Bu hydrocodone online

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Strong growth of 29% in our leading dermatology brand Hydromol, acquisition of our anti-malarials and stoma care products and the full year effect of acquisitions made in 2011 largely offset the headwinds from the supply issues affecting ImmuCyst, the slowdown in Deltacortril and generic competition for Nu-Seals.

Total turnover for the year was £44.9m (2011: £46.0m).

The acquisition of stoma care products and the anti-malarial portfolio added sales of £1.6m in 2012 and bu hydrocodone online the full year effect of 2011 acquisitions was an additional £2.1m of sales. Profit and other key performance indicators Operating profit, a key metric, was £12.3m apap in hydrocodone (2011: £12.3m).

As bu hydrocodone online a percentage of sales this remains strong at 27.4% (201 1: 26.8%). Gross profit increased by £0.6m to £25.1m, while gross margins improved from 53.3% to 55.9%. The improvement in gross margins reflected bu hydrocodone online a change in sales mix, partly as a result of the acquisitions. Administration and marketing expenses were £11.9m, an increase of £0.6m on 2011. These costs include the addition of our two Country Managers and the strengthening of infrastructure in preparation for European expansion. Amortisation costs have fallen from £0.7m to £0.6m. The ImmuCyst licence renewal in 2011 for a further 7 years extends the period over which it is amortised, reducing the annual cost. Finance costs and funding Interest payable in the year fell slightly to £1.5m (2011: £1.6m). Net bank debt at the year end was £21.8m (2011: £18.4m). The increase of £3.4m was after funding two acquisitions in the year for £12.8m. At the end of bu hydrocodone online 2012, net bank debt stood at £21.8m (2011: £18.4m).

We were pleased that Lloyds Banking Group agreed to provide an additional £10.0m Revolving Credit Facility in December 2012. This increased headroom to £13.5m on the acquisition facilities. Our previous interest rate hedges have expired and so since the year end we have put in place new interest rate swaps fixing the LIBOR element of our debt costs at 1.24% on £18m of our debt for the next 5 years. This means that approximately 80% of current bank debt is hedged at a very low rate.

The Convertible Unsecured Loan Stock ("CULS") carries a fixed interest rate of 8% and can be converted at any time until 30 November 2013 at 21p per share. CULS not converted at this date are due to be redeemed at par. During the year £0.3m (2011: £0.4m) nominal value of CULS were converted resulting in £4.2m outstanding as at 31 December 2012 and since the year end a further £0.4m have converted. Covenants The main financial covenants applying to the facilities with our Bank are that leverage (the ratio of net bank debt to EBITDA) should not exceed 2.0 times, interest cover (the ratio of EBITDA to finance charges) should be no less than 3.0 times, and operating cash flows must exceed debt service cash flows. The Group continues to comply comfortably with these covenants. Net bank debt at the year end was £21.8m (2011: £18.4m) and the net bank debt to EBITDA ratio was 1.7 times, though as measured for the bank covenant (including pro forma EBITDA of recent acquisitions) the ratio was just 1.3 times. TRADING CASHFLOW IMPROVED £2.7M TO £14.4M Earnings per share and dividends Basic EPS was virtually unchanged at 3.61p (201 1: 3.62p), while diluted EPS was 3.40p (201 1: 3.39p). During 2012 the number of shares in issue increased from 240.1m to 243.0m. A total of 1.4m shares were issued on the conversion of £0.3m nominal of the CULS and a further 1.5m were issued on the exercise of employee share options.



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