Horizon Discovery Group plc Results for the Six Months Ended 30 June 2020
17 August 2020 - 1:00PM
RNS
Horizon Discovery Group
plcResults for the Six Months Ended 30 June
2020
Cambridge, UK, 17 August
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 unaudited
results for the six months ended 30 June 2020.
Group Financial Highlights
- Reported revenue of £22.4m (HY19: £26.1m)1
down 13.9% (15.5% on a constant currency basis) largely due to
impact of COVID-19 pandemic and a rapid reduction of academic
research work in Q2 2020
- Revenue decline largely due to rapid reduction of academic
research work caused by COVID-19 pandemic in Q2 2020 and was
broadly within the range of our expectations
- Order backlog as at 30 June 2020 was £6.5m (HY19: £4.1m)
- Gross margin from continuing operations1 66.0%
(HY19: 71.2%)
- Loss for the period on continuing operations of £9.4m for the
half year (HY19: £4.8m) 1
- Adjusted EBITDA from continuing operations2
loss of £4.5m (HY19: £0.0m) 2
- Cash and cash equivalents at 30 June 2020 of £23.6m (HY19:
£24.8m; FY 2019: £18.8m), bolstered by Placing in April 2020, which
raised gross proceeds of £6.9m, together with strong cash control
measures implemented in April
Business Unit Performance
- Research Reagents (now including Diagnostics)
3: Reported revenue of £16.0m a decrease of 15.3%
on the prior half year period (HY19: £18.9m) or a decrease of 16.7%
on a constant currency basis
- Screening: Reported revenue of £4.4m up 2.8% on the prior half
year period (HY19: £4.3m) or an increase of 0.6% on a constant
currency basis
- Bioproduction: Reported revenue of £2.0m a decrease of 29.8% on
the prior half year period (HY19: £2.8m) or a decrease of 31.7% on
a constant currency basis
- Delivery of the planned fivefold increase in capacity in Cell
Line Engineering (CLE) together with new value proposition, pricing
and go-to-market strategy
Financial
Outlook
- Business remains robust with sustained recovery towards 2019
levels
- Fundamental drivers and demands for Horizon’s products and
services remain strong and the Group is confident of a return to
growth in the second half of 2020
- In the long term, the fundamentals of our business are strong
and our ambition is to grow revenue in the low double digit
percentage levels
- In December 2019, the Company completed its divestment of its
non-core In Vivo business unit to Envigo RMS LLC. Revenues
generated in the period in the financial year that the Company
owned In Vivo are excluded from the Company’s continuing
operations
- Adjusted EBITDA from continuing operations is a non-IFRS
financial measure. Our definition of this non-IFRS measure and a
reconciliation to loss for the period on continuing operations, the
most nearly comparable financial measure calculated in accordance
with IFRS, is presented in the “Financial Review” section
- During the period the diagnostics business unit was
restructured into the research reagents business unit, refer to
“CEO review” section.
Terry Pizzie, Chief Executive Officer of
Horizon Discovery, commented:
“Despite the impact of the global COVID-19
pandemic during the first half of 2020, we concentrated our efforts
to ensure the business remained focused and executing on its
strategy, whilst continuing to invest in long-term growth drivers
such as our collaborations with Mammoth BioSciences and Rutgers in
Base Editing.
“The fantastic efforts of our staff have ensured
that we have been able to continue to operate effectively through
the crisis, enhancing relationships with our biopharma customers
despite the challenging operational environment. We are already
seeing the benefit of this work through increased partnering
activity with our customers, especially in Screening and Cell Line
Engineering, as biopharma customers continue to adopt
outsourcing.
“We are encouraged by the July 2020 trading
levels, and looking ahead we expect a return to growth in the
second half. With a good cash position and large parts of the
business already regaining momentum, we look forward to the
remainder of the year with confidence.”
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 279 6619
- Participant US dial‐in: 1 877 870 9135
- International dial‐in: +44 (0) 2071 928338
- Participant code: 8772709
The live webcast and presentation slides will be
available on the Group’s website:
https://horizondiscoveryplc.com/news-events/presentations-and-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)Lorna CuddonT Tel: +44 (0) 7811 996
942Email: Lorna.cuddon@zymecommunications.com
Westwicke, an ICR Company (US Investor
Relations)Stephanie CarringtonTel. +1
646-277-1282Email: horizondiscovery@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.
Please see PDF for the full report
- Horizon HY20 Results final
Horizons BetaPro COMEX S... (TSX:HZD)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Horizons BetaPro COMEX S... (TSX:HZD)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
