Integrated Diagnostics Holdings PLC on Thursday said profit for the first quarter was down 55%, as Covid-19 testing ended, but it remains on track to meet its 2023 financial targets.

Integrated Diagnostics is a Jersey-based consumer healthcare firm specialising in diagnostic tests. It has operations in Egypt, Jordan, Sudan and Nigeria.

Pretax profit declined by 55% to EGP210.5 million, around £5.5 million, in the first quarter of 2023 from EGP471.3 million a year before.

Revenue decreased 22% to EGP915.3 million from EGP1.18 billion, with Covid-19-related revenue falling to zero from £540 million the previous year. In Egypt, Integrated Diagnostics’ ‘home market’ with a second office in Giza, revenue decreased 17% to EGP731 million from EGP879 million, representing just under 80% of total group revenue. In Jordan revenue decreased 48% to EGP144 million from EGP281 million, representing just under 16% of group revenue.

‘Heading into the second half of 2023, we remain on track to deliver on our financial and operational targets for the year...Meanwhile, across our current markets our priorities remain unchanged as we continue to navigate the ongoing macroeconomic turbulence to drive further conventional revenue growth, safeguard our margins, and continue to deliver world-class quality to our patients,’ commented Chief Executive Officer Hend El-Sherbini.

El-Sherbini noted that Integrated Diagnostics plans to launch its first Saudi Arabian branch in September, with plans to roll out several more branches in Egypt throughout this year. She said the company will prioritise growing its radiology network to capitalise on ‘strong momentum’ in this segment.

‘In light of our strong start to the year and the solid strategies in place, we are looking to record year-on-year conventional revenue growth of around 30% in FY 2023,’ she added.

Shares in Integrated Diagnostics were flat at $0.45 in London on Thursday. It has a market capitalisation of $760.1 million.

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