Horizon Discovery Group on 'path to profit'

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01/06/2017

Horizon's CEO says he’s happy with the company’s “robust” revenue growth in 2016.

The company, which provides tools for researchers in the gene editing industry, saw revenue increase 19% in the year to December 2016, from £20.2m to £24.1m. It made an EBITDA loss of £3.8m, down from £4.6m the year before.

Dr Darrin Disley, Horizon’s CEO, said the company has made a strong start to this year, and is on course to deliver revenue of £30-£35m for 2017.

“2016 was a strong year for the Group characterised by continued robust revenue growth and the realisation of operational efficiencies which are all driving the group towards a positive EBITDA on our trading business this year," said Disley.

“As outlined at the IPO, the focus of the group has been to invest for scale to drive a long-term high growth trajectory for the business, and to support the group’s path to profit strategy.”

Horizon's share price fell slightly following the news, from 215p at the close of trading on Friday, to 203p on Tuesday afternoon.


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