Interventional medicine revenue surges at BTG

Specialist healthcare company BTG posted its interim results for the six months to 30 September on Tuesday, with double-digit revenue growth underpinned by 24% constant exchange rate growth in interventional medicine revenues.

The FTSE 250 firm said its operating profit for the period reflected planned investments, and claimed its adjusted and IFRS earnings were impacted by one-time costs.

On the financial summary, the 24% revenue growth saw the total leap to £285.4m year-on-year, with interventional medicine revenue up 39% overall to £98.1m.

Its adjusted operating profit was up 25% to £78.8m, though IFRS operating profit dropped 34% over the same time last year to £29.1m.

Adjusted basic earnings per share were 13.9p - down 5% - while IFRS basic earnings per share were down 75% to 3.4p.

The company reported free cash flow for the half year of £55.7m, down 7%, with net cash flow from operating activities down 3% to £60.8m.

“The business has performed well during the first half, and the outlook for the full year is strong,” said CEO Louise Makin.

“We have the capabilities and financial strength to take advantage of the increasing opportunities we are seeing to expand our Interventional Medicine business.

“By accelerating our growth strategy through reinvestment of our cash flows to maximise the value of and expand the current portfolio, we can build leadership positions in selected areas of interventional medicine and thereby create sustainable value for shareholders.”