Data firm Diaceutics sees revenues lift to £13.4m in first full year of AIM trading
DATA analytics firm Diaceutics, which last year became the fourth Northern Irish company to list on the London Stock Exchange, has revealed that its revenues at the end of its first full year of trading have risen by nearly a third from £10.4 million to £13.4 million.
Adjusted underlying earnings (Ebitda) were ahead of market expectations, improving to £2.4m from £1.5m previously.
Its gross profit has soared by more than 50 per cent from £6.8m to £10.3m, and it is currently sitting on a cash bank of £11.7m, whereas a year ago its balance sheet showed a net debt of £1.7m (it raised £17m before expenses through its successful IPO).
Its strong cash position will enable it to continue to expand globally and fund the completion and launch of the Nexus platform later this year, strengthening its current market position in global test commercialisation.
Founded by Belfast entrepreneur Peter Keeling and headquartered in Belfast, with offices in Dundalk, New Jersey and Singapore, the company had achieved compound annual revenue growth in sales of over 50 per cent in the two years immediately before its listing on the AIM market.
Diaceutics (www.diaceutics.com) said the last 12 months reflect another formative year for the group as the leading provider of precision testing data and commercialisation services for the global pharma industry.
Mr Keeling, the firm's chief executive, said: “We have been building its market leading position in the precision testing market for the past 14 years, and 2019 saw us further penetrate the existing precision testing market in key disease areas and global markets whilst at the same time adding the essential scaling pillars for 2020 and beyond to keep the group in step with a rapidly increasing marketplace.”
Among operational highlights in the last year, the company provided data and services to 53 therapy brands in 41 markets - an increased brand engagement of 51 per cent from 2018.
It also added 10 new clients to its customer list (it now services 36 clients) and has an 87 per cent rate of repeat business.
Diaceutics, which employs more than 70 full time staff in 15 countries, says it delivered services globally to pharma clients in all top 10 primary pharma markets and 31 secondary markets.
It also added 112 million new patient testing records to its data lake detailing information on 298 diseases.
Shares in the company were trading around the 107p mark yesterday afternoon, down from its opening day price of 142p.