Horizon Discovery revenues surge in H1 2017
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AIM-listed gene editing and modulation specialist Horizon Discovery (LON:HZD) more than doubled its revenues to £25.1 million during the six months ended 30th June. This was driven by a 665% increase in sales from the research products division.
The company’s EBITDA loss narrowed despite the costs associated with the Dharmacon acquisition and management expect EBITDA for the second half of the financial year to be positive. The start to the second half has been strong, with revenues slightly ahead of consensus forecasts.
Chief executive Terry Pizzie commented: “I am pleased to report a strong first half performance that saw significant revenue growth due to a robust contribution from the Dharmacon business. We have made a strong start to the second half of the year and, in combination with our sales being second half weighted, we expect revenues to be slightly ahead of expectations for the year. I am particularly pleased at the continued development of our major customer relationships, culminating in two new significant agreements already signed in the third quarter in the key growth area of CRISPR screening.
Together with the Board and the leadership team, I am excited that we have taken the opportunity since my appointment to update and evolve Horizon’s five-year investment strategy to prioritise and invest in a number of highly promising core growth areas of our business to enhance our market positioning. We are at the cutting edge of a rapidly changing market and of a significant opportunity as gene editing and gene modulation become embedded at an industrial scale into our customers’ workflows.”
Shares in Horizon Discovery rose by 5.91% to 233p (as of 13:20 BST).
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