Yourgene H2 revenues grow less than expected

(Sharecast News) - Molecular diagnostics group Yourgene Health said on Monday that while some strong second-half momentum was expected to deliver double-digit annual growth, the improvement was now seen printing below prior expectations.
Yourgene cautioned that the ongoing impact of the Covid-19 pandemic on ordering patterns in both UK and international commerce was expected to result in full-year revenues being "below consensus market estimates".

Full-year revenues were now expected to be in the range of £18.0-20.0m, lower than previous guidance as a result of deferred revenues but still representing a "solid" year-on-year growth of 10-20%.

Chief executive Lyn Rees said: "Whilst achieving double-digit growth during this pandemic is welcome, it is still a disappointment to report delivery below our original expectations which we had revised upward at the time of our AGM in September 2020, in response to the short-lived reopening of UK and international markets.

"Our Covid-19 and core business streams have proved more sensitive than expected to the severe mobility restrictions imposed globally since Christmas, particularly in response to the new virus strains. However, we have continued to expand our capabilities and, along with our partners, we expect to capitalise on a number of upcoming opportunities as and when these restrictions are lifted."

As of 0910 GMT, Yourgene shares had slumped 9.17% to 12.04p.