25th Mar 2014 13:43
LONDON (Alliance News) - Sinclair IS Pharma PLC Tuesday said it expects its full-year results to meet market expectations, although it saw results "marginally behind expectations" in the half-year ended December 31, 2013.
The company posted a pretax loss of GBP2.5 million, narrowed from a pretax loss of GBP5.8 million in the previous year, as revenue rose to GBP24.5 million, up from GBP23.0 million, but exceptional costs of GBP3.1 million did not recur. Sinclair posted a GBP2.5 million impairment of intangible assets in the previous period relating to the Cryogeis trademark it acquired with the Is Pharma Group in May, 2011.
Although the first-half results were behind its expectations due to timing differences between the halves, Sinlair said these were now reversing and it expects to meet full-year forecasts.
Revenues were boosted by the acquisition of Sculptra, New-Gill and Suceev, however, short-term supply, regulatory and political factors meant that around GBP1.6 million of international orders were delayed into the second-half. Sinclair said it was continuing to assess further opportunities to strengthen its aesthetics portfolio.
Sinclair recently acquired stem cell treatment for hypo-pigmentation Eurograft-M, which is scheduled for the financial year 2016 following development work and registration.
The company recently acquired the brands Perfectha, Atlean and Ellansé to add to its existing dermatology product range, which it said will be earnings enhancing for shareholders.
Sinclair said that it expects to see significant improvement in like for like revenue growth in its second-half, and for earnings to benefit from "increasing operating leverage" in the business.
Shares in Sinclair were trading down 0.4% at 30.86 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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