Clinigen Group plc: Half Year Results for the Six Months Ended 31 December 2013
Underlying half year pre-tax profits up 12% at £10.9m, underlying EBITDA up 20% at £12.5m
BURTON-ON-TRENT, England--(BUSINESS WIRE)--Clinigen Group plc (AIM: CLIN, Clinigen or the Group), the global specialty pharmaceuticals and pharmaceutical services business, has today published its half year results for the six months ended 31 December 2013.
“Our focus on value creation has resulted in another strong financial performance.”
- Group revenue of £61.8m (H1FY13: £61.0m); like for like* sales up 6.5%
- Underlying** EBITDA up 20% to £12.5m (H1FY13: £10.5m)
- Underlying** pre-tax profit 12% higher at £10.9m (H1FY13: £9.7m)
- Reported pre-tax profit of £9.6m (H1FY13: £3.7m)
- Underlying earnings per share*** up 7.8% to 9.7p (H1FY13: 9.0p)
- Reported earnings per share of 8.7p (H1FY13: 3.5p)
- Interim dividend of 1.0p per share (H1FY13: 0.6p per share)
- Cash and cash equivalents of £16.8m at 31 December 2013 (30 June 2013: £11.3m)
- CTS: margins improved through better supplier terms. Post period end, exclusive agreement with Accord Healthcare extended to supply capecitabine in Europe
- GAP: large GAP programs running as planned, with new access programs signed up with Eisai for Fycompa® and a third program for BTG for uridine triacetate
- SP: integration of Cardioxane® and Vibativ® on track
* H1FY13 included circa £3m of Foscavir stock fill for the US market which has been adjusted to give like-for-like sales
**Underlying earnings excludes share based payments and one off exceptional costs in FY13 arising as a result of the IPO
***Underlying EPS excludes share based payments and one off exceptional costs and is based on the weighted average number of shares in issue post IPO
Peter George, Chief Executive Officer, said:
“Our focus on value creation has resulted in another strong financial performance.
“We are particularly pleased with the gross profit improvement in the CTS business and that we continue to add new customers.
“GAP continues to go from strength to strength, and our growing reputation is attracting not only important new clients such as Eisai but also returning customers like BTG.
“In SP, the integration of our new products Cardioxane and Vibativ is going well with some of the commercial activities ahead of plan, and Foscavir sales, as expected, are levelling out. Acquisitions for SP are a priority and our activity in this area is high; we are confident we will add further to our portfolio in CY2014.
“In summary, a good start to FY14, with full year expectations on track.”
An analyst briefing will be held at 9:00am today at the Group’s London offices at 1 King Street, London EC2V 8AU.
An audio replay file will be made available shortly afterwards via the Group’s website:
For the full release, please visit www.clinigengroup.com.
About Clinigen Group
The Clinigen Group is a specialty global pharmaceutical company headquartered in the UK, with offices in the US and Japan. The Group, dedicated to delivering ‘the right drug, to the right patient at the right time’, has three operating businesses; Specialty Pharmaceuticals (Clinigen SP or SP), Clinical Trials Supply (Clinigen CTS or CTS), and Global Access Programs (Clinigen GAP or GAP). Clinigen SP focuses on acquiring and in licensing specialist, hospital only medicines worldwide and commercializing them within niche markets. Clinigen CTS sources commercial medical products for use in clinical studies only, including comparator drugs, adjuvant drugs and rescue therapies. Clinigen GAP specializes in the consultancy, development, management and implementation of programs providing access for patients and their clinicians to drugs not available in their markets. For more information, please visit www.clinigengroup.com.
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Clinigen Group plc (“Clinigen”). These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Clinigen undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.