13th May 2025 10:58
(Alliance News) - Diaceutics PLC on Tuesday reported increased revenue in 2024, and said it expects to return to profitability this year.
The Belfast-based provider of technology and solutions to the pharmaceutical and biotechnology industry reported a GBP1.9 million pretax loss for 2024. This was against a GBP2.4 million loss the previous year.
Revenue, meanwhile, rose 36% on-year to GBP32.2 million from GBP23.7 million. Constant currency revenue growth was 39%, accelerating from 19% in 2023. Annual recurring revenue increased 23% to GBP16.8 million from GBP13.7 million.
Diaceutics noted that during 2024 it increased its sales presence in the US, including opening its US headquarters in January this year "to accelerate future growth plans".
Earnings before interest, tax, depreciation and amortisation increased 29% to GBP2.3 million with an unchanged 7% margin. Adjusted Ebitda surged 50% to GBP4.2 million while the margin increased by one percentage point to 13%.
"I am extremely pleased to report that 2024 was another strong year of performance and continued growth across our business," commented Chief Executive Officer Ryan Keeling. "The investments we have made in sales and product innovation are showing returns ahead of plan and the team has executed well.
"This continued growth demonstrates the significant value our customers place on our solutions, reflected by the increasing number of therapeutic brands we are working with, and enterprise-wide engagements secured to date."
Diaceutics said the strong commercial momentum it delivered in 2024 has continued this year, with revenue in the year to date increasing 35% on-year to £8.4 million.
The company noted added that trading is on track to deliver a return to profitability this year.
"The success of the company's current strategy and financial strength provide the board with confidence that the growth & profitability targets for 2025 are on track to be delivered," Diaceutics added.
Keeling, meanwhile, said: "We are mindful of the current macro-economic uncertainty and we are closely monitoring how this could impact our customers, but our strong commercial progress, delivered over the past two years during our accelerated investment in the business, has provided us with the solid foundation required to continue our impressive organic growth, and we expect to return to profitability in 2025."
Shares in Diaceutics were trading 2.0% higher at 127.50 pence on Tuesday in London.
By Emma Curzon, Alliance News reporter
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