Meldex reports strong revenue growth, narrowed pre-tax loss in ’07; market disappointed
Meldex International plc (MDX.L), the specialty pharma and healthcare company, said proforma revenue grew around 300% to £37.6m in in the year to end 2007, while the loss before tax narrowed to £355,000 from £1.9m in 2006.
CEO Richard Trevillion (pictured) said it was “another transformational year in the evolution of the Meldex Group. The acquisition during the year of the Melbrosin group of companies cemented the strategy of a specialty pharmaceutical and healthcare company with innovative, patent protected technologies improving the administration of medicines to patients.
“The dual strategy of developing both prescriptions and over-the-counter franchises has enabled shareholders to benefit from exposure to the fastest growing markets globally whilst enjoying risk diversification through geographical and product spread.”
The share market wasn’t quite as sanguine. It marked Meldex’s share price down 11.25p to 47.50p, taking market capitalisation of around £101.6m.
The Cambridge-HQed company formerly known as Bioprogress said that operational highlights included the successful integration of all acquisitions which was shown by the cross fertilisation of regional products, enhanced distribution partnering arrangements and successful product launches throughout the Group.
It said that trading so far in 2008 was broadly in line with management expectations.
15 May 2008
