Fagron NV: Higher turnover and profit for Fagron
August 04 2017 - 12:00AM
Regulated information | Consolidated
results for the first half of 2017
Nazareth (Belgium) / Rotterdam (The Netherlands), 4 August 2017
Higher turnover and profit for
Fagron
Significant decrease of net
debt/REBITDA-ratio
Highlights:
Financial
-
Turnover increases 5.5% to €
221.7 million
-
REBITDA increases 5.6% to €
48.1 million or 21.7% of turnover
-
EBIT increases 13.5% to € 38.4
million or 17.3% of turnover
-
Net profit increases 27.0% to €
21.1 million
-
Strong operating cash flow of €
49.5 million
-
Net financial debt/REBITDA
ratio decreases from 3.18 to 2.66
Strategic - operational
-
Sterile compounding facility in
Wichita (US) licensed in 46 states (incl. New York, Florida and
Texas)
-
Opening of new sterile
compounding facility in Hoogeveen (the Netherlands)
-
Sale of non-sterile compounding
facility in Paris (France)
-
Acquisition of Kemig, market
leader in the sale of pharmaceutical raw materials in Croatia,
after the close of H1 2017
Hans Stols, CEO of Fagron:
"Fagron can look back on a strong first half of
2017. Our core businesses in Europe, South America and North
America achieved good growth in both turnover and profit. The
sterile compounding operations in the United States achieved
turnover growth of more than 22%, a clear acceleration compared to
previous half-years. The costs of the company were well controlled
resulting in a profitability that increased faster than
turnover.
We also made important
operational progress in the past six months. We launched many
innovative products and concepts on the market to meet the growing
demand for individualised patient care. In South America and in
Europe, this included the introduction of TrichoConcept® (a
patented total solution for alopecia), Pigmerise® MD (a treatment
for vitiligo) and FagronLab® (advanced equipment for pharmaceutical
compounding), while in the United States we brought our Lets Gel
Kit® (an anaesthetic gel) to the market. We are also pleased with
the opening of a new compounding facility in Hoogeveen (the
Netherlands) during the first half of 2017. This new facility is an
important element of the strategy of strengthening our position in
hospitals. In addition, we completed the acquisition of Kemig, a
leading supplier of pharmaceutical raw materials and packaging
materials to pharmacies and wholesalers in Croatia and Bosnia and
Herzegovina, early August 2017.
After refinancing the company
last year, we focused on further decreasing our leverage in the
first half, as a result of which we are operating comfortably
within the covenants for our loans, and have created a solid
financial position. We subsequently repaid our bond loan of
€ 225 million just after the close of the first
half-year."
Please open the link below for the press release
Higher turnover and profit for Fagron
Please open the link below for the interim
financial statements:
Interim financial statements first
semester 2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Fagron NV via Globenewswire
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