Lidco eyes strong second half as revenues climb 10% in H1
Source - SMW
Lidco, a hemodynamic monitoring company, said first-half performance slightly topped its expectations revenues rose 10% even as the company continued to transition more UK customers to its new business model.
For the six months ended 31 July 2019, revenues rose 10% compared with to £3.33m from a year earlier , slightly above the Board's expectations, the company said.
The uptick in sales comes even as the company continued to transition of more of the largest UK customers to the group's Software as a Service High Usage Programme business model, which had the effect of deferring revenue recognition.
'The strong year on year sales growth in H1 was notwithstanding the continuing transition of more of the largest UK customers to the Group's Software as a Service High Usage Programme business model, which has the effect of deferring revenue recognition, it added.
'It's been a good start to the year that has enabled us to transition more UK customers to HUP. In the US we are continuing to gain success from a comparatively small sales presence, which demonstrates the potential of the HUP business model,' said Matt Sassone, Chief Executive Officer of LiDCO.
'With HUP gathering more momentum, we are focussed on achieving a strong second half performance as the business moves progressively towards breakeven.'
The company intends to announce its interim results on 15 October 2019.
At 9:37am: (LON:LID) LiDCO Group PLC share price was 0p at 3.95p