Recordati sales up in Q1 2009

Recordati’s international sales increased by 11.7 per cent during the first quarter (Q1) of this year, it has been confirmed.

The company published its results for the period this week and said this segment reached a total of 128.2 million euros.

Consolidated revenue went up to 183.7 million euros (161.6 million pounds), which is a rise of 6.9 per cent, while net income hit 27.6 million euros – a 9.3 per cent hike.

However, Recordati’s net financial position on March 31st hit a debt of 85.9 million euros ? up 4.9 million euros since December 31st 2008.

The group attributed this to cash outlay needed for the acquisition of Herbacos-Bofarma, a Czech pharmaceutical company. The price of this purchase was approximately 19 million euros.

Recordati said performance for the month of April 2009 was in line with expectations and the rest of the year is forecast to deliver positive results.

The group is headquartered in Milan and listed on the Italian Stock Exchange.