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UPDATE 1-BTG swings to pretax loss on Protherics costs

Thu May 14, 2009 3:00am EDT

Stocks

   

* Full-year loss 11.3 mln stg vs profit 10.7 mln

* Anticipates good performance in underlying business (Adds details)

LONDON, May 14 (Reuters) - British pharmaceutical company BTG (BGC.L) said on Thursday it swung to a full-year pretax loss, impacted by the costs of integrating biotech firm Protherics.

BTG, which is transforming itself from a biotechnology business, swung to a 11.3 million pound ($17.1 million) loss compared with a 10.7 million profit last time, as revenue rose 13.1 percent to 84.8 million pounds.

The company has been hit by reorganisation costs associated with Protherics, which it bought last year in a $390 million deal. [ID:nLI313943]

It said it anticipated continued good performance in its underlying business.

BTG was formed in 1981 when the UK's National Research Development Corporation merged with National Enterprise Board to create British Technology Group Ltd.

(Reporting by Ben Deighton, editing by John Stonestreet)



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