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Inspiration Healthcare Group PLC on Tuesday posted a lower half-year profit as costs rose.
Inspiration Healthcare is a Crawley, England-based medical technology company. Company shares fell 16% to 73.50 pence each in London on Tuesday morning.
Pretax profit in the half-year that ended July 31 fell to £885,000 from £2.5 million a year prior. Revenue fell 1.8% to £20.5 million from £20.9 million. Cost of sales increased 13% to £11.3 million from £9.9 million.
The firm declared an unchanged interim dividend of 0.205p per share.
Chief Executive Officer Campbell said Russia's invasion of Ukraine and lockdowns in China impacted the firm's supply chains and sales in the first half.
Chair Mark Abrahams stated: ‘Sales in the first half of the financial year did not meet our initial expectations but given the global macro-economic conditions with rising inflation and economic uncertainty, we believe that a first half performance similar to last year was a reasonable outcome.
‘Our product mix was different from what we had expected at the beginning of the year, but we are confident that we have the range of products in our portfolio to ensure we can offer customers the products they need in the second half, with opportunities delayed not lost. Recent orders from Japan for over £600,000 give us confidence that the opportunities we are aware of will be realised in the second half, as we expected at the time of our annual general meeting statement.’
Looking ahead, Chair Abrahams cites a strong order book and interest in Inspiration's products. The company said it remains confident in the profit forecast for its current financial year 2023 ending January 31.
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