Eurofins Scientific SE (ERFSF.PK) reported a 23 percent year-over-year increase in revenues for the first quarter of 2018.
Revenue for the first quarter grew to 839 million euros from 685 million euros in the same period last year.
The company noted that organic growth for the quarter was close to 4 percent, despite a strong comparative 7 percent organic growth in the year-ago period.
Eurofins said that two exceptionally large contracts with pharmaceutical companies accounted for in the year-ago period and delays in the start of a large laboratory development contract with a government have negatively affected organic growth in the latest quarter. The company believes these contract effects to be specific to the first quarter.
As anticipated by the company, lower growth was recorded for Clinical Diagnostics. In addition, the company recorded an adverse currency impact of 5 percent.
Looking ahead to fiscal 2018, Eurofins said it is on track towards to achieve revenues of 3.7 billion euros in the year.
Further, the company said that its on-going strategic investments including the development and deployment of the Group’s latest generation proprietary IT systems, the recent acceleration in its laboratories start-up program, the substantial enlargement of its major laboratory campuses, as well as the significant expansion of its technological portfolio and geographical footprint through strategic acquisitions, reinforce its confidence of achieving its recently-upgraded mid-term objective of delivering revenues of 4 billion euros by 2019.
by RTTNews Staff Writer
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