GRATED Diagnostic Holdings (IDH) yesterday released its first half-year results since it floated in May, posting increase revenue and profit.
The medical diagnostic firm had revenue growth of 18 per cent, up from 416.8m Egyptian pounds (£33.8m) in the first six months of last year to 493.2m for the same period this year.
Profit grew by 11 per cent after adjustments for the cost of the IPO to 145m Egyptian pounds.
The company said its recently established Megalab would help it to bring down costs as increased automation of lab processes allowed it to reduce staff. Further additions to the company’s portfolio were made in the form of 12 new labs, 11 of which were in Egypt, the company’s primary base.
IDH chief executive Hend El-Sherbini said: “Our first-half results speak to both the robustness of our business model and to the depth of our management team. We have delivered double-digit top- and normalised bottom-line growth and inaugurated our central Megalab while simultaneously concluding our very successful IPO.
“Our results are in line with management expectations, leaving us well-positioned to expand our reach in our core Egyptian market and begin making better use of the expanded, cost-effective capacity afforded by the Megalab as operations are fully ramped-up by the end of the current year.”
Shares in the London-listed firm closed up 2.6 per cent to 5.34p.