Open Orphan delivered on 2021 forecasts, said house broker finnCap, with underlying profits ahead of forecasts.
Year-end cash was also better than expected at £15.7mln while the order backlog increased 11% to a record £46mln and now stands at £64.3m after five contract wins in 2022.
The broker said the results have bolstered its confidence that Open Orphan will deliver on 2022 forecasts, but also shows that subsidiary hVIVO is a trusted partner for global players seeking to leverage the increased adoption of challenge models.
Management is focusing on driving utilisation rates at its facilities, helped by its expanded recruitment programme, which enables it now to provide volunteers for Phase 2 and 3 field trials.
A target price of 44p, based on a sum of the parts valuation, was reiterated by finnCap, which comprises 33p for the core business and reflects the strong revenue growth (+33%) and the company’s unique expertise and strategic positioning.
Shares eased 6% to 15p today after a run ahead of the numbers.