ClinPhone has announced its preliminary results for the year, reporting revenue growth of 15%.
Nottingham, UK-April 29, 2008-ClinPhone ( www.clinphone.com ), the world’s largest Clinical Technology Organization (CTO), has announced its preliminary results for the year ended February 29, 2008, reporting revenue growth of 15% on a constant currency basis. Within these results there was a significant improvement in the second half of the year compared to the first, with 60% of the Normalized Profit resulting in the last four months of the year.
Since the operational difficulties experienced last summer, ClinPhone upgraded its telecommunications platform and made significant investment in IT infrastructure. These system investments have restored customer confidence, with 100% resilience since completion, leading to an increase in activity and recovery of profitability. In addition, Vincent Renz was appointed as chief operating officer to ensure processes and systems scale in line with the growth of the business. The recent return of business has seen the contracted order book achieve a level of £52.9 million, which includes five major new wins announced post year-end.
The DataLabs business, acquired October 2006, is now fully integrated and is contributing to the enhancement of the customer and revenue base. The total number of customers is reported at 196 at the end of financial year 2008, compared to 159 at end of financial year 2007, with the average number of live trials growing by 18%.
ClinPhone’s technology reduces the cost and duration of running clinical trials and improves the accuracy, integrity and consistency of data collected. ClinPhone has a broader product set than any other company in the market. Investment in ClinPhone’s product base continued with R&D representing 12% of Group revenues.
Significant progress was made in developing an integrated solution for technology-based clinical trials. In March 2008, ClinPhone launched its combined EDC-IVR solution. This unique integrated offering combines DataLabs by ClinPhone (EDC) and ClinPhone Randomization, Trial Supply Management and ePRO solutions (IVR/IWR) and enables sponsors to share data between applications while having full visibility of the integration process. Further enhancements have been made to Connect by ClinPhone-the Group’s clinical trial integration platform-which will facilitate more robust integrations between ClinPhone’s EDC, CTMS, and other clinical technologies, as well as those of third-party vendors.
ClinPhone’s policy of locating sales and operating staff in offices near to their customers is highly valued and enables smooth delivery of services. During the year, ClinPhone opened a new office in Paris, France, and will continue to open new offices as appropriate.
Commenting on the results, Steve Kent, chief executive officer of ClinPhone, said, “Over the past year the clinical trials market has continued to evolve at a rapid pace. The marketplace remains attractive and technology adoption continues to become more widespread as customers use it to help them speed up and improve the effectiveness of their drug development programs. However, considerable growth opportunities remain and ClinPhone is well positioned to capitalize on these.”
Kent added, “This financial year was a difficult one for ClinPhone but the Group has emerged stronger. Following the operational difficulties experienced during the summer 2007, we have implemented a number of changes which have restored customer confidence, reduced our cost base, and improved efficiency. We had a strong finish to the year following the restructuring and operational improvements with 60% of normalized profit delivered in the last four months of our financial year. Against the backdrop of strong industry fundamentals, our trusted brand and leading technology, I look forward to the next year with confidence.”