Record growth at The Wasdell Group7 Nov 2018
Despite Brexit looming, the company's EU & UK business has increased by almost 30% in the last 12 months.
The Wasdell Group, an outsourcing partner for the pharmaceutical, medical device and clinical development and manufacturing industries, has experienced over 40% revenue growth in the last 24 months, following an increase in demand for its clinical trial, manufacturing and packing services.
Wasdell enter the final quarter of 2018 with a revenue of £41M, a considerable increase compared with £28M in 2016. This record growth has allowed the company to expand its clinical development, manufacturing and packaging capabilities, as well as invest in an on-site laboratory and build its first site outside of the UK.
Martin Tedham, CEO at The Wasdell Group said: “Our strong growth can be largely attributed to the number of pre-clinical development projects that we have recently been awarded, as well as our ongoing work in our manufacturing division.
“It is clear we are becoming more established across the pharmaceutical sector for our efficient service and ability to support customers with end-to-end supply needs. We are not only receiving an influx of new business, but more of our customers are also recognising the advantages of outsourcing more of their operations to Wasdell.”
Following the completion of building work on its new site in Dundalk, Ireland – due to finish in spring 2019 – the company will add 300 new members of staff to its team talking the total number of employees to 1000.
Martin continued: “Despite Brexit looming, our EU & UK business has increased by almost 30% in the last 12 months. We have also strengthened our partnerships with a number of US customers as a result of futureproofing our position as a reliable stepping stone into European market.
“Looking back to 2009 we were turning over just under £2m so to hit our £40M target fills me with a huge amount of pride and gratitude to our customers and our employees. I believe the customer-centric approach Wasdell has always taken, whether it be in delivery of our work or in the investments we have made, has played a huge part in our success today. I can’t wait to see what the future holds.”
Wasdell has ongoing plans to continue investing in its manufacturing and distribution facilities across the UK, especially at its Swindon site which is set to expand in 2019. This next round of investment will cater for the company’s forecasted growth which is estimated to increase by a further 25% by 2020.
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