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Unaudited results for the half year ended 31 July 2017 ('the period' or 'H1 2018')

Unaudited results for the half year ended 31 July 2017 ('the period' or 'H1 2018')

 

Financial highlights

  • Revenue increased 13% to £36.2m (H1 2017: £32.1m) reflecting strong growth from the Niche Pharmaceuticals division (‘Niche’)
  • Adjusted EBITDA increased 23% to £5.7m (H1 2017: £4.7m)
  • Niche transformed, contributing 28% of Group adjusted EBITDA (before central costs) at £1.8m (H1 2017: loss of £0.2m)
  • Statutory operating profit increased 74% to £3.6m (H1 2017: £2.1m)
  • Net debt reduced to £11.9m (H1 2017: £23.8m)

Key developments

  • Initial phase of strategy to focus and simplify the business completed following disposal of Total Medication Management Services Limited trading as Biodose Services (‘Biodose Services’)
  • Licensed product portfolio performing very well with Glycopyrronium Bromide Oral Solution 1mg/5ml (‘Glyco’) outperforming expectations and for which an indication extension is being progressed
  • Increased confidence in deliverability and value of the product pipeline
  • Partnerships established with two global pharmaceutical businesses to commercialise generic products in the UK
  • Progress made with the first export of licensed product into the Middle East
  • Strong expressions of interest received in international partnership opportunities
  • Hospital revenue growth in the Specials division (‘Specials’) balanced by regulatory and pricing pressure in unlicensed specials supplied to community pharmacies
  • Post the period end a non-binding indicative proposal made by Clinigen Group plc regarding a possible offer for the Group.

 
Chris Rigg, CEO of Quantum, said:  “I am very pleased with the strategic progress we have made in the period and the Group has good momentum going into the second half of the year. The benefits of our simplification strategy are clear to see in a strong set of results that demonstrate the substantial increase in the profitability of our business. The next steps of our strategic plan are underway with a focus on delivering the current pipeline, maximising the value in our licensed product portfolio and exploiting international opportunities. I am confident in the future prospects of the Group.”

Read in full here

 

Posted by: Quantum Webmaster on 22nd August 2017