It was quite a different growth story from privately-held, Guildford-based pharma industry data analytics firm IDBS compared to this time last year (see Onwards and upwards for IDBS). Indeed, after 27% headline growth in 2010, revenues in 2011 slipped back just a tad to $45.7m, though this belied a rather more substantial 23% drop in licence sales, to around $16m. The problem was of course the global downturn, which caused delays in orders from IDBS’ core pharma industry clients. However, CEO Neil Kipling and Corporate Development Director, Chris Molloy told me just now that many of these contracts have since been confirmed.
We like IDBS – indeed, we also like to think we were the first to bring them to your attention back in March 2010 (see IDBS – mining the story reveals rich growth seams). They are a not-so-little British Battler punching above its weight in a highly technical and competitive market segment here in Europe, where it generates about one-third of its revenues, and particularly in the US, which is over half its business.
Still entirely funded from its cash flow, IDBS invested heavily in R&D last year though didn’t make any more acquisitions. These are still very much on the agenda. Kipling is open to more sizable acquisitions than before (see IDBS makes third acquisition), recognising that such would require external funding. In this respect I feel there would be no shortage of ‘volunteers’ wanting to help.