Vectura fiscal 2012/13 revenues beat own expectations, and loss narrows
UK inhaled therapies developer Vectura Group (LSE: VEC) yesterday presented its preliminary results for the year ended March 31, 2013, posting revenues slightly ahead of expectations at £30.5 million ($46.3 million), but down compared with £33 million in 2011/12.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) loss improved to £3.4 million compared with £4.2 million a year earlier. Loss before tax decreased by 21% to £10.4 million versus £13.2 million. The balance sheet strength maintained with cash and cash equivalents of £70.1 million compared with £75.5 million a year ago.
Although Vectura’s share price dipped slightly (-1.4% to 88.75 pence early afternoon trading on Tuesday) after release of the financial results, six investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average price target of 134 pence.
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