Niox revenue, earnings grow in H1

Medical devices business Niox said on Wednesday that both revenues and underlying earnings had grown in the six months ended 30 June.

Niox said revenues were up 12% at approximately £21.0m, with core clinical revenue growth of 11% to roughly £18.5m.

Adjusted underlying earnings were 14.5% stronger at £7.1m, while gross margins were 1% lower half-on-half at 72% although overheads were slightly lower than H123, largely because of FX movements.

The AIM-listed group also pointed to a "strong balance sheet", with net cash improving from £19.9m to £21.5m.

Chief executive Ian Johnson said: "I am pleased to report continued growth in revenues and profits in the first half of the current financial year, during which the group has traded in line with management expectations. Our core clinical business, which continues to benefit from a high degree of recurring revenues, grew at 14% in constant currency terms.

"The company is now in a strong financial position, with continuing momentum in the clinical business. I look forward to updating shareholders again at the time of the half-year results."

As of 1045 BST, Niox shares were down 0.48% at 68.27p.

Reporting by Iain Gilbert at Sharecast.com