BTG upbeat as full year profit rises

International specialist healthcare firm BTG posted a robust set of annual figures following a strong performance in its specialty pharmaceuticals business, increased royalties from licensed products and after it moved to direct sales of its interventional oncology products in the US.

International specialist healthcare firm BTG posted a robust set of annual figures following a strong performance in its specialty pharmaceuticals business, increased royalties from licensed products and after it moved to direct sales of its interventional oncology products in the US.

The group, which develops and sells products targeting critical care, cancer and varicose veins, said revenue increased by 19% to £233.7m for the year ended March 31st 2013 while underlying operating profit before acquisition adjustments and reorganisation costs rose to £69.0m from £54.0m a year earlier. Reported operating profit increased to £25.7m from £19.9m.

Chief Executive Officer Louise Makin said the results reflect the successful transition of its business into a commercially focused, specialist healthcare company that makes and markets its own products.

Specialty Pharmaceuticals revenue grew 27% to £97.2m over the year, helped by the first full year of commercial sales from Voraxaze and to strong performances from both CroFab and DigiFab, with the latter benefitting from geographic expansion and a price increase.

Makin added: "We are on track with our growth strategy, and are investing in our Beads business, preparing for a potential H1 2014 US approval and launch of Varisolve and actively seeking opportunities to add new products and programmes. Overall, we have the financial resources and capabilities to continue to build the business and deliver our growth strategy."

The group generated cash of £46.8m, with cash and cash equivalents, together with cash on fixed term deposits, of £158.7m at March 31st 2013 compared to £111.9m the same time a year earlier.

Looking ahead BTG said: "Overall, the business is in good shape: we have the financial resources, capabilities and opportunities to enable us to continue building value and to deliver further profitable growth."

CJ

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021