Sinclair Pharma moving into the black

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Date: Tuesday 22 Jul 2008

LONDON (ShareCast) - Sinclair Pharma is seeing organic growth across all its major markets and is on track to post its first profitable year as a public company.

Revenues for the year to 30 June are expected to be up 30% on last year at £30.2m.

The company’s dermo-cosmetics portfolio and Decapinol range have all registered organic growth in revenue.

“Our revenues are now spread across a broad range which are in the infancy of their commercial life,” said Dr. Michael Flynn, chief executive of Sinclair.

“Sales of all treatments for atopic dermatitis in the US have been dampened by economic factors resulting in a 14% decrease in the sector over the last year1 and 33% decrease in prescriptions for non-steroid treatments,” Dr. Flynn added.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to exceed £2.5m in the first half of 2008, which would lead to a positive full-year EBITDA figure.

The company said it also expects to receive a tax rebate of around €2.2m from the French tax authorities in October 2008 relating to a claim initiated by CS Dermatologie prior to its acquisition by Sinclair. The rebate will appear as an exceptional item in the 2008/9 results.

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