19th Sep 2013 06:58
LONDON (Alliance News) - Sinclair IS Pharma Plc (SPH.L) Thursday announced its preliminary results for the year ended June 30, reporting wider loss due to impairment charges.
For the year, the speciality pharma company's pre-tax loss was 17 million pounds, compared to last year's loss of 6.2 million pounds. The latest results included exceptional items, including non-cash impairment charges of 15.2 million pounds. Adjusted profit before tax was 4.3 million pounds, compared to last year's 2.6 million pounds.
Revenues increased 7.7 percent to 55.4 million pounds from 51.4 million pounds a year ago. Like-for-like sales growth was 4 percent.
Adjusted EBITDA, a key earnings metric, increased 29 percent to 7.2 million ponds, and was in line with expectations.
The company noted that very strong growth in most of its core brands and in emerging markets, including 37 percent LFL growth in Asia, were partly offset by poor performance of two of its non-core products.
Chris Spooner, Sinclair's CEO said, "In FY14 we expect European growth to accelerate, a continued robust growth rate through our distribution partners in fast-growth emerging markets and a further improvement in Group profitability. With the factory closure complete and all past restructuring and litigation issues now resolved we are confident of a strong improvement in cash flow as the year progresses."
Copyright RTT News/dpa-AFX
Related Shares:
Sinclair Pharma