By Jessica Fino
Date: Tuesday 28 Jul 2015
LONDON (ShareCast) - (ShareCast News) - Healthcare group Hutchison China MediTech posted a drop in first-half pre-tax profit as it invested more heavily in research and development.
For the six months ended 30 June, pre-tax profit came in at $3.9m from $7.3m as a higher spend in R&D and cost of sales offset an increase in revenue to $65.7m from £30.3m.
Hutchison said the revenue growth was driven mainly by a full period of consolidation of Hutchison Sinopharm, which began operations in the second quarter of last year.
The company said spending on clinical activities was around $30.3m, up from $22.3m in the first half of last year, with 17 clinical trials now underway, compared with 10 last year, and a further seven due to start in the second half.
Financial services firm Provident Financial reported a rise in first half adjusted profit before tax of 34.5% and increased its interim dividend.
The FSTE 250 firm's pre-tax first half profits were £126.6m, compared with £94.1m in the period last year.
As a result the board boosts interim dividend per share up 15% from 39.2p to 34.1p. The company's adjusted earnings per share was up 29.9% to 70.4p from 54.2p in 2014.
In its half yearly report the company highlighted its non-standard credit card market offerings through Vanquis Bank, which delivered first half UK profit growth of 29.6%.
The company's Consumer Credit Division, comprising Provident, Satsuma and glo, and Moneybarn delivered a 2.7% increase in pre-tax first half profit to £38m.
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