Business
Revenue growth of 24% in H1 with 55% now recurring
Revenue growth of 24% in H1 with 55% now recurring.
About this update from Diaceutics Plc
[{"type":"text","content":"\n\nDiaceutics PLC - Trading Update\n \nDiaceutics grows revenues by 24% in H1 2024 with 55% of revenues now recurring\n \nWorked with 63 individual customer brands in H1 2024 - an increase of 26%\n \nSix customer engagements now at enterprise-wide level\nLeveraging Diaceutics proprietary AI to increase return on investment from data\nDiaceutics is now demonstrating its ability to be the primary commercialisation partner for pharma and biotech companies launching precision medicines\n \nStrong balance sheet with cash of £16.7 million\n \nGood momentum - performing and growing to meet significant customer demand\n \nBelfast and London, 23 July 2024 - Diaceutics PLC (AIM: DXRX), a leading technology and solutions provider to pharma and biotech companies, today provides a trading update for the half-year ended 30 June 2024.\n \nRyan Keeling, Diaceutics' Chief Executive Officer, commented: \"We are pleased to report continued strong performance and growth across our business in the first half of 2024, providing good visibility as we head into our historically stronger second half. This performance demonstrates the significant value our customers place on our differentiated offering, as reflected by the increasing number of precision medicines we are working with and the significant number of enterprise-wide engagements we have secured to date. Our customers are continuing to accelerate their shift to precision medicine to improve patient access, capture lost revenue and increase profitability and we are confident we have the team and resources in place to scale our business as we capture this growing market opportunity and in doing so, help our customers find patients in need.\" \n \nTrading Update to 30 June 2024\nRevenue grew 24% to approximately £12.3 million in H1 2024 (H1 2023: £9.9 million), 28% on a constant currency basis. \n \nThe Company continues to improve the quality of its earnings, with approximately 55% of all revenue in the period being recurring (H1 2023: 47%), and the visibility of its future earnings, with the order book at 30 June 2024 growing 16% to approximately £27.9 million, up from £24.1 million at 30 June 2023. Annual Recurring Revenue (ARR) was £14.2 million as at 30 June 2024 (£13.7 million at 31 December 2023).\n ...