Fri, 21st May 2021 07:00
("Novacyt", the "Company" or the "Group")
DHSC Dispute Update
Paris, France and Camberley, UK - 21 May 2021 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces an update to its ongoing dispute with the Department of Health and Social Care ("DHSC").
On 9 April 2021, Novacyt announced that it was in dispute with the DHSC in relation to its second supply contract and that this may have a material impact on Q4 2020 revenues. In the same announcement it was also noted that approximately 50% of Q1 2021 revenue was driven by sales to the DHSC. The dispute may now have a material impact on these Q1 2021 revenues from the DHSC.
The Company has taken legal advice in relation to the dispute and believes it has strong grounds to assert its contractual rights.
The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
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Graham Mullis, Chief Executive Officer
James McCarthy, Chief Financial Officer
+44 (0)1276 600081
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Arnaud de Cheffontaines
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About Novacyt Group
The Novacyt Group is an international diagnostics business generating an increasing portfolio of in vitro and molecular diagnostic tests. Its core strengths lie in diagnostics product development, commercialisation, contract design and manufacturing. The Company's lead business units comprise of Primerdesign and Lab21 Products, supplying an extensive range of high-quality assays and reagents worldwide. The Group directly serves microbiology, haematology and serology markets as do its global partners, which include major corporates.
For more information please refer to the website: www.novacyt.com