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Inspiration Healthcare earnings more than double as COVID-19 orders boost revenues

Inspiration Healthcare Group PLC (LON:IHC) said earnings more than doubled as revenues were boosted by orders related to the Coronavirus (COVID-19) pandemic.

In results for the year to January 31, the medical technology firm reported adjusted earnings (EBITDA) of £5.6mln, up from £2.3mln in the prior year, while revenues jumped to £37mln from £17.8mln.

READ: Inspiration Healthcare receives China approval for neonatal ventilator

Inspiration noted “significant” one-time revenues of £7.3mln during the year relating to the COVID-19 response, saying it had assisted the UK’s NHS during the pandemic by sourcing ventilators and providing technical advice and support.

The firm also said it increased its net cash position which will enable further investments to drive growth, while its Project Wave trial is anticipated to see its first patient by the end of April.

Looking ahead, Inspiration said its current financial year has “started well” and in line with its expectations, adding that although it expected some issues with COVID-19 it has a strong order book across the group and its expectations remained unchanged.

“In a very challenging year, there have been remarkable achievements by our team to have made so much progress in so many areas.  As an enlarged group with a stronger product portfolio and greater market reach, we are well positioned for significant long-term growth”, chief executive Neil Campbell said in a statement.

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