LONDON (Alliance News) - Horizon Discovery Group PLC Monday said it expects to report 2014 revenue that's 7% ahead of analysts' expectations, while its future research and development milestone payments and royalties book has also grown strongly.
In a statement, the research tools and services company said it expects 2014 revenue to be 7% above analysts' consensus expectations of GBP11.0 million, meaning revenue will be over 77% higher than in 2013 when it reported GBP6.7 million. It said it is also eligible to receive future research and development milestones of up to GBP158 million plus future product royalties, up from GBP120 million at the end of 2013.
"Last year was transformational for Horizon as we expanded from a fast-growing private company with approximately 80 employees located in Cambridge, UK, to a fully integrated global public company with over 200 employees in the UK, United States and now in Vienna, Austria," Chief Executive Darrin Disley said.
The company said its cash position at the end of 2014 was about GBP17 million, up from GBP4.2 million at the end of 2013.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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