17th May 2016 06:57
LONDON (Alliance News) - BTG PLC Tuesday said its profit more than doubled in the recently ended financial year following a large rise in revenue and said its cash balance also doubled in size over the course of the year.
The FTSE 250 specialist healthcare company said its pretax profit more than doubled in the year to the end of March to GBP57.5 million from GBP26.7 million as revenue increased to GBP447.5 million from GBP367.8 million a year earlier.
Before amortisation, which totalled GBP35.0 million compared to GBP28.4 million the year before, BTG's pretax profit amounted to GBP92.6 million in the year, rising from GBP60.7 million the year before.
The rise in revenue led to gross profit of GBP308.2 million, compared to GBP253.1 million the year before.
Cash also built during the year, standing at GBP140.4 million at the end of March, almost double the GBP73.8 million balance at the end of March 2015.
"We are making good progress in implementing our growth strategy, investing in geographic expansion, product innovation and indication expansion to maximise the value of our portfolio. Our strategy is also to expand our portfolio through M&A, and the acquisition of Galil Medical cements our leadership in interventional oncology," said Chief Executive Louise Makin.
"Through consistent delivery of our operating goals and financial targets, we are well placed to maintain or develop leading positions in all our chosen market segments. With our portfolio, team, capabilities and resources, we have a scalable platform for long-term growth and sustained value creation for shareholders," she added.
By Joshua Warner; [email protected]; @JoshAlliance
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