AGM Statement

RNS Number : 1367R

Inspiration Healthcare Group PLC

26 June 2020

 

Inspiration Healthcare Group plc

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

AGM Statement

Inspiration Healthcare Group plc (AIM:IHC), the global medical technology company, provides the following statement from the Chairman, Mr Mark Abrahams , ahead of its Annual General Meeting (AGM), which is to be held at 11.30 a.m. today:

" As I announced at the time of our annual results in April, the Group had enjoyed a very strong start to the year with increased revenues and a healthy order book and I can report that this high level of activity continued during the last few months and including  the Covid-19 epidemic. During this difficult time, I have been particularly pleased to see the enormous effort that everyone who works at Inspiration Healthcare has put in to ensure that all operations kept going at full speed and also their complete dedication to ensure that the medical equipment, and particularly that some of the ventilators that we managed to source from all over the world, were delivered to the front line of the NHS.

In the last week we announced the proposed acquisition of S.L.E. Limited as detailed in the circular issued to shareholders on 19 June. S.L.E. is  a leader in the design and manufacture of ventilators and capital equipment for neonatal intensive care which is run by a team of highly experienced experts in the neonatal sector. Together, we would become a significantly larger and more important player in this specialist field throughout the world. In the financial year ended 31 July 2019, S.L.E generated revenues of over £16 million and pre-tax profits of £1.5 million. The proposed acquisition is expected to be earnings enhancing in the short to medium term, with significant commercial synergies. Additionally, it will  broaden the Group's product portfolio and geographic reach. Over 90 per cent. of S.L.E.'s revenues are generated from sales outside of the UK with a significant proportion of these  in Asia Pacific and the Middle East. When combined, the Group would have approximately 60 per cent of its revenue from exports. Should the proposed acquisition be approved by shareholders, we welcome the new team and are looking forward to working with them.

As has previously been announced, Mike Briant, the Group's Chief Financial Officer, will be retiring from the Board at the end of June 2020. I'm delighted Mike has agreed to continue to work full time with the Group up to the end of August and continuing his handover part time until November 2020. Jonathan Ballard, currently Inspiration's Group Financial Controller, will become the Group's Chief Financial Officer and Company Secretary with effect from 1 July 2020. I would like to thank Mike on behalf of the Board for his valuable contribution in the last few years and also for having played such an important role in the successful acquisition of Vio Holdings Ltd last September and now the proposed acquisition of S.L.E. We wish him a long and happy retirement.

Going forward, together we will continue to invest in the three strategic areas of our business where we can deliver sustained growth: the organic development of our to be enlarged business together with our prospective new colleagues, developing the disruptive technologies we have such as our "Wave" project and, if appropriate, via further acquisitions. To this end, I'm confident that we will continue the good start we have made so far this year and are set once again to increase revenues significantly."

Enquiries:

Inspiration Healthcare Group plc Neil Campbell, Chief Executive Officer Mike Briant, Chief Financial Officer Jon Ballard, Group Financial Controller	Tel: [phone]
Nominated Adviser & Broker Cenkos Securities plc Mark Connelly Stephen Keys Cameron MacRitchie	Tel: [phone]
Cadogan PR  Alex Walters [e-mail]	Tel: [phone]

About Inspiration Healthcare   http://www.inspiration-healthcare.com

Inspiration Healthcare is a global provider of medical technology for use in critical care & operating theatres. The Company provides high quality innovative products to patients around the world which help to improve patient outcomes and it actively invests in innovative product opportunities and disruptive technologies.

Through investment in research and development the Company has 6 key own brand products that can be used within the first 6 hours of life to help premature and sick babies; helping with assessment, resuscitation, stabilisation as well as preventing brain damage. Additionally the Company has its own range of products for maintaining normothermia pre- during and post-surgery.

With product availability extending to over 50 countries through a distribution network, Inspiration Healthcare's success has been built on continuous innovation, excellent customer service and an inherent commitment to improving patient outcomes, working in close collaboration with key opinion leaders across the globe. In the UK and Ireland the Company has a direct sales team selling Inspiration Branded and complementary products from third parties, with an additional range of home healthcare products. This is supported by Technical Support for planned preventative maintenance and emergency assistance. Further information on Inspiration Healthcare can be seen at www.inspiration-healthcare.com

 

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