10th Nov 2015 07:51
LONDON (Alliance News) - Specialist healthcare company BTG PLC Tuesday reported a rise in pretax profit in the first half of its financial year after all four of its business segments posted higher revenue, leaving it set to produce double-digit revenue growth for the full year.
BTG reported a rise in pretax profit in the six months ended September 30 to GBP52.9 million from the GBP37.6 million profit reported a year earlier as revenue increased 20% to GBP229.6 million from GBP191.2 million.
Profit before tax, acquisition adjustments and reorganisation costs came in at GBP64.1 million compared to GBP52.9 million a year ago.
"We have had a good first half, delivering double-digit revenue and contribution growth from our portfolio of products while increasing investment in our Interventional Medicine business," said Chief Executive Louise Makin.
BTG's results got a boost from the first full six month contribution from its acquisition of PneumRx that was completed back in January 2015.
Its Interventional Medicine segment reported a 36% year-on-year rise in revenue in the period whilst its Interventional Vascular segment saw revenue rise 40%. Revenue from its Licensing segment increased 31%, with its Speciality Pharmaceuticals segment reporting a marginal rise in revenue.
BTG said it remains on track to deliver double-digit revenue growth for the full year and said it is continuing to optimise the cash generation in the Speciality Pharmaceuticals and Licensing divisions to allow it to make further investments to drive "sustained, profitable growth," it said.
By Joshua Warner; [email protected]; @JoshAlliance
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