Business & Investment

Covid test maker Novacyt saw a 20-fold increase in sales last year.

Covid test maker Novacyt saw sales increase 20-fold and stock prices rise 5,000% in a year during a pandemic.

  • Annual profit is expected to jump from £ 1.6m to £ 91.8m with new results
  • AIM listed group stocks soared but fell 17% on Friday

Novacyt Success was highlighted yesterday as it was revealed that revenue had increased more than 20-fold during the pandemic.

Covid’s test maker in the UK and France said in the latest information on the deal that annual sales in 2020 jumped from just £ 11.5 million to £ 277 million.

Profit is also expected to skyrocket from around £ 1.6m to £ 91.8m. The company was one of the first companies to develop reliable tests for the coronavirus.

Rapid Growth: Novacyt’s success was highlighted yesterday as it revealed that revenue had increased more than 20-fold.

Earlier last year, each stock traded at just 14p, but after success it has risen by more than 5,000%. But yesterday, the company’s share price fell from 17.29 percent (185.00p) to 885.00p.

Currently, CEO Graham Maris will receive a £ 3.6m bonus and Treasury Officer Anthony Dier will receive a £ 1.2m bonus.

Graham Mullis, Chief Executive Officer of Novacyt, said: ‘2020 has revolutionized Novacyt.

“We have solidified the pioneer advantage of developing one of the first tests for COVID-19 in an established position within the COVID-19 test and the broader diagnostic market.

“We have signed important contracts with governments to supply products to more than 130 countries around the world and continue to develop innovative testing capabilities to support laboratories and clinicians during these difficult times. “

He added:

The company’s cash stash was £ 91.8m as of December 31, 2020, but was £ 1.6m at the same time in 2019.

AIM-listed companies said they had a “good start” until 2021, while demand for the Covid-19 product portfolio remained strong, but it was “difficult” to clearly predict annual financial performance. I warned you. First.

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Covid test maker Novacyt saw a 20-fold increase in sales last year.

https://www.dailymail.co.uk/money/markets/article-9204527/Covid-test-maker-Novacyt-saw-sales-rise-20-fold-year.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Covid test maker Novacyt saw a 20-fold increase in sales last year.

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