LONDON (dpa-AFX) - Sinclair Pharma plc (SPH.L) reported Tuesday that its fiscal 2016 loss before taxation was 11.56 million pounds, compared to loss of 29.63 million pounds a year ago.
As previously reported, the Company changed its accounting reference date from June 30 to December 31 following the disposal of the non-aesthetics business in order to align itself with industry peers.
For the 18 month period to December 31, 2016, the company recorded loss before tax of 34.03 million pounds.
Adjusted EBITDA for the 12 month period was loss of 6.12 million pounds, narrower than loss of 7.96 million pounds a year ago.
In the 12 month period, revenue totaled 37.8 million pounds, compared to 25.0 million pounds last year, representing 51% headline growth. All three strategic products, Silhouette, Ellansé and Perfectha contributed to the strong growth.
The 18-month revenues were 45.49 million pounds.
Looking ahead, for fiscal 2017, Sinclair expects revenue growth to remain strong and to receive an additional tailwind from Sterling weakness. The Board's objective is to deliver a positive adjusted EBITDA for 2017 through a combination of strong sales growth and high marginal profitability. Trading in the current quarter is in line with management expectations.
Separately, Alliance Pharma plc (APH.L) announced that it has reached settlement agreement with Sinclair Pharma for compensation in connection with the material reduction of business in Kelo-stretch.
Kelo-stretch, a dermocosmetic cream for the prevention and treatment of stretch marks, was acquired from Sinclair in December 2015 as part of the Company's acquisition of Sinclair's Healthcare Products Business.
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