Recordati posts ‘positive’ first quarter results

Recordati has announced its consolidated financial results for the first quarter of the 2008 fiscal years with the figures being approved by its board of directors.

Its consolidated revenue for the quarter was 171.9 million euros (136.8 million pounds), a rise of 5.2 per cent on the same period last year.

Pharmaceutical revenue increased by 6.3 per cent during the period to 163.4 million euros, while net income rose by 7.4 per cent to 25.3 million euros.

“The net financial position at March 31st 2008 is a net debt of 74.1 million euros, a reduction of 23 million euros as compared to the net debt position at December 31st 2007 due to cash flow generated by operations which more than offset the investments made in the period,” Recordati said.

It added that shareholders’ equity rose to 412.8 million euros.

During the quarter, the company announced the acquisition of FIC and FIC Medical, firms dedicated to the registration of promotion of pharmaceutical products on behalf of third party companies in the Commonwealth of Independent States, including Russia.

In March 2008, Recordati announced a 9.1 per cent revenue growth for 2007 compared to that recorded in 2006.