Oxford Nanopore delivers 'strong' H1 performance, reported revenues up 25pc YOY

(Sharecast News) - Molecular technology business Oxford Nanopore said on Monday that it had delivered a "strong" first half performance, with reported revenues expected to be up by a quarter year-on-year. Oxford Nanopore H1 revenues of £105.0m, up 25% on a reported basis and 28% at constant currency, with growth being the strongest across its PromethION product range, up approximately 59% against FY24.

The FTSE 250-listed group said it had delivered strong growth in both research and applied markets, up by approximately 22% and 33%, respectively. On a geographical basis, the strong revenue performance was led by its Europe, Middle East, Africa & India unit and its Asia-Pacific operations, both up by more than 30% year-on-year at constant currency rates.

Oxford Nanopore also highlighted that targeted measures to improve gross margins progressed in line with expectations. However, these initiatives were offset in H1 by a non-cash one-off charge related to inventory alongside currency headwinds, resulting in a gross margin "marginally below" H124.

"The group continued to progress on its path to profitability, delivering a year-on-year and sequential reduction in adjusted EBITDA loss, supported by disciplined cost management and gross profit growth in the period," said Oxford Nanopore. "Full-year guidance remains on track, across all metrics, supported by strong first-half execution and continued momentum across the business."

Reporting by Iain Gilbert at Sharecast.com