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NOVACYT

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Novacyt : Government and Covid test supplier Novacyt row over £150m PCR contract

05/21/2021 | 01:01pm EDT

A major supplier of polymerase chain reaction (PCR) Covid-19 testing kits is in dispute with the government over a £150 million contract.

Novacyt developed one of the UK’s first coronavirus testing kits in January 2020, subsequently working alongside AstraZeneca, GlaxoSmithKline and the University of Cambridge in April last year.

It led to the signing of a multimillion-pound contract with the Department of Health and Social Care (DHSC) later that month to supply 288,000 tests per week for NHS staff.

A second contract signed in September last year is now in dispute, the company has revealed, relating to 300 PCR testing machines, test kits and support services.

Read more: BBC: Boris Johnson ‘very concerned’ about Princess Diana interview scandal

Novacyt said in a statement today: “The company has taken legal advice in relation to the dispute and believes it has strong grounds to assert its contractual rights.”

Bosses at the firm, which has offices in the UK and France, had hoped to win further contracts with the DHSC.

September deal

The September deal ran until the end of last year and was worth a minimum £150 million, with the option to extend it for a further 10 weeks for at least £100 million. The option was not taken up by ministers.

A second phase of the contract was being negotiated to provide 700 additional PCR instruments, kits and support services, with Novacyt saying at the time “the contract could generate considerably more sales than the first phase”.

But last month the firm said active discussions with the DHSC over an extension had not been agreed and the contract covering the 14 weeks to the end of 2020 was now in dispute.

Read more: Covid-19: Surge testing and vaccines to be introduced in Hounslow

The matter is in the hands of company lawyers although no action has been brought before the courts.

As a result of the dispute and failure to negotiate a new contract, Novacyt said overall sales at the firm would take a significant hit. In the first quarter of the year 50% of revenues came from the DHSC.

PCR tests have primarily been used for testing people showing signs of Covid-19 and are considered to be the most reliable.

But they tend to be more expensive and lateral flow tests are used more widely for those having regular tests – such as school teachers and pupils – or those not showing symptoms.

Prime Minister Boris Johnson said earlier this year that mass rollouts of lateral flow tests would play a key role in the UK coming out of lockdown. The DHSC has been approached for comment.

Read more: Indian variant latest: Cases jump by more than 2,000 in a week

The post Government and Covid test supplier Novacyt row over £150m PCR contract appeared first on CityAM.

© City AM, source Newspaper

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Financials
Sales 2021 95,4 M 113 M 113 M
Net income 2021 70,0 M 82,6 M 82,6 M
Net cash 2021 109 M 129 M 129 M
P/E ratio 2021 4,45x
Yield 2021 -
Capitalization 273 M 323 M 323 M
EV / Sales 2021 1,72x
EV / Sales 2022 0,99x
Nbr of Employees 174
Free-Float 99,2%
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 3,87 €
Average target price 8,88 €
Spread / Average Target 129%
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Managers and Directors
Graham David Mullis Chief Executive Officer & Executive Director
James Martin Mccarthy Chief Financial Officer & Director
James Christopher Wakefield Chairman
R. A. Trevor Chief Technology Officer
Lisa Henriet Director-Group Operations
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