Integrated Concateno jumps into the black for H1
This article was originally published in Clinica
Having completed integration of seven companies it acquired between 2006 and 2007, UK-based drugs-of-abuse testing company Concateno swung into pre-tax profit for the first half of this year. The UK-based firm recorded a pro forma loss of £1.2m a year earlier, but succeeded in pulling itself into the black with pre-tax profit of £0.7m for the first six months of 2008. Revenues during this period went up 14% to £23.3m ($41.8m), helped by particularly strong sales of its products in the workplace (+27%) and medico-legal (+32%) markets. The company said integration of the acquired businesses finished ahead of schedule, enabling it to book £0.8m of integration synergies in the first half. The annualised synergies – which is expected to be around £3m – will be realised in full by the fourth quarter of 2008. In addition to its H1 results, Concateno said that it was still mulling over a potential sale of the company, after being approached by several interested suitors in July (see Clinica No 1314, p 3), and will make a further announcement as appropriate.