Maiden full-year results from life science company Horizon Discovery (LON:HZD) told a story of strong revenue growth and improved margins.
Since floating in March 2014 the company has set a fast pace, with a number of acquisitions, contract wins and partnership agreements, and it has no plans to take its foot off the pedal in 2015, with further investments planned in the scaling of its products and services businesses, including the development and implementation of new group-wide e-commerce and enterprise resource planning systems.
Reported revenue rose by 79% to £11.9mln in 2014 from £6.6mln the year before, with revenue from products and services more or less doubling.
As might be expected of an early stage growth company, it is currently making a loss; heavy activity in the year resulted in corporate and administrative expenses rising to £8.45mln from £3.1mln the year before, while research & development costs cranked up to £2.16mln from £1.27mln, both of which contributed to a deeper pre-tax loss of £6.07mln versus £3.04mln the year before.
The gross margin increased to 55% from 52% at the end of 2013.
At the end of 2014, the company had cash and cash equivalents of £18.5mln, up from £4.2mln at the end of 2013.
“A combination of strong organic growth and the key complementary acquisitions of CombinatoRx, SAGE Labs and Haplogen Genomics mean that Horizon is well positioned to deliver further strong revenue growth in the coming year,” said Dr Darrin Disley, chief executive and president of Horizon Discovery.
“We remain committed to continuing to deliver our strategy of supplying innovative products, services and research that impact the development of personalised medicines and are excited about our prospects for the future as we continue our strategy to build a world class business,” Dr Disley added.
Shares in Horizon were up 2.2% at 215.73p in the first half hour of trading.
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