Revenues up significantly at Clinigen
PHARMACEUTICALS firm Clinigen Group has recorded a health increase in revenues and profit.
In a half year trading update for the six months ended December 31, the Burton-on-Trent firm revealed revenues were up 17% on a year-on-year basis to £72.6m while gross profit is up 11%.
Net cash has more than doubled to £12.9m from £5.3m at 30 June 2014
The firm said revenue growth over the period has been driven by a combination of significant organic and new customer growth, with the additional contribution from new product acquisitions within Clinigen SP (Savene and Ethyol).
Also within SP, Foscavir in-market sales are up 5%, in line with disease treatment activity.
The number of units shipped continues to increase and a number of new programmes will go live in Q3 FY15.
Peter George, the company’s chief executive officer, said: “I am really proud of the team’s first half performance; all three operating businesses have contributed to strong trading. I am particularly pleased with the CTS performance and the early contributions from new product acquisitions.
“The integration of the new products acquired in FY14 and H1 FY15 continues on track and I expect the current investment in the revitalization plans to start to have a positive impact during FY16.
“This strong half year performance is in line with the board’s expectations and puts us in a good position to meet our full year targets.”
