Drug maker AFT Pharmaceuticals has reported a strong first-half result, with revenue increasing by one-third compared to the same period last year.
Numbers for the six months ended in September compared with a year ago show a net profit of $2.7 million versus a $2.5 million net loss, revenue of $114.9 million compared to $86.7 million, and an underlying profit of $4.7 million, up from a $1.8 million loss.
“We’re seeing some good, solid growth right across the board,” managing director Dr Hartley Atkinson said.
“We’re starting to get great attraction now in our global expansion; we’re selling in 85 countries around the globe.”
Atkinson said the company is continuing to invest in research and development, with expectations that these investments will bring benefits in the long term.
“Despite our big spend in R&D and on advancing the business, we’ve still got a really good increase – a 363% increase in profit over the year, which is really driven by higher sales.”
AFT expects its second-half sales and earnings to surpass those of the first half. The company is on track to achieve a full-year operating profit between $20 million and $24 million while continuing to advance its multi-year growth strategy.
“We continue to make good progress advancing the development of our international business hubs in markets that share similar characteristics with our highly successful Australasian operations,” Atkinson said.
“We expect our business hubs in the United Kingdom and South Africa to begin to contribute to earnings in the second half of the year, validating the potential we see in these markets and our investment in them.”