MGP.L Regulatory News (MGP)

25 July 2018

Medica Group Plc

Pre-Close Trading Update

Medica Group Plc (LSE: MGP, "Medica" or the "Company"), the UK market leader in the provision of teleradiology services, announces a trading update for the six months ended 30 June 2018.

Unaudited revenues for the six months are anticipated to be £18.6m (organic growth of 18% vs H1 2017), as demand for NightHawk and Cross Sectional services continues to increase.

Recruitment momentum continued during H1 2018, with a net 33 radiologists added (H1 2017: 19 radiologists added). The total contracted radiologists (including radiographers and rheumatologists) as at 30 June 2018 was 339 radiologists (31 December 2017: 306).

Overall the Board expects the Company's performance for the full year to be in line with market expectations.

John Graham, Chief Executive Officer of Medica, commented:

"Medica continues to make good progress with its strategic objectives of developing the core business and broadening the services we offer. We have increased market penetration of our NightHawk and Cross Sectional services and delivered double-digit organic revenue growth in the first half of 2018. We have also added 33 radiologists and have a strong pipeline for further recruitment during the rest of the year. Our first half performance gives us confidence that we remain on track for the full year."

Medica will announce its interim results for the six months ended 30 June 2018 on Wednesday 12 September 2018.

A presentation for analysts will be held at 9.00 am BST at FTI Consulting, 200 Aldersgate Street, London, EC1A 4HD.

Please contact FTI Consulting on 020 3727 1861 or medicagroupplc@fticonsulting.com for further details.

-ENDS-

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About Medica

Medica is the UK market leader by revenue in the provision of teleradiology services, providing outsourced interpretation and reporting on MRI (magnetic resonance imaging), CT (computerised tomography) and plain film (x-ray) images. The Company currently offers three primary services to hospital radiology departments: NightHawk, an out-of-hours service, routine cross-sectional (Routine CS) reporting on MRI and CT scans, and routine plain film (Routine PF) reporting on x-ray images.

Medica has developed a bespoke secure IT platform that provides market-leading linkage between a hospital's Radiology Information System (RIS) and Consultant Radiologists who contract with Medica. Direct RIS access ensures that the full wider patient information is available and reviewed with every report.

The Company contracts with the largest pool of consultant radiologists outside of the NHS and has been trusted to provide more than 1.3 million examinations annually across its customer base of more than 100 NHS Trusts and various private hospital groups and diagnostic imaging companies. For more information please visit www.medicagroup.co.uk 

About teleradiology

Teleradiology is the electronic transmission of radiological patient images, including plain film (x-rays), CT scans and MRI scans, from one location to another for the purposes of diagnostic interpretation and reporting.