16th Jul 2010 07:00
SPH.L Trading update for the year ended 30 June 2010 Restructuring drives strong performance across group
Sinclair Pharma plc ("Sinclair" or "the Company": SPH:L), the international specialty pharma company, today issues its trading update for the year ended 30 June 2010 ahead of the close period preceding the announcement of its preliminary results, planned for the middle of September.
* Restructuring continues to deliver significant benefits across the business * Revenues for the year ended 30 June 2010 exceeded £27m * 23% like-for-like growth from Italian business post business realignment * Flammazine integration proceeding well with revenue contribution of £4.2m for the year
Sinclair is pleased to report that full year revenues exceeded £27m, £26m excluding licensing income, compared to £23m excluding licensing to June 2009. Our Italian operation performed particularly strongly with like for like revenue growth of 23%. We are also pleased to announce that Sinclair's manufacturing facility at Cl©ry for the first time produced over 3 million units in the second half, as the strategy to increase utilisation and improve gross margins started to produce results.
The Company continues to negotiate a number of deals for Decapinol/delmopinol and is also actively pursuing opportunities in emerging market territories for multi country, multi product deals with further announcements expected in the coming months.
As discussed in the recent interim management statement, the Company intends to announce its new product pipeline and strategy in the near future. Progress has been made in identifying targets in our core markets and therapy areas, and we look forward to updating shareholders later this year.
The integration of Flammazine and Flammacerium continues smoothly. The Company is currently investigating several possibilities for line and geographical extensions as well the development of the Flammacerium franchise. Flammazine and Flammacerium contributed revenue of £4.2m in the period since acquisition.
Chris Spooner, CEO of Sinclair, commented:
"Restructuring continues apace, and I am delighted with the dramatic improvement in the company's culture and operational performance during the second half, which is a credit to the hard-work and dedication of our employees and new management team. Before I joined Sinclair, I had the view that the company would prove an excellent platform from which to build a leading specialist dermatology and oral care business. Recent discussions with potential partners and our improving performance trends give me great encouragement. I firmly believe that our strategy is beginning to deliver".
Ends
For further information please contact:
Sinclair Pharma plc Tel: +44 (0) 1483 410 600Chris Spooner, CEOAlan Olby, CFOSinger Capital Markets Ltd Tel: +44 (0)20 3205 7500Shaun DobsonClaes Sp¥ngBiddicks, Financial Public Relations Tel: +44 (0)20 7448 1000Shane DolanNotes to Editors:
About Sinclair Pharma Plc www.sinclairpharma.com
Sinclair Pharma plc is an international specialty pharmaceutical company providing solutions to treat wounds, dermatological and oral diseases through advanced surface technology and innovative delivery systems. It has a growing sales and marketing operation that is present in France, Italy, Germany and Spain, and an extensive marketing partner network across selected developed & emerging markets.
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward-looking statements due to a variety of factors.
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