(Alliance News) - Inspiration Healthcare Group PLC said Wednesday its interim pretax profit dipped on higher operating expenses despite growth in revenue.
The medical device company said that, for the six months to the end of July, pretax profit slipped by 3.8% to GBP483,000 from GBP502,000 the year before, as operating expenses increased by 14% to GBP3.2 million from GBP2.8 million.
However, revenue increased by 9.5% to GBP8.1 million from GBP7.4 million the prior year, through growth in Inspirational Health's Critical Care revenue, following its largest ever order for the company's Patient Warming System in Poland.
Meanwhile, revenue from the company's Operating Theatre grew and its Home Healthcare products performed strongly.
Inspiration said it has no immediate plans to pay any dividend, but expects to be capable of paying a "nominal" dividend for the year ended January 31.
Looking ahead, encouraged by the take up of its new products, Inspiration Healthcare said its revenue has tended to be weighted towards the second half and it expects this trend to continue.
In addition, the acquisition of medical equipment products maker Viomedex for GBP4.0 million in September is executed to add production capability to the group's core business.
"The first half started well with a large patient warming system order from Poland. We maintained this momentum in the second quarter to achieve 9% revenue growth for the period. Our exports have continued to flourish with international sales up 18%," said Chief Executive Officer Neil Campbell.
"We are excited by the opportunity to develop sales of Viomedex's products through our distribution network as well as adding Viomedex's recently launched products to our portfolio. The enlarged group will also benefit from the added manufacturing capability, which will help increase gross margins of the group," Campbell added.
Shares in Inspiration Healthcare were untraded on Wednesday, last closing at 65.00 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Inspiration Hlt (IHC)