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Meldex see 217 per cent profits growth |
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Written by Sam Fountain
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Thursday, 24 January 2008 |
 Specialty pharma and OTC company, Meldex has demonstrated one of the reasons why it has received an offer, after it issued a pre-close update telling of an anticipated 217 per cent growth in profits for the year to December.
The Cambridge-based company, which has seen a 50 per cent increase in its market cap following a takeover approach this month, said that trading-to-date this year has been strong, and its pipeline and growing portfolio of products provide a strong platform for further growth in 2008.
It said that revenue had grown by 217 per cent from £9.5m in 2006 to £30m in 2007, at the top end of equity analyst expectations.
The AIM-quoted firm added that it had completed the integration of all of its acquisitions, with the transformational acquisition of the Melbrosin group of companies creating a global OTC division.
"Meldex has had a superb trading year in 2007," said CEO, Richard Trevillion, "the Group has out-performed its own targets and has demonstrated robust and rapid organic growth."
Results for the full year to December are expected in April.
Shares in the company have grown marginally to 68p.
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