LONDON (Alliance News) - Vectura Group PLC Thursday reported a narrowed pretax loss for its most recently ended financial year, ahead of the completion of its merger with smaller peer Skyepharma PLC, expected to close on June 10.
For the year to end-March the company reported a pretax loss of GBP1.9 million, narrowed from a pretax loss of GBP6.2 million, on revenue of GBP72.0 million, up from GBP58.0 million.
Revenue growth was driven by a strong performance in royalties, which were up 56%, particularly from recently-launched inhaled products, Vectura said.
Following the completion of the takeover of Skyepharma, Vectura's Chief Financial Officer Andrew Oakley will leave the company, to be succeeded by Andrew Derodra.
"I am pleased to report Vectura's continued strong financial and operational performance for the twelve months ended 31 March 2016. Of particular note is the transition of the business to a position where the majority of overall royalty revenues arise from recently launched inhaled products," said Chief Executive Officer James Ward-Lilley in a statement.
"The addition of Skyepharma's pMDI technology will allow the enlarged group to access the inhaled product market in its entirety. Vectura's existing dry powder inhaler capabilities and smart nebulisation technologies do not address the 38% of the global inhalation market which is served by pressurised metered dose inhaler products and the enhanced cash flow of the enlarged group will better position it to consider attractive strategic opportunities which may emerge in the future," Ward-Lilley added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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