Strong finances
Financial sustainability through revenue growth, cash conversion, EPS growth and EBITDA margin growth
Revenue growth
Key initiatives
-
Focus on segments
and products with
highest potential
- New product launches
-
Leverage strengths
across all our direct
markets
-
Maximise
opportunities in other
high growth markets
through partnerships
or selective acquisition
Progress
-
New product sales of
£2.2m (2019: £1.8m)
-
Fast growing
contribution from Italy
-
c3.2% like-for-like
growth from top 40
products in base
portfolio
2021 priorities
-
Continue to scale up in
fast-growing countries
-
UK and Belgium return
to growth
-
Successful launch of
Daxocox and STEM
biofilm range in H2
Cash conversion and net debt
Key initiatives
- Optimise inventory
- Tax efficiency
- Net debt reduction
Progress
-
Strong underlying cash
conversion of 102.9%
-
Strong underlying cash
conversion of 102.9%
-
£13.6m net debt;
reduced by 24% over
course of 2020
-
Net debt to underlying
EBITDA leverage ratio
further reduced to 1.1
times
2021 priorities
-
Maintain strong cash
conversion focus to
provide investment for
growth strategy
-
Maintain EBITDA
leverage in the range
of 1 to 2 times
Underlying EBITDA margin and EPS growth
Key initiatives
- Focus on higher margin products
- Operating efficiency and leverage
Progress
-
Low margin tail
products reduced to
around 200 (c330 at
time of merger)
-
Underlying EBITDA
margin 17.2%
reflecting decisive
management of SG&A
costs and increased
investment in people,
business development
and pipeline
-
Underlying EPS of 10.6
pence
2021 priorities
-
Investment in new
product launches
and other growth
opportunities while
maintaining focus on
operational efficiency
