BTG continues to deliver growth in first half

BTG reported a 20% rise in revenue in its interim results on Tuesday to £341.3m, or 13% at constant exchange rates, while product sales were ahead 24% on the same time last year at £239.7m.

The FTSE 250 company said product sales rose 17% for the six month period to 30 September, when calculated at constant exchange rates.

Its adjusted operating profit was 26% firmer at £99.1m, or 15% higher at constant currencies, while its IFRS operating profit plunged 36% to £18.6m.

Adjusted basic earnings per share came to 21p, ahead 51% on the first half of the 2017 financial year, while IFRS basic earnings per share rocketed to 13.8p from 3.4p last year.

Free cash flow stood at £75.2m, up 35% from £55.7m, while net cash flow from operating activities was 30% higher at £78.8m, compared to £60.8m 12 months ago.

“We have delivered strong product sales growth in H1 and have also made significant progress with activities that support sustainable high growth in our Interventional Medicine business,” said BTG CEO Louise Makin.

“We have built a scalable platform, with a portfolio of differentiated products, strong customer relationships and internal capabilities, with multiple drivers of growth in our existing business.”

Makin said the use of “minimally invasive” therapies was continuing to grow.

“We have the financial resources and capabilities to continue to make targeted new investments, so that we can expand our Interventional Medicine business and deliver sustained growth in shareholder value.”