17th Mar 2020 12:31
(Alliance News) - Drug delivery firm Vectura Group PLC on Tuesday said annual results came in ahead of expectations.
Revenue in 2019 rose 11% to GBP178.3 million, with the pretax loss narrowing to GBP26.1 million from GBP104.8 million. This was due to impairments and amortisation more than halving.
London-based Vectura, which makes things such as inhalers, said the revenue growth was driven by flutiform, a type of inhaler.
During the year, in September, Vectura announced a special dividend of 6 pence per share, which was paid in October. Vectura said Tuesday there is "considerable financial upside" and further special returns could be made if no M&A is carried out.
On Covid-19, Vectura said it has a "strong" balance sheet as well as a GBP50 million credit facility available.
Chief Executive Will Downie said: "I am pleased to report a solid set of results for 2019 which were ahead of expectations, underpinned by continued flutiform revenue growth.
"We have begun to execute on our new strategy to become an industry-leading specialist inhalation services company, as well as adding two very experienced CDMO executives to our leadership team and driving extensive activities to diversify our customer base."
"We enter 2020 with a strong, cash generative business with several near-term catalysts expected, including VR315 (US) and QVM149 approvals, and the framework in place to deliver on our service-focused business strategy, which fits well within an attractive inhaled market opportunity," Downie added.
Vectura shares were 1.0% lower on Tuesday shortly after midday in London at a price of 62.40p each.
By George Collard; [email protected]
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