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Lidco experiences strong demand amid Covid-19 pandemic
24th Aug 2020 08:07
(Sharecast News) - Hemodynamic monitoring company Lidco said on Monday that it had witnessed exceptional demand for its services during the ongoing Covid-19 pandemic.
Lidco turned in a strong interim report card, with total revenues surging 75% to £6.2m and net positive cash inflows of £1.8m - a marked improvement on the £500,000 brought in a year earlier.
The AIM-listed company highlighted that it currently had £3.1m of cash and no borrowings, leading it to not take advantage of the UK Government's option to defer VAT payments.
Chief executive Matt Sassonne said: "I am incredibly proud of how the entire team has been able to respond quickly to the needs of our customers during these challenging times and ensure that Lidco plays its part in supporting hospitals in treating Covid-19.
"The strong start in the first half, combined with the forward visibility of HUP revenues and enlarged installed base, gives the board significant confidence as we look forward."
As of 1250 BST, Lidco shares were up 11.47% at 8.50p.
Lidco turned in a strong interim report card, with total revenues surging 75% to £6.2m and net positive cash inflows of £1.8m - a marked improvement on the £500,000 brought in a year earlier.
The AIM-listed company highlighted that it currently had £3.1m of cash and no borrowings, leading it to not take advantage of the UK Government's option to defer VAT payments.
Chief executive Matt Sassonne said: "I am incredibly proud of how the entire team has been able to respond quickly to the needs of our customers during these challenging times and ensure that Lidco plays its part in supporting hospitals in treating Covid-19.
"The strong start in the first half, combined with the forward visibility of HUP revenues and enlarged installed base, gives the board significant confidence as we look forward."
As of 1250 BST, Lidco shares were up 11.47% at 8.50p.