18th Sep 2014 09:54
LONDON (Alliance News) - Sinclair IS Pharma PLC said Thursday it expects to see profitability and revenue accelerate in the current year, as three acquisitions and lower impairment charges helped the pharmaceutical company to narrow its loss in the financial year that ended in June.
Sinclair posted a pretax loss of GBP4.4 million in the 12 months ended June 30, narrowed from a loss of GBP17.0 million in the previous year, as revenue rose to GBP63.6 million from GBP55.4 million and it posted significantly lower exceptional expenses.
Revenue growth was driven by a full-year competition from wrinkle treatment Sculptra and strong initial contributions from newly acquired products.
Revenue was hit by the strength of sterling in the last quarter, and Sinclair said at a constant currency basis, would have been GBP800,000 higher than reported.
Sinclair posted exceptional charges of GBP3.4 million, mostly consisting of restructuring and acquisitions costs. In the previous year the company posted impairment charges of GBP15.2 million, relating to its decision to halt further development on its Terbinafine spray asset and return the rights to the licensor, and declining sales volumes and reduction in prices hitting its Variquel and Cryogesic products.
During the year the company acquired three businesses, Obvieline Laboratories SA, AQTIS Medical BV and Silhouette-Lift SL, which it said it had integrated quickly into its operations. The three contributed around GBP6.0 million in sales, and the company expects them to provide "significant" profit in future years.
The company said that it will focus on building out its dedicated aesthetic sales and marketing operations in Europe, as aesthetic brands are expected to make up more than 50% of its revenues in the financial year 2015.
"We expect revenue and profitability to accelerate this year driven by demand for our innovative products and supplemented by new product registrations and the potential to consolidate recently acquired distribution agreements," said Chief Executive Officer Chris Spooner in a statement.
Shares in Sinclair were trading down 0.6% at 28.81 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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