24th Jan 2017 09:47
LONDON (Alliance News) - Horizon Discovery Group PLC said Tuesday it expects to report a 2016 loss but growth in revenue, in line with market expectations and its previous guidance.
Cambridge-based Horizon, which specialises in gene editing technology, said it expects to report a post-tax loss "in line with expectations" for 2016, having reported a GBP10.5 million loss in 2015.
However, Horizon also said it expects 2016 revenue of at least GBP24.0 million, up by 19% from GBP20.2 million in 2015. Horizon forecasts a gross margin improvement to the mid-50% range from 49% in 2015, due to sales volumes ahead of expectations and lower costs of goods sold.
Based on its current order book and forward visibility, Horizon said it expects 2017 revenue between GBP30 million and GBP35 million and affirmed its aim to deliver positive earnings before interest, tax, depreciation and amortisation.
"Early revenue indicators for 2017 already look encouraging thanks to a very robust sales order book. This, combined with having the products and services, global commercial resources and sales channels, and business systems needed to drive long term success all in place, reinforces our confidence in becoming a sustainably profitable company as we continue to deliver strong revenue growth," said Darren Disley, chief executive officer of Horizon.
Shares in Horizon Discovery were down 2.2% at 162.40 pence Tuesday.
By Adam Clark; [email protected]
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