The growing European Contract Research Organisation (CRO) has reported final results for the year to December 2015. Revenue growth of 135% to €11.47m exceeded our already upgraded revenue forecast of €11.2m. Underlying Group EBITDA showed a €1.9m swing from a €1.53m loss to a profit of €0.39m vs our forecast of €0.49m. We attribute this shortfall to development costs at Innovenn. EBITDA attributable to the CRO business was €0.8m. Depreciation and amortisatio
