Sigma Pharmaceuticals jumps 10% on positive results
Monday, 28 March, 2011
Sigma Pharmaceuticals (ASX:SIP) end of year numbers were well received by the market today with shares rising 4.5c to close at 46c, on markedly improved results compared to prior year.
Readers familiar with the industry will recall that the company’s shares plummeted back in April 2010, when Sigma posted a $390M loss. In June of 2010, Sigma appointed a new CEO, Mark Hooper who was formerly with PaperlinX.
Hooper oversaw the $900M sale of Sigma’s pharmaceutical division to Aspen which allowed the company to repay $683M . Operating cash flow increased from $13M to $101M with cash up from a nail-biting $14,418 to $556,904.
Revenue for Sigma’s healthcare business increased to $2,900M from prior year’s result of $2,700M a jump of over 6%, while the underlying EBIT for the business was $129 Million – at the upper end of previous guidance.
Group financial results - including the pharmaceutical division - were, unsurprisingly, less stellar with revenue up 3.7% to $3,339M and a net loss after tax of $235M. Nevertheless the loss is a lot healthier than last year’s $398M and $163M of the loss was from the discontinued operations.
Managing Director, Mark Hooper reported a total remuneration package of $1.28M.
Sigma confirmed a fully franked special dividend of 15c a share which turns the company into a much stronger yield play and would no doubt account for some of today’s price increase. But 46c is still well short of Sigma’s 52 week high of 90c.
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