13th Jan 2020 10:33
(Alliance News) - Diaceutics PLC said Monday it will exceed its full year guidance as a result of strong trading performance in the final quarter of the year.
Diaceutics shares were up 13% in London at 115.00 pence each on Monday.
In a trading update for the year to December 31, the pharmaceuticals-focused data analytics firm said it expects revenue to be GBP13.4 million, compared to GBP10.4 million in 2018.
Earnings before interest, taxes, depreciation and amortization expected to be GBP2.1 million, compared to GBP1.5 million a year ago.
The company said this is a result of strong trading performance in the final quarter, underpinned by an increase in the number of clients and an accelerated growth in product sales.
Diaceutics said it has benefited from its investment in a strong analytical and innovative team, the expansion and development of its data and international expansion resulting in robust global service.
The company said all outstanding debt was retired from the balance sheet, resulting in net cash position of GBP11.7 million, compared to GBP2.0 million in 2018.
"This strong cash position enables the group to continue to expand globally and fund the completion and launch of the Nexus platform in 2020, strengthening its current market position in global test commercialization," the company said.
Chief Executive Officer Peter Keeling said: "We are pleased to have delivered on both our operational and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the group."
By Loreta Juodagalvyte; [email protected]
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