Inspiration Healthcare confident of meeting FY market expectations

AIM-listed medical technology company Inspiration Healthcare Group said on Tuesday that it was confident about meeting market expectations for the full year following a strong first half.

In an update for the six months to the end of July, Inspiration said it had continued to enjoy a "very strong" start to the year, with underlying revenues around 30% ahead of the same period a year ago.

The company said the order book is healthy, "augmented by several unexpected opportunities as a result of the Covid-19 epidemic and the award of contracts to supply ventilators and ancillary services to the NHS".

While the supply of these ventilators has been made difficult by a number of factors outside of its control, Inspiration said around 40% of the value of the contracts have been supplied and it continues to work hard to supply the balance.

The group said it had completed the acquisition announced in June of S.L.E, a manufacturer of ventilators for neonatal intensive care.

Chief executive officer Neil Campbell said: "Since completion, the integration of S.L.E. has proceeded according to plan and, with the recently announced changes to the senior management team, we are excited about the prospects of the enlarged group.

"When taking the orders from the NHS for ventilators as a result of the Covid-19 epidemic into account we are well placed to deliver significantly increased revenues. Additionally, this year has had some large contracts and one off opportunities that have resulted in sales being first half weighted. Given the strong first half performance of the underlying business we are confident that we will achieve market expectations for the current financial year."