Business Review - Operational

Despite the challenging economic environment, we are pleased to report our second successive year of profitability at the EBITDA level. Revenues for the year ended 30 June 2009 were £30.4 million, impacted by wholesaler de-stocking, particularly in the second half. However, a combination of greater revenues from licensing fees and strong cost control resulted in an EBITDA of £2.3m before exceptional items.

Sinclair has a strong and growing portfolio of products, both on the market and in development, and an extensive network of sales and marketing partners; the Group is now focused on the commercialisation of our products.

We have restructured and streamlined the business. Christophe Foucher has been appointed as Chief Operating Officer with responsibility for all commercial and supply chain activities in the Group. With 14 years of experience, he is implementing the commercial strategy designed to enable Sinclair to optimise the core business and achieve its long term goals. This restructuring includes the integration of the business development and operating companies to form a single division Sinclair Global Operations with a common objective.

Sinclair has purchased the outstanding 49.95% of Laboratorios Novo Pharma S.L., to create Sinclair Pharmaceutical España. Sinclair now has 100% owned operations in France, Italy and Spain and the depth of management expertise in these territories has been reinforced by the appointment of new Country Operations Directors. Sinclair has also streamlined its operations in the UK and, as a result of the regulatory changes in the market, has closed its UK sales operation, now distributing its UK products solely through marketing partners. Financial control has been increased by the appointment of a financial controller dedicated to the commercial and manufacturing operations.

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