Revenue Analysis

Following the challenges of the current economic environment we have seen the impact on our business of wholesalers reducing their stockholdings as a result of cash constraints. This resulted in a one off reduction in sales during the year and followed by smaller, more frequent orders for Sinclair.

Despite overall product revenue increasing by only 0.4%, the Top 10 products (revenue and royalties excluding licence fees) have seen an increase of 21% year on year with eight out of ten products in the Top 10 experiencing growth. The relative position of the key products remained the same and we continue to have eight products that contributed more than £1m annual product revenue. This has been led by continued growth of Aloclair and Fazol and the gathering momentum of Sebclair and international partnerships in Maghreb with the Papulex range and Oxyplastine.

However the B.lift and B.derm dermocosmetic products and Claro are no longer in this year’s Top 10 products, which have significantly impacted revenue this year. This was a direct consequence of substantial sales made into the market in June 2008 that were not repeated in 2009 due to slow sell out.

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