(Alliance News) - Yourgene Health PLC on Monday said revenue grew over the past year and it intends to broaden its product mix going forward.
The AIM-listed molecular diagnostics company reported revenue for the year to the end of March of GBP16.6 million compared to GBP8.9 million generated a year ago.
The company noted that its revenue could have been even higher, but GBP400,000 of orders for March fell into the new financial year due to Covid-19 transport restrictions.
Revenue growth was boosted by acquisitions of Elucigene Diagnostic in April last year and the French NIPT distribution business, acquired on March 10. The revenue increase also reflects organic growth of 36%.
Despite disruption caused by the spread of Covid-19, Yourgene Health said its customers in Europe are continuing to operate as normal, albeit with some slight timing delays if and where there are localised staffing or logistics issues.
Yourgene Health's core south east Asian markets have so far been very successful in containing the virus and avoiding restrictive practices which might have otherwise inhibited the company, it said.
"I am delighted with the performance of our business over the year," said Chief Executive Lyn Rees. "Despite the Covid-19 crisis we continue to execute on our strategy of broadening our product mix and international reach, and we are proud to be supporting the global manufacturing efforts for Covid-19 diagnostic tests from our state-of-the-art facilities in Manchester."
AIM-listed Yourgene Health shares were trading 0.7% higher in London on Monday at 20.14 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.