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23 Feb, 2021 11:00

Clinigen FY organic revenue growth at top end of guidance

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Pharmaceutical products and services firm Clinigen said on Tuesday that full-year organic revenue growth would be at the upper end of previous guidance, driven by growth in both its services and product units.

Clinigen said organic net revenue growth was now projected to be in the upper half of the 5-10% medium-term range despite the group recording a fall in interim profits as a result of higher costs and flat revenue growth in the management access segment of its services division.

Pre-tax profits fell 8% year-on-year to £22.7m in the six months ended 31 December, while revenue rose 3% to £231.9m during the half.

Clinigen, which kept its interim dividend unchanged at 2.15p, added that net debt had widened during the half to £351.5m from £329.7m twelve months prior.

Chief executive Shaun Chilton said: "Like many companies focused on hospital-based treatments, and oncology in particular, we have seen some effect on our operations during the period, but the diversity of our business model has helped us to mitigate much of the disruption and we have ended the first half ahead of market expectations.

"We may not be immune to the impact of the pandemic, but our business model gives us a degree of resilience."

As of 1100 GMT, Clinigen shares were down 0.59% at 752.50p.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.