Mayne revenue down 9pc on weaker US dollar

Pharmaceutical group Mayne Pharma’s revenue fell nine per cent for the first four months of the financial year, impacted by a weaker US dollar.

Mayne chief executive Scott Richards on Tuesday told the company’s annual general meeting that revenue to the end of October was $140 million.

The Aussie dollar was buying more than 70 US cents for a fair part of the four months.

There was better news from other measures, however. Gross profit margin remained at 47 per cent, year on year, and operating expenses had fallen 20 per cent following a restructure.

Chair Roger Corbett reiterated his intention to retire from the board after almost 10 years in the top job.

Mr Corbett, who held top roles with Woolworths, Fairfax Media and other organisations, will retire from the board within 12 months.

Fellow director Bruce Mathieson will also depart.

The company will appoint a US-based chair to replace him, given more than 90 per cent of revenue came from that country.

Mr Richards is based in the US.

Mayne will also appoint a deputy chair, who will be based in Australia.

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