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(Alliance News) - Health-focused technology firm Induction Healthcare Group said Thursday its interim loss deepened sharply as costs rose following its listing in London.
For the six months ended September, pretax loss widened to GBP2.2 million from GBP1.0 million the year prior. This was after administrative expenses jumped to GBP1.6 million from GBP170,000 the year before.
Induction did not generate any revenue in either year.
"I am pleased with our progress since our IPO in May 2019," Chief Executive Officer Ibs Mahmood said. "We have a large, established, and engaged user base among healthcare professionals."
In May, Induction joined the London Stock Exchange through a 115 pence per share initial public offer valuignt he firm at GBP34 million. Shares in Induction were untraded at 117.50p in London on Thursday.
"In line with our growth strategy, I am excited by our first acquisition - the MicroGuide platform and app which extends our capability and generates revenue," Mahmood added. "With the addition of MicroGuide, Induction apps are relied upon by the majority of not only doctors but also the majority of trusts in the UK to improve productivity and deliver better care through faster communication and access to critical information. MicroGuide also gives the group a broader global footprint."
"Our progress brings us nearer to our clear and simple vision: to produce technology that healthcare professionals choose to use to provide better, and more efficient, care," Mahmood continued. "We look forward to updating the market on further progress in the second half of the financial year."
By Ahren Lester; ahrenlester@alliancenews.com
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