in Inspiration Healthcare were flat on Tuesday at 68.00 pence each.
