(Alliance News) - Hemodynamic monitoring firm LiDCO Group PLC said Tuesday it made a good start to the year, pushing the firm closer to profitability.
Shares in LiDCO were 8.2% higher at 4.22 pence in London on Tuesday.
For the six months ended July, pretax loss narrowed to GBP820,000 from GBP1.3 million the year prior. This was despite revenue falling 2.8% to GBP3.5 million from GBP3.6 million the year before. Profit performance was helped by sales & marketing costs falling to GBP1.7 million from GBP2.0 million the year prior.
LiDCO does not pay an interim dividend.
"We've had a good start to the year as we were able to transition more UK customers to HUP [High Usage Programme] and it is pleasing to report that this continues into the second half," LiDCO Chief Executive Officer Matt Sassone said.
"In the US we are continuing to gain success from a comparatively small sales presence, which demonstrates the potential of the HUP business model," Sassone added. "With HUP gathering more momentum, we are focussed on achieving a strong second half performance as the business moves progressively towards profitability, driven by a strong recurring revenue base."
By Ahren Lester; ahrenlester@alliancenews.com
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