Horizon Discovery turns EBITDA positive following Dharmacon acquisition

Gene editing and modulation business Horizon Discovery expects to have turned EBITDA positive in its recently wrapped up trading year as a result of significantly improved revenues.

Horizon estimated on Tuesday that revenues had increased roughly 61% to £58.7m in the twelve months ended 31 December - boosted by the company's recent acquisition of Dharmacon. Like-for-like revenues were projected to have grown around 9% to £30.1m.

The AIM-listed outfit also expects to report a "significant expansion" in gross margins to in excess of 67% - a marked improvement on the 62% recorded in 2017.

Horizon also anticipates that full-year EBITDA before exceptional items will be "positive and ahead of market expectations".

Chief executive Terry Pizzie said: "The second half of 2018 has seen the continued growth of Horizon into a more focused global, commercial and scalable business."

"With positive sales momentum and a strong balance sheet, we are well positioned to execute our invest for growth strategy to build a commanding share in all our chosen markets."

In a separate announcement, Horizon revealed Jayesh Pankhania would succeed Richard Vellacott as chief financial officer, effective immediately.

As of 0830 GMT, Horizon shares had picked up 1.47% to 172.50p.