Manchester-based Yourgene (AIM: YGEN ) revealed a revenue increase of 86% from £8.9m to £16.6m in a trading update for the year ended 31 March 2020.

The molecular diagnostics group said turnover for the period excludes £400,000 which fell into the new financial year due to Covid-19 transport restrictions, and that revenue reflected an overall organic growth of around 36%.

The growth constitutes 11 months of contribution from Elucigene Diagnostics which the group acquired in April 2019 and three weeks’ from the French NIPT distribution business which it acquired last month.

In terms of revenues by region, Yourgene said the ‘strong growth’ across all regional segments was demonstrative of the company’s diversified geographic base.

“We continue to execute on our strategy of broadening our product mix and international reach, and we are proud to be supporting the global manufacturing efforts for COVID-19 diagnostic tests from our state-of-the-art facilities in Manchester,” said CEO, Lyn Rees.

Shares in Yourgene were trading flat at 20p during Monday morning. 

Global sales of non-invasive prenatal testing (NIPT) products and services grew at 29% whilst its European customers await the approval of the group’s Illumina-based IONA test which is expected during the first quarter of the new financial year.

“In our view the challenging global situation has put into focus more than ever the need for reliable and accurate diagnostic testing and Yourgene is well positioned to make a significant contribution,” added Rees.

The group said that despite Covid-19 disruptions that its European customers continue to operate as normal albeit with some slight timing delays.

Whilst travel restrictions have impacted the group’s US launch where it does not have local teams yet in place, the group expects further orders to be fulfilled in the new financial year.

During the period, Yourgene has broadened its portfolio beyond NIPT with 22% of sales derived from reproductive health products and 17% derived from its Oncology & Research Services activities across Asia.

The company says it has delivered a strong end to the year despite the impact of Covid-19 in the final quarter posing ‘a major challenge.’ 

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