Pharmaceutical company Quantum Pharma has announced its turnover grew 12.8% to £36.2m in the first half of the year.
In its interim results, the company also announced that Statutory operating profit increased 74% to £3.6m.
These results are the first to be published since Quantum began restructuring its business and creating a more simplified strategy.
The company has sold its Biodose Services arm and close its NuPharm division as part of this restructuring. The interim results are based on a like-for-like basis and do not include revenues derived from NuPharm or Biodose.
Chris Rigg, CEO of Quantum, said: “I am very pleased with the strategic progress we have made in the period and the Group has good momentum going into the second half of the year. The benefits of our simplification strategy are clear to see in a strong set of results that demonstrate the substantial increase in the profitability of our business. The next steps of our strategic plan are underway with a focus on delivering the current pipeline, maximising the value in our licensed product portfolio and exploiting international opportunities. I am confident in the future prospects of the Group.”
“The actions that we took to simplify the group have concluded and that has resulted in a business with a much improved quality of earnings. Revenue is up 13% and EBITDA is up 23%.
“Nobody is getting carried away and there has been a lot of hard work gone into the business in the last few months and we have put ourselves in as good a business as we could be. Our licensing business is growing well and has addressed the challenges it needed to address and the launching of the products we have had have been very successful.”
The company announced that the next steps of its strategic plan are underway, with a focus on delivering the current pipeline, maximising the value in its licensed product portfolio, and exploiting international opportunities.