Induction Healthcare Group PLC said on Monday that its pretax loss widened despite multiplying revenue, as it continued investment toward scaling and growing its annually recurring revenue.

The London-based digital health platform said its pretax loss for the year that ended March 31 widened to £9.6 million from a restated £8.1 million a year prior, while total proforma revenue before a fair value adjustment multiplied to £12.1 million from a restated £1.5 million.

It accounted for widening pretax loss amid multiplying revenue as due to continued investment in growing its revenue in the future, including the acquisition of Attend Anywhere Pty Ltd in June 2021 for £16.4 million plus issue of consideration shares valued at £9.0 million.

Induction Healthcare added its net cash improved threefold to £7.5 million on March 31 from £2.5 million a year prior, following a £25 million placing of shares in June 2021 and strong renewals of NHS England contracts generating £6.6 million.

‘The global digital health market is predicted to grow by 23% to $7.84 billion in 2025 and Induction’s market segment is maturing rapidly, driven by an acute need for digital transformation in hospitals around the world,’ said Chief Executive Officer James Balmain, adding Induction is well positioned to capture global market share as the world recovers from Covid-19 in the coming years.

Shares in Induction Healthcare were down 9.9% to 32.90 pence in London on Monday morning.

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