18th Sep 2019 11:09
(Alliance News) - Cello Health PLC on Wednesday posted a markedly increased profit for the first half of 2019, pushed up by its Cello Health division.
Shares in Cello were up 2.4% at 126.00 pence in London in late morning trade.
The analytics and communications firm reported revenue of EUR4.7 million for the six months ended June 30, up 42% from GBP3.3 million the year before.
This was due to an improved performance from its Cello Health unit, especially in the US, which took revenue up 3.0% to GBP79.5 million from GBP77.2 million.
The Cello Health division covers analytics, consulting, and communications for the healthcare industry. Revenue from this segment rose 8.4% to GBP46.4 million from GBP42.8 million.
This offset a decline in Cello Signal segment revenue of 1.5% to GBP33.3 million from GBP33.8 million. Cello Signal is Cello's full-service creative agency, which provides marketing services outside of the healthcare sector.
Cello lifted its interim dividend by 4.5% to 1.15p per share from 1.10p per share.
In August, after the end of the first half, Cello acquired scientific consulting firm Innovative Science Solutions for up to USD10.5 million.
Chief Executive Mark Scott said: "The first half of 2019 has continued to see strong growth from Cello Health, notably in the US market. Cello Health Communications and Cello Health Consulting have made particularly pleasing progress. The addition of ISS in August will help contribute to this momentum and has added critical regulatory expertise. Good revenue visibility for the remainder of the year gives us confidence for a strong full year outcome."
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