Trading Update

RNS Number : 5637V

Retroscreen Virology Group PLC

16 December 2013

 



For immediate release 07.00: 16 December 2013

RETROSCREEN VIROLOGY GROUP PLC

("Retroscreen" or the "Company")

TRADING UPDATE

Retroscreen Virology Group plc (AIM: RVG), the viral challenge and "virometrics" specialist, is pleased to announce a trading update ahead of its year end.

The Company expects to report revenues for the year ending 31 December 2013 in excess of £27.0 million (Year ended 31 December 2012: £14.4 million), significantly ahead of market expectations.  The Company is also continuing to achieve improvements to gross margin and profitability.

Significant revenue growth is being achieved from Retroscreen's solid pipeline of Viral Challenge Model ("VCM") client engagements, which are now running in two facilities and with Retroscreen delivery of client engagements moving in parallel streams through the VCM phases of protocol design (and ethics approval), volunteer recruitment and viral challenge quarantines.  The revenue growth is principally due to the increased number of client engagements and quarantines conducted during 2013, together with the study set-up and volunteer recruitment for a number of new VCM engagements with quarantines due to commence in 2014. 

Kym Denny, Chief Executive Officer, commented, "I am delighted by our continued revenue growth as a result of our expanding client engagement VCM pipeline, with quarantines now being conducted in two facilities in parallel streams and with better utilisation being achieved of facilities and staff.  We have achieved strong revenue growth in 2013 due to our clients meeting their product development timelines and client engagements in 2013 holding firm against their upfront bookings, without any slippages and revenues as a result falling out of the current financial year.  We are making great strides in planning and commencing the building of our AD-VCM and Discovery businesses.  I look forward to reporting our 2013 financial year, and the significant progress Retroscreen is making in scaling our business, in early April 2014."

For further information please contact:

Retroscreen Virology Group plc                                                         [phone]

Kym Denny (CEO)

Graham Yeatman (FD)

Numis Securities Limited                                                                   [phone]

Michael Meade / Freddie Barnfield (Nominated Adviser)

James Black / Michael Burke (Corporate Broking

 

END

 

 

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