22nd Jul 2015 07:16
LONDON (Alliance News) - Pharmaceutical and services company Clinigen Group PLC Wednesday said its gross profit rose more than 30% in its recently ended financial year.
However, exceptional costs related to its recent acquisition and integration of Idis Group Holdings Ltd for GBP225 million in April will result in a lower pretax profit and earnings per share compared to the previous year, Clinigen said.
Clinigen said its revenue increase more than 45% to not less than GBP183.6 million in the year to end-June, up from GBP126.6 million a year before. The company said the rise in its gross profit was mainly driven by more than 25% growth in gross profits in its Speciality Pharmaceuticals business and its acquisition of Idis.
The company said Idis is being integrated into the business, and that the "operational and financial benefits are already clearly apparent."
All divisions produced revenue and gross profit growth in the second half compared to the first, Clinigen said.
"The enlarged group of four operating businesses is integrating well and the Idis businesses are already contributing to the overall strong trading performance. Strategically, the focus for the current financial year is to strengthen our global footprint," said Chief Executive Officer Peter George in a statement.
Shares in Clinigen are trading up 0.9% at 673.98 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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