Revenue up by 116% at Clinigen Group as acquisitions kick in
BURTON-upon-Trent pharmaceuticals plc Clinigen Group has seen its revenue increase by 116% and its gross profit surge by 100% in the first half of its trading year.
In an update to the London Stock Exchange this morning covering the six months to December 31, the firm said that while it had seen organic growth, the driving factor behind the year on year increase is the acquisition of Idis in April 2015 and that of Link Healthcare in October 2015.
Its Specialty Pharmaceuticals division provided the strongest growth.
Peter George, chief executive officer of Clinigen, said: “This has been an important six months for Clinigen. The integration of Idis is on plan and the addition of Link Healthcare substantially strengthens our footprint in Africa, Australasia and Asia.
“These acquisitions established us as the global market leader in the management of unlicensed medicine and provide a broad platform for considerable organic growth opportunities in the future.
“I am also very pleased that alongside the acquisitions and ongoing integration, we have delivered solid organic growth, whilst the strength of our pipelines positions us well for the second half of the year.
“Our strategic priorities in 2016 are: to complete the integrations; drive organic growth across all our divisions; develop the international potential of our Global Access business to take advantage of the growing demand for unlicensed medicines around the world; and look to add further niche hospital only products to our specialty pharmaceutical division.”
Net debt has increased to c. £82m as at 31 December 2015 (30 June 2015: £78m) with operating cash flow offset by the acquisition of Link Healthcare. Total bank facilities in place are £135.5m.
