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Trading statements

Skyepharma sees FY revenues ahead of views

11 January 2016 07:41

Skyepharma said FY 2015 revenues are anticipated to be ahead of the Board's previous expectations announced on 26 November 2015, primarily because the Group's license partner, Mundipharma, has agreed that the first flutiform sales milestone of 10m euros will now be recorded in 2015.

This will be through the release of deferred income and no cash will be received as it will be used to meet a large part of the balance of Mundipharma's right to recover up to 25m euros of previous development costs, as already disclosed.

The Group's cash and cash equivalents as at 31 December 2015 was approximately GBP41m and net cash was about GBP35m. Cash generation in the second half of the year benefited from both a robust operating performance and the later timing of payments for capex projects, which remain on track.

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