16th Jan 2014 09:52
LONDON (Alliance News) - Sinclair IS Pharma PLC said Thursday that its like-for-like revenues declined 7% during the half year ended December 31, 2013, but remained confident in meeting full year expectations, forecasting a strong second half.
Revenues for the first half are expected to be around GBP24.5 million, up from GBP23.0 million in the previous year.
The pharmaceutical company saw revenues were hit by a number of short-term supply, regulatory and political factors which had caused around GBP1.6 million in orders to be delayed into the second half.
The company expects to see like-for-like revenue growth in the second half of 7%, as these delays will add to a weighted second half.
During the first half Sinclair IS Pharma said there was limited wholesaler stock, as it closed its facility in Cléry, France, and transferred manufacturing to French manufacturer Fareva.
The company also saw flooding at a tube supplier, and regulatory changes that meant it had to re-register two products in Saudia Arabia, and re-negotiate the price of its Kelo-cote scar treatment product in China. These issues are now resolved, and deliveries are now schedules for the second half.
Additionally, political difficulties in Venezuela delayed the renewal of the Kelo-cote import license, limiting sales.
These combined factors led to a 17% decline in like-for-like performance from international operations. However, Sinclair IS Pharma said remained confident it would return to double-digit like-for-like international sales growth for the full year.
Shares in Sinclair IS Pharma were trading down 2.2% at 32.27 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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