AGM Statement

RNS Number : 4815R

Inspiration Healthcare Group PLC

15 June 2018

 

15 June 2018

Inspiration Healthcare Group plc

Inspiration Healthcare Group plc ("Inspiration Healthcare", the "Company" or the "Group")

AGM statement

Inspiration Healthcare Group plc (AIM: IHC), the global medical device company, will hold its Annual General Meeting at 11.30am today and the Chairman, Mr Mark Abrahams, will give the following statement to shareholders:

"We were delighted to post revenues of £15.5m for the year ended 31 January 2018 and deliver the Group's fifteenth consecutive year of revenue growth. Additionally, we recorded an Operating Profit of £1.2m, slightly ahead of expectations. All of which was achieved in an evolving and increasingly challenging medical devices regulatory environment.

Our plans to launch new products in the current financial year have been frustrated by the significant delays we have experienced in obtaining an updated Quality Management System certificate and a CE Mark approval for our upgraded Patient Warming System from our Notified Body.

In the last 48 hours, and much later than we expected, we received these two certificates and we will now endeavour to make up for lost time and minimise the impact of the delay through putting in place a number of cost saving measures across the Group. We remain confident that the projected full year operating result remains achievable and expect Group revenues will be weighted towards the second half of the financial year.

Last week it was announced by NeuroproteXeon Limited ("NPXe"), a company in which Inspiration Healthcare holds 10% of the current issued share capital (or 8.1% diluted for options in existence at the time of the announcement), that NPXe confirms that it is seeking to complete an IPO on AIM in the second half of 2018. We will continue to monitor developments with interest and will update shareholders accordingly."

Enquiries:

Inspiration Healthcare Group plc Neil Campbell, Chief Executive Officer Mike Briant, Chief Financial Officer	Tel: [phone]
Nominated Adviser & Broker Cenkos Securities plc Mark Connelly	Tel: [phone]
Cadogan PR                         Alex Walters	Tel: [phone]

About Inspiration Healthcare

Inspiration Healthcare (AIM: IHC) is a global supplier of medical technology for critical care, operating theatre and other medical applications. The Company provides high quality innovative products to patients and caregivers around the world that help to improve patient outcomes and efficiencies of healthcare organisations with patient focused customer service and technical support.

The Company's own brand of critical care solutions span non-invasive respiratory management, thermoregulation and diagnostics, and patient warming for newborns through to adults in intensive care and the operating theatre, whilst the distribution business supplies solutions to support specialised surgical procedures and infusion therapies.

Present in over 50 countries worldwide, Inspiration Healthcare's success has been built on continuous innovation, excellent customer service and an inherent commitment to improving the quality of life of patients, working in close collaboration with key opinion leaders and stakeholders in the clinical and medical community across the globe.

Further information on Inspiration Healthcare can be seen at www.inspiration-healthcare.com

 

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