Shares of Myhealthchecked PLC (LON: MHC) rallied 21.4% after releasing a trading update for the last six months that ended 30 June 2021.
The company makes home test kits for consumers, such as its Fit-to-Fly COVID tests, which can issue certificates to travellers within 24-48 hours.
Myhealthchecked revenues rose significantly to reach £3.27 million compared to the £12,700 recorded in H1 2020 driven by its COVID-19 testing activities.
The company had a cash balance of £2.21 million at the end of H1 despite investing heavily in its staffing and inventory, which was much higher than last year’s £1.35 million.
MHC also successfully acquired and integrated The Genome Store into its portfolio in late 2020, followed by the launch of the Myhealthchecked brand.
The company launched an e-commerce site and services, which capitalised on the rising demand for COVID-19 tests in the UK, leading to its impressive performance.
Investors cheered the company’s impressive results, given that a majority of its sales were booked in the last two months of the first half.
However, MHC was quick to point out that there were no guarantees about future revenues. Still, it expects demand for its home test kits to remain high during the summer months amid an uptick in air travel as many people go on vacations.
Penny McCormick, MyHealthChecked Plc’s CEO, said: “The first half of 2021 has seen a transformation of our business ready to capitalise on the commercial opportunities before us. As I explained in our recent Full Year results, we are now a business with a highly credible, compliant and successful pharmacy customer, a high street presence, a proven service, and with an operational and commercial set-up that is now delivering growth in a regulated product, poised for the needs of the market as we enter a new period of social freedoms in 2021”.
Myhealthchecked (MHC) share price
Myhealthchecked shares rallied 21.41% to trade at 4.31p, rising from Tuesday’s closing price of 3.55p.