20th May 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (“MAR”). Upon the publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.
20 May 2020
Cello Health plc
(“Cello” or the “Company”)
Cello Health plc (AIM: CLL), the global healthcare-focused advisory group, today announces that at the Annual General Meeting to be held later today the Company will deliver the following statement:
“The Group had a good first quarter, with solid overall growth in net revenue.
“The Cello Health division delivered strong overall net revenue and profit growth for the first quarter, along with good like-for-like growth. Since the adjustment to remote working necessary in March following the outbreak of COVID-19, the business has continued to make progress. Overall bookings visibility and the new project win rate have been maintained. Performance of the US business has been notably robust.
“This is the first financial year in which Cello Connect is included as part of the Health segment. Connect performed well in the first quarter. Cello Health, and Connect in particular, is also supporting a number of clients with COVID-19 related UK and European public health campaigns as well as with US regulatory approvals and FDA filings.
“Considering the disrupted circumstances in which the Group is operating, the Board is confident about performance for the second quarter for the Cello Health division, and therefore for the first half of 2020.
“Cello Signal comprised around 16% of the Group’s net revenue for the first quarter. Looking into the second quarter and beyond, performance is likely to be impacted by more significant COVID-19 related work delays and cancellations than the Health division. Prudent action has been taken to reduce existing costs where necessary, including salary reductions and furloughing where appropriate and applicable.
“The Group remains in a solid net cash position, after settlement earlier this month of the Defined Health final earn out payment of £0.7m and imminent payment of the Interim dividend of 1p per share. Cash generation this year has been good.
“Despite the serious impact of COVID-19 on the general business environment, the Board is pleased with the overall progress made so far by the Group in maintaining revenue streams and with the effectiveness of cost control measures. More detailed information will be included in our half year trading update in mid-July.”
020 7812 8460
Mark Scott, Chief Executive
Mark Bentley, Group Finance Director
020 7397 8900
020 7466 5000
Notes to Editors
Cello Health plc is a global healthcare-focused advisory Group comprised of a set of leading scientific, commercial advisory and digital delivery capabilities. Cello Health plc currently services 24 of the top 25 pharmaceutical clients globally, as well as a wide range of biotech, diagnostics, devices and other key non-healthcare clients.
Cello Health plc enables clients to commercialise, differentiate their assets, and drive brand success in ever more complex global markets. The business delivers its services through nearly 1,000 highly skilled professionals, utilising latest thinking, technology and digital solutions.
Cello Health plc delivers its services from an office network in the UK, USA, and Asia, with hub offices in New York City, Philadelphia, New Jersey, London, Edinburgh, and Farnham.
For further information, please visit: https://cellohealthplc.com