Chiltern Announces its Financial Results for the Year Ended 31 March 2010

Highlights
• Revenues of £80.9 million, 9.8% ahead of the year ended March 2009. Of this, 1.5% is due to acquisitions, 4.0% currency exchange differences and 4.3% organic growth

• EBITDA before exceptional items and foreign exchange effects of £9.0 million, 19% ahead of March 2009

• Backlog grew 4% to £142 million at 31 March 2010, up from £137 million at 31 March 2009

• New business awards of £134 million, 16% ahead of the year ended March 2009; representing a net-book-bill of 1.36

• Operating cash flow of £10.0 million, 16% ahead of the year ended March 2009

• Capital expenditure of £1.4 million, mainly comprising investment in new systems, office and IT infrastructure

• Largest client represents 7.8% of revenue, top 10 clients represent 51.5% of revenue
Commentary

Commenting on the results, Glenn Kerkhof, Chiltern CEO, said, “Chiltern has performed very well over the past year in a difficult trading environment. I am pleased to report consistent growth in our revenue, profitability and new business awards which has led to Chiltern increasing its market share. Our continued success is attributable to the great team at Chiltern and the strengthened relationships we are building with our pharmaceutical and biotechnology clients. We believe that our clients are looking for strong global alternatives and we aim to differentiate ourselves by delivering a more flexible and responsive, better value and high quality service to our clients. We continue to develop the Chiltern brand and expand our geographic network and we are looking forward to another year of growth and development in 2010/2011.”