1994 A Good Year For Scotia

Scotia had a good year financially and clinically in 1994, according to David Horrobin, the company's chief executive. Scotia reduced its loss from L6.4 million in 1993 to L3.6 million ($5.8 million) in 1994. The loss per share was 5.8 pence compared with 12.5 pence a year earlier. The company's total income for the year was L22.7 million, up 19.5%.

Michael Lawther, Scotia's financial director, broke down total income into the company's main components. He said that sales and royalties in 1994 amounted to L15.8 million, up 3.8%. These were divided into two parts: pharmaceuticals and nutrition, the latter amounting to L8.5 million and the former L7.2 million. Sales of distribution rights amounted to L2.6 million, rising 156.7%, and deferred income from previous licensing deals grew 6.7% to L2.9 million. Interest for the year was up 19.5% to L22.7 million.

Selling and distribution costs advanced 84.1% to L3.3 million, as Scotia has been expanding its overall structure for future products, said Mr Lawther. Administration costs were up 20.9% to L4.1 million, and Scotia spent L11.6 million on R&D, 35.9% higher. This amounted to total expenditure of just under L19 million, up 38.5%.