Recordati reports half-year revenue growth

Recordati has announced its financial figures for the first half of the 2008 fiscal year.

The company reported consolidated revenues of 384.2 million euros (302 million pounds), an increase of 8.6 per cent compared to the same period last year.

Pharmaceutical revenues rose ten per cent during the /period, accounting for 331.5 million euros during the first six months of the year.

Operating income for the period rose by 8.9 per cent during the period to 75.8 million euros, while net income rose by 16.7 per cent to 52.4 million euros.

Overall, the company reported a net debt of 85.9 million euros.

Giovanni Recordati, chairman and chief executive officer of the company, said: “During the first half of the year a series of new events took place which are directed at maintaining the group’s growth trend into the future.”

He added that the company now has a presence in Russia and other Community of Independent State countries which is a growing market for pharmaceuticals.

The company confirmed its revenue and earnings objectives of ten per cent growth, while it increased its net income target to around 100 million euros to take into account a more favourable tax rate.

In March 2008, Recordati announced plans to acquire French pharmaceutical companies FIC and FIC Medical.