26th February 2009, Godalming, UK: Sinclair Pharma plc (SPH.L), (“Sinclair” or the “Company”) the international specialty pharma company, today announces its interim results for the six months ended 31 December 2008.
FINANCIAL HIGHLIGHTS
• Total revenues up 56% to £16.2m (H1 08: £10.4m)
• Gross profit up 77% to £11.8m (H1 08: £6.7m)
• Operating profit of £4.1m after exceptional items (H1 08: Operating loss of £0.9m)
• Profit Before Tax £3.2m (H1 08: loss of £0.9m)
• EBITDA of £2.2m before exceptional items (H1 08: EBITDA loss of £1.6m )
• Net exceptional credits of £3.2m (H1 08: £1.6m)
• Earnings per share of 4.0p (H1 08:loss per share of 1.1p)
• Cash balance of £2.4m (Dec 07: £0.4m)
OPERATING HIGHLIGHTS
Revenues through own operations increased 5% to £6.0m (H1 08: £5.7m)
o European sales and marketing operations strengthened with acquisition of the minority interest in Laboratorios Novo Pharma SL in Spain
Revenues through marketing partners increased 118% to £10.2m (H1 08: £4.7m)
This includes:
o an increase in product sales of 36% to £3.9m (H1 08: £2.9m),
o the license of US rights to Atopiclair to Graceway for £2.1m
o the non-cash out-licensing of early stage gynaecology technology to BMG Pharma for £3.3m
25 new distribution agreements covering 16 products in 14 markets, with a further 14 signed post period
o This brings the total number of new deals in this financial year to 39, representing minimum purchase obligations of €3.5 million in the first year after product launch
Strong performance of dermo-cosmetics portfolio with revenues increasing by 70% to £2.3m (H1 08: £1.3m)
Grahame Cook, Non-Executive Chairman, commented:
“We are pleased with Sinclair’s achievements this half year. The positive half year performance demonstrates the ongoing strength of Sinclair’s business model and product portfolio. We have continued to grow sales, launch products and sign new distribution agreements whilst expanding our product portfolio. We are confident about continuing our positive progress during the second half of the year.”
