Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Niox Group flags solid revenue jump in 2023
(Sharecast News) - Medical device company Niox Group said in a trading update on Thursday that it experienced substantial revenue growth in 2023, with a reported increase of 18% to £36.8m. The AIM-traded firm said that on a constant currency basis, revenue growth was even more robust, standing at 22%.
It noted the majority of its sales are not invoiced in sterling, leading to revenue fluctuations influenced by exchange rates.
Clinical revenue, a significant portion of its earnings, increased by 24% to £32.6m, and on a constant currency basis, the growth amounted to 29%.
However, research revenues declined 18% to £4.2m, or by 14% when considering constant exchange rates.
The company reported an improvement in gross margins, with an increase from 71% in 2022 to 72% in 2023.
Recurring test kit revenues for the clinical business remained a significant contributor, representing 92% of clinical sales.
Adjusted EBITDA for the group reached £11.4m in 2023, compared to £7.3m in 2022, aligning with the consensus market expectations, which were revised upwards twice during the year.
Niox said it ended the year with a net cash balance of £19.9m, slightly up from £19.4m at the end of 2022.
The company's continuing activities generated £11m of operating cash flow during the year.
Discontinued activities resulted in a cash outflow of £2m, and the firm paid a special dividend of £10.5m and received $3.5m from Beyond Air as part of a relevant settlement agreement.
"I am pleased to report continued strong growth in revenues and profits which were driven by our core clinical business," said executive chairman Ian Johnson.
"All three geographic areas generated good growth in the year.
"Our manufacturing partner also started work on the development of the next generation Niox Pro device, which is expected to be launched in 2025."
Johnson said that during 2024, management's focus was on growing revenues in the US, expanding into new healthcare professional channels, and developing a product for home-use.
"The board believes that the company's robust business model will continue to deliver profitable growth and drive further shareholder value."
Niox said it would release its preliminary results for the year ended 31 December on 26 March.
At 1439 GMT, shares in Niox Group were down 3.94% at 60.52p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
