Horizon Discovery moves upwards on revenue progress

Gene editing and modulation specialist Horizon Discovery (LON:HZD) reported a 13.9% increase in revenues for the six months ended 30th June with strong growth in the Screening and Bioproduction divisions. Management said that the first half has started well and they expect revenues for the year to be second-half weighted. Losses for the period narrowed by a third relative to the same six months of 2018.

CEO Terry Pizzie commented: “Horizon has enjoyed a solid performance in the first half of the year with the business as a whole performing in line with expectations.

“I am pleased to report that the business is on track to complete the delivery of the productivity and eCommerce initiatives that we are implementing as part of our Investing for Growth strategy. We expect these investments to generate significant payback in the short and long-term, by reducing costs, increasing capacity and operating leverage, whilst also opening up new avenues of growth.

“With our traditional second-half weighting and strong order book for the remainder of 2019, we are well positioned to deliver on our strategy, as we continue to transform Horizon from a scientifically-led business, into a fully commercial tools and services company with industrialised processes and customer-directed R&D“.

Shares in Horizon Discovery rose by 1.75% to 140.42p (as of 13:15 BST).