Horizon in line with guidance

Horizon Discovery - a global leader in gene editing and gene modulation technologies - is on track to meet full-year revenue guidance for the enlarged group of £37m-£41m with a strong H2 order book.

The group said it expected to report six month revenues of £12.1 million, in line with previous guidance, representing growth of at least 20%.

It said reported group gross margins were expected to expand substantially to at least 60% (HY16: 48%), enhanced by significant improvement in service margins as the impact of actions to drive operational efficiencies are realised.

An update said: "As anticipated, the Group expects to report negative EBITDA in H1 2017 in line with its historical H1:H2 phasing of revenue of c. 40%:60% and the fixed cost base of the business.

"Based on the historical revenue profile, combined with a strong H2 order book, the Group is on track to achieve FY2017 revenue in the £30 million - £33 million range on an organic basis, £37 million - £41 million inclusive of the impact of GE Healthcare Dharmacon, Inc, whose P&L will be consolidated with effect from 1 September 2017.

"Full year EBITDA for the enlarged group is expected to be approximately break-even prior to exceptional items relating to the acquisition, integration and restructuring costs and discontinued operations."