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

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