Sinclair Pharma narrows losses as it focusses on aesthetics business
Sinclair Pharma
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16:49 05/11/18
International aesthetics company Sinclair Pharma announced its unaudited results for the year to 31 December on Tuesday, with revenue from continuing operations rising to £37.82m from £24.97m in the prior period.
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The AIM-traded firm changed its accounting reference date from 30 June to 31 December during the year following the disposal of the non-aesthetics business, which the board said was in order to align itself with industry peers.
Sinclair confirmed its financial highlights and review released on Tuesday focussed on the 12 months ended 31 December 2016, and compared to the 12 months ended 31 December 2015.
Gross profit rose to £26.73m from £17.07m.
On the costs side, selling, marketing and distribution costs increased to £21.69m from £14.74m, and administrative expenses were slightly higher at £18.39m from £16.01m.
Exceptional administrative expenses rose significantly to £6.82m from £47k.
Sinclair reported an operating loss of £6.82m for the year, reducing from the £13.74m loss it posted in the 12 months prior.
Its adjusted EBITDA was a £6.12m loss, compared to £7.96m in the comparative period.
“I am proud of what has been achieved at Sinclair Pharma in 2016,” commented CEO Chris Spooner.
“Following the disposal of the non-aesthetics assets, the company is simplified as a fast growth and self-pay aesthetics business.
“During the period, ‘Silhouette InstaLift’ was launched in the US, a direct Brazilian affiliate was formed and revenue growth of 51% was recorded, beating management expectations.”
Looking ahead, Spooner said the board was expecting Sinclair to be adjusted EBITDA-positive in 2017.
“Beyond this year, the board believes that strong core revenue growth augmented by US, Brazil and China launches, combined with operational leverage through rising gross margins and a controlled cost base will position the company well to deliver superior returns for shareholders.”