Clinigen Group's acquisitions boost first half growth

Clinigen Group says it has had a solid first half performance, driven by acquisitions and organic growth.

The AIM-listed company issued a trading update for the six months to 31 December on Tuesday.

It said revenue had risen 116% and it had doubled its gross profit from last year due to the acquisitions of Idis in April and Link Healthcare in October.

The revitalisation of newer products, Cardioxane, Savene and Ethyol also boosted profits in its Specialty Pharmaceuticals division, which makes up 33% of the group’s gross profit, the company’s strongest growth.

Clinigen Group also said company is trading in line with the Board's expectations and is positioned for a good second half of the financial year.

Chief executive Peter George said it has been an important six months for the company.

“The integration of Idis is on plan and the addition of Link Healthcare substantially strengthens our footprint in Africa, Australasia and Asia.

"These acquisitions established us as the global market leader in the management of unlicensed medicine and provide a broad platform for considerable organic growth opportunities in the future.”