27th Jan 2015 08:28
LONDON (Alliance News) - Sinclair IS Pharma PLC said Tuesday its earnings before interest, tax, depreciation and amortisation for its first half met its expectations, as revenues rose 31%.
The speciality pharmaceuticals company said its revenues for the half year to end-December 2014 were GBP32.0 million, up from GBP24.5 million a year before. At constant exchange rates, revenue grew 37% in the half year.
Within this, revenue from its aesthetic products portfolio was GBP13.6 million, boosted by a group of recently acquired dermal filler brands: Silhouette, Perfectha and Ellansé. The company's Silhouette Instalift product is being reviewed by the US Food and Drug Administration, and Sinclair said it expects to get approval in 2015.
It had hoped to get approval for the product in Russia in the first half of the financial year 2015, but said that due to "political factors", this was now unlikely in the near term.
Sinclair said that historically it has seen higher sales in its second half, and it expects this trend to continue. However, it noted that continued weakness of the Euro is hindering its performance.
The company is continuing its strategic review, and said Tuesday that there is no update on that process at this stage. In November, the company said it was mulling the sale of all or part of its business, as there "may be organisations better placed to build on the successes to date".
"The company has multiple avenues for continued high growth across several products and territories, while prospects for the US provide an opportunity to take the company to a new level," said Chief Executive Officer Chris Spooner in a statement.
Shares in Sinclair IS Pharma are trading down 1.0% at 36.39 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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