Trading update

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology company pioneering best-in-class, specialist neonatal intensive care medical devices, announces a trading update.

Further to the announcement on 31 January 2024, the Company notes that the material export order that was due at the end of January remains outstanding. The Company still expects to receive this order in the current financial year but is not able to confirm a date due to factors outside of its control. As a result, the Company has been in discussions with its bank regarding covenant tests on its debt facility on 30 April 2024 and has sought and received a waiver from its lender in this respect. Alternate covenants have been agreed until 30 April 2025 which will need to be met and bank consent received ahead of any further drawdowns of the Revolving Credit Facility. The Company is investigating alternate financing options in the event the order is not received and will make a further announcement as appropriate.

The Company notes that the first quarter of the new financial year has seen a continuation of the challenging trading conditions experienced in the second half of the last year and expects sales in the current year to be significantly second half weighted. Excluding the material export order, underlying growth in the Group's business is expected to be mid-single digits for the financial year overall, and with some ongoing pressure on margins. In addition, Sales at Airon Corporation, the Group's newly acquired business in Florida have started the year positively and the business is reporting significant growth over the prior year.

In the meantime, the Group continues to focus on delivering on its growth strategy internationally.