Intelligent Ultrasound Group PLC on Thursday said it has seen an ‘excellent’ start to the year, as it posted strong growth in revenue and a narrowed loss.

In the six months ended June 30, the Cardiff, Wales-based artificial intelligence ultrasound software firm said revenue jumped 62% year-on-year to £5.9 million from £3.6 million.

This was mostly comprised of higher simulation revenue, which rose 56% to £5.6 million. Its UK sales were aided by a high number of non-recurring orders from an NHS training iniative in the first quarter. Rest of World sales, however, were hit by China’s zero-Covid policy.

Pretax loss narrowed to £1.4 million from £2.4 million.

Shares in Intelligent Ultrasound were down 0.4% to 12.70 pence each in London on midday Thursday.

‘We remain confident that we can meet the market expectations of £10 million revenue for FY2022, and we continue to monitor closely our cash, investment in R&D and overheads against the anticipated sales growth curve in 2023,’ said Chief Executive Officer Stuart Gall.

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