19th Sep 2018 10:11
LONDON (Alliance News) - Cello Health PLC on Wednesday said it plans further investments in developing its US business following profit growth in the first half of 2018.
The healthcare-focused advisory firm said pretax profit grew to GBP3.3 million in the six months to the end of June from GBP2.7 million reported for the same period a year earlier, while revenue dropped to GBP78.5 million from GBP78.7 million.
Cello Health said it had a strong first half of the year. In the UK, the company saw a "very strong" first half as it delivered a record levels of bookings in the period.
In the US, the Communications capability has continued to grow strongly, Cello Health said, with core clients continuing their long-term pre-launch communications development programmes.
The company said it plans further investments in the US in the second half of 2018 with the opening of a central Philadelphia office to complement the existing hub office in Yardley. A permanent office in Boston is also planned to open shortly, Cello Health added.
Cello Health lifted its interim dividend by 4.8% to 1.10 pence per share compared to 1.05p paid the year before.
"Cello Health is successfully building its early stage asset development advisory platform for biotech clients, as well as growing its core later stage and post launch franchise with pharmaceutical clients," said Chief Executive Mark Scott.
Shares in Cello Health were trading 0.5% lower on Wednesday at 132.33 pence each.
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