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29 Apr 2019 | 10:06

Horizon Discovery reports wider losses as writedown of In Vivo business offset jump in revenues

Horizon Discovery reported a wider pre-tax loss for the year as a surge in costs from the writedown of the group's In Vivo business unit offset a jump in revenues. For the year ended 31 December 2018, pre-tax losses widened to £40.65m from £15.67m a year earlier, while reported revenue increased 68% to £58.7m amid strong demand for the company's products and services. The wider loss was driven by the writedown of its In Vivo business unit, following a strategic review, which led to an impairment of £32.1m amid 'challenging market headwinds'. Adjusted pre-tax profits, which excluded the impact of the writedown, narrowed to £7.5m from £11.96m. 'With a robust balance sheet and an already strong order book for 2019, we are confident in our growth prospects. The Board expects FY19 revenues to be in-line with current market expectations and to maintain positive EBITDA development,' the company said.

At 10:06am: (LON:HZD) Horizon Discovery Group Plc share price was +1p at 185p

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