19th Sep 2013 09:50
LONDON (Alliance News) - Sinclair IS Pharma PLC Thursday showed widened pretax losses despite increased revenues due to impairment charges for the ailing products of its acquisition IS Pharma.
For the year ended June 30, total revenues were GBP55.4 million, up from GBP51.4 million the previous year. The company posted a pretax loss of GBP17 million, widened from GBP6.2 million in the previous year, with GBP2.2 million in reorganisation costs and GBP15.2 million in impairment charges in relation to acquisition IS Pharma contributing.
The company said that it had seen significant positive developments over the half year, which were offset by several operating headwinds. It had seen strong growth in its core brands and emerging markets, it said, but this was mitigated by the poor performance of its non-core products Variquel, a solvent for solutions for injection, and Cryogesic, a vapo-coolant spray for numbing the skin.
These products were acquired with IS Pharma, but were adversely affected by generic competition, Sinclair said. However, the company said that it believed the sales affected by negative trends were now stabilised.
Sinclair said that international growth would be vital to its success as a result of the lacklustre macroeconomic and pharmaceutical-industry backdrop in Europe.
Shares in the speciality pharmaceutical company were trading down 0.25 pence at 29.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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