21 May 2021 07:00
AGM Statement
Oxford, UK - 21 May 2021: Circassia Group plc ("Circassia" or "the Company"; AIM: CIR), a medical device company focused on respiratory diagnostics and monitoring, is holding its Annual General Meeting today at Northbrook House, Robert Robinson Avenue, Oxford Science Park, Oxford OX4 4GA in line with the arrangements announced on 21 April 2021. Shareholders should note that if they have not already made arrangements with the Company to attend the AGM, they will not be able to do so.
Trading Update
Circassia is now exclusively focussed on the Niox business. Trading in the first four months of the year has been slightly ahead of management's expectations, principally as a result of a strong performance in the Research business.
Unaudited sales for the four months to the end of April were £9.3 million, 9% ahead of the same period in 2020 (£8.5 million). As previously communicated, the breakeven point for the Niox business is now lower, reflecting tight cost control measures implemented under the new management team, and the change in the sales and marketing strategy, with greater emphasis on third party distribution. Accordingly, while this level of sales is circa 7% lower than normalised sales for the same period in 2019 (pre- pandemic), the Niox business (excluding Head Office costs) traded at close to EBITDA breakeven over the four-month period. This performance is in line with management expectations at this time for the full year
The unaudited net cash balance at 30 April 2021 was £11.2m.
The transition period for the Astra Zeneca COPD products Tudorza and Duaklir has now completed and responsibility for these products has transitioned back to AstraZeneca.
Ian Johnson, Circassia's Executive Chairman, said: "I am pleased to be able to report a resilient trading performance year to date, with sales recovering well after the disruption from the COVID-19 pandemic which affected several of our major markets in 2020. The improvement in EBITDA is particularly pleasing and we look forward to updating shareholders further at the half year"
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.The Directors of the Company take responsibility for this announcement.
Contacts
Circassia
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)
Aubrey Powell/ Jen Boorer/ Hannah Woodley Tel: +44 (0) 20 7496 3000
About Circassia
Circassia is a medical device company focused on respiratory diagnostics and monitoring. Our market-leading NIOX® products are used in clinical settings by physicians around the world to help improve asthma diagnosis and management and by leading research organisations conducting clinical studies on behalf of pharmaceutical companies. Customers are able to buy products and receive customer service via dedicated teams in the United States, UK, Sweden, Germany and China, on-line in some regions and our network of global partners. For more information please visit www.circassia.com.