Clinigen earnings grow following CSM and iQone acquisitions

Specialty pharmaceuticals group Clinigen saw strong earnings and cash flow growth in the first half of its trading year following a period of transformative acquisitions.

Clinigen reported a 24% increase in revenues to £208.9m, driven by "good growth" in Africa and Asia Pacific, and also in its unlicensed medicines business.

EBITDA came to £41.8m, up 22%, while earnings per share were up 9% at 23p each.

The AIM-listed outfit also turned in pre-tax profits of £36.7m, a 16% improvement year-on-year.

On the other hand, admin expenses widened 29% to £38.8m, while net debt ballooned 35% to £192.4m, partly due to its acquisitions of CSM and iQone during the period.

Chief executive Shaun Chilton said: "The business has transformed over the last 12 months through a combination of substantial corporate and product acquisitions, investment in infrastructure and underlying growth."

Looking forward, Clinigen's CEO added: "We have started the second half of the year well and in-line with the board's expectations."

As of 1030 GMT, Clinigen shares were up 0.71% at 921.50p.