LONDON (Alliance News) - Blood flow monitoring products company LiDCO Group PLC said Tuesday it expects strong second half results after narrowing its loss in the first half of its financial year.
LiDCO reported a pretax loss of GBP353,000 for the six months to July 31, narrowed from GBP689,000 year on year. Revenue increased slightly to GBP3.8 million from GBP3.6 million.
LiDCO's net cash inflow for the first half of the year increased to GBP856,000 from GBP315,000 a year prior, which the company attributed to reductions in its debtors and a planned reduction in inventory. Cash balances at July 31 stood at GBP2.1 million, up from GBP1.6 million at January 31.
LiDCO said it is targeting geographical expansion as a driver of future growth, as exports increased to 43% of product sales from 38% in the same period in 2015. LiDCO identified the US as a critical market, with sales there up to GBP677,000 from GBP493,000 year on year.
"LiDCO has had a strong start to the year, aligned to the tactical initiatives that we implemented last year. Traditionally our results are second half weighted and we expect this to be the same this year. We foresee 2016/17 as being a year of sales growth and cash generation," said Matt Sassone, chief executive officer.
Shares in LiDCO were down 5.1% to 6.05 pence Tuesday.
By Adam Clark; adamclark@alliancenews.com
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