Share Prices & Company Research

Market News

22 Aug 2024 | 12:29

Novacyt recovers £12.2m in VAT after settling DHSC dispute

(Sharecast News) - Molecular diagnostics company Novacyt announced the successful recovery of £12.2m in VAT from HM Revenue and Customs (HMRC) on Thursday. The firm said it had already received the full amount, boosting its financial position.

It said the VAT reclaim was related to invoices issued to the UK Department of Health and Social Care (DHSC), which would no longer be paid following a recent dispute settlement.

As previously reported in the company's annual general meeting statement on 18 July, Novacyt said it had sought to reclaim the VAT as part of its financial strategy following the resolution of the dispute.

After settling the dispute, which included a £5m payment to the DHSC in early July, Novacyt's net cash position had improved by over £7m.

At 1446 BST, shares in Novacyt were up 24.45% at 112.5p.

Reporting by Josh White for Sharecast.com.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new portfolio or transferring your portfolio from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.