(Alliance News) - Vectura Group PLC on Tuesday posted a slight first-half revenue fall but said its 2020 is "on track" despite Covid-19.
London-based Vectura, which makes things such as inhalers, said its revenue in the six months to June 30 slipped 2.2% annually to GBP89.7 million from GBP91.7 million.
The soon-to-be FTSE 250 outfit swung to a pretax profit of GBP3.2 million from a GBP13.4 million loss a year earlier.
"I am pleased to report that financial performance for 2020 is on-track, with our base business proving resilient in the face of wider challenges posed by the Coronavirus outbreak. We are continuing to execute on our inhalation contract development and manufacturing organisation strategy and have signed 12 new deals to date, revenue from which will begin to feed through in the second half of the year," Chief Executive Officer Will Downie said.
Vectura will leave the small cap ranks and enter the FTSE 250 following an index review earlier in September. The changes take effect from September 21.
Vectura shares closed up 1.6% at 115.00 pence each in London on Tuesday.
By Eric Cunha; ericcunha@alliancenews.com
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