Clinigen FY organic revenue growth at top end of guidance
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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