Pre-Close Trading Update
25 July 2019
Medica Group Plc
Pre-Close Trading Update
Medica Group Plc (LSE: MGP, "Medica" or the "Company"), the UK market leader in the provision of teleradiology services, announces a trading update for the six months ended 30 June 2019.
Unaudited revenues for the six months are anticipated to be £21.9m (organic growth of 18% vs H1 2018), as demand for NightHawk and Cross Sectional services continues to increase.
Recruitment momentum continued during H1 2019, with a net 28 radiologists added (H1 2018: 33 radiologists added). The total contracted radiologists (including radiographers and rheumatologists) as at 30 June 2019 was 390 radiologists (31 December 2018: 362).
For the full year 2019, the Board expects revenues to be slightly ahead of its expectations with profit remaining in-line as the Company continues to invest in optimising the business for future growth.
John Graham, Chief Executive Officer of Medica, commented:
"Medica continues to make good progress with its strategic objectives of developing the core business by continuing to improve our service to clients and radiologists and growing capacity, including internationally. We continue to increase market penetration of our NightHawk and Cross Sectional services and have delivered double-digit organic revenue growth in the first half of 2019. We have also added 28 radiologists and have a strong pipeline for further recruitment during the rest of the year. Our first half performance gives us confidence that we remain on track for the full year."
Medica will announce its interim results for the six months ended 30 June 2019 on Monday 9 September 2019.
For further details contact:
+44 (0)33 33 111 222
John Graham, Chief Executive Officer
Tony Lee, Chief Financial Officer
+44 (0)20 3727 1000
Victoria Foster Mitchell
Medica is the UK market leader by revenue in the provision of teleradiology services, providing outsourced interpretation and reporting on MRI (magnetic resonance imaging), CT (computerised tomography) and plain film (x-ray) images. The Company currently offers three primary services to hospital radiology departments: NightHawk, an out-of-hours service, routine cross-sectional (Routine CS) reporting on MRI and CT scans, and routine plain film (Routine PF) reporting on x-ray images.
Medica has developed a bespoke secure IT platform that provides market-leading linkage between a hospital's Radiology Information System (RIS) and Consultant Radiologists who contract with Medica. Direct RIS access ensures that the full wider patient information is available and reviewed with every report.
The Company contracts with the largest pool of consultant radiologists outside of the NHS and has been trusted to provide more than 1.5 million examinations annually across its customer base of more than 100 NHS hospitals and various private hospital groups and diagnostic imaging companies. For more information please visit www.medicagroup.co.uk
Teleradiology is the electronic transmission of radiological patient images, including plain film (x-rays), CT scans and MRI scans, from one location to another for the purposes of diagnostic interpretation and reporting.
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