Circassia Group PLC (LON:CIR) has reported slight signs of improvement in some areas after sales across all its markets were affected by the coronavirus (COVID-19) pandemic.
“While it remains highly challenging to predict revenue trajectory, early signs of recovery in certain markets offer some signs of encouragement,” the company said in a statement alongside its results for the year to December 31, 2019.
The group is now focused on selling its NIOX asthma diagnostic In China, Europe, the US and elsewhere following the return of two COPD treatments to AstraZeneca in May.
Chairman Ian Johnson said that had left it debt-free and in a position to become a self-sustaining cash generative business once the effects of the COVID-19 pandemic pass.
In the year to end-December 2019, NIOX sales rose by 27% to £34.6mln out of total sales of £62.4mln which included £27mln from Astra’s COPD drug Tudorza.
As the coronavirus pandemic spread in 2020, however, sales fell by 50% in April and May and sales in China dropped by two-thirds in the first quarter.
Johnson said the group's strategy has been to maintain the NIOX business and as virus restrictions lift return it to growth as quickly as possible.
Pre-tax losses in 2019 were reduced to £59.1mln (2018: £134.6mln).