REG - Inspiration Health - Trading update

Inspiration HealthcareAnnouncement

01/05/2024 07:00

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RNS Number : 6963M  Inspiration Healthcare Group PLC  01 May 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.

 

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

 

Trading update

 

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology
company pioneering best-in-class, specialist neonatal intensive care medical
devices, announces a trading update.

 

Further to the announcement on 31 January 2024, the Company notes that the
material export order that was due at the end of January remains
outstanding.  The Company still expects to receive this order in the current
financial year but is not able to confirm a date due to factors outside of its
control. As a result, the Company has been in discussions with its bank
regarding covenant tests on its debt facility on 30 April 2024 and has sought
and received a waiver from its lender in this respect. Alternate covenants
have been agreed until 30 April 2025 which will need to be met and bank
consent received ahead of any further drawdowns of the Revolving Credit
Facility. The Company is investigating alternate financing options in the
event the order is not received and will make a further announcement as
appropriate.

 

The Company notes that the first quarter of the new financial year has seen a
continuation of the challenging trading conditions experienced in the second
half of the last year and expects sales in the current year to be
significantly second half weighted. Excluding the material export order,
underlying growth in the Group's business is expected to be mid-single digits
for the financial year overall, and with some ongoing pressure on margins. In
addition, Sales at Airon Corporation, the Group's newly acquired business in
Florida have started the year positively and the business is reporting
significant growth over the prior year.

 

In the meantime, the Group continues to focus on delivering on its growth
strategy internationally.

 

For further information, please contact:

 

 Inspiration Healthcare Group plc                                                Tel: +44 (0)330
                                                 175 0000
 Neil Campbell, Chief Executive Officer

 Alan Olby, Chief Financial Officer

 Liberum (Nominated Adviser & Broker)                                            Tel: +44 (0)20
                                                 3100 2000
 Phil Walker

 Richard Lindley

 Will King

 Walbrook PR Ltd (Media and Investor Relations)  Tel: +44 (0)20 7933 8780 or inspirationhealthcare@walbrookpr.com
 Anna Dunphy                                     Mob: +44 (0) 7876 741 001
 Stephanie Cuthbert                              Mob: +44 (0) 7796 794 663
 Louis Ashe-Jepson                               Mob: +44 (0) 7747 515 393

 

About Inspiration Healthcare

 

Inspiration Healthcare (AIM: IHC) designs, manufactures and markets pioneering
medical technology. Based in the UK, the Company specialises in neonatal
intensive care medical devices, which are addressing a critical need to help
to save the lives and improve the outcomes of patients, starting with the very
first breaths of life.

 

The Company has a broad portfolio of its own products and complementary
distributed products, for use in neonatal intensive care designed to support
even the most premature babies throughout their hospital stay. Its own branded
products range from highly sophisticated capital equipment such as ventilators
for life support through to single-use disposables.

 

The Company sells its products directly to hospitals and healthcare providers
in the UK and Ireland, where it also distributes a range of advanced medical
technologies for infusion therapy.  In the rest of the world the Company has
an established network of distribution partners around the world giving access
to more than 75 countries.

 

The Company operates in the UK from its world-class Manufacturing and
Technology Centre in Croydon, South London and from its facility in Hailsham,
East Sussex, and in the USA from its facility in Melbourne, Florida.

 

Further information on Inspiration Healthcare can be found at
www.inspirationhealthcaregroup.com (http://www.inspirationhealthcaregroup.com)

 

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