April 5, 2018 / 6:20 AM / 3 months ago

BRIEF-BTG says 2017/18 results hit by 150 million pound impairment charge

April 5 (Reuters) - BTG PLC:

* BTG HAS DELIVERED A GOOD FINANCIAL PERFORMANCE FOR YEAR, WITH REVENUE IN LINE WITH EXPECTATIONS

* VERY GOOD GROWTH IN INTERVENTIONAL MEDICINE PRODUCT SALES REFLECTS MID-TEENS CER 1 GROWTH IN ONCOLOGY AND VASCULAR PORTFOLIOS, WHICH TOGETHER REPRESENT >90% OF REVENUE IN THIS BUSINES

* LOWER SALES OF PNEUMRX ® COILS REFLECT THAT MARKET DEVELOPMENT, INCLUDING SECURING APPROPRIATE LEVELS OF REIMBURSEMENT, IS TAKING LONGER THAN EXPECTED

* WE DO NOT EXPECT MATERIAL REVENUES FROM THIS PRODUCT OVER NEXT TWO YEARS

* WE HAVE THEREFORE REASSESSED FAIR VALUE OF THIS ASSET, AND OUR FINANCIAL RESULTS FOR 2017/18 WILL INCLUDE AN IMPAIRMENT CHARGE OF APPROXIMATELY £150M

* IN ADDITION, OUR 2018/19 RESULTS WILL INCLUDE A ONE-OFF RESTRUCTURING CHARGE OF UP TO £10M Source text for Eikon: Further company coverage: (London newsroom)

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