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(Alliance News) - Induction Healthcare Group PLC on Monday posted a loss for its first year since incorporation and noted continuing growth in its user base.
The healthcare technology company's pretax loss for the period ending March 31, 2019 and beginning March 5 2018, the date of incorporation, was GBP2.7 million. This largely consisted of GBP1.3 million in development expenses and GBP1.1 million of administrative expenses.
Induction Healthcare raised GBP16.6 million gross from its AIM initial public offering in May 2019 which is being used for working capital and to fund acquisitions.
The company provides mobile app Induction Switch, which is used by healthcare professionals to access hospital information like guidelines and extension numbers and for communication.
In the six months to March 31, Induction Healthcare's registered user base for Induction Switch increased 38% to 79,649 and was up a further 18% to 94,020 between March end and Thursday last week.
Looking ahead, the company is looking to add new features to its app and said it has a "strong acquisition pipeline" which is looking for products , users, and geographies that are both "new and complementary" to the business.
Chief Executive Ibs Mahmood said: "2019 has been an important year for Induction. Our IPO raised GBP16.6 million to accelerate our growth strategy, both organically and via acquisitions. We are pleased with the continued growth in the user base and user engagement with our app, Induction Switch, which is helping healthcare professionals to deliver patient care more effectively.
"We are excited about the future and remain confident that we have the right strategy in place to create value for all our stakeholders and healthcare professionals."
Shares in Induction Healthcare were untraded at 117.50 pence on Monday at midday.
