Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/gold/601444/these-seven-charts-show-exactly-why-you-must-own-gold-today
Gold

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020
Visit/investments/stockmarkets/601460/disease-rioting-and-mass-unemployment-so-why-are-markets-soaring
Stockmarkets

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020