Sinclair Pharma plc Interim Results for the Six Months Ended 31 December 2010
Financial Highlights
- Revenues increased 28% to £14.1million, 37% increase at constant currency (H1 10: £11.0m)
- Like-for-like revenues increased by 9%
- Gross profit increased 16% to £7.8million (H1 10: £6.7m)
- EBITDA loss reduced to £1.3million pre-exceptional items (H1 10: loss of £2.4m)
- Operating loss reduced to £2.6million (H1 10: loss of £13.7m)
- Net debt of £2.4million at 31 December 2010 (30 June 10: £15.2m)
Business Highlights
- Invida deal signed for distribution of Sinclair products throughout Asia
- Decapinol® licensed to Sunstar in US
- Placing and Open Offer raised £19.0million at an 8% premium to the share price at the time
- Bracken facility fully repaid
- Acquisition of Kelo-Cote® product rights for Germany, UK (via acquisition of Cranage Healthcare), France, Spain and Italy
- Atopiclair® received re-imbursement status in France
Post period Highlights
- In advanced discussions with IS Pharma plc regarding a possible merger
Chris Spooner, CEO of Sinclair, commented:
“In-line with our guidance, Sinclair has increased marketing and product development investment. Despite this and the bias of earnings towards H2, the results show a clear improvement in operational performance driven by 9% underlying revenue growth and overhead cost control. The return to growth of our French operations is of particular note, driven by Atopiclair which continues to perform strongly. Group revenues will now be augmented by the launch of Kelo-cote and Monodose products in the major European markets. Our emerging market partnership strategy remains very much on-track with first Asian launches expected mid-year.
Following last year’s comprehensive restructuring, I believe Sinclair now has a platform for sustainable and profitable growth, coincident with renewed equity interest in the ‘specialty pharma’ business model. We have stated frequently our intention to leverage the infrastructure base while achieving critical mass in the five leading European markets. The recent announcement regarding a possible merger with IS Pharma demonstrates the Board’s intention to improve critical mass and create substantial shareholder value”.
For further information please contact:
Sinclair Pharma plc Tel: +44 (0)1483 410 600 Chris Spooner, CEO Alan Olby, CFO
Singer Capital Markets Ltd Tel: +44 (0)20 3205 7500 Shaun Dobson Claes Spång
Financial Dynamics Tel: +44 (0)20 7831 3113 Ben Atwell Stephanie Cuthbert
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 and 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.
Mo Noonan Senior Manager Financial Dynamics Holborn Gate, 26 Southampton Buildings London, WC2A 1PB D +44 (0)20 7269 7116 M +44 (0)7876 444 977 www.fd.com