Sinclair Pharma turnaround on track

Sinclair Pharma said the new management's restructuring strategy is driving a significant business turnaround with a strong recovery in is Italian market and a new strategy in France leading a recovery.Underlying like-for-like sales growth for the second half to 30 June 2010 is exxpected to be approximately 7%. The group also made cost savings of over £1.5m on an annualised basis. Overall gross margin is improving as restructuring benefits flow through the supply chain, it said."The restructuring programme instigated last December by the new management team has rapidly improved underlying business performance, and the company is now trading profitably at the EBITDA level pre-licensing income," said Sinclair in a company statement.Sinclair also said it was confident to sign Decapinol US and European distribution deals this calendar year.