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.
Yourgene said revenues for the six months ended 30 September came to £8.2m, up 5% year-on-year, and also highlighted that revenues from its UK Covid-19 testing services and international Clarigene SARS-CoV-2 diagnostic product had started to build in the latter part of the half and were now showing "strong growth" in the early part of the second half.

The AIM-listed group highlighted that strong UK and European growth had helped offset the impacts of the Covid-19 pandemic on some of its core international markets, with European growth mainly reflecting the company's acquisition of its French distribution business in March.

On the other hand, Yourgene did point out that international markets were "particularly affected" by enforced Covid-19 lockdowns, which inhibited cross-border shipments and in-country non-Covid-19 testing, most notably in Japan and India.

However, delays in launching new customer sites in key new international markets, such as the USA and Japan, were said to have recently been "resolved", with strong momentum being established in the early part of the second half.

Chief executive Lyn Rees said: "I am pleased to report continued year-on-year growth in the first half in the most challenging of circumstances, and it goes to show the core resilience that Yourgene has developed through its greater geographic and business diversity.

"Our full-year outlook remains in line with management expectations and we look forward to updating investors again when we publish our half-year results in December."

As of 1000 GMT, Yourgene shares were down 7.62% at 18.02p.