Q1 2009 Interim Management Statement
ClinPhone plc (“ClinPhone” or “the Company”), the leading provider of technology for clinical trials, today provides an Interim Management Statement for the first quarter (ended 31 May 2008).
Highlights
• Q1 revenues up 14.2% y/y; 12.3% y/y on a constant currency basis to £13.4m
• Order Book increased to £55.3m; an increase of 7.2% from the beginning of the quarter
• Win rate returned to historic levels; Q1 wins up 23% y/y, continuing the positive trends of Q4 FY2008
• Average order value for the quarter increased by 41% to £199,700 (Q1 FY08: £141,000)
• Five significant contracts won with 3 of the top 10 pharmaceutical companies (by revenue), with a combined value of over $8m
• Recently announced preferred supplier status with a top 5 pharmaceutical company that had previously withdrawn business due to operational difficulties in 2007
Overview
Since the announcement of the Company’s previous year’s results on 29 April 2008, ClinPhone has continued to show good progress. Proposal activity remains strong and the win rate has returned to historic levels. Higher than expected average win value have also helped to increase the Order Book by £3.7m compared to the year end.
Group Revenues
Group revenues for the quarter were up 14.2% to £13.4m compared to £11.8m for the quarter ended 31 May 2007. USD rates have not materially changed year on year, however, the revenues for the quarter are impacted by the EUR:GBP exchange rate. Constant currency revenues were up 12.3%.
Order Book
The Order Book has increased by 5.2% to £55.3m, compared to £52.5m for the quarter ended 31 May 2007. At constant exchange rates the order book has increased by 2.2%, or £1.2m. However, growth from the opening order book at the start of the current financial year has been strong, showing an increase of 7.2%.
Proposal activity remains strong and the recent opening of the Paris office demonstrates the continued commitment by ClinPhone to expanding its business in European markets. Having a local presence enables ClinPhone to provide increased face-to-face contact, trial consultations and expert advice in local languages. In addition, the Company has recently been awarded preferred provider status with a top 5 pharmaceutical company that had previously withdrawn business due to the operational difficulties experienced last year.
Average order value for the quarter was £199,700, up 41% compared to £141,000 for the quarter ended 31 May 2007. The number of studies won during Q1 is up 23% compared to prior year, and in line with the positive performance during Q4 FY2008. This includes five significant contracts worth a combined value of over $8m with 3 of the top 10 pharmaceutical companies (by revenue).
Live Trials
Operational activity in the quarter saw the Company add a further 59 trials to its systems (Q1 FY08: 71), increasing the average number of live trials to 565 for the quarter (Q1 FY08: 521).
During the quarter the Company also announced a new global partnership with Invivodata to provide electronic patient reported outcomes (ePRO) solutions. This new partnership will deliver best-of-breed offerings for two of the most commonly used ePRO modalities – device based and interactive voice response systems - to pharmaceutical and biotech companies.
Steve Kent, Chief Executive of ClinPhone, said:
“The results from this quarter demonstrate that on all of the key metrics ClinPhone is performing well. Revenues are up 14.2% year on year, the order book has increased once again to more than £55m, win rates have returned to historic levels and the average value of contracts has risen by a very significant 41%.
Encouragingly, it is not only year on year that strong progress is being made, but also quarter on quarter, with the improvements seen in Q4 FY2008 continuing in Q1 FY2009. Whilst we look to maintain a diversified order book, further major new contract wins with 3 of the top ten pharmaceutical companies, and the formation of our global partnership with Invivodata, clearly illustrate ClinPhone’s market leading position and the attractiveness of our products to a wide range of clients.”
For further enquiries, please contact:
ClinPhone plc +44 (0) 115 955 7333
Steve Kent, Chief Executive Officer
Scott Brown, Chief Financial Officer
Scott Harris +44 (0) 207 653 0030
Stephen Scott
Harry Dee
