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Induction Healthcare Group PLC on Monday said its pretax loss narrowed in the first half of its financial year, as revenue jumped across both products.
The London-based digital health platform reported a pretax loss of £4.5 million in the six months to September 30, compared to a loss of £5.6 million the year before.
Induction Healthcare’s revenue jumped 54% to £7.1 million from £4.6 million the year prior.
Revenue for the Induction Attend Anywhere product increased 56% to £5.6 million from £3.6 million, thanks to ‘better-than-expected’ renewals across NHS England. Induction Zesty revenue surged 83% to £1.1 million from £600,000.
Meanwhile, Induction Healthcare recorded a loss in adjusted earnings before interest, taxes, depreciation, and amortisation of £1 million, compared to an adjusted Ebitda of £700,000 million the year prior.
Induction Healthcare’s cost of sales widened to £2.4 million from £997,000 the year before.
Looking ahead, Induction Healthcare said full-year revenue will be £3 million lower than expectations, as the company predicts cost escalations of £900,000 due to increased hosting costs and ‘adverse’ foreign exchange movements against the US Dollar, which is the payment currency of the majority of its IT services.
In a separate announcement, Induction Healthcare said Chief Financial Officer Guy Mitchell will step down from his position due to personal reasons.
The company also named Ian Johnson as a senior independent director, replacing Leslie-Ann Reed who will be stepping down following completion of her three-year term.
Induction Healthcare shares were down 19% to 25.22 pence on Monday morning in London.
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