Business
Trading update
Trading update.
About this update from Fortis Frontier Plc
[{"type":"text","content":"\n\nMyHealthChecked PLC\n(\"MyHealthChecked\" or \"the Company\")\n \nTrading update\n \nMyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company, provides an update on trading for the six months ended 30 June 2023.\n \nH1 Trading\nTrading in the first half of the year reflected the expected overall reduction in demand for COVID tests, with (unaudited) revenues of £2.5m (H1 2022: £9.8m), driven as expected mainly by sales of COVID-19 lateral flow test kits for at-home use via high street pharmacy retailers in the UK. Whilst there has been a recent marked increase in COVID testing volumes during the second half of July 2023, and reports of the 'Eris' strain alongside discussion of COVID-19 cases potentially rising during Autumn and Winter, it remains the Company's expectation that there will be a reduction in overall demand for COVID tests during 2023 compared to the prior year.\n \nCash balances as at 30 June 2023 remain healthy at £5.0m (FY 2022: £7.6m) and reflect the Company's continued investment across the business for future growth.\n \nBoots retail launch of extended at-home self-testing product portfolio\nAs announced in May 2023, the Company has partnered with Boots UK Limited (\"Boots\"), the health and beauty retailer and pharmacy group, to launch its extended range of at-home self-testing products, via boots.com and across Boots stores in Great Britain and Northern Ireland. This range comprises 14 MyHealthChecked test panels, comprising two blood and urine sample kits, seven blood prick sample kits and five DNA cheek swab kits, plus a further six MyHealthChecked lateral flow tests which are now also available.\n \nThe Directors believe that this agreement demonstrates that the Company has firmly established itself as a trusted partner in the wellness industry, with a strong record of reliability and delivery for customers and retail partners.\n \nThe launch of the range is still in its infancy and with any brand-new category line, it will take time and support to increase public awareness of the benefits of at-home testing and the ready availability of the products and service. This is a very dynamic market and MyHealthChecked is working closely with the Boots team to support promotional activities, working to align with their strategic goals. As well as supporti...