Sinclair IS Pharma profit more than doubles

Thu Sep 19, 2013 2:38am EDT
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Sept 19 (Reuters) - Aesthetic dermatology company Sinclair IS Pharma's profit rose 69 percent as its dermatology brands performed well and international business grew.

Sinclair, which specialises in dermatology, wound care, oncology support and critical care, said it continues to look for brand and distribution deals.

Adjusted profit before tax rose to 4.3 million pounds ($6.87 million) in the year ended June 30, from 2.6 million pounds a year earlier.

"With the factory closure complete and all past restructuring and litigation issues now resolved we are confident of a strong improvement in cash flow as the year progresses," Chief Executive Chris Spooner said in a statement.

The company exited all in-house manufacturing in June.

Sinclair said in July that full-year revenue rose 7.7 percent to 55.4 million pounds, which included a six months contribution from the sale of injectable aesthetic dermal filler Sculptra.

Sinclair entered into an agreement with Valeant Pharma last September to distribute deep tissue generative drug Sculptra in Western Europe.

Revenue from Sinclair's dermatology unit rose 9 percent on a like-for-like basis. Sinclair's international operation revenue rose 20 percent in the year.