(Sharecast News) - Molecular diagnostic company Yourgene Health said on Monday that full-year earnings and revenues will exceed expectations after the strong trading performance delivered by the group in the first half of the year continued into the second.
Yourgene credited much of the performance to the firm's high throughput Covid-19 testing laboratory in Manchester, which was "deployed heavily" over the winter season to assist in the UK's response to the new wave of infections caused by the Omicron variant.
Elsewhere, the AIM-listed company said its new Covid sequencing service had launched and was awarded a contract by the UK Health Security Agency. Yourgene highlighted that the service had already made "a strong contribution" and that it was now scaling up the service for additional volume.
Having upgraded guidance in October and again in December, Yourgene now believes that full-year revenues and adjusted underlying earnings will exceed already upgraded market expectations.
"The company has already recorded year to date revenues sufficient to meet existing market expectations for the full year and expects, with a further strong contribution in the final quarter, to report full-year revenues of at least £37.0m, significantly above current market expectations of £29.0m. Adjusted EBITDA margins are expected to be at least 10% which will deliver a substantial positive swing of over £5.5m from the previous year's position," said Yourgene.
As of 1205 GMT, Yourgene shares were up 0.083% at 12.01p.
26 Oct 2020 10:02
Yourgene Health interim revenues grow despite Covid-19 headwinds
(Sharecast News) - Molecular diagnostics group Yourgene Health said on Monday that interim revenues had risen as a strong showing from its European unit had offset much of the headwinds stemming from the Covid-19 pandemic.
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