01 February 2017
Quantum Pharma Plc (AIM: QP.), the service-led niche pharmaceutical developer, manufacturer and supplier, announces the following trading update for the year ended 31 January 2017.
The Board is pleased to report that unaudited Group adjusted EBITDA for the year ended 31 January 2017 (‘FY17’) is expected to be in line with market expectations. The level of net debt is expected to be in the region of £13.5 million as cash management continues to be a key focus for the Group.
The Group has taken a number of actions since October 2016 to tighten strategic focus and simplify its operations. These have included:
As a result of these actions to tighten strategic focus, the current performance of the Group is supportive of market expectations for the year ending 31 January 2018.
It should be noted that the reported results for FY17 will contain significant exceptional one-off or non-operational items arising from these actions to simplify and focus the business, the majority of which are non-cash in nature. The largest individual impact arises from the decision to close NuPharm where the results will be presented as a discontinued operation and our balance sheet investment will be fully written down. The year-end net debt figure shown above substantially reflects the anticipated cash impact of these decisions.
Chris Rigg, CEO of Quantum, said: “The Group has made solid progress in simplifying and focusing on its core value opportunities. Prioritising the development of the UL2L products in our pipeline has given us a better opportunity to be first to market and drive value from the portfolio. We have taken decisive action to close a loss-making operation and have put the Group on a stronger financial footing going forward. I am pleased to report that we are executing in line with our plans.”
The Group will announce final audited results for the year ended 31 January 2017 on Wednesday, 3 May 2017. An analyst briefing will be held at 09:30 a.m. at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
For further information:
|Quantum Pharma Plc|
|Chris Rigg, CEO||Tel: +44 (0) 1207 279 404|
|Gerard Murray, CFO|
|N+1 Singer (NOMAD and Broker)||Tel: +44 (0) 20 7496 3000|
|Sandy Fraser / Nick Owen / James White||www.n1singer.com|
|Henry Harrison-Topham / Sophie Cowles||Tel: +44 (0) 20 7466 5000|
Notes to Editors
Quantum Pharma is a service-led, niche pharmaceutical developer, manufacturer and supplier to the retail pharmacy, pharmaceutical wholesale, hospital, homecare and care home markets. Quantum Pharma operates through three divisions - Specials, Niche Pharmaceuticals and Medication Adherence – offering a portfolio of innovative and complementary products and services.
For further information, please visit www.quantumpharmagroup.com.
26 April 2017