- Asthma-treatment developer Vectura narrowed its first-half losses on the back of higher sales, while revealing plans for a special dividend and share buyback.

Pre-tax losses for the six months through June amounted to £13.4m, compared to losses of £29.9m on-year.

Revenue rose 15% to £91.7m, while R&D spending fell 10% to £24.5m.

Vectura said it planned to pay a special dividend of about £40m, and would launch two separate £10m buybacks that would follow a share consolidation.

The payout was possible given a focus on organic growth, with lower-risk R&D spend supported by partners, the company said.

'Vectura made a positive start to trading in 2019, and given the group's visibility of flutiform product-supply volumes for the rest of 2019, the group expects this strong performance to continue into the second half of the year,' Vectura said.

'The group maintains its financial guidance and outlook expectations for 2019.'

At 1:27pm: [LON:VEC] Vectura Group PLC share price was +0.78p at 80.43p

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