Listed Induction Healthcare Group has reported strong growth for the 2022 financial year.

The virtual care platform, one of our HealthTech 50 companies, said annual recurring revenue increased from £1.8 million in the previous year to £15m in the 12 months ending 31st March 2022.

The London company also revealed a ‘strong cash position’ of £8m and break-even at the adjusted EBITDA level, having reported £-4.8m EBITDA in 2021.

In the last 12 months it has renewed NHS secondary care contracts, which sees it provide video consultation services across England, Scotland and Wales.

“A contract win with the Department of Work and Pensions, announced in November, also confirms the adaptability of Induction’s solutions and how they can be applied beyond a healthcare setting,” the company stated.

“There is significant potential to grow revenues further from AA across non-NHS services throughout the British Isles and to replicate the success of the platform, within both healthcare and non-healthcare settings, in other global jurisdictions.”