(Alliance News) - Clinigen Group PLC on Tuesday said its earnings grew in the first half of its current financial year, thanks to acquisitions.
The pharmaceutical company said pretax profit jumped by 92% to GBP24.8 million in the six months to the end of 2019 from GBP12.9 million a year earlier, as revenue increased by 17% to GBP243.7 million from GBP208.9 million. On an organic basis - in constant currency and excluding acquisitions - revenue grew by just 1%.
The adjusted net finance cost rose to GBP6.0 million from GBP4.0 million year-on-year, due to the company's higher net debt position following recent acquisitions.
Clinigen declared an interim payout of 2.15 pence a share, up 10% from 1.95p paid the year prior.
"Our strategy is to build an integrated, international pharma product and services group with strong operational synergies, working with a growing roster of multinational clients and healthcare professionals around the world. We are delivering on our strategy and have seen a strong financial performance - both at the headline numbers and on an underlying organic basis," said Chief Executive Shaun Chilton.
He added: "We have continued our good performance into the second half and continue to expect organic gross profit growth at the upper end of our medium-term target range of 5% to 10%."
AIM-listed Clinigen shares were trading 1.4% lower in London on Tuesday at 837.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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