LONDON (dpa-AFX) - Vectura Group plc (VEC.L) reported a loss before tax of 40.1 million pounds for the nine-month period ended 31 December 2016, as a result of the significant increase in amortisation of intangible assets as well as exceptional items associated with the merger with Skyepharma. Basic loss per share was 5.3 pence for the nine-month period ended 31 December 2016. Basic EBITDA per share for the nine-month period was 5.6 pence profit per share.
An all-share merger with Skyepharma completed on 10 June 2016 after which the results of Skyepharma are incorporated in to the Group's reported results. On a proforma basis, the Group reported EBITDA of 43.4 million pounds for the 9 months ended 31 Dec 2016 compared to 49.8 million pounds for the 9 months ended 31 Dec 2015. Unaudited proforma EBITDA (based on recurring revenue) grew 57.4% to 17.0 million pounds from 2015 proforma of 10.8 million pounds. The Group said the underlying like-for-like growth was driven by royalties from the 7 recently-launched inhaled products, including flutiform and Ultibro, as well as flutiform product supply.
Reported revenue for the period was 126.5 million pounds, with recurring revenue accounting for 80.1% of the total. The inclusion of Skyepharma from 10 June 2016 contributed 78.4 million pounds to Group revenue including further substantial recurring revenue from royalties and flutiform product supply. Recurring revenue was 101.3 million pounds during the period.
Proforma total revenue for the period was up 8.7% 142.0 million pounds from 130.6 million pounds, prior year. Unaudited proforma recurring revenue, which illustrates underlying like-for-like performance, increased 26.2% to 115.6 million pounds from 2015 proforma revenue of 91.6 million pounds.
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