BTG offers pre-close financial update

UK life sciences firm BTG, ahead of its planned interim results announcement for the six months to September 30, which will be released on November 7, says that its financial position continued to strengthen during the first half of the year.

Underlying recurring royalty revenues remain strong although, as anticipated, BTG's reported royalty revenue is expected to be in line with last year because of the continuing weakness of the US dollar against sterling. In addition to these royalties, other transactions completed in the period are expected to contribute around L15.0 million ($30.3 million) of net profits and gains before withholding taxes. These sources of income, together with continued cost control, have generated positive cash flow in the first half of this financial year which has added to the L43.0 million cash reserves reported at the start of the period, the firm says.