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We also continued to benefit from investors demonstrating their confidence in the business by switching their convertible loan stock into equity. The total amount of convertible loan stock outstanding reduced to £4.2m at the year-end (2011: £4.5m), and has since fallen to £3.8m. The option to convert remains open until November 2013. The ratio of bank debt to EBITDA (including annualised EBITDA from acquisitions) remains very comfortable at 1.3 times (2011: 1.3 times).
Dividend The Board's confidence in the business is reflected in our progressive dividend policy. We are recommending a final dividend of 0.55p per ordinary share (201 1: 0.50p), making a total for the year of 0.825p (201 1: 0.75p), a 10% increase.
At this level, the dividend is covered 4.4 times by after-tax earnings (2011: 4.8 times). Strategy Alliance acquires and licenses established products with stable sales in niche areas.
While most of these require little or no promotional support, we actively market a number of products with clear growth potential. These promoted products account for around a fifth of our sales.
We have two UK field forces, one focused on dermatology and the other focused on specialist hospital products, and have scope for economies of scale when we bring in products that these teams can promote alongside the existing ones.
ESTABLISHED PRODUCTS WITH STABLE SALES IN NICHE AREAS 12 Business Review continued IN 2012 WE APPOINTED TWO COUNTRY Hydromol is one of the fastest growing brands in the emollient market. MANAGERS We currently generate just under a fifth of our sales outside the UK, and aim to diversify the business by increasing this proportion - primarily through increased sales in Western Europe. For most of our existing portfolio, the opportunities for expanding international sales are limited; so our international strategy is to replicate the successful UK model by acquiring established products in overseas markets. Our research indicates that other Western European countries are well suited to this approach. In 2012 we appointed two Country Managers to how much codeine in tramadol 50mg tabs drive the acquisition and development of product portfolios in Western Europe. Dr Philippe Pasdelou has this role in France, and Lars Borger covers Germany, Switzerland and Austria. Having a presence on the Continent has already increased the flow of opportunities available to us.
Marketing We now have how much codeine in tramadol 50mg tabs a portfolio of over 60 products. Organic sales growth in 2012 was led by the Hydromol dermatology range, which achieved a record £1.1m increase - up 29% on the previous year. Hydromol is now almost a £5m brand and one of our largest. Customers like the how much codeine in tramadol 50mg tabs products, the pricing is competitive, and we continue to invest in the brand.
(Hydromol is one of the fastest growing brands in the emollient market). With a share of less than 3% in a fragmented market, there is still plenty of scope for future growth.
Our toxicology product was on the upswing of its 30 month sales cycle in 2012, and sales rose by £0.6m to £2.1m Sales will reach their peak level in the first half of 2013, giving a useful boost to how much codeine in tramadol 50mg tabs turnover Gelclair(tm) was another growth story in 2012 as sales reached £1.0m for the first time. This product, acquired alongside ImmuCyst from Cambridge Laboratories, relieves oral mucositis, a painful and debilitating side effect of cancer chemotherapy and radiotherapy. We are seeing good results from our marketing support and clinicians are recognising the clear benefits for their patients.
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