BTG's annual profit falls as acquisitions and foreign exchange movements offset revenue growth

Healthcare company BTG reported a drop in pre-tax annual profit, reflecting investments, acquisitions and foreign exchange movements.

Pre-tax profit came to £26.7m, down from £33.3m the previous year, the group said.

Revenue rose 27% to £367.8m from £290.5m a year earlier, as each division delivered strong double-digit percentage growth. Recurring Interventional Medicine revenue grew 44% to £112.7m, revenue in Specialty Pharmaceuticals increased 18% to £121.1m and Licensing revenues jumped 23% to £134m.

When adjusting for constant currency and the impact of acquisitions of EKOS and TheraSphere, like-for-like revenue growth was 21%.

Adjusted earnings per share was up 8% to 15.7p.

"We have delivered a good financial performance for the year, with each business delivering underlying growth of more than 20%,” said chief executive Louise Makin.

“We look forward to another year of strong progress, confident that the strategy we are following will over time enable us to become a world leader in Interventional Medicine therapies and deliver significant value for all our stakeholders."