AIM-listed Viral challenge and virometrics specialist Retroscreen Virology Group has published a trading update ahead of its year-end predicting a significant rise in its year-on-year revenues.
The company expects to report sales for the year ending December 31st 2012 in excess of £13m compared to £4.27m for the twelve months until December 31st 2011. Gross margin and net loss are also expected to be ahead of market expectations.
The trading update published by the company stated that significant revenue growth was being achieved from Retroscreen's solid pipeline of Viral Challenge Model (VCM) client engagements.
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More specifically, it added that: "The revenue growth is principally due to the increased number of quarantines conducted during 2012, together with the study set-up and volunteer recruitment for a number of new VCM engagements with quarantines due to commence in 2013."
Kym Denny, Chief Executive Officer at Retroscreen Virology Group, commented, "I am thrilled by our revenue growth and delivery against a robust VCM pipeline, which continues to build steadily with clients holding firm against their VCM quarantine reservations booked months ahead."
Denny added: "Retroscreen remains focussed on revenue growth, developing capacity and pioneering the VCM as a new way to conducting clinical trials in the development of drugs against virus. We are building solid foundations to scale our growth and it is tremendously fulfilling to see that the outcome of this investment will be reported in our 2012 financial results."
Retroscreen Virology Group's share price rose 8.16% to 132.50p at 09:17 on Wednesday morning.
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