16th Jan 2020 10:06
(Alliance News) - Clinigen Group PLC on Thursday said it expects high single-digit revenue growth in its current financial year following a strong performance in the first half.
The AIM-listed pharmaceutical company said it expects to report an increase in revenue of at least 24% in the six months to the end of 2019 on a net constant currency basis.
Gross profit, meanwhile, is expected to grow by at least 34% on both constant currency and reported basis in the first half. Reported Ebitda growth in 2019 has been ahead of reported gross profit growth, Clinigen noted.
A year ago, Clinigen reported interim revenue of GBP208.9 million and gross profit of GBP80.0 million. Adjusted earnings before interest, tax, depreciation and amortization were GBP41.8 million. Clinigen's financial year ends June 30.
The company noted good performance in Commercial Medicines, which helped to offset weaker performance in Clinical Services and in Unlicensed Medicines.
Looking ahead, Chief Executive Shaun Chilton said: "We reiterate our expectation for 2020 growth to be towards the upper end of our organic gross profit guidance of between 5% to 10%."
The company said it expects to publish its half-year results on February 25.
Clinigen shares were trading 0.4% higher in London on Thursday at 958.00 pence each.
By Evelina Grecenko; [email protected]
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