IDT Australia announces CEO resignation, trading update

IDT Australia, an ASX-listed pharmaceutical contract development and manufacturing organisation (CDMO), has announced the resignation of CEO Paul McDonald “with immediate effect”.

According to a statement from the company on Thursday, current Independent Non-Executive Chair Mark Simari, who has been on the board since 2022, is now Executive Chair. The search for a new CEO will occur “over coming months”.

The company also provided a trading update. Unaudited total revenue is expected to increase 40.6 per cent year-on-year to $19.9 million, though net loss after tax is estimated to increase to $7.5 million in FY25 from $5.4 million the year before.

The increased revenue was explained through an increase in disbursement revenue of $4.8 million compared to $0.9 million the year before (also unaudited.) 

“This covers raw material costs and new  equipment, which IDT charges customers for with a modest margin,” IDT added.

“Disbursements are largely associated with the start of new contracts, and the increase is a positive lead indicator on the future performance of the three verticals – namely API Manufacturing,  Advanced Therapies and Specialty Orals.”

Full year results will be shared by the end of the month, and the new leadership is committed to “a comprehensive review of operational and business activities” to restore profitability.

Picture: credit IDT Australia

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