Yourgene Health Plc shares (LON: YGEN) plunged 11.54% on Monday’s opening bell after the group shared results for the half-year ended 30 September 2020.
Revenues for the half-year were up 5% to £8.2m with “strong European revenues offsetting the headwinds from COVID-19 on international sales.”
Impacts from the pandemic were offset by the strong UK and European growth. UK growth was primarily driven by Corona related products and services.
Revenue across Europe surged by 80% to £2.9m from the £1.6m in the same period a year previously.
International markets were affected by the enforced lockdowns, which inhibited cross-border shipments and in-country non-COVID-19 testing, especially in Japan and India.
Lyn Rees, Chief Executive Officer of Yourgene, commented: “I am pleased to report continued year-on-year growth in the first half in the most challenging of circumstances, and it goes to show the core resilience that Yourgene has developed through its greater geographic and business diversity.
“With the US and Japan now reopening for business, I expect to see International revenues growing rapidly around our core products and we are busy recruiting commercial resource to support the growth in activity from existing customers and to drive the on-boarding of new ones. In our UK service laboratory we have successfully achieved our initial capacity objective of 10,000 COVID-19 tests per month and are now focussed on delivering 20,000 tests per month, which we hope to have in place by January 2021.
“Furthermore, our acquisition of Coastal Genomics in this period demonstrates our continued ability to execute on select, highly attractive inorganic growth opportunities. Our full year outlook remains in line with management expectations and we look forward to updating investors again when we publish our half-year results in December,” added Rees.