Horizon Discovery Group plc Full Year Unaudited Results for the Twelve Months Ended 31 December 2019
27 April 2020 - 1:00PM
Horizon Discovery Group
plcFull Year Unaudited Results for the Twelve
Months Ended 31 December 2019
Cambridge, UK, 27 April
2020: Horizon Discovery Group plc (LSE: HZD)
("Horizon", "the Group" or “the Company”), a cell engineering
company focused on commercialising the application of gene editing
and gene modulation to accelerate scientific innovation and
biopharmaceutical drug development, today announces its full year
unaudited financial results for the twelve months ended 31 December
2019.
Group Financial highlights
- Revenues1 from Continuing Operations of £58.3m (FY 2018:
£54.1m) growth of 7.8% (£56.7m on a constant currency basis2 4.8%
YoY increase)
- Gross Margin from Continuing Operations of 70.0% (FY 2018:
69.7%)
- Adjusted EBITDA3 from Continuing Operations of £3.9m (FY 2018:
£2.1m)
- Cash position at 31 December 2019 of £18.8m (FY 2018:
£26.7m)
- Loss on continuing operations before tax of £11.5m (FY 2018:
£6.6m loss)
Business Unit performance4
- Research Reagents: Revenues of £33.5m, growth of 8.4% (FY 2018:
£30.9m), or growth of 5.2% on a constant currency basis
- Screening: Revenues of £11.4m, growth of 28.1% (FY 2018:
£8.9m), or growth of 24.7% on a constant currency basis
- Bioproduction: Revenues of £8.6m, down 1.1% (FY 2018: £8.7m),
or a decline of 3.4% on a constant currency basis
- Diagnostics: Revenues of £4.8m, down 14.3% (FY 2018: £5.6m), or
a decline of 16.0% on a constant currency basis
Other (including post-period
end)
- Divestment of In Vivo business unit completed in December
2019
- Strategic collaboration with Mammoth Biosciences signed in
December 2019
- Post period end, in January 2020, the Group exercised an option
to exclusively license base editing technology from Rutgers, The
State University of New Jersey (US), for use in all therapeutic
applications
- Post period end, in April 2020, raised £6.9m gross through a
Placing of approximately 4.5% of the current share capital in order
to provide additional financial flexibility to protect and grow the
business during the COVID-19 crisis
1 – During the 2019 financial year the In Vivo business unit
contributed revenues of £4.6 million. The In Vivo business unit is
reported as discontinued operations in the FY2019 and FY2018
results. 2 – Calculated revenue on a constant currency basis by
translating any current year revenues generated in foreign
currencies into British Pounds, our reporting currency, using the
average foreign currency exchange rate from the prior period. 3 –
Defined this as loss for the year from continuing operations before
taxation, finance costs, investment income, amortisation and
depreciation and items which are non-recurring and do not form part
of our underlying year to year expense base. Adjusted EBITDA
incorporates a positive £2.5m impact of IFRS 16 which was adopted
on 1 January 2019. A reconciliation of the loss for the period from
continuing operations to adjusted EBITDA is presented in the
Financial Review section. 4 – New market aligned business unit
structure introduced in January 2019. Prior year equivalents
provided for comparison
Terry Pizzie, Chief Executive Officer of
Horizon Discovery, commented: “In 2019,
we prepared the business for growth by investing to improve
operational efficiency, discontinuing non-core operations and
doubling down on high-growth operations. As a
result, we moved into 2020 with a simplified, more robust and
focused business comprising a mix of well-established and
potentially disruptive business units.
“Following our recent Placing the Group
has a robust balance sheet, which when combined with the range of
other mitigating actions being taken, will mean the business has
the financial flexibility to continue its investment in strategic
projects and a sufficient working capital and liquidity position,
providing protection in the event of a prolonged COVID-19 related
economic downturn.
“We remain confident about the Group’s
long-term prospects given our industry-leading gene editing and
gene modulation expertise and our broad portfolio of tools and
services, which provide the basis for a sustainable competitive
advantage and strong prospects for growth in 2020 and
beyond.
“However, given the ongoing uncertainty
around the scope, duration and impact of the pandemic, Horizon is
unable to predict the full year consequences of
coronavirus.”
Analyst webcast and conference
call:
Horizon Discovery will present its Results via
live webcast today at 12:00pm BST. There will be a simultaneous
live conference call
Conference call details:
- Participant UK dial‐in: 0800 2796 619
- Participant US dial‐in: 1 877 870 9135
- International dial‐in: +44 (0) 20 7192 8338
- Participant code: 7984877
The live webcast and presentation slides will be
available on the Group’s website:
https://www.horizondiscoveryplc.com/category/presentations-recordings/
For further information from Horizon
Discovery Group plc, please contact:
Horizon Discovery Group
plcTerry Pizzie, Chief Executive OfficerJayesh Pankhania,
Chief Financial OfficerJon Davies, Head of Investor RelationsTel:
+44 (0) 1223 655 580
Numis Securities Limited (Broker and
NOMAD)Freddie Barnfield / Duncan MonteithTel: +44 (0) 207
260 1000
Consilium Strategic Communications
(Financial Media and UK Investor Relations)Mary-Jane
Elliott / Matthew Neal / Melissa GardinerTel: +44 (0) 20 3709
5700Email: horizon@consilium-comms.com
Zyme Communications (Trade and Regional
Media)Katie OdgaardTel: +44 (0)7787 502
947Email: katie.odgaard@zymecommunications.com
Westwicke, an ICR Company (US Investor
Relations)Stephanie CarringtonTel. +1
646-277-1282Email: horizondisovery@icrinc.com
About Horizon Discovery Group plc
www.horizondiscovery.com
Horizon Discovery Group plc (LSE: HZD)
("Horizon") is a cell engineering company focused on
commercializing the application of gene editing and gene modulation
to accelerate scientific innovation and biopharmaceutical drug
development. Horizon’s portfolio of tools and services is built on
decades of experience in altering the expression of genes across
mammalian and human cell types to provide cell engineering tools
and services to customers in three key areas of the therapeutic
ecosystem: basic research, drug discovery and development and
therapeutic applications. Horizon’s offerings support and enable
critical elements of the drug development and therapeutic value
chain, particularly in the area of precision medicine. Horizon’s
customers include biopharmaceutical and diagnostics companies,
contract research and manufacturing organizations and academic
researchers across the globe.
Horizon is headquartered in Cambridge, UK with
offices in USA and Japan. The Group is listed on the London
Stock Exchange's AIM market under the ticker HZD.
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