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Oxford BioMedica posts optimistic outlook on uptick in contract value

Thu, 07th Dec 2023 21:10

(Alliance News) - Oxford BioMedica PLC on Thursday said it is on track to achieve its guidance for the year, amid an uptick in current contracted value and growth supported by new orders.

According to the Oxfordshire, England-based gene and cell therapy group, the current contracted value of client orders signed in 2023 is GBP124 million, up 47% from GBP85 million in 2022.

As a result, Oxford BioMedica said it was on track to deliver annual revenue of GBP90 million. Also in line with guidance, operating earnings before interest, tax, depreciation and amortisation for the second half is on track to be "GBP10 million better" than the first half.

Also on Thursday, the firm noted that it has concluded the reorganisation of its workforce, which includes a more streamlined structure across the UK and US. It said the changes would result in a reduction of the ongoing cost base of around GBP30 million on an annualised basis, when compared to 2023.

"Oxford Biomedica is successfully delivering on its strategic vision to become a pure-play CDMO. The streamlining of our operations has involved a strategic shift towards a CDMO mindset and we are now focused on being entirely client-centric," said Chief Executive Officer Frank Mathias.

"We remain encouraged by our increase in client orders, which have doubled since 2022 and we are now well-positioned to drive robust revenue growth while targeting broadly breakeven operating Ebitda by the end of 2024.

Oxford BioMedica shares closed 0.4% higher at 180.60 pence each in London on Thursday.

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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