Clinigen Group plc Year end trading update (5949F)
July 16 2019 - 1:00AM
UK Regulatory
TIDMCLIN
RNS Number : 5949F
Clinigen Group plc
16 July 2019
16 July 2019
Clinigen Group plc
Year end trading update
Clinigen Group plc (AIM: CLIN, 'Clinigen' or the 'Group'), the
global pharmaceutical and services company, today provides an
unaudited trading update for the year ended 30 June 2019.
The Group expects to report an increase of revenues of at least
19% on a reported basis and constant currency basis* compared to
last year. Gross profit** is expected to have increased by at least
30% on a reported basis and 31% on a constant currency basis*.
EBITDA growth is expected to have increased ahead of gross profit,
in line with the Board's expectations whilst EPS is expected to
have increased by at least 15%.
The strong growth has been driven primarily by acquisitions with
each contributing towards the Group's performance. Two of the
largest acquisitions, CSM and the rights to Proleukin in the US,
have exceeded expectations. This performance from acquisitions plus
good underlying growth overall has offset pressure on the Group's
largest product, Foscavir, from an alternative therapy, and from
the UK Specials business within Unlicensed Medicines.
Cash generation remains strong with net debt at 30 June 2019
expected to have fallen below GBP255m, with bank covenant
leverage*** now under 2.0x net debt / EBITDA.
Shaun Chilton, Group Chief Executive Officer of Clinigen,
said:
"We have continued to execute our strategy with the recent
acquisitions strengthening our offering and capabilities as well as
diversifying our portfolio of businesses and products. The
expansion of our geographical footprint by building on our existing
commercial infrastructure in the US and EU will provide notable
benefit to all our businesses.
"Financially we have delivered a strong performance, driven by
our acquisitions and we remain highly cash generative - one of our
main business KPIs.
"The Group is well positioned to develop the business as well as
drive organic growth over the medium term."
The Group expects to publish its final results for the year
ended 30 June 2019 on Thursday 19 September 2019.
* Constant currency is growth applying prior year's actual
exchange rate to this year's result.
** Gross profit growth rates exclude the release of the fair
valuation on inventory from business acquisitions.
***Bank covenant leverage is calculated by dividing adjusted
EBITDA of the Group for the last 12 months by net debt at the year
end. Adjusted EBITDA includes the EBITDA from the businesses and
assets acquired during the last 12 months, including on a pro forma
basis the year prior to it becoming a member of the Group.
- Ends -
For further information, please contact:
Clinigen Group plc Tel: +44 (0) 1283 495
010
Shaun Chilton, Group Chief Executive Officer
Nick Keher, Group Chief Financial Officer
Matt Parrish, Head of Investor Relations
Numis Securities Limited - Nominated Adviser Tel: +44 (0)20 7260
& Joint Broker 1000
James Black / Freddie Barnfield / Freddie
Naylor-Leyland
RBC Capital Markets - Joint Broker Tel: +44 (0)20 7653
4000
Marcus Jackson / Elliot Thomas
Instinctif Partners Tel: +44 (0)20 7457
Adrian Duffield / Melanie Toyne Sewell 2020
/ Rozi Morris Email: clinigen@instinctif.com
About Clinigen Group
Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and
services company with a unique combination of businesses focused on
providing ethical access to medicines. Its mission is to deliver
the right medicine to the right patient at the right time through
three areas of global medicine supply; clinical trial, unlicensed
and licensed medicines. The Group has sites in North America,
Europe, Africa and Asia Pacific. In October 2018, the Group
acquired CSM, a specialist provider of packaging, labelling,
warehousing and distribution services, with sites in the US and
Europe, and iQone, a specialist pharmaceutical company in
Switzerland.
For more information, please visit www.clinigengroup.com
Cautionary statement
This announcement contains certain projections and other
forward-looking statements with respect to the financial condition,
results of operations, businesses and prospects of Clinigen Group
plc. These statements are based on current expectations and involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. There are a
number of factors which could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. Any of the assumptions underlying these
forward-looking statements could prove inaccurate or incorrect and
therefore any results contemplated in the forward-looking
statements may not actually be achieved. Recipients are cautioned
not to place undue reliance on any forward-looking statements
contained herein. Except as required by law, Clinigen undertakes no
obligation to update or revise (publicly or otherwise) any
forward-looking statement, whether as a result of new information,
future events or other circumstances.
The information contained in this statement has not been audited
and may be subject to further review.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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