LONDON (Alliance News) - Horizon Discovery Group PLC expressed confidence in its 2015 performance as it reported a widened pretax loss for its first half as a result of heavy investment.
The biotechnology company reported a pretax loss of GBP6.8 million for the half year to end-June, widened from a pretax loss of GBP3.0 million a year before, as a more than doubling of revenue to GBP8.6 million from GBP4.1 million was offset by a jump in operating costs. This was a result of a full year of integrated acquisitions and the company's continued investment in research and development and in its commercial channels.
Revenue inH orizon Discovery products business rose to GBP3.0 million from GBP1.7 million, driven by a strong performance from its molecular diagnostic reagent products, and the integration of its acquisition of Haplogen Genomics. In its services business, revenue rose to GBP5.4 million, up from GBP1.8 million, boosted by its acquisitions of CombinatoRx and SAGE Labs.
"Our financial performance remains in line with market expectations as we continue to invest to drive our organic growth initiatives and to invest for scale and, based on the strength of our opportunity pipeline, we are confident that we will continue to deliver a strong performance for the full year," said Chief Executive Officer Darrin Disley in a statement.
Shares in Horizon Discovery were down 0.9% at 160.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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