Quantum Pharma PLC Full Year Trading Update (6675V)
February 01 2017 - 1:00AM
UK Regulatory
TIDMQP.
RNS Number : 6675V
Quantum Pharma PLC
01 February 2017
For immediate release 1 February 2017
This announcement contains inside information
for the purposes of Article 7 of EU Regulation 596/2014.
Quantum Pharma Plc
('Quantum' or the 'Group')
Full Year Trading Update &
Notice of Final Results
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 GBP13.5 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:
-- Prioritising the development of its unlicensed-to-licensed
('UL2L') product portfolio, with all UL2L products in the current
pipeline now in active development;
-- Beginning work on broadening the Group's network of
commercial partnerships, both in the UK and internationally, to
take certain niche generic products already developed or in
development to market;
-- Significantly reducing the Group's net debt through the successful completion of a
GBP15 million equity fundraise in November 2016, whilst
continuing to closely manage working capital, leaving the Group
well-financed to implement its strategy;
-- Ceasing trading at NuPharm, a loss-making contract
manufacturing business, in line with the Group's stated plan;
and
-- New Board appointments to support the focused strategy; Chris Rigg as CEO,
Gerard Murray as CFO, Ian Johnson as Chairman, Dr. John Brown as
Senior
Non-Executive Director and Christopher Mills as Non-Executive
Director.
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.
- Ends -
For further information:
Quantum Pharma Plc
Chris Rigg, Chief Executive Tel: +44 (0) 1207 279
Officer 404
Gerard Murray, Chief www.quantumpharmaplc.com
Financial Officer
ir@quantumpharma.co.uk
N+1 Singer
(Nominated Advisor & Broker)
Sandy Fraser / Nick Owen Tel: +44 (0) 20 7496
/ James White 3000
Media enquiries:
Buchanan
Henry Harrison-Topham / Tel: +44 (0) 20 7466
Sophie Cowles 5000
quantumpharma@buchanan.uk.com www.buchanan.uk.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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