June 25, 2009 / 6:41 AM / 10 years ago

UPDATE 1-Goldshield FY pretax profit jumps 72 pct

* Pretax profit 21.3 million pounds vs 12.4 million

* Revenue up 15.9 percent to 98.4 million

* Sees encouraging start to current financial year

* Follows bid approach (Adds details)

LONDON, June 25 (Reuters) - British generic drugs supplier Goldshield Group GSD.L said on Thursday full-year profit rose over 70 percent and that it has seen an encouraging start to the current financial year.

However the company, which announced a bid approach on Wednesday, said it expects to face a more challenging economic environment in the short term.

Goldshield’s pretax profit for the year jumped 72 percent to 21.3 million pounds ($35.29 million), on sales up 16 percent to 98.4 million pounds.

It hiked its total dividend to 8.7 pence compared with 8.0 pence last time.

On Wednesday the company confirmed that it had received a bid approach, sending shares up 5 percent.

The Times newspaper cited speculation that the bid was from founder Ajit Patel, who stood down in 2007 to concentrate on fighting a case brought against the company by the Serious Fraud Office (SFO).

The company finally won the case in December 2008 when, following victory for Goldshield in July, the Court of Appeal refused the SFO leave to appeal.

(Reporting by Ben Deighton; Editing by Julie Crust)

$1=.6036 POUND

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