01/10/2008
A £3.7 million foreign exchange gain helped Sinclair Pharma turn £4 million annual losses into £1.9 million pre-tax profits.
The fully listed oral health and dermatology specialist increased turnover 31 per cent to £30.3millon in the year to June, as organic growth and new distributors helped treble sales of its Decapinol anti-gum inflammation rinse and its ‘dermo-cosmetics’ portfolio chalked up revenues of £6.6 million. Before exceptional items, Sinclair, steered by chief executive officer Dr Michael Flynn, lost £1.5 million, but the foreign exchange gain, a non-cash gain on translating an intra-group loan balance, assisted in producing a profit.
The company has restructured its UK and French businesses and launched several new products in the UK, France and Italy, including its flagship ‘Atopiclair’ non-steroidal dermatitis treatment, ‘Paulex Eau’ anti-acne cream and a range of ‘B-Lift’ and ‘B-Derm’ ‘corrective dermatology’ products. Sinclair is taking longer than it hoped to launch Decapinol in the USA, but continues to work with its US partner Orapharma on a modified formulation and now does not expect a US launch ‘until the next financial year’.
Sinclair shares have fallen from 142.5p last year to 41p today, 8p above last July’s low. They value the company at £38.5 million.
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