7 April 2020 – final results
Results for 2019 have been released. In the twelve months ended 31 December 2019 see-through revenues were up 16% at £144.3m (2018: £124.0m) on both a reported and constant currency basis, in line with expectations. International sales saw another year of strong growth and the figures include a first full year’s revenues from Nizoral. Excluding acquisitions, revenue increased by 10% and 8% on a constant currency basis. Statutory revenues were up 15%, to £135.6m (2018: £118.2m). Underlying EBITDA was up 22% to £39.4m (2018: £32.4m). Underlying earnings per share were 5.09p versus 4.54p a year earlier. Strong cash generation meant that leverage fell to 1.48x at December 2019 from 2.33x a year earlier. No final dividend has been declared to prudently preserve cash in light of the COVID-19 pandemic. We rate the shares as a BUY.