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

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021