Trading Update

15 Aug 2007 07:01

Fulcrum Pharma PLC15 August 2007 Final 15th August 2007 FULCRUM PHARMA PLC ("the Company") Trading update and performance of Unicus acquisition Fulcrum Pharma plc (AIM: FUL), the drug development and regulatory servicescompany is pleased to give a year end trading update following the acquisitionof Unicus Regulatory Services Ltd ("Unicus"), a regulatory consultancy business,in April 2007. Group sales continue to grow, Japan has made a good contribution across thebusiness and the foreseen recovery of the US operation is underway. The resultsfor the Fulcrum Group, excluding Unicus, for the year ended 31 August 2007 areexpected to be in line with market expectations. Unicus sales, however, havebeen below forecast in the four months since the company was acquired and thiswill reduce the overall Group profit for the year. Fulcrum management havefocussed Unicus on sales growth and cost control in order to restoreprofitability. Under the terms of the agreement to acquire Unicus, Fulcrum protected itselfagainst any shortfall in performance in the year ended 31 March 2008. As aresult, the initial cash consideration paid for the business is expected to becirca £200,000 lower at £2.3 million and the additional earnout consideration tobe £500,000 rather than the maximum of £2,300,000 envisaged at the time ofacquisition. Strategically, Unicus is an important step towards Fulcrum's goal of being aleading provider of regulatory services to the pharmaceutical industry. Jon Court, Chief Executive of Fulcrum Pharma, said: "Fulcrum continues toperform in line with market expectations and deliver improving EBITDA figures.Going forward we expect Unicus to contribute to further improved profitabilityof the Group." For further information, please contact: Fulcrum Pharma PLCJon Court, Chief Executive Tel: 0870 710 7152 Seymour PierceJonathan Wright Tel: 0207 107 9000 About Fulcrum Pharma plc Fulcrum Pharma plc is a drug development and regulatory services business thatprovides global expertise to achieve drug development and regulatory approvalmilestones. Fulcrum Pharma offers immediate access to a highly credible, integrateddevelopment team that provides strategic and operational leadership required toensure that new drugs move smoothly from discovery research to product approval Fulcrum Pharma is listed on the AIM Market of the London Stock Exchange havingsuccessfully floated in March 2000. This information is provided by RNS The company news service from the London Stock Exchange