LONDON (Alliance News) - Horizon Discovery Group PLC said Tuesday growth in the second half of the year is expected to result in a revenue increase of more than 60% for 2018, as the company made Interim Chief Financial Officer Jayesh Pankhania's role permanent.
Horizon Discovery - a gene editing company that engineers genetically modified cells for research - said it expects to report revenue of GBP58.7 million for 2018 compared to GBP36.5 million in 2017.
On a like-for-like basis, Horizon Discovery expects revenue to increase 9.5% to GBP30.1 million from GBP27.5 million.
The research company said its earnings before interest, tax, depreciation and amortisation before exceptional items is expected to be positive and ahead of market forecasts.
Horizon Discovery's cash at December 31 was GBP25 million, "well ahead" of expectations.
"The second half of 2018 has seen the continued growth of Horizon into a more focused global, commercial and scalable business," said Chief Executive Officer Terry Pizzie.
The company's Research Products unit is expected to more than double its revenue to GBP31.3 million from GBP12.6 million the year before. The acquisition of Dharmacon and market gains in RNAi is attributed for the growth.
Horizon Discovery's Applied Products unit expects revenue growth of 47% to GBP15.0 million from GBP10.2 million.
Pizzie added: "As gene editing continues to industrialise, and with an already strong order book for the first half of 2019, we are seeing increasing interest and demand for our products and unique scientific expertise. With positive sales momentum and a strong balance sheet, we are well positioned to execute our invest for growth strategy to build a commanding share in all our chosen markets. We are confident in our growth prospects and look forward to reporting on our exciting progress."
Also on Tuesday, Horizon Discovery made Interim CFO Pankhania's role permanent.
Pankhania joined Horizon in April last year on an interim basis. His previous finance roles include time spent at now defunct outsourcer Carillion and also at FTSE 250-listed Serco PLC.
He is replacing Richard Vellacott, who is stepping down after nearly seven years at Horizon. During that time he worked as CFO, operations chief, as well a deputy and interim chief executive.
Vellacott will continue with the company in an advisory role for a period of time to "facilitate a smooth transition".
Shares in Horizon Discovery were down 2.9% Tuesday at 165.00 pence each.
