Inspiration Healthcare has warned shareholders that sales will not exceed last year’s levels because of ongoing Covid-19 restrictions in China.
The company’s China-based distributor has been significantly disrupted by the tough pandemic measures, which has curbed its “access to major customers”, the company said in a statement today.
“As a result of this continued uncertainty, not only in China but across all our markets, we now believe it is unlikely that our sales will significantly exceed those of the last financial year and we believe the knock-on impact on EBITDA in the second half means that it will be below that of the first half,” Inspiration added.
Sales in the first half of the financial year failed to meet expectations, the London-based medical technology supplier admitted last month.
The company has also cited Russia’s invasion of Ukraine as a contributing factor to the supply chain disruption it has been experiencing this year.
CEO Neil Campbell said: “None of us could have predicted the events that have caused so much disruption in the world in recent times, nor the financial impact that these would have on our business.
“The factors influencing our partners around the world, particularly in the last couple of months, has meant that we have had to adjust our forecasts for growth as this has had the effect of delaying our progress and growth by a year, but we remain confident in the prospects for Inspiration Healthcare and our ambitions are undiminished.”