MyHealthChecked PLC on Wednesday said trading has been stronger than expected, though cautioned it is hard to predict how long a recent uptick in demand for Covid-19 tests will last.

The Cardiff, Wales-based provider of at-home healthcare and wellness tests anticipates revenue in the six months to June 30 to be around £9.8 million, nearly tripling from £3.3 million a year before.

A positive earnings before interest, tax, depreciation and amortisation figure is expected, it said, after a loss of £200,000 a year prior. Moreover, cash balances have increased to £7 million from £6.4 million at the end of 2021.

‘The robust performance has been driven by the significant growth in consumer demand for the higher volume, but lower margin, Covid-19 lateral flow test kits for at-home use via the UK’s top two high street pharmacy retailers,’ it explained.

In recent weeks, a rise in Covid-19 infections has led to a ‘significant increase’ in demand for lateral flow tests.

However, the company said it is difficult to predict how long this period of increased demand will last. ‘This is an unpredictable and volatile market,’ it cautioned.

Still, it is confident that full-year revenue will top that achieved in 2021.

Chief Executive Officer Penny McCormick said: ‘We are extremely pleased with the continued Covid-related revenues that have been achieved in the first half alongside the launch of our suite of at-home wellness tests.’

MyHealthChecked plans for its at-home wellness tests to be available on Amazon later this month, and also anticipates the launch of new products in the first half of 2023. The company said it continues to invest in its digital platform and wider portfolio of products.

Shares in MyHealthChecked were down 2.1% at 2.20 pence in London on Wednesday morning.

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