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27 Feb 2019 | 07:40

Clinigen profits slide as acquisitions costs weigh

Clinigen Group said Wednesday first-half profits declined as revenue growth was largely offset by costs related to acquisitions.

For the six months ended 31 December 2018, pre-tax profits fell to 18% to £12.9m weighed down by an increase in exceptional costs to £19.4m, compared with £12.9m a year earlier. Revenues increased 25% to £208.9m.

Adjusted gross profit was up 25% to £80m for the year.

The company said it had started the second half of the year well and in-line with its expectations. 'The business has transformed over the last 12 months through a combination of substantial corporate and product acquisitions, investment in infrastructure and underlying growth. This has resulted in an improved balance across our complementary businesses - reflecting our portfolio strategy,' said Shaun Chilton, Group Chief Executive Officer. 'Operationally, we saw good growth in Africa and Asia Pacific and the Unlicensed Medicines business, with adjusted EPS up 9% and operating cash flow up 13%. Notably, CSM, which we acquired in October 2018, saw approximately 20% year on year growth in EBITDA.'

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