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(Alliance News) - Diaceutics PLC on Tuesday reaffirmed its full year outlook, after delivering revenue growth of 32% in the first six months of the year.
Shares in Diaceutics were up 8.1% to 94.60 pence each in London on Tuesday afternoon.
The Belfast-based testing laboratories company said it has delivered revenue, order book and recurring revenue growth in line with its expectations during the first half of 2023.
Revenue grew 32% to GBP9.9 million in the period from GBP7.5 million. About 47% of revenue in the period was recurring, compared to 37% year-on-year.
It noted that order book visibility remained "strong". At June 30, the order book stood at about GBP24.1 million, representing 43% growth in the period from GBP16.9 million at December 31. Of this, around GBP6.3 million is expected to realised as revenue in the second half of the year and remaining GBP17.8 in 2024 and beyond.
Based on this, Diaceutics reaffirmed its "positive outlook" for the full year.
Looking ahead, Diaceutics said the opportunities available are "larger than ever and continues to grow at pace." It added that it remains confident that it can grow its strategy and seize market opportunity.
Chief Executive Officer Peter Keeling said: "We are pleased to report that the strong momentum we enjoyed in 2022 has continued into 2023 and delivered a very positive first half performance, with recurring revenue and order book growth in line with our already ambitious expectations. Encouragingly, we are also seeing more normal market conditions beginning to return, with large pharma companies increasingly recognising the importance of utilising our data technology in identifying candidate patients and improving their commercial success."
The company plans to report its results the six months ended June 30 on September 26.
By Sophie Rose, Alliance News reporter
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