rns22 Jun 2021 08:03
Full year 2020 results and update on growth strategy
Transformational performance in 2020
Continued strong demand for COVID-19 testing in 2021
Strategy to deliver long-term growth through test, instrument, and geographic expansion in key areas, supplemented by M&A
Paris, France and Camberley, UK - 22 June 2021 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces its audited results for the year ended 31 December 2020 and provides an update on its growth strategy.
Graham Mullis, Group CEO of Novacyt, commented:
"2020 was a year of transformation for Novacyt as we responded to the worldwide spread of COVID-19. Historically, we have built a reputation for the innovation and high performance of our diagnostic technologies, which allowed us to rapidly respond to the pandemic through the development of a reliable COVID-19 PCR testing portfolio. As a result of supporting an urgent global demand for PCR testing, the future of Novacyt has been secured, having repaid all long-term debt, significantly strengthened the balance sheet, and delivered on a number of strategic objectives to support future growth.
"As the COVID-19 testing market has continued to evolve in 2021, we have continued to strengthen our core capabilities and apply our bioinformatics and design expertise to expand our product offering. We therefore expect to see Novacyt continue to play a major role in COVID-19 testing and, specifically, we expect to see strong revenue growth in private testing as markets and international travel re-opens.
"As we look to build on our solid foundations, and develop Novacyt into a major diagnostics player, we have updated our strategy for delivering long-term growth with a refined focus in key areas of test, instrument, and geographic expansion. We will also continue to supplement these growth initiatives through our M&A strategy. The Board believes that Novacyt is well positioned to create sustainable, long-term value.
"I would like to extend my sincere gratitude to all of our employees for their ongoing hard work and dedication, as well as our partners and suppliers for their loyalty throughout 2020 and so far in 2021 as we continue the fight against COVID-19. Finally, I would like to thank our shareholders, long-standing and new, who continue to support Novacyt."
Financial highlights
· Group consolidated revenue increased by over 20x to £277.2m in 2020 compared with £11.5m in 2019
· Group gross margin continued to improve, increasing to 76.3% in 2020 from 64.0% in 2019
· Group EBITDA increased to £176.1m in 2020 compared with £0.2m in 2019, with EBITDA margin increasing to 64% in 2020 compared with 2% in 2019
· Operating profit of £167.4m in 2020 compared to a loss of £1.6m in 2019
· Profit after tax of £132.4m in 2020 compared to a loss of £5.7m in 2019
· Cash at year-end of £91.8m compared with £1.5
Sign In
Follow the stocks
