With year-on-year revenue growth of nearly 17% and an increase of 33% in pre-tax earnings, excluding exceptional items, minority interest and foreign-exchange effects, in its 2013 fiscal year, UK-based contract research organisation (CRO) Chiltern International says demand for its services is “at an all-time high”.
The company reported revenues of £104 million for the financial year ended 31 March 2013, up by 16.8% over the previous fiscal year and representing a compound annual growth rate (CAGR) of 15.3% from 2008 to 2013.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) – excluding the aforementioned items – were £14.9 million, 33% ahead of the year to March 2012 and producing a CAGR of 19.2% for 2008-2013.
Chiltern had a backlog of £203 million at the end of the reporting period, up from £187 million at the close of March 2012. New business awards for 2012/13 came to £150 million, delivering a gross-book-to-bill ratio of 1.5 and a net-book-to-bill of 1.2.
Market share
“We have delivered over 15% CAGR revenue growth over the last five years, which means Chiltern is increasing its market share,” commented chief executive officer Dr Jim Esinhart.
“We feel customers are actively looking for mid-tier global alternatives with the ability to deliver better value and a comprehensive range of high quality services,” Esinhart added.
According to Chiltern, company culture – built on “offering customers flexibility, responsiveness and distinctive innovations coupled with trusted relationships” – has been key to its success.
In the year to March 2013 the company’s workforce reached 1,600 people worldwide, which included further investments in operations and the therapeutic leadership teams.
Continued growth
Chiltern is projecting continued growth for the remainder of the calendar year and beyond.
“We are confident that our investments in people, in the development of innovative processes and technologies along with our focus in establishing strategic partnerships with our customers have prepared Chiltern for a period of substantial growth and to drive the company forward,” the CRO stated.
