LOG.L Share News (LOG)

Sinclair Pharma shares fell after it reported a slump into loss in 2009 but much of that was due to restructuring costs. However, another large loss is expected this year. New chief executive Chris Spooner has wasted little time in restructuring the business and boosting the sales expertise in the group. He ended Sinclair's distribution agreement with Orapharma Inc for Decapinol mouth rinse and plans to find another partner covering more of the market.Sinclair has negotiated new debt facilities of £9m and raised £18.2m from a share placing. The cash was used to finance the acquisition of Flammazine and Flammacerium (used for topical treatment of burns) from Solvay Pharmaceuticals for £16.8m. Sinclair had net debt of £12.3m at the end of 2009.Revenues were one-third lower than last year at £11m. Stripping out one-off payments, underlying revenues were 1% lower. Sinclair made a profit of £3.17m in 2008 but that was down to foreign exchange gains. The 2009 loss was £14.5m and around two-thirds of this was due to impairment charges and restructuring costs. Broker Singer has increased its forecast loss for 2010 from £6.1m to £15m. Stripping out exceptional charges the forecast loss rises from £1.7m to £2m. Singer has a 41p a share price target and says it believes that "the company is now better placed to deliver long term financial growth". Shares in IT services provider Logica are recovering following yesterday's fall on the announcement of figures for 2009. Revenues are expected to fall in the first half of 2010 and be flat for the year as a whole. FTSE TechMARK - RisersVisonic (VSC) 82.00p +2.50%Psion (PON) 92.00p +2.22%Ark Therapeutics (AKT) 14.50p +1.75%NXT (NTX) 14.75p +1.72%BT Group (BT.A) 117.60p +1.29%Intec Telecom Systems (ITL) 98.00p +1.29%COLT Telecom Group S.A. (COLT) 136.50p +1.11%Logica (LOG) 118.20p +1.11%Vodafone Group (VOD) 142.20p +0.85%Anite Group (AIE) 32.50p +0.78%FTSE TechMARK - FallersRenovo Group (RNVO) 27.25p -6.03%Sinclair Pharma (SPH) 29.50p -4.84%Oxford Instruments (OXIG) 232.00p -4.13%Gresham Computing (GHT) 19.00p -3.80%Vernalis (VER) 73.50p -3.61%Morse (MOR) 40.00p -2.44%Phoenix IT Group (PNX) 275.00p -2.22%Innovation Group (TIG) 12.50p -1.96%XP Power (XPP) 425.00p -1.96%Consort Medical (CSRT) 356.00p -1.79%