RE: YouTube Video23 Aug 2024 09:59
P11O you what? We are doing very nicely and haven’t even factored in the global Mpox testing PCR needs! NCYT debt free and tons of cash in the bank with multi sector growth anticipation on top! IMHO DYOR GLA
Financial Highlights
· Unaudited Group statutory revenue for H1 2024 expected to be circa £10.3 million (H1 2023*: £3.3 million), of which c.£7.8 million relates to Yourgene Health ("Yourgene").
o H1 2023 proforma revenue excluding COVID-19 sales was £11.4 million
· Encouraging growth in Reproductive Health (34% YoY increase on a proforma basis) and Non-invasive prenatal testing ("NIPT") (5% YoY increase on a proforma basis).
· Cash position at 30 June 2024 was £32.9 million (31 December 2023: £44.1 million), and the Group remains debt free.
· The Group is on track to deliver its target acquisition synergies by the end of 2024, reducing the annual cost base by £5.0 million following the acquisition of Yourgene, with the Directors believing further savings can also be made.
· £5.0 million settlement fee was paid to the Department of Health and Social Care ("DHSC") in early July (post-period-end).
· Following the settlement with the DHSC as announced on 11 June 2024, the Group has submitted a request to reclaim circa £12.2 million VAT paid to HMRC relating to DHSC invoices that will now not be paid. The Company believes it is entitled to have all VAT refunded, however there is no guarantee that the claim will be successful and the timing of the refund is currently unknown.
*excludes any Yourgene revenue as pre-acquisition