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Horizon Discovery revenues grow following strong FY performance
4th Feb 2020 08:34
(Sharecast News) - Gene editing and modulation firm Horizon Discovery expects full-year revenues to show some year-on-year improvement after a strong performance from its research reagents and screening business units.
Horizon expects to report full-year revenues from continuing operations of approximately £58.3m - up from the £54.1m recorded during the prior year and representing growth of approximately 8% year-on-year.
The AIM-listed firm added that reported sales for 2019 were projected to have grown roughly 7% to £61.2m.
Horizon said the growth was principally driven by its research reagents and screening business units, but added that its BioProduction wing also continued to perform well and generate a strong second-half performance.
However, as expected, Horizon said the BioProduction division ended the year broadly flat year-on-year, reflecting its "exceptionally strong prior-year comparator performance".
Horizon's diagnostics business unit also had "a challenging first half of the year", reporting revenues 28.6% lower year-on-year.
Chief executive Terry Pizzie said: "We have reported a solid full-year 2019 performance based on the unaudited results against the backdrop of a busy second half that has seen a number of notable developments that will help to accelerate our transformation into a high-growth, pure-play tools and services company.
"We are committed to continued focused investment in commercially-led, scientific innovation to stay at the forefront of emerging technologies."
As of 1330 GMT, Horizon Discovery shares were up 8.13% at 173p.
Horizon expects to report full-year revenues from continuing operations of approximately £58.3m - up from the £54.1m recorded during the prior year and representing growth of approximately 8% year-on-year.
The AIM-listed firm added that reported sales for 2019 were projected to have grown roughly 7% to £61.2m.
Horizon said the growth was principally driven by its research reagents and screening business units, but added that its BioProduction wing also continued to perform well and generate a strong second-half performance.
However, as expected, Horizon said the BioProduction division ended the year broadly flat year-on-year, reflecting its "exceptionally strong prior-year comparator performance".
Horizon's diagnostics business unit also had "a challenging first half of the year", reporting revenues 28.6% lower year-on-year.
Chief executive Terry Pizzie said: "We have reported a solid full-year 2019 performance based on the unaudited results against the backdrop of a busy second half that has seen a number of notable developments that will help to accelerate our transformation into a high-growth, pure-play tools and services company.
"We are committed to continued focused investment in commercially-led, scientific innovation to stay at the forefront of emerging technologies."
As of 1330 GMT, Horizon Discovery shares were up 8.13% at 173p.