Circassia Group Plc AGM Statement (3399Z)
May 21 2021 - 01:00AM
UK Regulatory
TIDMCIR
RNS Number : 3399Z
Circassia Group Plc
21 May 2021
AGM Statement
Oxford, UK - 21 May 2021: Circassia Group plc ("Circassia" or
"the Company"; AIM: CIR), a medical device company focused on
respiratory diagnostics and monitoring, is holding its Annual
General Meeting today at Northbrook House, Robert Robinson Avenue,
Oxford Science Park, Oxford OX4 4GA in line with the arrangements
announced on 21 April 2021. Shareholders should note that if they
have not already made arrangements with the Company to attend the
AGM, they will not be able to do so.
Trading Update
Circassia is now exclusively focussed on the Niox business.
Trading in the first four months of the year has been slightly
ahead of management's expectations, principally as a result of a
strong performance in the Research business.
Unaudited sales for the four months to the end of April were
GBP9.3 million, 9% ahead of the same period in 2020 (GBP8.5
million). As previously communicated, the breakeven point for the
Niox business is now lower, reflecting tight cost control measures
implemented under the new management team, and the change in the
sales and marketing strategy, with greater emphasis on third party
distribution. Accordingly, while this level of sales is circa 7%
lower than normalised sales for the same period in 2019 (pre-
pandemic), the Niox business (excluding Head Office costs) traded
at close to EBITDA breakeven over the four-month period. This
performance is in line with management expectations at this time
for the full year
The unaudited net cash balance at 30 April 2021 was
GBP11.2m.
The transition period for the Astra Zeneca COPD products Tudorza
and Duaklir has now completed and responsibility for these products
has transitioned back to AstraZeneca.
Ian Johnson, Circassia's Executive Chairman, said: "I am pleased
to be able to report a resilient trading performance year to date,
with sales recovering well after the disruption from the COVID-19
pandemic which affected several of our major markets in 2020. The
improvement in EBITDA is particularly pleasing and we look forward
to updating shareholders further at the half year"
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The Directors of the Company take responsibility for this
announcement.
Contacts
Circassia
Ian Johnson, Executive Chairman Tel: +44 (0) 1865 405 560
Michael Roller, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)
Aubrey Powell/ Jen Boorer/ Hannah Woodley Tel: +44 (0) 20 7496
3000
About Circassia
Circassia is a medical device company focused on respiratory
diagnostics and monitoring. Our market-leading NIOX(R) products are
used in clinical settings by physicians around the world to help
improve asthma diagnosis and management and by leading research
organisations conducting clinical studies on behalf of
pharmaceutical companies. Customers are able to buy products and
receive customer service via dedicated teams in the United States,
UK, Sweden, Germany and China, on-line in some regions and our
network of global partners . For more information please visit
www.circassia.com .
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END
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