British teleradiology services provider Medica Group PLC (LON: MGP) booked strong progress in its first half fundamentals.
The Group reported bumper revenue growth, up 18.2% on a year-on-year comparison fro the first half, up to £21.98 million. This led hikes in gross profit, up 15.1% to £10.46 million, and in adjusted EBITDA and adjusted profit before tax, up 9.7% and 7.2% to £6.15 million and £5.20 million respectively.
Medica shareholders saw similar progress, with basic EPS up 9.4% to 3.49 and adjusted EPS up 9.5% to 3.98. Similarly, their interim dividend per share spiked 13.3%, from 0.75p to 0.85p.
The Company said they began teleradiology reporting from Australia and Continental Europe, added 28 new reporters to the Group (net of 390), and stated the total number of reported body parts increased by 14.2%.
Medica Group comments
Roy Davis, Chairman, said,
“Medica has consistently delivered year-on-year double-digit revenue growth and these results show that the company’s high-quality clinical service remains important to its clients. Medica is investing in infrastructure and technology to support future growth and continues to provide an attractive environment for reporters looking to broaden their career. For the full year 2019, the Board anticipates revenues will be slightly ahead of its expectations with profit remaining in-line with its expectations as the Company continues to invest in optimising the business for future growth.”
Stuart Quin, Chief Executive Officer, said,
“I am delighted to have joined Medica as CEO. These results demonstrate that Medica remains well-positioned to take advantage of the fast-growing teleradiology reporting market. I look forward to working with the team to continue to deliver a high-quality service for our customers and to develop our growth strategy for the future.”
The Company’s shares are down 1.05% or 1.38p, despite today’s positive update, to 130.12p per share 09/09/19 12:52 BST. Analysts from Peel Hunt reiterated their ‘Hold’ stance on Medica Group stock. The Group’s p/e ratio is 16.97, their dividend yield stood at 1.73%.
Elsewhere in health and medical news, there have been updates from; EMIS Group (LON: EMIS), OptiBiotix Health PLC(LON: OPTI) NMC Health (LON: NMC), Astrazeneca plc (LON: AZN) and ValiRx Plc (LON:VAL).