Richmond Pharmacology Ltd: December 2014 Financial Update

LONDON, December 19, 2014 /PRNewswire/ --

Richmond Pharmacology Ltd, a long established and experienced provider of innovative services in early phase clinical research, today reported an analysis of the financial results for the year ended December 31, 2013 and forecasts for 2014.

FINANCIAL HIGHLIGHTS

The latest Plimsoll Report for the industry sector shows Richmond's position as high and rising indicating an improvement in financial strength, in line with the industry average.

•    Total Sales have increased by 44.1% in the latest year, well above the industry average of 2.3%.

•    The company is ranked 7^th fastest growing in terms of sales growth in the latest year.

•    Pretax Profit Margin is 6.8% in the latest year, above the industry average of 5.4%.

•    The Trading Stability chart shows a well above average sales return on total assets in the latest year

•    The Profitability chart shows a well above average pretax profit return on total assets in the latest year.

"Our 2014 fiscal year is off to a very good result to September with an encouraging outlook for the year end" said Kemal Rajabally, CFO. "The 2014 forecast is in line with expectations and continues to show strong sales and profitability."

"The company's results reflect the continued success of our service platform, used by world leading pharmaceutical companies, biotechnology firms and venture capital led start ups. Richmond's unique patient database of close to 200,000 willing trial participants allows early entry into single centre proof of concept studies in patients with guaranteed savings in time and cost" said Dr Keith Berelowitz, Director of Operations. Dr Jorg Taubel, CEO, points out: "The ability to include multiple ethnicities in any study adds value to assets by opening global markets to our clients. Our proven cardiac safety platform provides a time saving method of de-risking early phase projects. Coupled with Dr Ulrike Lorch's industry leading use of adaptive trial designs in early phase clinical research allows a full integration of our specialist skills into an early phase package that will save up to one year to Proof of Concept; this is a very exciting proposition to venture funded groups within a defined pre-agreed study budget."

Dr Radivoj Arezina reported that based on the company's persistent favourable performance, strong cash position and positive outlook, on November 26^th, Richmond's Board of Directors expressed their satisfaction with the robust results so far and the prospects for even better results next year.  He added: "We had a really good 2013, this has continued with a strong performance this year and the pipeline for 2015 is looking extremely positive."

Richmond Pharmacology Ltd is an Early Phase Full Service Contract Research Organisation based at St George's University of London and Croydon University Hospital. The company is focussed on the transition between non-clinical programmes and patient proof of concept trials. Richmond Pharmacology has one of the largest trial databases in the world and an impressive track record in patient recruitment. For more information visit: http://www.richmondpharmacology.com  

Press contact:
Dr Jörg Täubel MD FFPM
Chief Executive Officer
+44(0)208-664-5200
info@richmondpharmacology.com