Preliminary results for the year ended 30 September 2006
17 Nov 2006
Preliminary results for the year ended 30 September 2006
Nottingham, UK , 17 November 2006 - Innovata plc (LSE: IOV), the pulmonary product company, today announces preliminary financial results for the year ended 30 September 2006. The Board of Innovata also announces today that it has reached agreement on the terms of a recommended all share offer by Vectura Group plc for the whole of the issue and to be issued capital of Innovata (see separate press release issued today).
Financial Highlights
- Revenue: £33.6m (30 September 2005: £19.5m)
- Operating profit before amortisation: £14.5m (30 September 2005: loss £5.3m)
- Operating profit: £12.2m (30 September 2005: loss £5.8m)
- Profit before tax: £7.3m (30 September 2005: loss £6.6m)
- Profit after tax: £8.1m (30 September 2005: loss £6.5m)
- Cash and short-term investments: £23.4m (30 September 2005: £13.9m)
Operational Highlights:
- Global licence for Adept® signed with Baxter
- FDA approved Adept® for use in surgical adhesions in the US
- Global licence for Adept® signed with Baxter
- Second Duohaler® licence signed with European partner
- Inhaled insulin collaboration with Bristol-Myers Squibb restructured
- Further marketing authorisations for Clickhaler® products in Europe
Kieran Murphy, Chief Executive Officer of Innovata, commented:
“Our results today reflect a year of solid achievement with a reshaped and focused business. We have successfully completed the integration of Quadrant, increased revenues by 72% and further progressed our product pipeline.
“With today's preliminary results we also announce our agreement with Vectura Group plc. We believe that with their combined expertise, facilities and cash resources, the Enlarged Group will become a leader in pulmonary product development, one of the fastest growing areas of the pharmaceutical industry.”
There will be a meeting and conference call for analysts today at 9.30am GMT at the offices of Financial Dynamics. Please contact Claire Rowell at Financial Dynamics on 020 7269 7285 for details.
Contacts:
| Innovata plc | Today: 020 7831 3113 |
| Kieran Murphy, Chief Executive Officer | Thereafter: 0115 974 7474 |
| Peter Shennan, Finance Director | |
| Financial Dynamics | Tel: 020 7831 3113 |
| David Yates | |
| Anna Keeble |
The full Innovata plc Preliminary Results announcement (17/11/06) in PDF format.
