Irish data analytics company Diaceutics reported a rise in revenue and profit in 2019 as the company continued to add to its client lists.
Diaceutics, which provides precision testing data and commercialisation services for the global pharma industry, said the 12 months to December 31st had been a formative year for the group.
Revenue rose 30 per cent to £13.4 million (€14.7 million), up from £10.4 million a year earlier, while gross profit increased 52 per cent to £1.3 million. Earnings before interest, tax, depreciation and amortisation were £1 million, down from £1.3 million a year earlier, but adjusted Ebidta was £2.4 million, up from £1.5 million in 2018.
The balance sheet also showed strong net cash of £11.7 million, compared with a net debt of £1.7 million in 2018. Diaceutics raised £17 million in March through its initial public offering, listing on London’s AIM market, citing a desire to obtain faster access to growth capital.
The company also added 10 new clients to its customer list during the year, and now services 36 clients. It has also expanded its geographic footprint, particularly in Asia.
“Diaceutics has been building its market leading position in the precision testing market for the past 14 years,” said Peter Keeling, chief executive. “2019 has seen us further penetrate the existing precision testing market in key disease areas and global markets whilst at the same time adding the essential scaling pillars for 2020 and beyond to keep the group in step with a rapidly increasing marketplace.”