Shares of Novacyt SA (LON: NCYT) today surged 10.8% after the company reported a significant jump in H1 2020 profits driven by rising demand for COVID-19 tests.
The company, which produces clinical diagnostics tools made a profit of €40.2 million ($47.5 million) before taxes during the six month period as compared to the 2.0 million loss reported during a similar period last year.
The company’s sales rose more than ten times to reach €72.4 as compared to last year.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
High demand for Novacyt’s PCR COVID-19 test was the main driver behind the company’s positive results.
The firm repaid all its outstanding debts and made a major investment in its inventory, yet it was left with €19.7 million in cash flow as of June 30.
The company also revealed that it had adopted a new strategy to maintain its current growth trajectory by extending its portfolio to include respiratory and transplant clinical diagnostics.
The firm said that the orders made for its COVID-19 product portfolio so far indicate that H2 2020 results could exceed H1 results.
Novacyt share price
Novacyt shares surged 10.8% today to trade at 410p having closed Wednesday’s session trading at 370p.
People who read this also read:
