BTG has reiterated its full year guidance after strong product sales growth in the six months to the end of September. Product sales rose to £239.7m - up 17% at CER - with growth driven by Interventional Oncology, Interventional Vascular and Pharmaceuticals. Interventional Medicine grew 15% at CER, and Pharmaceuticals delivered a strong performance in the period, up 20% at CER. At actual exchange rates product sales were up 24%. Adjusted gross profit was £237.2m (H1 2016/17: £197.4m), with an adjusted gross margin of 69% (H1 2016/17: 69%).4 On a CER basis, adjusted operating profit was up 15% reflecting higher revenues and targeted investment in Interventional Medicine, coupled with continued effective cost management. Adjusted operating profit was £99.1m (H1 2016/17: £78.8m), up 26% at actual exchange rates. Adjusted operating margin increased to 29% (H1 2016/17: 28%). IFRS operating margin was 5% (H1 2016/17: 10%). Chief executive Louise Makin said: 'We have delivered strong product sales growth in H1 and have also made significant progress with activities that support sustainable high growth in our Interventional Medicine business. 'We have built a scalable platform, with a portfolio of differentiated products, strong customer relationships and internal capabilities, with multiple drivers of growth in our existing business. 'The use of minimally invasive therapies continues to grow. We have the financial resources and capabilities to continue to make targeted new investments, so that we can expand our Interventional Medicine business and deliver sustained growth in shareholder value.' BTG also announced that Rolf Soderstrom was stepping down as an executive director after 10 years as chief financial officer. BTG said the board intended to appoint Duncan Kennedy to succeed Soderstrom as CFO on 1 Jan. The group said Soderstrom would remain with the company until completion of a smooth handover to Kennedy, which is expected to be concluded by 31 Mar.
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