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(Alliance News) - Induction Healthcare Group PLC on Monday said its pretax loss narrowed in the first half of its financial year, as revenue jumped across both products.
The London-based digital health platform reported a pretax loss of GBP4.5 million in the six months to September 30, compared to a loss of GBP5.6 million the year before.
Induction Healthcare's revenue jumped 54% to GBP7.1 million from GBP4.6 million the year prior.
Revenue for the Induction Attend Anywhere product increased 56% to GBP5.6 million from GBP3.6 million, thanks to "better-than-expected" renewals across NHS England. Induction Zesty revenue surged 83% to GBP1.1 million from GBP600,000.
Meanwhile, Induction Healthcare recorded a loss in adjusted earnings before interest, taxes, depreciation, and amortisation of GBP1 million, compared to an adjusted Ebitda of GBP700,000 million the year prior.
Induction Healthcare's cost of sales widened to GBP2.4 million from GBP997,000 the year before.
Looking ahead, Induction Healthcare said full-year revenue will be GBP3 million lower than expectations, as the company predicts cost escalations of GBP900,000 due to increased hosting costs and "adverse" foreign exchange movements against the US Dollar, which is the payment currency of the majority of its IT services.
In a separate announcement, Induction Healthcare said Chief Financial Officer Guy Mitchell will step down from his position due to personal reasons.
The company also named Ian Johnson as a senior independent director, replacing Leslie-Ann Reed who will be stepping down following completion of her three-year term.
Induction Healthcare shares were down 19% to 25.22 pence on Monday morning in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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