Growth in like-for-like net revenue and headline profit before tax in the first quarter was described as “good” in a statement issued ahead of the AIM-listed company’s annual shareholder meeting.
The consulting businesses and the US operations put in an “excellent” performance and are expected to continue this trend in the second quarter.
Last year the company changed its name to Cello Health to reflect the new ongoing strategic focus on the healthcare sector, where it services 24 of the top 25 pharmaceutical clients globally as well as a wide range of biotech and medical equipment outfits.
Without mentioning numbers, Cello’s confidence about the second quarter led management to expect headline PBT growth for the first half of the year will be “robust”. Last year, headline PBT increased 6.4% to £12.2mln on revenue up 2.3% to £104.8mln.
Cash conversion has been better than expected, continuing the trend from last year, which finished with £6.3mln in the coffers. Management plan to put some of this cash to use through acquisitions and are assessing suitable growth opportunities in the US.
Chairman Chris Jones was quoted as saying that the year to date has been as expectated and that the board is confident of achieving a successful full year result in 2019, "in line with expectations".