vectura group plc (VEC) Snapshot

Vectura Group plc announced that Anne Hyland is stepping down from her board position and as CFO and Company Secretary at the end of June. Paul Oliver, currently Financial Controller, will be appointed to the board as CFO and Company Secretary from July 1, 2013. Paul joined Vectura in 2006 and has managed Vectura's finances for the last seven years. In his role as Group Financial Controller, Paul has worked closely with Anne, Vectura's Leadership Team and the Board on all aspects of Vectura's operations and strategy development. Prior to joining Vectura, Paul worked in professional practice and is a Fellow of the Association of Chartered Certified Accountants.

Vectura Group plc reported unaudited consolidated earnings results for the year ended March 31, 2013. For the year, the company reported operating loss of £11.6 million, loss before taxation of £10.4 million, loss after taxation attributable to equity holders of the company and total comprehensive income of £5.9 million or 1.8 pence loss per share on revenue of £30.5 million against operating loss of £13.9 million, loss before taxation of £13.2 million, loss after taxation attributable to equity holders of the company and total comprehensive income of £4.4 million or 1.3 pence loss per share on revenue of £33.0 million for the same period a year ago. Net cash outflow from operating activities of £2.8 million against net cash inflow from operating activities of £2.1 million for the same period a year ago. EBITDA loss improves to £3.4 million from £4.2 million for the same period a year ago. The revenue was lower as a result of lower pharmaceutical development service revenues and device sales this year, but were ahead of expectations. The EBITDA loss improvement is mainly due to a 5% increase in gross margin and a 6% reduction in research and development expenditure to £30.9 million against £32.8 million for the same period a year ago. Capital expenditure was just under £4 million. The company expects the assets to be amortized over the next 3 years, with a charge in 2014 to be in line with the charge the company incurred last year at about £6.3 million. The company expects capital expenditure to be in line with last year.

Vectura Group plc Presents at Jefferies 2013 Global Healthcare Conference, Jun-06-2013 08:00 AM. Venue: Grand Hyatt Hotel, 109 East 42nd Street at Grand Central, New York, New York, United States. Speakers: Christopher Paul Blackwell, Chief Executive Officer and Executive Director.