AFT reported a strong lift in revenue and earnings following sales growth and cost control in its diversified Australasian medicines business and growing sales of its Maxigesic drug.
This talk is presented by Hartley Atkinson – CEO – AFT Pharmaceuticals Ltd.
Revenue for the year to 31 March 2020 increased 24% to $105.6 million from $85.1 million in the prior financial year, with revenue growing strongly in Australia (up 22%), New Zealand (up 12%) and Asia (up 130%). The international business, which is focused primarily on the commercialisation of Maxigesic was up 55%.
Operating profit rose to $21.1 million, building on last year’s $6.1 million operating profit by $15.0 million. The result included a non-cash $9.8 million non-recurring gain related to AFT taking full control of the Pascomer dermatological medicine2 intellectual property.
Excluding the one-off gain, the underlying operating profit of $11.4 million represented an 86% improvement on the prior year’s result and reflects continued sales growth, the return to more normalised research and development spending and careful management of costs throughout the business.
Net profit after tax rose to $12.7 million from a loss of $2.4 million in the same period a year ago, demonstrating the operating leverage present in our business
AFT Pharmaceuticals Chairman David Flacks said: “The Board is delighted to report on an outstanding year. For the first time we broke through $100 million sales and delivered record earnings.
“Momentum has continued to build across our business in the last financial year. Our Australasian business continues to grow strongly extending a two-decade record of growth.”
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