27th Sep 2018 11:35
LONDON (Alliance News) - Aesthetic dermatology firm Sinclair Pharma PLC said Thursday its interim loss deepened amid one-off costs, meanwhile revenue continued to grow amid strong demand for its products.
For the six months ended June, pretax loss deepened to GBP11.4 million from GBP7.8 million the year prior. This was despite revenue rising to GBP21.3 million from GBP20.0 million the year before.
Profit performance was hurt by GBP3.5 million in exceptional costs during the period, up from GBP593,000 the year prior. These were primarily related to GBP1.4 million in contract termination costs and GBP1.9 million in inventory provisions.
"I am pleased with the performance of the group in the first half of 2018 which has seen a consolidation of our direct presence in several key markets," Sinclair Chief Executive Officer Chris Spooner said. "Much was achieved during the period and the group continues to see strong demand for its products."
"Sinclair is well placed to deliver strong second half sales, particularly in leading markets Brazil, South Korea and the US, and underpinned more generally by a growing global aesthetics market," Spooner added. "Trading since the end of the interim period has shown significant growth over the same period in 2017. We remain confident of delivering strong sales growth for the full year."
Earlier in September, Sinclair reported it had received a 32 pence per share cash offer from Huadong Medicine Co Ltd. The offer valued the firm at GBP166.6 million.
Shares in Sinclair were 0.1% lower at 31.11p on Thursday.