Listed MedTech Inspiration Healthcare has reported a rise in revenue.
The Crawley firm, which provides technology for use in critical care and operating theatres, said turnover rose 30 per cent in the six months ended 31st July 2020, compared with the same period last year.
Inspiration Healthcare has six key own–brand products that can be used within the first six hours of life to help with assessment, resuscitation, stabilisation and prevention of brain damage in premature and sick babies.
It also has its own range of products for maintaining normothermia pre-, during and post-surgery.
The group said it has a healthy order book which has been augmented by several unexpected opportunities as a result of the COVID-19 epidemic and the award of contracts to supply ventilators and ancillary services to the NHS.
The supply of these ventilators has encountered difficulties, but the group said approximately 40 per cent of the value of the contracts have been supplied and that it is continuing to work hard to supply the balance to the NHS.
Inspiration recently appointed a new MD and COO and raised approximately £17m, while its internal promotions began in June when its Group Financial Controller was made CFO.
“When taking the orders from the NHS for ventilators as a result of the COVID-19 epidemic into account we are well placed to deliver significantly increased revenues,” said CEO Neil Campbell.
“Additionally, this year has had some large contracts and one-off opportunities that have resulted in sales being first half weighted.
“Given the strong first half performance of the underlying business we are confident that we will achieve market expectations for the current financial year.”
In June 2020, Inspiration announced an intention to acquire S.L.E., a leader in the design and manufacture of ventilators for neonatal intensive care, which generated revenues of over £16 million and pre-tax profits of £1.5 million last year.
Funded by a number of new and existing institutional investors, the management team and private investors, it completed the acquisition of S.L.E. in early July.
“Since completion, the integration of S.L.E. has proceeded according to plan and, with the recently announced changes to the senior management team, we are excited about the prospects of the enlarged group,” added Campbell.
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