BTG lifts revenue guidance on weak sterling

FTSE 250 specialist healthcare group BTG lifted its revenue guidance for the year on the back of the weak pound.

In an update for the six months to 30 September, the company said it now expects reported full-year revenue to be ahead of its previously-announced range of £510m to £540m.

BTG said that on a constant currency basis, it delivered double-digit revenue growth in the period, in line with its expectations, and the outlook for full-year underlying revenue growth is unchanged.

In Interventional Medicine, revenue growth was underpinned by continued good performances from Interventional Oncoloy and from EKOS.

The group said Specialty Pharmaceuticals delivered a good performance across the portfolio.

Chief executive officer Louise Makin said: “We have had a strong first half, delivering double-digit constant currency revenue growth as we have continued to grow the business. The acquisition of Galil Medical has strengthened and diversified our interventional oncology portfolio, which also saw the US launch and approval in Canada of our innovative visible bead LC Bead LUMI."

Also on Thursday, BTG said its subsidiary, Biocompatibles, has reached a settlement with the US government in relation to the Department of Justice’s investigation of the marketing of embolic bead LC Bead.

Biocompatibles has agreed to settle all allegations and to pay a total penalty of $36m. BTG said it is not required to enter into a Corporate Integrity Agreement as part of the settlement.

At 1450 BST, BTG shares were up 4.9% to 678.50p.