Develop
Manufacture
Supply
Quantum Pharma Plc 
Annual Report and Accounts 2015
Quantum Pharma Plc Annual Report and Accounts 2015 Quantum Pharma is a service-led niche pharmaceutical 
manufacturer, developer and supplier to the retail pharmacy, 
pharmaceutical wholesale, hospital, homecare and care 
home markets. The Group’s 370-strong team operates 
across seven sites in Europe, offering a portfolio of  
innovative and synergistic products and services  
to providers in primary and secondary care.
Develop
Manufacture
Supply
Quantum Pharma’s innovation agenda spans pharmaceutical and technological 
solutions to add value to the healthcare sector. From developing pharmaceutical 
products in our research and development business divisions, to the intelligent 
telemonitoring service Biodose Connect
®
, we help to promote patient adherence  
and provide surety of supply and quality aligned with clinical and economic needs.
In response to a prescription or requests from healthcare professionals, the Group’s 
in-house compounding and manufacturing team delivers bespoke, unlicensed 
medication in as little as 15 hours. From our state-of-the-art manufacturing facility  
we supply all dosage forms including sterile compounds for intravenous use.
Quantum Pharma endeavours to surpass customers’ expectations no matter which  
of our products or services they need. Responding faster than competitors and going 
out of our way to make customers’ lives easier helps us enhance the patient experience. 
Our portfolio of services, from sterile manufacturing to homecare and patient adherence 
programmes, can be combined to overcome complex healthcare challenges.  1
Quantum Pharma Plc Annual Report and Accounts 2015
2013 2014 2015
61.7
53.5
48.3
2013 2014 2015
9.0
49.7
44.6
2013 2014 2015
12.2
9.1 9.2
2013 2014 2015
9.7
6.8
3.6
• Revenue increased by 15% to £61.7 million (2014: £53.5 million)
• Operating profit up by 191% to £6.7 million (2014: £2.3 million)
• Adjusted EBITDA increased by 34% to £12.2 million (2014: £9.1 million)
1,2
• Underlying pre-tax profit up by 73% to £5.7 million (2014: £3.3 million)
2
• Adjusted EPS of 9.7 pence (2014: 6.8 pence)
3,4
• Research and development expenditure more than doubled to £3.1 million
(2014: £1.5 million)
• Net debt reduced by 82% to £9 million (2014: £49.7 million)
5
• Proposed final dividend of 0.25 pence per share
• Successful admission to AIM on 11 December 2014, raising £106.1 million
• Significant de-gearing of the balance sheet
• Colonis’ first product, Aviticol
™
 20 000 IU Capsules, successfully launched
• Colonis’ second product licensed and being manufactured ready for launch
• 10 other products (SKUs) in assessment with the Medicines and Healthcare
products Regulatory Agency (MHRA)
• Colonis pipeline almost doubled from 31 to around 60 products
• Three year exclusive contract to supply Well Pharmacy (formerly Co-op
Pharmacy) with all unlicensed medicines and special obtains to their
774 pharmacies
Post year end: 
• Acquisition of the Lamda group of companies for €9.7 million
6
, providing
an increased product pipeline, in-house development capability and 
access to new markets 
1. EBITDA – Earnings before interest, tax, depreciation and amortisation.
2. Adjusted EBITDA and underlying pre-tax profit exclude share based payments of £2.1 million, a one-off loan 
release of £1.6 million and non-underlying costs of £4.2 million.
3. EPS – Earnings per share.
4. Adjusted EPS is based on profit after tax and adjusted to exclude share based payments of £2.1 million, 
a one-off loan release of £1.6 million, non-underlying costs of £4.2 million, one-off debt issue costs of 
£1.3 million and the tax impact of these adjustments of £1.2 million.
5. Net debt is Group loans and borrowings less cash and cash equivalents.
6. €4.7 million payable in cash on completion and two deferred amounts of €2.5 million payable in cash in 
each of April 2016 and April 2017.
Highlights
REVENUE (£M)
 61.7m
+15.0%
ADJUSTED EPS (P)
 9.7p
+43.0%
ADJUSTED EBITDA (£M)
 12.2m
+34.0%
NET DEBT (£M)
 9.0m
-82.0%
Strategic Report 
1-21
Highlights 1
About Us 2
Chairman’s Statement 6 
CEO’s Review 8
Financial Review 14
KPIs 18
Principal Risks and Uncertainties 19
Being a Responsible Business 20
Directors’ Report 
22-28
Board of Directors 22
Senior Management 23
Corporate Governance Statement 24
Directors’ Report 26
Financial Statements 
29-68
Independent Auditor’s Report 29
Consolidated Income Statement 30 
Consolidated Statement of 
Comprehensive Income 31
Consolidated Balance Sheet 32
Consolidated Statements of 
Changes in Equity 33
Consolidated Cash Flow Statements 35
Notes 36
Company Balance Sheet 63 
Reconciliations of Movements 
in Shareholders’ Funds 64
Notes 65
Contents
Strategic Report Directors’ Report Financial Statements Head
Ofﬁce
FRANCE
GERMANY
DENMARK
PORTUGAL
SWEDEN
ITALY
GREECE
CYPRUS
UK
USA
UK
2
Quantum Pharma Plc Annual Report and Accounts 2015
A service-led niche 
pharmaceutical manufacturer , 
developer and supplier to the 
health and care sectors 
About Us
What we do
The Group’s core business is the manufacture, procurement and supply 
of specials and special obtains to UK pharmacy chains, pharmaceutical 
wholesalers and hospitals. The Group has expanded into additional 
markets including aseptic compounding, telemonitoring, supplying 
homecare and care home patients; it has also acquired significant 
product development expertise through its subsidiaries.
Where we 
supply to
The Group manufactures, develops and 
supplies pharmaceutical products and 
regulated products (medical devices) and 
provides services to the pharmaceutical, 
health and care industries, mainly in the UK 
and Europe, with plans to grow globally. 
Quantum, UL Medicines and Lamda
UL Medicines and Lamda
UL Medicines
Lamda Head
Ofﬁce
FRANCE
GERMANY
DENMARK
PORTUGAL
SWEDEN
ITALY
GREECE
CYPRUS
UK
3
Quantum Pharma Plc Annual Report and Accounts 2015
What is a Special?
A bespoke, non-licensed medicine which 
can be custom manufactured as a one-off 
or procured for an individual patient need, 
where a clinician deems a patient requires a 
bespoke formulation to treat their condition. 
Specials include:
• Different dosage forms
• Non-standard strengths
• Unusual formulations
• Discontinued licensed products
• Unlicensed imports i.e. products 
licensed in other territories but not  
in the UK
What is a Special Obtain?
A hard-to-source medicine or ancillary 
product that is not available from 
pharmaceutical wholesalers, including: 
• Short supply products
• Specialist foods such as  
gluten-free breads
• Branded generics and vitamins
• Dressings and compression hosiery
• Dermatology products 
Specials and Special Obtains
8,000+
products in our range
 1 4,000+
products in our range
Strategic Report Directors’ Report Financial Statements 4
Quantum Pharma Plc Annual Report and Accounts 2015
Biodose Services
®
 
About Us continued
Patient
Patient
Healthcare
professional
Pharmacies
Pharmaceutical 
wholesalers
Hospitals
Care homes
Comprehensive 
Service Offering
Service underpins everything we do
The Group offers a range of 
innovative and synergistic 
products and services  
to the retail pharmacy, 
pharmaceutical wholesale, 
hospital, homecare and  
care home markets. 
Quantum Pharmaceutical
The Group’s core business, Quantum 
Pharmaceutical, manufactures and  
supplies specials and special obtains  
to the majority of large retail pharmacy 
chains in the UK, as well as large 
pharmaceutical wholesalers, hospitals and 
independent pharmacies. The company 
has a customer-focused, service-driven 
business model, which provides shorter 
lead times on a broader range of products 
than any of its competitors. 
Quantum Pharmaceutical regularly services 
around 6,500 pharmacies across the  
UK with a choice of more than 22,000 
specials or special obtains. The company’s 
subsidiary, Pern Consumer Products, 
supplies a range of menthol-in-aqueous 
creams under the Dermacool
™
 brand. 
Quantum Pharmaceutical also owns a 50% 
shareholding in QM Specials, a business 
that manufactures and supplies specials  
in Ireland.
Biodose Services
®
 provides pre-prepared 
medication regimes to care homes and 
delivery of medication to the home. Biodose 
Services
®
 is the UK’s largest provider of  
the Biodose
®
 system and operates from  
a 7,600ft
2
 purpose designed specialist 
pharmacy in West Yorkshire. The company 
also offers a range of patient focused 
homecare services to the NHS, private 
clinics and pharmaceutical companies 
across the UK including the Stork Fertility 
Service
®
 – premium homecare for patients 
receiving fertility treatment.  5
Quantum Pharma Plc Annual Report and Accounts 2015
Colonis
Colonis is a product development business 
which takes niche pharmaceutical products 
through the regulatory pathway to achieve 
licensed and/or regulated product (medical 
device) status. In addition, Colonis 
undertakes in- and out-licensing activities.  
In December 2014, Colonis launched its  
first product, Aviticol
™
, a high strength 
Colecalciferol for the treatment of vitamin D 
deficiency. Colonis has also launched  
one regulated product and has a second 
licensed product which is being 
manufactured ready for launch. In addition, 
following the acquisition of Lamda, Colonis is 
currently working on a significant pipeline of 
approximately 60 products (SKUs) across a 
growing number of therapeutic areas, 10 of 
which have been submitted for approval to 
the MHRA and three of which are regulated 
products in the final phase of development. 
Quantum Aseptic Services 
Quantum Aseptic Services manufactures 
named patient and batch made aseptically 
prepared sterile intravenous product. 
Serving the hospital market (both NHS and 
private) and homecare patients, its unique, 
six-day-a-week, next morning (pre 10:30am) 
compounding service enables many 
hospitals to offer chemotherapy treatment 
five days a week, unencumbered by the 
delays of aseptic production. £4 million was 
invested in 2013 to establish a state-of-the-
art aseptic suite and introduce a UK first in 
aseptic compounding – precision dose 
control technology that allows exacting 
levels of quality control.
UL Medicines 
UL Medicines supplies unlicensed, 
imported medicines and bespoke specials 
with a focus on the hospital market. The 
company supplies over 235 hospitals, 
community pharmacies and wholesalers  
in the UK and overseas. Its reputation for 
quality and service is built on a range of 
approximately 500 imported medicines 
sourced from more than 24 countries  
as well as its specialist over-labelling 
service that translates accompanying  
local language patient documentation  
into English.
Biodose
®
 
Patent protected, Biodose
®
 is the  
only medicine delivery system that 
accommodates both liquid and solid 
medication. Biodose
®
 is used to arrange 
pre-prepared medication for patients with 
complex medication regimes to assist with 
medicine administration and adherence. 
The Biodose
®
 system is currently sold to 
around 235 pharmacy customers in the  
UK, Ireland, Germany and France, through 
whom around 50,000 care home residents 
use Biodose
®
. Building on the success  
of Biodose
®
, Biodose Connect
®
, due  
for launch in early 2016, incorporates 
telemedicines technology to provide live, 
remote monitoring and management  
of patient adherence to medication 
regimes, designed to improve patient 
outcomes and avoid hospital admission.
Lamda
Lamda, which was acquired by the Group 
in April 2015, is a full-service contract 
development specialist with customers  
in the UK, Ireland, Germany, France, Italy, 
Sweden, Greece and Cyprus. As well as 
providing in-house development for the 
Colonis pipeline, Lamda provides a fully 
outsourced research and development 
service for pharmaceutical companies 
looking to develop pharmaceutical  
forms or to license medicinal products. 
Lamda operates from its state-of-the-art 
development facility near Athens, Greece 
and has a strong pipeline of its own niche 
pharmaceutical products in development. 
Following the acquisition, Lamda is  
now working with Colonis to take those 
products through the regulatory pathway 
and commercialise them as part of the 
Colonis pipeline. 
Strategic Report Directors’ Report Financial Statements 6
Quantum Pharma Plc Annual Report and Accounts 2015
“ I am pleased to  
report that the Group  
is making excellent 
progress on delivering  
on its stated strategy  
and this continues to  
be achieved through  
a mixture of strong 
organic growth and 
selective strategic 
acquisitions”
Chairman’s Statement
Delivering on  
our strategy
On behalf of the Board, I am pleased  
to introduce Quantum Pharma’s first 
Annual Report and Accounts since the 
Group’s successful admission to AIM  
in December 2014. The Group has 
performed strongly in the financial year 
ended 31 January 2015 and the Board 
today reports results that are ahead of 
the expectations outlined at the time  
of admission.
Admission to AIM
The Group’s admission to AIM, which raised 
£106.1 million before expenses, was the 
largest float in the pharmaceutical sector on 
AIM in 2014. The response to the admission 
was exceptionally positive, demonstrating 
confidence in both the Group’s strategic plan 
and the management team’s ability to deliver 
and generate returns. The Board joins me in 
welcoming all our new shareholders and in 
thanking Lloyds Development Capital for its 
past and continued support of the Group.
Strategy
Quantum Pharma’s overall strategy is to 
leverage its market-leading position in 
unlicensed medicine and special obtains  
in the UK, its growing international network 
and associated market access as a platform  
to become a leading service-orientated,  
niche pharmaceutical business in the UK  
and to develop the business internationally.
I am pleased to report that the Group is 
making excellent progress on delivering on  
its stated strategy and this continues to be 
achieved through a mixture of strong organic 
growth and selective strategic acquisitions.  7
Quantum Pharma Plc Annual Report and Accounts 2015
“ Q u a n tu m P h a r m a  
is well positioned to  
take advantage of the 
significant opportunities 
available to it and the 
Board looks forward to 
the forthcoming year  
with significant optimism”
“ The response to  
the admission was 
exceptionally positive, 
demonstrating confidence 
in both the Group’s 
strategic plan and the 
management team’s 
ability to deliver and 
generate returns”
The Group’s end markets continue to remain 
robust and in light of the recent government 
commitment to increase annual spending  
on the NHS, offer considerable opportunity  
for future growth. Over the financial year,  
the Group’s six business divisions have all 
made solid progress and this is covered in 
more detail in the CEO’s Review.
A key objective for Quantum Pharma joining 
AIM was to provide the Group with a solid 
platform for future growth. Diversification of our 
shareholder base as well as direct access to the 
equity capital markets will allow the Group to 
facilitate the rapid development of our business 
and provide funding for future acquisitions. 
As part of our strategy, the Group successfully 
completed the £15 million acquisition of the 
remaining 49% of Colonis Pharma Limited  
in December 2014. In April 2015, the Group 
then acquired the Lamda group of companies 
(Lamda UK Limited, Lamda Pharmaceutical SA 
and Lamda Laboratories SA), a pharmaceutical 
development and licensing business with 
customers in the UK, Ireland, Germany, 
France, Italy, Sweden, Greece and Cyprus. 
The total consideration for the companies was 
€9.7 million and the acquisition augments the 
Group’s product development capability and 
increases the pipeline of products in Colonis.  
It also provides the Group with an international 
network, which will be used as a platform to 
enable the Group’s other business divisions  
to penetrate overseas markets in the coming 
years. The Board looks forward to fully 
integrating both businesses into the Group  
as it works to develop the Group both in the 
UK and internationally.
Corporate Governance
Quantum Pharma values corporate governance 
highly and the Board believes that effective 
corporate governance is integral to the delivery 
of the Group’s corporate strategy, to generate 
shareholder value and to safeguard the 
long-term interests of our shareholders.
As Chairman, I am responsible for the 
leadership of the Board and for ensuring its 
effectiveness in all aspects of its role. The 
Board is responsible for the Group’s strategic 
development, monitoring and achievement of 
its business objectives, oversight of risk and 
maintaining a system of effective corporate 
governance. I will draw upon my considerable 
experience in healthcare from my time as 
global President of GlaxoSmithKline Consumer 
Healthcare to help ensure the Board delivers 
maximum shareholder value.
Dividend 
Subject to shareholder approval at the Annual 
General Meeting on 21 July 2015, the Board 
proposes to pay a final dividend of 0.25 pence 
per share, which is in line with the stated 
progressive dividend policy outlined at the  
time of the Group’s admission to AIM. The final 
dividend of 0.25 pence per share, representing 
a pro-rata return for the period the Group has 
been on AIM, will be payable on 7 August 2015 
to shareholders on the register at the close of 
business on 17 July 2015. The shares will go 
ex-dividend on 16 July 2015. Looking forward, 
and based on current performance, the Board 
anticipates increasing future dividend levels 
from the Group’s interim results onwards.
Our employees  
and stakeholders
The strong performance of the Group reflects 
the dedication and quality of the Group’s 
employees. We rely on the skills, experience 
and commitment of our team to drive the 
business forward. Their enthusiasm, innovation 
and performance remain key assets of the 
Group and its future success. On behalf of the 
Board, I would like to thank all of our employees, 
customers, suppliers, business partners and 
shareholders for their continued support over 
the last year.
Quantum Pharma is well positioned to take 
advantage of the significant opportunities 
available to it and the Board looks forward to 
the forthcoming year with significant optimism.
John Clarke
Non-Executive Chairman
19 May 2015
Strategic Report Directors’ Report Financial Statements 8
Quantum Pharma Plc Annual Report and Accounts 2015 2015
CEO’s Review
Laying the 
foundations for 
future growth
I am delighted by the Group’s strong 
progress over the last 12 months  
and excited about its future potential. 
Quantum Pharma has had a 
transformational year in which the  
Group successfully joined AIM in 
December 2014, took significant  
strategic steps, generated growth  
across the Group, penetrated  
new markets both in the UK  
and overseas and delivered  
on commitments made at  
the time of admission to AIM.
We spent the past year developing all key 
aspects of Quantum Pharma, from infrastructure 
to management, to put in place a strong 
platform from which to further develop the 
Group and deliver its strategy. As a result of 
being admitted to AIM, the Group was able to 
strengthen its balance sheet, raise additional 
funding to support its acquisition plans, 
accelerate and strengthen its growth strategy, 
increase its product portfolio and also invest  
in infrastructure and the management team 
across the Group.
Quantum Pharma’s divisions are now well 
integrated and we are starting to see the 
benefits of synergistic working at both turnover 
and EBITDA levels. This will accelerate further 
during the next few years as the Group adds  
to its portfolio of companies, products  
and services. 9
Quantum Pharma Plc Annual Report and Accounts 2015
The current financial year promises to be the 
year where we continue to build the base and 
deliver on the strategy outlined at the time of  
the AIM admission. We will use this forward 
momentum to continue Quantum Pharma’s 
expansion and development as a leading 
provider of niche pharmaceuticals and services.
Results
Although considerable time was spent 
preparing for the AIM admission during  
the financial year, the management team 
remained focused on the Group’s operational 
businesses, delivering a 15% increase in 
revenue to £61.7 million (2014: £53.5 million) 
and a 34% increase in adjusted EBITDA to 
£12.2 million (2014: £9.1 million) with all six 
business divisions contributing strong organic 
growth. Underlying pre-tax profit increased  
by 73% to £5.7 million (2014: £3.3 million) and 
total gross profit increased by 27% to £25.9 
million (2014: £20.4 million). Administration 
costs were £16.8 million including non-
underlying costs of £4.6 million, which mainly 
related to AIM admission costs and share-
based payments. Excluding non-underlying 
items, administration costs of £12.2 million 
(2014: £9.4 million) grew by 30% in order to 
support the strong organic growth of the 
operating businesses. Reported pre-tax  
profit of £1.1 million is up £3.7 million on  
the prior year (2014: £2.6 million loss). 
The Board proposes to pay a final dividend for 
the year ended 31 January 2015 of 0.25 pence 
per share. Further details of the final dividend 
are contained in the Chairman’s Statement.
Divisional review
Quantum Pharmaceutical
Specials and Special Obtains
Leading manufacturer and supplier of 
specials and special obtains to retail 
pharmacies and wholesalers
The core of the Group performed well in the 
last year, delivering significant growth at both 
the turnover (2015: £47.3 million, 2014: £41.0 
million – including Quantum Aseptic Services) 
and the adjusted EBITDA level (2015: £10.8 
million, 2014: £9.6 million – including Quantum 
Aseptic Services), securing several new 
contracts and customers. This is despite the 
backdrop of a challenging market as a result of 
the continued impact of Part VIIIB of the drug 
tariff, increased competitor activity and further 
product licensing. Quantum Pharmaceutical 
continues to maintain its market-leading 
position and win new customers as well as 
further strengthening its long-standing and  
key customer relationships. This demonstrates 
the strength of this division and the excellent 
market position it has successfully built over 
the years, which is the enabler for the rest of 
the Group’s activities. 
Colonis Launches 
First Licensed 
Product
In December 2014, Colonis entered the licensed pharmaceutical market 
with the launch of Aviticol
™
 (Cholecalciferol 20 000 IU) for the treatment 
and prevention of vitamin D deficiency
1
. 
The launch of Aviticol
™
 coincides with new 
recommendations made by the National 
Institute for Health and Care Excellence (NICE) 
concerning vitamin D supplement use among 
at-risk groups. These recommendations 
highlight the need for greater public awareness 
of vitamin D deficiency and for vitamin D 
supplements containing the recommended 
reference nutrient intake for at-risk groups to 
be available on prescription and listed in the 
British National Formulary
2
. 
 
 
“Vitamin D deficiency is a major public health 
issue in the UK that is attracting considerable 
attention at the moment. Moving into the 
licensed market with the launch of Aviticol
™
 
for the treatment and prevention of vitamin D 
deficiency opens up many new opportunities 
for us” explained Andrew Scaife, Chief 
Executive Officer of Quantum Pharma. 
“ Quantum Pharma’s divisions are now well integrated and we 
are starting to see the benefits of synergistic working at both 
turnover and EBITDA levels” 
Strategy in action
1 .  A v i t i c ol
™
 20 000 IU Capsules – Summary of Product Characteristics. December 2014.
2. National Institute for Health and Care Excellence (NICE). Public Health Guidance: Vitamin D: Increasing 
Supplement Use Among At-Risk Groups. November 2014.
Strategic Report Directors’ Report Financial Statements 10
Quantum Pharma Plc Annual Report and Accounts 2015
CEO’s Review continued
Divisional review continued
Most notably during the year, Quantum 
Pharmaceutical secured a three year contract 
to supply Well Pharmacy, formerly The 
Co-operative Pharmacy (an existing Quantum 
Pharmaceutical customer and now owned by 
Bestway Panacea Healthcare Limited). This 
demonstrates Quantum’s attractiveness to 
large pharmacy chains as well as the strength 
of its service offering, both in terms of speed  
of turnaround and breadth of product range.
Importantly, Quantum Pharmaceutical provides 
the Group with a strong base in addition to 
excellent market access and product trending 
information. It has strong, contracted customer 
relationships which the Group continues to 
leverage in order to develop and grow the 
other business divisions. In particular, it is  
well positioned to identify new products to  
feed into the Group’s product development 
pipeline, as well as delivering strong product 
launches through its customer base.
Quantum Pharmaceutical’s customer base 
continues to increase and there are a number 
of significant opportunities that could further 
augment our market leading position in 
unlicensed medicines and special obtains  
in the UK and which represent potential  
upside to our current expectations.
Quantum Aseptic Services
Manufacturer and supplier of aseptically-
prepared intravenous products to the 
hospital market
Quantum Aseptic Services has had a year  
of strong growth, with new business wins  
and operational development, reaffirming the 
decision to invest in this market. Quantum 
Aseptic Services’ innovative approach has 
focused on fusing market-changing hardware 
and software technologies to redefine service 
and quality levels in the market.
High quality products, coupled with market-
leading service levels, allow consultants to 
place orders up to 5:30pm for delivery the  
next morning pre 10:30am. This allows them  
to access high quality medication quickly, 
reducing wastage and the associated cost 
burden on the NHS.
Quantum Aseptic Services has made strong 
progress in winning new customers, both private 
and NHS, and in penetrating new markets such 
as ophthalmics (where it launched its own range 
of products) and compounding services which 
will be sold into large pharmaceutical companies 
bringing a new customer base into the Group. 
Quantum Aseptic Services also provides the 
Group with the opportunity to identify products 
that can be added to the Group’s product 
development portfolio.
Pern Consumer Products 
Supplier of a range of menthol-in-aqueous 
creams under the Dermacool
™
 brand
Pern Consumer Products, a stand-alone 
subsidiary of Quantum Pharmaceutical, has 
performed well in the period, further penetrating 
the market, resulting in growth in both turnover 
(2015: £0.6 million, 2014: £0.5 million) and 
adjusted EBITDA (2015: £0.2 million, 2014:  
£0.1 million). Further developments in the 
Dermacool
™
 product are planned over the 
coming months with an expectation that  
volume will increase further.
UL Medicines
Supplier of imported, batch-made and 
bespoke unlicensed medicines, primarily  
to the hospital market
The Group’s hospital-focused division has had 
a strong year, delivering record results at the 
adjusted EBITDA level of £1.9 million (2014: 
£1.6 million) and showing significant growth  
in turnover at £8.6 million (2014: £7.9 million), 
driven in particular by sales to the hospital 
sector. UL Medicines has grown its hospital 
customer base from 198 hospital pharmacies 
to 236, strengthened its service levels and 
broadened its product range (including  
utilising product ranges from both Quantum 
Pharmaceutical and Colonis).
UL Medicines has also been successful in 
penetrating several new overseas markets, 
providing turnover and margin growth, as well 
as increasing the Group’s international network 
which will be leveraged over the coming years. 
Furthermore, utilising its knowledge of the 
hospital specials market and associated 
trends, this division has and will continue to be 
instrumental in strengthening and broadening 
the Colonis product development pipeline, 
which is expected to generate significant 
benefits to the Group in the coming years.
Colonis
Niche licensed and regulated pharmaceutical 
product development business
During the year Colonis delivered revenues  
of £1.4 million (2014: nil) and adjusted EBITDA 
of £0.7 million (2014: nil).
Since acquiring the remaining 49% shares in 
Colonis at the time of the Group’s admission  
to AIM, Colonis has made substantial strategic 
strides, broadening and strengthening the 
“ B i o d o s e C onn e c t
®
 has  
the ability to significantly 
reduce the cost burden  
on the NHS that results  
from non-adherence to 
medication regimes”
1 .  A v i t i c ol
™
 20 000 IU Capsules contain cholecalciferol 500mcg for the treatment and prevention of vitamin D 
deficiency in adults and adolescents. This is a rapidly growing market both in the UK and internationally  
and provides opportunities to develop the Group’s European business. 11
Quantum Pharma Plc Annual Report and Accounts 2015
pipeline of both licensed and regulated 
products (medical devices), as well as  
bringing development capability in-house  
via the Lamda acquisition. 
At the time of admission, the Colonis pipeline 
was 31 products (SKUs). In the five months 
since admission the Colonis pipeline has  
nearly doubled through a combination of new  
developments started by Colonis leveraging 
from product and market intelligence in the 
Group and existing developments at Lamda  
at the time of acquisition. Colonis now  
has approximately 60 products (SKUs)  
in development across an increasing  
number of therapeutic areas. 
During the year, Colonis was pleased to 
announce the launch of its first licensed 
product, Aviticol
™
 20 000 IU Capsules
1
,  
which received approval for a UK Marketing 
Authorisation from the MHRA in December 
2014. The product launch is progressing  
well, considering the competitive environment  
and the need to convert nutritionals, both of 
which have resulted in a flatter growth profile 
and more pressure on pricing than originally 
anticipated. However, as Colonis was first to 
market, it has leveraged the Group’s strong 
position with its customer base to secure 
exclusive and preferential positions with a 
number of leading pharmacy chains and 
wholesalers. In addition, a number of 
discussions are ongoing with regard to 
out-licensing the product overseas, which 
represents further potential upside. The launch 
to date is clearly demonstrating that Colonis is 
able to leverage the Group’s strong customer 
relationships, market access and increasing 
international network which bodes very well  
for the products that Colonis expects to launch 
over the coming months and years.
During the year, Colonis also launched one 
regulated product and has one further licensed 
product which is currently being manufactured 
ready for launch. It also has a further 10 
products (SKUs) in assessment with the MHRA, 
all of which are expected to achieve licensed 
status in this current financial year, as well as 
three further regulated products in the final 
phase of development which are expected to 
be launched in the next few months. A number 
of short-term additions to the pipeline are also 
being pursued.
Acquisition of  
Lamda companies 
In April 2015 the Group completed the acquisition of the entire share 
capital of Lamda (UK) Limited, Lamda Laboratories SA and Lamda 
Pharmaceuticals SA, (collectively ‘Lamda’) for a total consideration  
of €9.7 million
1
.
Lamda is a pharmaceutical development  
and licensing business with customers in the 
UK, Ireland, Germany, France, Italy, Sweden, 
Greece and Cyprus. Lamda provides a fully 
outsourced research and development service 
to companies looking to license medicinal 
products from its state-of-the-art development 
laboratories near Athens, Greece.
Lamda has a proven track record of  
product development and licensing,  
having completed in excess of 100 projects 
during which Lamda has accumulated both 
intellectual property and dossiers which the 
Board believes can be commercialised with 
the support of the Group. The first products 
(SKUs) that the Group identified were 
submitted by Colonis to the MHRA for 
assessment during April 2015.
Lamda has filed 11 patent applications, 
including six patents granted in Greece,  
three pending in Greece and two pending  
in Europe and other countries. 
The acquisition of Lamda has a strong 
strategic rationale for a number of reasons:
• Lamda has a strong pipeline of products  
in development including a number of 
niche pharmaceutical products to be filed 
with European regulators shortly. This is 
complementary as it further strengthens 
the Group’s pipeline of products which  
is already in place within Colonis.
• The Board believes there is substantial  
latent value in the 100+ projects that 
Lamda has already completed and that a  
number of these products can be readily 
commercialised via out-licensing to selected 
third parties in a number of territories.
• Lamda’s international network will  
be used as a platform to enable  
the Group’s other business units  
to penetrate overseas markets.
• The activities of Lamda are 
complementary to those of the Group,  
as it provides vertical integration through 
the addition of in-house product 
development capability. Once integrated, 
Lamda is expected to deliver synergies 
both financially and operationally.
• Lamda significantly increases the Group’s 
current product development portfolio  
by both number of products and 
therapeutic area. 
Strategy in action
1. €4.7 million payable in cash on completion and two deferred amounts of €2.5 million payable in cash in each 
of April 2016 and April 2017.
Strategic Report Directors’ Report Financial Statements 12
Quantum Pharma Plc Annual Report and Accounts 2015
CEO’s Review continued
Divisional review continued
Prior to the acquisition of Lamda, Colonis was 
utilising third party contract development 
companies to assist with its pipeline 
development. The majority of products in the 
Colonis pipeline will now be developed in-house 
by Lamda. Lamda has a proven track record of 
product development and successful licensing, 
having completed in excess of 100 projects. 
In-house development gives much greater 
control and certainty to the Group over 
timetable and cost on each of the products 
developed. The teams at Colonis and Lamda 
are already working closely together and the 
first four products (SKUs) to be developed by 
Lamda for Colonis were submitted for MHRA 
assessment within a week of the acquisition. 
Several more are expected to be submitted  
in the next few months. 
We believe that this significant pipeline of 
products will have a substantial positive impact 
on the Group as products move through the 
development process and reach licensed  
or regulated status. We believe the outlook  
for Colonis is very exciting, particularly in the 
medium term, given the growing product 
pipeline and the demonstration of Colonis’ 
ability to leverage the strong base and product 
and market intelligence of the Group and the 
operational and financial synergies which 
in-house development by Lamda will bring.
Biodose
®
Protomed
Owner of a patent-protected medicines 
adherence product and supplier  
to pharmacies
During this financial year Protomed delivered 
revenues of £3.1 million (2014: £3.0 million)  
and its adjusted EBITDA loss reduced to £0.5 
million (2014: £0.6 million loss). We expect  
the commercialisation of Biodose Connect
®
  
to move the business unit into profit.
Biodose
®
 is the only monitored dosage system 
that can contain both solids and liquids in the 
same tray. Strong strategic progress has been 
made with the product and, in particular, the 
preparation for its use as a tool for medicine 
adherence in a patient’s own home.
Protomed has taken steps in the development 
of Biodose Connect
®
, its telemonitoring product 
which allows remote monitoring of adherence  
to medication regimes. A number of successful 
pilots have been completed or are underway 
utilising Biodose
®
 and Biodose Connect
®
,  
with several more due to start in the coming 
months. These pilots are providing results which 
demonstrate that Biodose Connect
®
 has the 
ability to significantly reduce the cost burden  
on the NHS that results from non-adherence  
to medication regimes. 
In addition, these outcomes are affirming  
the strategic direction this division is taking. 
Once the pilots are completed, Protomed will 
commence the commercialisation of Biodose 
Connect
®
 which is expected to occur in the  
first quarter of 2016.
Biodose Services
®
Supplier of pre-prepared, patient-specific 
medication regimes to care homes and 
patients at home
Biodose Services
®
 has had a strong year, 
delivering growth at the turnover level of  
£4.8 million (2014: £3.4 million) and narrowing 
its adjusted EBITDA loss to £0.7 million (2014: 
£1.3 million loss). 
Given the mature nature of the care home 
business, resulting in a flat profile, much of this 
growth has come from the rapidly expanding 
homecare division which distributes medicines 
to patients at home which are self-administered 
and do not require nursing provision. Currently 
focusing on the fertility market, where it has 
grown significantly from a standing start in April 
2014, Biodose Services
®
 has won business 
from a significant number of fertility centres and 
is servicing and in discussions with multiple 
pharmaceutical companies (this represents a 
new cohort of customers). Plans are in place  
to expand into new markets in the next year.
Investment
During the period, the Group has invested 
heavily in infrastructure, people and research 
and development. The investment in new 
product development was £3.1 million and, 
given the Group’s strategic direction, we 
anticipate this spend will increase over the 
coming years.
Strategy
We have spent the last year laying the 
foundations for a robust platform to deliver  
the growth anticipated in the Group’s strategy. 
This involves the Group using its market-
leading position in UK unlicensed medicines 
and special obtains, its growing international 
network and the associated market access 
and its live product intelligence as a base  
to become a leading, service-orientated,  
niche pharmaceutical business both in  
the UK and internationally.
The Group has a significant portfolio of new 
products and services in development, which 
we anticipate will be commercialised over the 
coming years. Geographically, the Group has  
a strong presence in the UK and a growing 
international network, which provides an 
excellent base for the Group to exploit these 
unique opportunities. There is also substantial 
scope to further strengthen Quantum Pharma’s 
position as market leader in the UK in unlicensed 
medicines and special obtains and to further 
“ The Colonis pipeline has 
nearly doubled in the five 
months since Admission to 
approximately 60 products 
through a combination of 
new developments started  
by Colonis and existing 
developments at Lamda  
at the time of acquisition” 13
Quantum Pharma Plc Annual Report and Accounts 2015
capitalise on the relatively underdeveloped 
international markets. The Group is now trading 
in over ten overseas territories and is looking  
to increase its services throughout the UK, 
Europe and ultimately, globally.
Recent activity
I am delighted by the organic growth seen 
across the Group’s divisions, but I also remain 
dedicated to our strategy of growth through 
synergistic acquisition, as explained at the  
time of the Group’s admission to AIM. The  
€9.7 million acquisition of the Lamda group  
of companies in April 2015 is the Group’s  
first step towards this strategy. Lamda has a 
proven track record of product development 
and gaining Marketing Authorisations for its 
products across the UK and Europe. The 
acquisition significantly increases the Group’s 
product development pipeline in Colonis, gives 
the Group in-house development capability 
and access to new markets overseas.
Trading update and outlook
The last quarter of the period saw record 
performances from UL Medicines, Biodose
®
  
and Quantum Aseptic Services and I am pleased 
to report that these record performances were 
subsequently beaten in the first quarter of the 
current financial year. The Colonis pipeline  
has nearly doubled in the five months since 
Admission to approximately 60 products 
through a combination of new developments 
started by Colonis and existing developments  
at Lamda at the time of acquisition. We expect 
to see further growth in the coming months  
and years as the Group continues to expand  
its target markets and successfully launches 
more products and services.
The Group continues to trade in line with 
management’s expectations. I believe that  
the outlook for Quantum Pharma is exciting. 
During the current financial year, we will 
continue to lay strong foundations for future 
growth. The Group has a very strong pipeline  
of niche pharmaceutical products which, 
coupled with a market-leading service,  
will provide significant opportunities both  
in the UK and internationally.
Andrew Scaife
Chief Executive Officer
19 May 2015
“ The Group has a significant portfolio of new products  
and services in development, which we anticipate will  
be commercialised over the coming years”
Strategic Report Directors’ Report Financial Statements Quantum Pharma Plc Annual Report and Accounts 2015
14 14
Financial Review
A year of  
strong growth
The financial year to January 2015  
has seen a transformational 
change in business performance 
with strong growth in revenue, 
margin, underlying EBITDA, 
underlying profit before tax  
and reported profit before tax. 
Quantum Pharma’s admission  
to AIM in December 2014 also 
enabled the Group to significantly 
strengthen its balance sheet, 
reducing its debt by £39. 1 million.
Key Performance Indicators 
(KPIs)
• The Group’s Board uses six primary 
measures to monitor overall performance. 
These are Revenue, Gross Profit, Gross 
Margin, Adjusted EBITDA, Adjusted EPS and 
Research and Development Expenditure.
• 2015 saw positive trends across all KPIs; 
revenue increased by 15% to £61.7 million 
(2014: £53.5 million), Gross Profit increased 
by 27% to £25.9 million (2014: £20.4 million) 
and Gross Margin increased from 38% to 
42%. Adjusted EBITDA rose 34% to £12.2 
million (2014: £9.1 million) and Adjusted EPS 
rose to 9.7 pence per share (2014: 6.8p  
per share).
• Research and Development Expenditure, 
which the Board monitors as a key indicator 
of future growth, rose to £3.1 million (2014: 
£1.5 million). 15
Quantum Pharma Plc Annual Report and Accounts 2015
2013 2014 2015 
61.7
53.5
48.3
2013 2014 2015 
12.2
9.1 9.2
REVENUE (£M)
 61.7m
+15.0%
ADJUSTED EBITDA (£M)
 12.2m
+34.0%
Revenue
Group revenue rose by 15% in the year to 
£61.7 million (2014: £53.5 million). All trading 
entities within the Group recorded sales 
growth in the year, with the launch of 
Aviticol
™
 by Colonis having a positive impact 
during the period. Biodose Services
®
 also 
saw impressive organic growth of 41% to 
£4.8 million (2014: £3.4 million) as a result  
of the launch into the homecare market. 
Quantum Aseptic Services saw revenue 
increase to £1.8 million (2014: £0.1 million).
Gross Profit
Total gross profit increased by 27% during  
the year to £25.9 million (2014: £20.4 million). 
During the year, the core elements of 
Quantum Pharmaceutical and UL Medicines 
saw growth in gross profit. Colonis also had 
a positive impact on gross profit, via sales  
of its two products (one licensed product  
and one regulated product).
Distribution Expenses
Group distribution expenses were  
£2.4 million (2014: £2.6 million), highlighting 
that the Group continues to deliver 
efficiencies. This cost represents 4%  
of revenue (2014: 5%).
Administrative Expenses
Administrative expenses increased by 9% 
during the year to £16.8 million (2014: £15.4 
million) as the Group invested in infrastructure 
and senior management in order to support  
its future growth plans. These administrative 
expenses included £2.1 million of share-
based payment charges (2014: £1.4 million). 
Of these charges, £2.0 million were incurred 
as a result of the exercise of share options  
on admission and £0.1 million relate to the 
newly established management Long Term 
Incentive Plan (LTIP).
Also included was a one-off loan release  
of £1.6 million. This relates to a loan that  
was novated to the Group as a result of  
the acquisition of Total Medication 
Management Services Limited (trading  
as Biodose Services
®
). 
“ Q u a n tu m P h a r m a ’ s 
successful admission  
to AIM enabled the Group to 
significantly restructure and 
strengthen its balance sheet”
Strategic Report Directors’ Report Financial Statements 16
Quantum Pharma Plc Annual Report and Accounts 2015
Financial Review continued
Administrative Expenses 
continued
This loan was repayable based on performance 
criteria within the sale and purchase agreement. 
These criteria were not met and the loan was no 
longer payable. This has been released to the 
consolidated income statement.
Administration expenses also included £4.2 
million of non-underlying costs which related  
to restructuring and IPO related activities. 
Operating Profit
Full year operating profit rose 193% to £6.7 
million (2014: £2.3 million).
Net Finance Expenses
Net finance expenses in 2015 were £5.6 million 
(2014: £4.9 million). These included a one-off 
charge of £1.3 million being the write-off of 
capitalised debt issue costs repaid on 
admission to AIM.
Also included were £4.1 million of interest  
on loans, of which a substantial amount was 
paid on admission and £0.2 million related to 
interest on deferred consideration payable 
relating to the acquisition of Protomed  
Limited which is also non-recurring.
Adjusted EBITDA
Adjusted EBITDA rose in the year to £12.2 
million (2014: £9.1 million), after taking account 
of non-underlying costs, share-based payment 
charges and net of a one-off loan release. 
Profit before tax
Underlying profit before tax increased by  
73% to £5.7 million (2014: £3.3 million) after 
adjusting for share based payments, one-off 
loan release and non-underlying costs which 
totalled £4.6 million (2014: £5.9 million). 
Reported profit before tax increased by £3.7 
million to £1.1 million (2014: £2.6 million loss).
Taxation
The tax charge for the year is £0.4 million  
and is based on prevailing UK effective tax 
rates. The charge is calculated as £0.2 million 
on underlying profits net of the following 
adjustments, £1.1 million non-deductible 
expenses and credits of £0.9 million in  
respect of the exercise of share options  
at the Group’s admission to AIM.
Earnings Per Share
Adjusted EPS for the year was 9.7p (2014: 
6.8p), calculated based on profit after tax 
adjusted for: one off costs (£4.2 million),  
share based payments (£2.1 million), one off 
debt issue costs (£1.3 million) net of a loan 
release (£1.6 million) and the tax impact of 
these adjustments (£1.2 million).
Dividend
The Board is committed to establishing a 
progressive dividend policy and going forward, 
expects interim and final dividend payments  
to be split one-third to two-thirds respectively. 
Given the Group’s successful admission to AIM 
and its trading performance last year, the Board 
is pleased to recommend a final dividend, in 
respect of the period for which the company 
was on AIM, of 0.25 pence per share (2014: nil). 
Details of when the final dividend will be paid is 
contained in the Chairman’s Statement.
Balance Sheet
Quantum Pharma’s successful admission  
to AIM enabled the Group to significantly 
restructure and strengthen its balance sheet.
Proceeds from the funds raised were used 
primarily to purchase the remaining 49% of 
Colonis (total cost of £15.0 million) and repay 
all the Group’s debt totalling £59.9 million. As a 
result of this, as at 31 January 2015, the Group 
had net debt of £9.0 million (£14.9 million bank 
loan, less £5.9 million of cash) and now has  
net assets of £50.7 million (2014: £3.9 million 
net liabilities).
During the year inventories increased to  
£3.3 million (2014: £2.6 million). This was a 
working capital investment which supported 
the increased trading across the Group, 
particularly Quantum Aseptic Services  
and Biodose Services
®
.
Cash Flow
Operating cash flow before working capital 
movements was £8.1 million (2014: £4.6 
million). Operating cash flow after working 
capital movements was £2.9 million (2014:  
£4.6 million). Net cash outflow from operating 
activities was £7.2 million (2014: £1.9 million 
inflow). Interest paid in the year was £10.9 
million (2014: £2.0 million). As a result of the 
Group’s admission to AIM, the Group was  
able to make a repayment on borrowings  
of £59.9 million. This will enable the Group  
to significantly reduce interest payments in  
future years, with only £14.9 million of debt 
remaining on the balance sheet. Cash and 
cash equivalents at 31 January 2015 were  
£5.9 million (2014: £4.3 million).
Martin Such
Chief Financial Officer
19 May 2015 Quantum Pharmaceutical 
signs exclusive contract  
with the UK’s third largest 
pharmacy chain
Strategy in action
In December 2014, Quantum Pharmaceutical signed a three year 
contract with Bestway Panacea Healthcare Limited, the wholly-owned 
subsidiary of Bestway Group. The deal makes Quantum Pharmaceutical 
the exclusive supplier of unlicensed medicines and special obtain 
products to Bestway’s pharmacy stores (Well Pharmacy).
Under the agreement, which formalised  
an existing trading relationship, Quantum 
Pharmaceutical will supply each of Well 
Pharmacy’s 774 pharmacy stores (formerly 
The Co-operative Pharmacy) with all 
unlicensed medicines and special obtain 
products. Co-operative Pharmacy, was 
acquired by Bestway Group in October 2014 
for £620 million. 
Andrew Scaife, Chief Executive Officer  
of Quantum Pharma, said: “The signing  
of this contract marks the culmination  
and formalisation of years of work with 
Co-operative Pharmacy. Quantum 
Pharmaceutical has a service-driven 
business model which enables us to provide 
shorter lead times for pharmacies across the 
UK, which we believe will be of major benefit 
to Bestway.”
“With 774 pharmacies located across  
the country, the Board is delighted to  
have won such an important and exclusive 
contract and we look forward to working  
with Bestway in the future as we continue  
to increase our customer base across  
the unlicensed medicines and special  
obtains market.”
17
Quantum Pharma Plc Annual Report and Accounts 2015
“ The financial year to  
January 2015 has seen  
a transformational change  
in business performance  
with strong growth in 
revenue, margin, underlying 
EBITDA, underlying profit 
before tax and reported  
profit before tax”
Strategic Report Directors’ Report Financial Statements 18
Quantum Pharma Plc Annual Report and Accounts 2015
2013 2014 2015 
£61.7m
£53.5m
£48.3m
2013 2014 2015 
£25.9m
£20.4m
£19.3m
2013 2014 2015 
42.0%
38.2%
39.9%
2013 2014 2015 
£12.2m
£9.1m £9.2m
2013 2014 2015 
9.7p
6.8p
3.6p
2013 2014 2015 
£3.1m
£1.5m
£0.7m
KPIs
The Group’s management team uses various Key Performance 
Indicators (KPIs) to monitor financial and non-financial performance  
of their business units. Below are the measures which the Board 
believes best indicate the performance of the Group as a whole.
2014 KPI Measurement Performance Comment
Revenue
Sale of goods and services net  
of value added tax and sales  
related discounts, recognised  
at point of despatch.
The Board is pleased to report 
that all business units reported 
revenue growth in 2015.
Gross  
profit 
The profit achieved on revenue after 
taking account of the direct costs  
incurred in bringing the goods and 
services to a saleable condition.
Gross profit increase during the 
year was driven by core markets 
as well as the launch of Aviticol
™
 
by Colonis.
Gross  
margin %
The percentage profit achieved  
on revenue.
Margin showed a positive trend 
during 2015, also driven by  
core markets and the launch  
of Aviticol
™
.
Adjusted  
EBITDA
The profit achieved on revenue  
after taking account of the direct  
costs and overheads but before  
interest, depreciation, amortisation  
and non-underlying costs.
All business units saw 
improvements in adjusted  
EBITDA during 2015.
 
Adjusted  
EPS
Adjusted EPS based on the  
weighted average of the  
number of shares in issue.
Adjusted EPS was 9.7p per share 
and is showing a positive trend.
 
 
Research and  
development 
expenditure
Expenditure on development  
activities where the product  
or processes are technically  
and commercially feasible. 
The Board is pleased to  
report a positive trend in R&D 
expenditure, largely within  
its Colonis business division. 19
Quantum Pharma Plc Annual Report and Accounts 2015
Principal Risks and Uncertainties
Risk Impact Mitigation
Key customers
Quantum Pharmaceutical has a number of key 
customers. As with any customer relationship 
there are risks that these relationships could 
come to an end, thereby materially affecting 
the revenues of the Group.
Quantum Pharmaceutical has actively pursued a strategy of entering 
into written contracts with its customers. Whilst the business has 
historically focused on providing a market-leading service to customers, 
it will, in future, also look to introduce innovative new products which 
should attract new customers whilst further strengthening its 
relationships with existing customers.
Regulatory 
clearance
The Group holds licences and consents  
from the MHRA, the Home Office and other 
regulatory bodies. Loss or suspension of any of 
these licences or consents could have a material 
adverse impact on the Group’s performance.
The Group is working hard to develop close, co-operative relationships 
with inspectors at a number of levels within the respective organisations. 
By promoting a culture of transparency with our inspector partners,  
the Group seeks to ensure that any issues raised by inspectors can  
be solved collaboratively.
Marketing 
Authorisations 
(licences) for 
new products
The success of the Colonis business unit is 
dependent on achieving licensed status for its 
products. If Colonis is unsuccessful in achieving 
licensed status for pipeline products, or fails to 
achieve this status ahead of competitors, then 
this could have a material impact on the Group’s 
plans and expected returns.
The Group acquired the Lamda group of companies on 16 April 2015. 
This product development business will give Colonis greater control 
over the timing, costs and completion of internal development activities, 
further ensuring that projects are completed in a timely fashion.
Facilities
Should Quantum’s facilities become damaged, 
the ability to generate revenue may be affected, 
given the level of manufacturing that is carried 
out by the Group.
The Group has in place appropriate business continuity plans, as well 
as the necessary insurances for damage to property and the disruption 
of its business. In addition, the business has expanded by leasing a  
new warehouse since the year end which will provide it with further 
opportunities to diversify from a centralised facility, reducing the  
impact of any future business recovery event.
Reputation
The Group is heavily reliant on its reputation  
for quality, reliability, consistency and service. 
Should its reputation for any of these be 
damaged as a result of a failure by the Group 
and/or adverse publicity, this could have  
an adverse impact on the Group’s sales.
In 2014, the Group invested in a new Enterprise Resource Planning  
IT system to further develop the controls that underpin its service to 
customers. Additional investment is being made in both products  
and services to continually improve the offering to customers.
Changes in 
legislation
Changes in laws or legislation affecting 
markets in which the Group operates could 
have a negative impact on the Group’s 
business activities and consequently,  
may have a detrimental effect on its  
future trading performance.
The Group’s focus on niche pharmaceutical products and services 
should leave it relatively well insulated from political change. Since the 
economic downturn starting in 2009, the Group has become used to 
adopting strategies to mitigate the potential loss suffered as a result  
of budgetary pressure within the NHS. The investments in Colonis, 
Biodose
®
 and, post year end, Lamda, are evidence of this.
Drug tariff and 
prescription 
pricing 
practice
Changes in practice relating to the 
reimbursement or prescribing of specials  
and/or special obtains and/or changes  
in MHRA recommendations could have  
a material impact on Group sales.
The Group’s stated strategy of expanding through the introduction of 
new licensed and regulated products will further insulate the business 
from the effect of drug tariff changes on unlicensed medicines.
Loss of key 
employees
Loss of key individuals could cause a delay or 
impact on the Group’s plans and operations.
The Group has a competitive compensation package that is reflective  
of market conditions for key roles and is consistently under review as 
conditions change. The Group operates a long-term incentive plan  
for key employees. The Group is also in the process of undertaking  
a succession planning review of these key roles.
Strategic Report Directors’ Report Financial Statements 20
Quantum Pharma Plc Annual Report and Accounts 2015
 
44% 56%
Being a Responsible Business
Corporate social 
responsibility
Our Corporate Social Responsibility (CSR)  
team supports both local and national  
charities. As well as working with charitable 
organisations, the CSR team endeavours to 
establish and maintain relationships with local 
schools, community centres and good causes.
Fundraising events are part of Quantum 
Pharma life, with staff, family and friends 
getting involved to help our chosen 
beneficiaries reach their goals and make  
an important impact in the community. 
Our fundraising efforts have enabled the  
Group to generate more than £100,000 for 
good causes and local communities.
Environment, Health  
and Safety
When it comes to promoting positive working 
conditions both on-site and in the community 
around us, we work to exceed regulatory  
and legal requirements. We have an ongoing 
commitment to the preservation of our  
local environment, reductions in the waste  
we produce and a responsible approach  
to recycling. 
Each year we aim to improve the way we use 
energy, manage our transport and protect our 
community. We ensure we use energy efficient 
equipment and motion-sensor lighting where 
possible. We also have a paper reduction 
policy and are always looking for new ways  
to make our sites greener. 
As a pharmaceutical manufacturer, we are as 
dedicated to health and safety as we are to 
quality and efficiency. Our responsibility to our 
employees starts from the moment they leave 
their house, not just when they reach our door. 
Our monthly Health and Safety Committee is in 
place to maintain high standards, update our 
employees and seek continuous improvement. 
Our CSR team comprises of people from  
all levels and departments of the business,  
to carefully consider the many requests we 
receive for charitable support. They select  
our good causes to ensure we help all areas  
of our community, including sporting causes, 
education, environment and charities that are 
close to the heart of our own team.
Core Values
Ingenuity, endeavour and an ability to go 
beyond expectations are qualities we look  
for in Quantum Pharma’s 370-strong team. 
From customer services to pharmacists, 
research and development technicians to 
technology development experts, there is  
no such thing as a typical Quantum Pharma 
employee. We search for people who will be 
atypical, who will be original, straight-talking, 
approachable and help our customers navigate 
the changing demands on the health sector in 
a pragmatic way.
Investors in People
Quantum Pharmaceutical first achieved the 
Investors in People standard in March 2011. 
We commissioned the reassessment process 
in March 2015 and are delighted to have 
successfully maintained the standard. This 
demonstrates our commitment to realising the 
potential of our people and recognises the fact 
that we believe in and have a clear strategy for 
the learning and development of our people. 
EMPLOYEE GENDER SPLIT
Male
Female 21
Quantum Pharma Plc Annual Report and Accounts 2015
Training
Throughout the year we have continued  
to develop our leadership team at all levels, 
from first line leaders to middle management, 
senior management to directors, by providing 
management and leadership development 
learning activities. We pride ourselves on  
our ability to ‘grow our own’ and as such we 
commit to supporting our first line leaders 
through the Chartered Management Institute 
Level 3 First Line Management qualification. 
We are currently supporting 17 members of 
our leadership team through this qualification.
We commissioned personal insight and 
emotional intelligence training for our senior 
management and directorate teams. The HR 
team also delivers a calendar of practical 
management skills training each year.
We have links with local colleges and are 
committed to supporting the development  
of apprentices; we currently have three 
apprentices in the business with a view  
to increasing this number to five in 2015.
We strive to make sure our people are rewarded 
for their hard work and commitment, sharing  
in the Group’s success and to facilitate this,  
we will launch a Save As You Earn scheme  
in the summer of 2015.
Equality and Diversity
Quantum Pharma is committed to equality of 
opportunity in employment; no one receives less 
favourable treatment on the grounds of gender, 
gender reassignment, nationality, national origin, 
marital status, colour, race, ethnic origin, creed 
or disability. We are committed to our Equal 
Opportunities Policy and as such, all our people 
hold responsibility for promoting an inclusive 
working environment where colleagues are 
treated with dignity and respect. The principles 
of equality are applied in recruitment, training, 
staff development, appraisal, pay, terms and 
conditions of employment, allocation of work, 
promotion, dismissal, work/life balance and 
grievance and disciplinary procedure.
Bribery and Corruption
The Group has implemented an Anti-Bribery 
and Corruption Policy which prohibits the 
offering, giving, seeking or acceptance of any 
bribe in any form by any person, company or 
third party acting in order to gain an advantage 
in an unethical way.
Whistleblowing
The Group recognises the importance of  
an honest and open culture, enabling all 
employees to raise concerns of malpractice  
or impropriety without fear of disciplinary 
action being taken against them as a result  
of the disclosure. 
The Group has a Whistleblowing Policy in 
place to cover both the whistle blower and  
the organisation, by showing a step-by-step 
process for raising and dealing with issues.
The Strategic Report has been approved  
and signed by order of the Board.
Craig Swinhoe
Company Secretary
19 May 2015
Strategic Report Directors’ Report Financial Statements 22
Quantum Pharma Plc Annual Report and Accounts 2015
Board of Directors
A broad and 
experienced team
John Clarke
Non-executive Chairman
Andrew Scaife
Chief Executive Officer
Martin Such
Chief Financial Officer
Sheila Kelly
Non-executive Director
John joined the Board as Chairman 
on the Group’s admission to AIM.
John has extensive experience of the 
healthcare sector, having worked at 
GlaxoSmithKline plc for more than 
35 years. John was global President 
of GSK Consumer Healthcare from 
2006 to 2011, and was a member of 
the GlaxoSmithKline plc Corporate 
Executive Team until March 2012. 
Under John’s leadership, GSK 
Consumer Healthcare was the 
fastest growing business in the 
industry, expanding by 60 per cent 
and reaching sales of £5 billion, 
despite recessionary environments in 
the majority of its business’ markets.
John was responsible for the 
Lucozade brand including strategy, 
innovation programme, portfolio and 
global expansion for 15 years from 
1996 to 2011. Lucozade achieved 
growth of 13% CAGR throughout  
this period. 
John is also Chairman of Futura 
Medical plc and Science in Sport plc.
Andrew joined Quantum 
Pharmaceutical as Finance Director 
as part of an MBO in 2009 and 
became Managing Director in 2010. 
Since then, Andrew has guided the 
Group through a period of significant 
organic and acquisitive growth,  
as well as setting and delivering  
the strategy which is currently  
being followed.
Prior to joining the Group, Andrew 
spent 12 years at KPMG, qualifying 
as a Chartered Accountant in 1999, 
following which he spent 10 years in 
the corporate finance team, latterly 
leading KPMG’s corporate finance 
business in Newcastle.
As well as knowledge of the markets 
in which the Group operates, 
Andrew has expertise in finance, 
corporate transactions, corporate 
finance, integration of acquired 
companies and crisis management.
Martin is a qualified accountant and 
had 18 years’ experience in various 
manufacturing sectors including 
steel, oil and gas, plastics and 
electric vehicles, before moving to 
the Group and the pharmaceutical 
sector.
Immediately prior to joining the  
Group, Martin spent a year at Tanfield 
Group (an AIM company) as head  
of management accounting. Martin 
joined Quantum Pharmaceutical in 
2008 as Financial Controller and was 
promoted to Finance Director in 2009. 
Initially overseeing the transformation 
of the Finance, Purchasing, IT and HR 
functions, Martin’s role has expanded 
significantly as the Group has grown 
organically and through acquisition.
Having primary responsibility for 
delivery of five acquisitions since 
2010, Martin’s recent focus has been 
to integrate business unit support 
functions from various sites into  
the Group’s head office, delivering 
significant cost synergies.
Sheila joined the Board as part of  
the Group’s admission to AIM.
Sheila has over 40 years’ 
experience in healthcare policy 
regulation. She was Chief Executive 
of the Proprietary Association of 
Great Britain (‘PAGB’) – the trade 
association for over the counter 
manufacturers of medicine and 
food supplements – for 24 years, 
and was a member of the boards  
of the European and World bodies 
representing this sector.
Sheila led the Cabinet Office Red 
Tape Challenge programme for the 
pharmaceutical sector, working 
with the MHRA to reduce the 
regulatory burden on industry.  
A pharmacist by training, before she 
joined PAGB she worked with the 
medicines regulatory agency for five 
years and spent five years with GSK 
in pharmaceutical development, 
bringing to market several major 
dermatological products.
Her contribution to the 
pharmaceutical industry was 
recognised in 2008 when she  
was awarded an OBE. 23
Quantum Pharma Plc Annual Report and Accounts 2015
Senior Management
Brian Fisher
Group Commercial Director 
Andrew Matthews
Group Operations Director 
David Sanson
Group Quality Director 
Stephen Martin 
Group Product  
Development Director 
Brian has built up over 15 years’  
of commercial experience in the 
pharmaceutical industry, spending 
the last three years transforming  
and leading the Group’s commercial 
strategy. Brian leads a team of 
talented and motivated commercial 
specialists who operate in community 
and hospital pharmacy, local health 
economies and primary and 
secondary care. Brian’s expertise  
in optimising complex strategic 
relationships has helped the Group 
thrive in a challenging market and 
champion the need for high quality 
unlicensed medicines to meet the 
continued clinical needs of some of 
the most vulnerable patient groups.
Andrew brings 16 years’ experience 
in pharma to the Group. He is 
responsible for all operational 
activities delivered by his 150-strong 
team through multiple channels 
involved in the manufacture of 
bespoke specials and sterile 
injectable medicines at the Group’s 
headquarters. Andrew is responsible 
for designing and continuously 
improving internal processes to 
ensure Quantum Pharma’s service 
remains reliable and competitive, 
giving customers peace of mind in 
meeting patients’ often critical health 
needs in time-critical situations. 
David is a quality professional and EU 
Qualified Person with over 30 years’ 
experience in the pharmaceutical and 
biotechnology industry. David ensures 
the Group’s manufacturing activities 
comply with the standards laid  
down by the MHRA and European 
regulators. David directs the Group  
on regulatory developments as well 
as providing direction on technical 
capabilities and commercial growth. 
David’s team of quality specialists 
ensures that all medicinal products 
produced meet the Group’s own  
and the regulators’ exacting  
quality standards.
Stephen, who first joined the Group 
as Managing Director of Colonis, 
oversees the development of licensed 
and regulated pharmaceutical 
products, to meet the needs of 
patients in niche areas. Much of 
Stephen’s career has focused  
on developing, introducing and 
marketing medicines, medical 
devices and nutritional products, 
capitalising on opportunities and 
needs often overlooked by larger 
pharma organisations. This involves 
an acute understanding of the 
development and marketing of both 
generic and branded products, along 
with the strategic insight needed to 
make them successful. 
Craig Swinhoe 
Group Legal and  
Projects Director and 
Company Secretary 
Simon Raynor
Managing Director  
at Colonis 
Andrew Trouton
Managing Director  
at UL Medicines 
Ian Pearce 
Managing Director  
at Protomed and  
Biodose Services
Craig is a solicitor with more than  
15 years’ experience in corporate 
finance and general business advice. 
Craig has been Company Secretary 
of Quantum Pharma since the AIM 
admission and joined the Group from 
private practice in January 2015. 
Craig combines his strategic and 
commercial experience to oversee 
the Group’s acquisitions and project 
work, legal work, investor relations 
and the Group’s governance 
responsibilities. Before joining the 
Group, Craig worked with the Group 
for six years as lead legal advisor.
Simon Raynor has recently been 
appointed as Managing Director of 
Colonis. As a co-founder of Colonis, 
as well as being involved as an 
investor in a number of other 
pharmaceutical businesses that  
he has helped establish, fund and 
build, he brings strong operational 
experience in pharmaceutical 
development start-ups. Simon has 
more than 17 years’ corporate finance 
experience, including advising some 
of the industry majors. He leads the 
team responsible for delivering the 
Group’s development pipeline of 
licensed pharmaceutical products.
Andrew joined UL Medicines  
as commercial director in 2011, 
progressing to Managing Director in 
2013. Andrew has over 25 years of 
experience in pharmaceutical sales, 
marketing and strategic planning.  
At UL Medicines, Andrew guides  
a team of experts, through the 
complex regulatory pathways  
and sales processes that impact  
the manufacture and supply of 
unlicensed medicines to the NHS.
Ian joined the Group in 2012, and 
was formerly head of pharmacy  
at the UK’s largest homecare 
provider. A qualified pharmacist,  
his background gives him the ideal 
perspective on the role of pharmacy 
and the care profession in the drive 
towards improved adherence.  
Ian is leading the development of 
innovative homecare services as  
well as telemedicine technologies 
that enable the monitoring of  
patient adherence by clinicians, 
allowing intervention to optimise 
health outcomes.
George Liolios
Managing Director at Lamda 
Thomas Engelen
Non-executive director at Colonis and Lamda
George Liolios’ 30+ years of hands  
on experience in the pharmaceutical 
sector spans both commercial and 
research and development roles. He 
started Lamda Pharmaceuticals in 
1996, gaining a reputation as a pioneer 
in the contract development field. 
Lamda has a track record of leading 
demanding generic and generic+ 
developments and fulfilling their 
commercial potential in various 
territories. Key to this has been the 
assembling of a highly efficient group 
of industry specialists that form the 
driving force of Lamda’s success.
Thomas was the co-founder of 
Colonis and was chairman of the 
Group from 2012 until admission  
on AIM. Thomas is the former  
chair at Martindale Pharma Ltd.  
He is currently a non-executive  
at Innovatrain AG, Stan Chem
International Ltd, 4D Pharma Plc  
and Akcros Chemicals.
Until 2008 Thomas worked for nearly 
20 years in senior executive roles for 
Novartis Consumer Health and Akzo 
Nobel/Organon, in the US, Brazil, 
Europe and the Middle East.
Strategic Report Directors’ Report Financial Statements 24
Quantum Pharma Plc Annual Report and Accounts 2015
Corporate Governance Statement
As an AIM company, Quantum Pharma is not required to comply with the UK Corporate Governance Code. The Directors acknowledge the 
importance of the principles set out in the Quoted Companies Alliance’s Corporate Governance Code. Although this code is not compulsory for 
companies whose shares are traded on AIM, the Directors seek to apply the principles set out in the QCA Corporate Governance Code, as far as 
they consider appropriate for a group of Quantum Pharma’s size and nature.
During the financial year ended 31 January 2015, Quantum Pharma was incorporated on 17 October 2014 and its shares were admitted to trading 
on AIM on 11 December 2014. 
The Board
The Board comprises four directors, two of whom are executive directors and two of whom are non-executive directors, each bringing a different 
set of experience and background. Both non-executive directors are considered to be ‘independent’ under the criteria identified in the QCA 
Corporate Governance Code. Sheila Kelly is the Senior Independent Director.
The Board meets regularly to consider strategy, performance and the framework of internal controls. Once the Company has completed its first full 
financial year, the Board will report on the number of meetings held during the year and attendance by Directors.
To enable the Board to discharge its duties, all Directors receive appropriate and timely information and all Directors have access to the advice and 
services of the Chief Financial Officer, who is responsible for ensuring that the Board procedures are followed and that applicable rules and regulations 
are complied with. In addition, the Directors are able to obtain independent professional advice in the furtherance of their duties, if necessary, at the 
Company’s expense.
Strategic matters are reserved for decision by the Board and these matters are set out in a written statement, adopted by the Board. The Board is 
responsible for formulating, implementing and developing strategy, setting annual budgets, reviewing performance and prospects of the Group, 
approving major capital expenditure and for risk management. 
Certain duties of the Board are delegated to committees:
Audit Committee
The Audit Committee has primary responsibility for monitoring the quality of internal controls, ensuring that the financial performance of the 
Company is properly measured and reported on, and reviewing reports from the Company’s auditors relating to the Company’s accounting  
and internal controls, in all cases having due regard to the interests of shareholders. The Audit Committee comprises John Clarke (as Chairman) 
and Sheila Kelly.
Nomination Committee
The Nomination Committee is convened to identify and nominate candidates to fill board vacancies as and when they arise (for the approval of the 
Board). The Nomination Committee comprises Sheila Kelly (as Chairperson), Andrew Scaife and John Clarke.
Remuneration Committee
The Remuneration Committee reviews the performance of the Executive Directors and determines their terms and conditions of service, including 
their remuneration and the grant of share awards, having due regard to the interests of shareholders. The Remuneration Committee comprises the 
independent non-executive directors. John Clarke is the Chairman of the Remuneration Committee.
Although the Company is not required to prepare a Directors’ remuneration report, the Directors will consider this once the Company has 
completed a full financial year as a company on AIM.
Investor Relations
The Company encourages communications with all shareholders. There is regular dialogue with major and/or institutional shareholders and 
presentations will be held after the Group’s announcements of half year and full year results. Presentations are also made to analysts at those times 
to present the Group’s results. This assists with the promotion of knowledge of the Group in the investment marketplace and with shareholders.
The Board intends to use the annual report and financial statements and the Annual General Meeting to communicate with private and institutional 
investors. The Board believes that the Annual General Meeting offers an opportunity to engage and communicate with shareholders.
Internal control
The Board is responsible for establishing and maintaining the Group’s systems of internal control and for reviewing its effectiveness. The Directors 
have set out below some of the key features of the Group’s internal control procedures.
The Group has a business continuity plan which is regularly reviewed. Where any weaknesses are identified, an action plan is prepared to address 
the issue and is then implemented.
Each year the Board approves the annual budget. Key risk areas are identified, reviewed and monitored. Performance is monitored against budget, 
relevant action is taken throughout the year and updated forecasts are prepared as appropriate. 25
Quantum Pharma Plc Annual Report and Accounts 2015
Capital and development expenditure is regulated by a budgetary process and authorisation levels. For expenditure beyond specified levels, 
detailed written proposals have to be submitted to the Board for approval. Reviews are carried out after the purchase is complete. The Board 
requires management to explain any major deviations from authorised capital processes and to seek further sanction from the Board.
This statement was approved by the Board and signed by order of the Board.
Craig Swinhoe
Company Secretary
19 May 2015
Strategic Report Directors’ Report Financial Statements 26
Quantum Pharma Plc Annual Report and Accounts 2015
Directors’ Report
The Directors present their report and the consolidated financial statements and auditor’s report for the Company and the Group for the financial 
year ended 31 January 2015.
Principal activities
The principal activities of the Group are as a service-led niche pharmaceutical manufacturer, developer and supplier to the retail pharmacy, wholesale, 
hospital, homecare and care home markets. The Group manufactures and sources non-standard pharmaceutical products. It has expanded into 
markets including aseptic compounding, patient adherence and telemonitoring and product development through its subsidiary companies. 
The principal activity of the Company is to act as the parent company for the Group. 
Further details about the principal activities of the Group are set out in the Strategic Report, including details of branches outside the UK following 
the recent acquisition of the Lamda group of companies, as set out on page 11 of the Strategic Report. 
Business review and future developments
A review of the Group’s business and performance and its future development is given in the Chairman’s Report, the CEO’s Review and the Financial 
Review in the Strategic Report. The Board’s strategy is to develop the Group and deliver shareholder value through focused growth within its existing 
businesses in the UK and internationally as well as strategic acquisitions.
Principal risks and uncertainties
The principal risks and uncertainties for the Group are set out on page 19 of the Strategic Report.
Key performance indicators
The Group’s key performance indicators are set out on page 18 of the Strategic Report.
Results and dividend 
The results for the financial year are set out on page 30 of the financial statements and highlighted in the Strategic Report. 
The Directors have recommended a final dividend of 0.25 pence per ordinary share, as explained in the Chairman’s Statement. Subject to approval 
at the AGM on 21 July 2015, the dividend will be payable on 7 August 2015 to all shareholders on the register as of 17 July 2015.
Directors
The Directors of the Company are:
John Clarke  Non-Executive Chairman
Andrew Scaife  Chief Executive Officer
Martin Such  Chief Financial Officer
Sheila Kelly OBE  Non-Executive Director
All Directors served with effect from admission of the Company’s shares to trading on AIM on 11 December 2014 and served through the 
remainder of the financial year. Further details about the Directors of the Company are shown on page 22. 
The appointment of Directors of the Company is governed by its Articles of Association and the Companies Act 2006. Directors are subject to 
retirement by rotation and may offer themselves for re-election, in accordance with the Articles of Association. At the first AGM of the Company,  
to be held on 21 July 2015, each Director will be retiring by rotation and offering themselves for re-election.
Directors’ interests
The interests of the Directors over the ordinary share capital of the Company are as follows:
Number of  
ordinary shares  
at 31 January  
2015
Number of  
options over 
ordinary shares  
as at 31 January 
2015
1
 
John Clarke 0 0
Andrew Scaife 3,305,303
2
1,501,500
Martin Such 943,916
2
780,000
Sheila Kelly 0 0
Total 4,249,219 2,281,500
There has been no change in the interests of the Directors’ set out above, between 31 January 2015 and the date of this report.
1. The options were granted on 11 December 2014 under the Company’s Long Term Incentive Plan at an exercise price of £1. The options will become exercisable on vesting and 
subject to any corporate events or the award holder leaving the Group, will remain exercisable until the 10th anniversary of grant. The option will vest no less than 3 years from 
the date of award if certain performance conditions are met. 
2. The interests of Andrew Scaife and Martin Such in the ordinary shares set out above include their interest in 3,305,303 and 943,916 ordinary shares held by the employee 
benefit trust established by the company, of which Sanne Fiduciary Services Limited is the sole trustee. 27
Quantum Pharma Plc Annual Report and Accounts 2015
Significant shareholdings
As at 15 May 2015, the Company has been notified of the following interests in 3% or more of the issued ordinary share capital of the Company:
Name
Number of  
shares held
Percentage of 
ordinary shares
Legal & General Investment Management 12,740,000 10.19
Lloyds Development Capital Holdings Limited 12,499,999 10.00
Fidelity Worldwide Investments as agent for certain funds 8,870,000 7.10
AXA Investment Managers UK 8,650,000 6.92
Old Mutual GI 8,517,492 6.81
Aviva Investors Global Services 7,814,405 6.25
FIL Limited 6,642,676 5.31
Miton Asset Management 6,500,000 5.20
Sanne Fiduciary Services Limited 4,840,165
 1
 3.87
River and Mercantile Asset Management 4,600,000 3.68
Henderson Global Investors 4,000,000 3.20
Brian Kennedy 4,000,000 3.20
Royal London Asset Management 3,784,000 3.03
The Directors have not been informed of any changes to the above share interests between 15 May 2015 and the date of this report.
Directors’ indemnity
The Company has made qualifying third party indemnity provisions for the benefit of its Directors. As permitted by the Company’s Articles of 
Association, indemnities for each Director of the Company were granted on 5 December 2014 and remain in force at the date of this report.
Employees
The Group is committed to offering equal opportunities in recruitment, development and retention of employees. The Group places significant value on 
the role and involvement of its employees and recognises that their contribution is key to the success of the Group. The Executive Directors and senior 
management team engage with employees on a regular basis to seek their views and provide briefings and presentations on key developments and 
strategy. Employees are encouraged to offer suggestions and views, and to raise queries with the Directors and senior managers. Employees are 
encouraged to contribute to and share in the Group’s success through share ownership and the Group’s Save As You Earn share scheme.
The Group gives full consideration to applications for employment from disabled people where the candidate’s aptitude and abilities are consistent 
with adequately meeting the requirements of the job. Where existing employees become disabled, it is the Group’s policy to provide continuing 
employment, wherever practicable, in the same or a suitable alternative position, and to provide appropriate training to enable their employment  
to continue. The Group aims to provide opportunities to disabled employees for training, career development and promotion of disabled people 
employed by the Group on the same basis as other employees.
Political and charitable donations
During the year ended 31 January 2015, the Group made no political donations and charitable donations of £20,000 (2014: £26,000).
Financial instruments
Information about the use of financial instruments by the Group and its subsidiaries is given in note 26 to the financial statements.
Research and development
Information about research and development activity and expenditure are included in the CEO’s Review and in the Key Performance Indicators.
Events after the reporting date
Details of significant events since the balance sheet date are contained in note 31 to the financial statements.
Statement of Directors’ responsibilities 
The Directors are responsible for preparing the Annual Report and the Group and parent company financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare group and parent company financial statements for each financial year. As required by the AIM 
Rules of the London Stock Exchange they are required to prepare the group financial statements in accordance with IFRSs as adopted by the  
EU and applicable law and have elected to prepare the parent company financial statements in accordance with UK Accounting Standards and 
applicable law (UK Generally Accepted Accounting Practice). 
1. 4,249,219 of these shares are beneficially owned by Andrew Scaife (3,305,303) and Martin Such (943,916) and are included in their holdings shown above.
Strategic Report Directors’ Report Financial Statements 28
Quantum Pharma Plc Annual Report and Accounts 2015
Directors’ Report continued
Statement of Directors’ responsibilities continued
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 
of affairs of the Group and parent company and of their profit or loss for that period. In preparing each of the group and parent company financial 
statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• for the group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU;
• for the parent company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the parent company will 
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s transactions and 
disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements 
comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets 
of the Group and to prevent and detect fraud and other irregularities. 
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Directors regarding disclosure of information to auditors
Each of the Directors, whose names and functions are listed in the Directors’ Report confirm that:
• so far as the Director is aware, there is no relevant audit information of which the Group’s auditors are unaware; and
• the Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit 
information and to establish that the Group’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.
Going concern
The financial position of the Group is described in the Financial Review. The Board has considered the applicability of the going concern basis in 
the preparation of the financial statements. This included the review of internal budgets and financial results and a review of cash flow forecasts for 
the 12 month period following the date of signing the financial statements. The Directors have a reasonable expectation that the Company and the 
Group have adequate resources to continue in operation for the foreseeable future. For this reason they have adopted the going concern basis in 
the preparation of the financial statements.
Independent Auditors
KPMG LLP has expressed its willingness to continue in office as auditor and a resolution to reappoint them will be proposed at the forthcoming 
Annual General Meeting.
Annual General Meeting 
The Company’s Annual General Meeting will be held at Muckle LLP, Time Central, 32 Gallowgate, Newcastle upon Tyne, NE1 4BF on 21 July 2015 
at 10:30am. The notice convening the AGM and an explanatory note of the resolutions to be proposed at the AGM are contained in a separate 
circular to shareholders. 
This report was approved by the Board and signed by order of the Board.
Craig Swinhoe
Company Secretary
19 May 2015
  29
Quantum Pharma Plc Annual Report and Accounts 2015
Independent auditor’s report to the members  
of Quantum Pharma Plc
We have audited the financial statements of Quantum Pharma Plc for the year ended 31 January 2015 set out on pages 30 to 68. The financial 
reporting framework that has been applied in the preparation of the group financial statements is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the EU. The financial reporting framework that has been applied in the preparation of the parent 
company financial statements is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit 
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report 
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and 
the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 28, the directors are responsible for the preparation of the 
financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial 
statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at  
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 January 2015 and  
of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; 
• the parent company financial statements have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements  
are prepared is consistent with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from 
branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanation we require for our audit.
Nick Plumb
(Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor 
Chartered Accountants 
Quayside House
110 Quayside
Newcastle Upon Tyne
NE1 3DX 
19 May 2015
Strategic Report Directors’ Report Financial Statements 30
Quantum Pharma Plc Annual Report and Accounts 2015
Note
2015  
£000
2014 
£000
Revenue 1,3 61,716 53,492
Cost of sales (35,820) (33,058)
Gross profit 25,896 20,434
Other operating income 4 28 39
Distribution expenses (2,448) (2,626)
Administrative expenses (16,806) (15,444)
Loss on sale of non-current assets – (126)
Operating profit 6,670 2,277
Financial income 8 28 25
Financial expenses 8 (5,650) (4,910)
Net financing expense (5,622) (4,885)
Share of profit of equity-accounted investees, net of tax 13 42 4
Profit/(loss) before tax 1,090 (2,604)
Taxation 10 (366) 696
Profit/(loss) for the year 724 (1,908)
Attributable to:
Equity holders of the parent 696 (1,631)
Non-controlling interest 28 (277)
Profit/(loss) for the year 724 (1,908)
Basic and diluted earnings/(loss) per share attributed to equity shareholders of the Company
Basic (p): 9 1.3 (3.8)
Diluted (p): 9 1.3 (3.8)
All activities relate to continuing operations.
Consolidated Income Statement 
for year ended 31 January 2015 31
Quantum Pharma Plc Annual Report and Accounts 2015
Consolidated Statement of Comprehensive Income 
for year ended 31 January 2015
Note
2015  
£000
2014 
£000
Profit/(loss) for the year 724 (1,908)
Other comprehensive income 
Items that are or may be recycled subsequently into profit or loss
Foreign exchange translation differences – equity accounted interest 13 37 8
Other comprehensive income/(loss) for the year, net of income tax 761 (1,900)
Total comprehensive income/(loss) for the year 761 (1,900)
Attributable to:
Equity holders of the parent 733 (1,623)
Non-controlling interest 28 (277)
761 (1,900)
Strategic Report Directors’ Report Financial Statements 32
Quantum Pharma Plc Annual Report and Accounts 2015
Note
2015 
£000
2014 
£000
Non-current assets
Property, plant and equipment 11 3,684 2,666
Intangible assets 12 57,524 54,635
61,208 57,301
Current assets
Inventories 16 3,258 2,616
Tax receivable 297 981
Trade and other receivables 17 11,899 10,038
Cash and cash equivalents 18 5,873 4,287
21,327 17,922
Total assets 82,535 75,223
Current liabilities
Other interest-bearing loans and borrowings 19 (699) (7,588)
Trade and other payables 20 (15,681) (23,970)
Provisions 23 (13) (132)
(16,393) (31,690)
Non-current liabilities
Other interest-bearing loans and borrowings 19 (14,140) (46,380)
Other payables 20 (16) (14)
Provisions 23 (297) (514)
Deferred tax liabilities 15 (969) (500)
(15,422) (47,408)
Total liabilities (31,815) (79,098)
Net assets/(liabilities) 3 50,720 (3,875)
Equity attributable to equity holders of the parent
Share capital 24 12,500 4,306
Share premium 25 64,940 –
Consolidation reserve 25 (9,752) (3,843)
Translation reserve 25 45 8
Other reserve 25 (21,726) (7,094)
ESOP own share reserve 25 (484) (36)
Merger reserve 25 8,742 8,742
Retained earnings 25 (3,545) (6,298)
50,720 (4,215)
Non-controlling interest – 340
Total equity 50,720 (3,875)
These financial statements were approved by the board of directors on 19 May 2015 and were signed on its behalf by:
MJ Such
Director
Company registered number: 9269818
Consolidated Balance Sheet
at 31 January 2015  33
Quantum Pharma Plc Annual Report and Accounts 2015
Consolidated Statement of Changes in Equity
Share 
capital 
£000
Share 
premium 
£000
Consolidation 
reserve  
£000
Translation 
reserve 
£000
Other 
reserve 
£000
ESOP  
own share 
reserve 
£000
Merger 
reserve 
£000
Retained 
earnings 
£000
Total  
parent  
equity  
£000
Non-
controlling 
interest 
£000
Total  
equity  
£000
Balance at 1 February 2014 4,306 – (3,843) 8 (7,094) (36) 8,742 (6,298) (4,215) 340 (3,875)
Total comprehensive 
income for the period
Profit or loss – – – – – – – 696 696 28 724
Other comprehensive 
income – – – 37 – – – – 37 – 37
Total comprehensive income 
for the period – – – 37 – – – 696 733 28 761
Transactions with owners, 
recorded directly in 
equity
Contributions by and 
distributions to owners – – (5,909) – – – – – (5,909) – (5,909)
Issue of shares 7,710 68,837 – – – – – – 76,547 – 76,547
Costs charged against  
share premium – (3,897) – – – – – – (3,897) – (3,897)
Own shares acquired 484 – – – – (484) – – – – –
Disposal of own shares – – – – – 36 – – 36 – 36
Equity-settled share based 
payment transactions – – – – – – – 2,057 2,057 – 2,057
Total contributions  
by and distributions  
to owners 8,194 64,940 (5,909) – – (448) – 2,057 68,834 – 68,834
Changes in ownership 
interests 
Acquisition of non-controlling 
interest without a change  
in control – – – – (14,632) – – – (14,632) (368) (15,000)
Total transactions  
with owners 8,194 64,940 (5,909) – (14,632) (448) – 2,057 54,202 (368) 53,834
Balance at 31 January 2015 12,500 64,940 (9,752) 45 (21,726) (484) 8,742 (3,545) 50,720 – 50,720
Strategic Report Directors’ Report Financial Statements 34
Quantum Pharma Plc Annual Report and Accounts 2015
Share  
capital  
£000
Consolidation 
reserve  
£000
Translation 
reserve  
£000
Other  
reserve  
£000
ESOP  
own share  
reserve  
£000
Merger 
reserve  
£000
Retained 
earnings 
£000
Total  
parent  
equity  
£000
Non-
controlling  
interest  
£000
Total  
equity 
£000
Balance at 1 February 2013 4,306 (3,843) – (247) (36) 8,742 (6,044) 2,878 626 3,504
Total comprehensive income 
for the period
Profit or loss – – – – – – (1,631) (1,631) (277) (1,908)
Other comprehensive income – – 8 – – – – 8 – 8
Total comprehensive income  
for the period – – 8 – – – (1,631) (1,623) (277) (1,900)
Transactions with owners, 
recorded directly in equity
Equity-settled share based 
payment transactions – – – – – – 1,377 1,377 – 1,377
Total contributions by and 
distributions to owners – – – – – – 1,377 1,377 – 1,377
Changes in  
ownership interests 
Acquisition of non-controlling 
interest without a change  
in control – – – (6,847) – – – (6,847) (9) (6,856)
Total transactions with owners – – – (6,847) – – 1,377 (5,470) (9) (5,479)
Balance at 31 January 2014 4,306 (3,843) 8 (7,094) (36) 8,742 (6,298) (4,215) 340 (3,875)
Consolidated Statement of Changes in Equity continued 35
Quantum Pharma Plc Annual Report and Accounts 2015
Consolidated Cash Flow Statements
for year ended 31 January 2015
Note
2015 
£000
2014  
£000
Cash flows from operating activities
Profit/(loss) for the year 724 (1,908)
Adjustments for:
Depreciation, amortisation and impairment 981 807
Financial income (28) (25)
Financial expense 5,650 4,910
Release of other loan 19 (1,650) –
Share of profit of equity-accounted investees (42) (4)
Loss on sale of property, plant and equipment – 126
Equity settled share-based payment expenses 2,057 1,377
Taxation 366 (696)
8,058 4,587
(Increase)/decrease in trade and other receivables (1,861) 1,965
Increase in inventories (642) (297)
Decrease in trade and other payables (2,374) (1,932)
(Decrease)/increase in provisions (257) 270
2,924 4,593
Interest paid (10,935) (1,972)
Tax received/(paid) 787 (688)
Net cash from operating activities (7,224) 1,933
Cash flows from investing activities
Proceeds from sale of property, plant and equipment – 20
Interest received 28 2
Acquisition of property, plant and equipment 11 (1,672) (551)
Capitalised development expenditure 12 (3,140) (1,524)
Acquisition of other intangible assets 12 (77) (69)
Net cash from investing activities (4,861) (2,122)
Cash flows from financing activities
Proceeds from the issue of share capital 73,134 –
Proceeds from new loan 19 25,337 3,818
Purchase of own shares by ESOP trust (448) –
Repayment of borrowings (59,914) (1,500)
Preference dividends paid – (11)
Purchase of preference shares (6,010) –
Acquisition of non-controlling interest (18,428) (3,428)
Net cash from financing activities 13,671 (1,121)
Net increase/(decrease) in cash and cash equivalents 1,586 (1,310)
Cash and cash equivalents at start of year 4,287 5,597
Cash and cash equivalents at year end 18 5,873 4,287
Strategic Report Directors’ Report Financial Statements 36
Quantum Pharma Plc Annual Report and Accounts 2015
1 Accounting policies
Quantum Pharma Plc (the ‘Company’) is a company incorporated and domiciled in the UK.
1.1 Significant accounting policies
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these consolidated 
financial statements.
Summary of impact of Group restructure and Initial Public Offering
On 11 December 2014, the Group listed its shares on AIM. In preparation for the Initial Public Offering (‘IPO’) the Group was restructured.  
The restructure has impacted a number of the current year and comparative primary financial statements and notes.
For the consolidated financial statements of the Group, prepared under IFRS, the principles of reverse acquisition accounting under IFRS 3 
‘Business Combinations’ have been applied. The steps to restructure the Group had the effect of Quantum Pharma Plc being inserted above 
Quantum Pharma Group (previously known as Hamsard 3149 Limited) (‘QPG’) as the holders of QPG share capital.
By applying the principles of reverse acquisition accounting, the Group is presented as if Plc has always owned the QPG. The comparative Income 
Statement and Balance Sheet are presented in line with the previously presented QPG position. The comparative and current year consolidated 
reserves of the Group are adjusted to reflect the statutory share capital and share premium of Plc as if it had always existed, adjusted for movements 
in the underlying QPG share capital and reserves until the share for share exchange.
The steps taken to restructure the Group are explained in more detail in the Group Reorganisation section below. The impact on the primary 
consolidated financial statements is as follows:
• Equity reflects the capital structure of Plc. As part of the restructuring of the Group, a number of shares in Plc were issued in exchange for cash. 
The premium arising on the issue of shares is allocated to share premium.
• A consolidation reserve is created. This reflects the difference between the Plc reserves at the balance sheet date as reflected in the opening 
reserves at the start of the comparative period (1 February 2013) and the consolidated equity of QPG at the same date.
• Fees associated with the IPO are allocated to share premium and the Consolidated Income Statement depending on the nature of the costs. 
Fees charged to the Consolidated Income Statement have been presented as one off costs.
• The Group refinanced its external bank debt, using proceeds from the IPO to reduce the net debt position of the Group. Unamortised fees 
associated with the previous financing have been written off in the period.
1.2 Basis of preparation
The consolidated financial statements presented in this document have been prepared in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the European Union.
The main trading businesses within the Group have historically presented statutory accounts under UK Generally Accepted Principles (UK GAAP). 
The key differences arising on transition to IFRS in the consolidated Group financial statements for financial information previously presented under 
UK GAAP are as follows:
• Capitalisation of development costs.
• Acquisition costs relating to business combinations effected on or after 31 January 2011, the Group’s IFRS transition date, are expensed in 
accordance with IFRS 3 (Revised) ‘Business Combinations’.
• Goodwill is not amortised.
The financial statements are prepared under the historical cost convention, as modified by the revaluation of derivative financial instruments to fair 
value, and in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS as adopted by the European 
Union. New standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting 
Interpretations Committee (IFRIC) becoming effective during the year have not had a material impact on the Group’s financial statements.
Group reorganisation
Prior to the Initial Public Offering (‘IPO’) the Group undertook a reorganisation in preparation for the transaction.
The effect of this reorganisation was to insert two new companies into the Group, a new ultimate parent company, Quantum Pharma Plc, and its 
wholly owned subsidiary Quantum Pharma 2014 Limited, which acquired the entire issued share capital of QPG, as summarised below.
Quantum Pharma Plc became the ultimate parent company of the Group by acquiring Quantum Pharma 2014 Limited in exchange for the issue  
of new shares.
Key steps of the process included:
• On 17 October 2014 a new company, Quantum Pharma Plc, was incorporated with 617,782,000 ordinary share capital of £0.0001.
• On 17 October 2014, a new intermediate holding company, Quantum Pharma 2014 Limited was incorporated with 617,782,000 ordinary share 
capital of £0.00001.
• On 27 November 2014, Quantum Pharma 2014 Limited directly acquired the entire share capital of Quantum Pharma Group Limited in a share 
for share exchange. This created a share premium of £43 million, which was subsequently transferred to retained earnings on the same date 
through a capital reduction.
Notes
(forming part of the financial statements) 37
Quantum Pharma Plc Annual Report and Accounts 2015
1 Accounting policies continued
1.2 Basis of preparation continued
• On 1 December 2014, Quantum Pharma Plc acquired the entire share capital of Quantum Pharma 2014 Limited through a share for share 
exchange at nominal value.
• On 11 December 2014, Quantum Pharma Plc issued 76,485,526 ordinary £0.001 share capital at an initial offer price of £1 per share, generating 
proceeds of £76.5 million. On the same date, Quantum Pharma Plc drew down £15 million senior debt facility.
The Group used the proceeds of the IPO and new senior term debt to settle the Group’s previous senior debt and loan notes.
The financial statements are prepared on the historical cost basis except that derivative financial instruments and contingent consideration on 
business acquisitions are stated at their fair value.
1.3 Going concern
The Group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the 
Strategic Report on pages 1 to 21. The financial position of the Group is described in the Chief Financial Officer’s review on pages 14 to 17.  
In addition, note 26 to the financial statements includes the Group’s objectives, policies and processes for managing its capital; its financial  
risk management objectives; details of its financial instruments and its exposure to credit risk and liquidity risk.
The Group has considerable financial resources and financing facilities and prepares detailed business plans that model headroom on 
financial covenants.
The directors believe the Group is well placed to manage its business risks successfully and therefore have a reasonable expectation that the 
Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going 
concern basis in preparing the consolidated financial statements.
1.4 Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its 
involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which 
control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date 
that control commences until the date that control ceases.
The principal judgement that has been applied is the treatment of Protomed Limited as a subsidiary from the point at which a 20% stake  
was acquired. Due to the terms of a purchase option to acquire the remaining 80% it was deemed that the Group controls Protomed Limited,  
as defined by IFRS 10. This option was exercised on 18 March 2013.
Interest in equity – accounted investees
The Group’s interests in equity-accounted investees comprise the interest in its joint venture investment, QM Specials Limited.
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, 
rather than rights to its assets and obligations for its liabilities.
Interests in the joint venture are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. 
Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-accounted 
investees, until the date on which joint control ceases.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised 
gains arising from transactions with equity-accounting investees are eliminated against the investment to the extent of the Group’s interest in the 
investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
1.5 Business combinations
Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations 
are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
Acquisitions on or after 1 February 2011
For acquisitions on or after 1 February 2011, the Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus 
• the recognised amount of any non-controlling interests in the acquiree; plus
• the fair value of any existing equity interest in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred.
Strategic Report Directors’ Report Financial Statements 38
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
1 Accounting policies continued
1.5 Business combinations continued
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is 
not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are 
recognised in profit or loss.
On a transaction-by-transaction basis, the Group elects to measure non-controlling interests, which have both present ownership interests and  
are entitled to a proportionate share of net assets of the acquiree in the event of liquidation, at its proportionate interest in the recognised amount  
of the identifiable net assets of the acquiree at the acquisition date.
Acquisitions prior to IFRS transition date (1 February 2011)
IFRS 1 grants certain exemptions from the full requirements of Adopted IFRSs in the transition period. The Group elected not to restate business 
combinations that took place prior to transition date. In respect of acquisitions prior to 1 February 2011, goodwill is included at transition date on 
the basis of its deemed cost, which represents the amount recorded under UK GAAP which was broadly comparable save that only separable 
intangibles were recognised and goodwill was amortised. 
1.6 Acquisitions and disposals of non-controlling interests
Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in 
their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are 
based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which 
non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the parent.
1.7 Foreign currency
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the 
date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional 
currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign 
currency are translated using the exchange rate at the date of the transaction.
The Group’s only foreign operation is the JV investment in Ireland. The assets and liabilities of this operation are translated to the Group’s presentational 
currency (Sterling) at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of this operation are translated at an average 
rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this 
translation of foreign operations are reported as an item of other comprehensive income and accumulated in the translation reserve.
1.8 Classification of financial instruments issued by the Group
Following the adoption of IAS 32, financial instruments issued by the Group are treated as equity only to the extent that they meet the following  
two conditions:
(a) they include no contractual obligations upon the company (or group as the case may be) to deliver cash or other financial assets or to exchange 
financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company (or group); and 
(b) where the instrument will or may be settled in the company’s own equity instruments, it is either a non-derivative that includes no obligation to 
deliver a variable number of the company’s own equity instruments or is a derivative that will be settled by the company’s exchanging a fixed 
amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the 
legal form of the company’s own shares, the amounts presented in these financial statements for called up share capital and share premium account 
exclude amounts in relation to those shares.
Where a financial instrument that contains both equity and financial liability components exists these components are separated and accounted  
for individually under the above policy.
1.9 Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, 
loans and borrowings, and trade and other payables.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the 
effective interest method, less any impairment losses.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the 
effective interest method.
Loans
Loans to joint ventures are stated at amortised cost less impairment. Financial instruments held for trading are stated at fair value, with any 
resultant gain or loss recognised in profit or loss. 39
Quantum Pharma Plc Annual Report and Accounts 2015
1 Accounting policies continued
1.9 Non-derivative financial instruments continued
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part  
of the Group’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing 
borrowings are stated at amortised cost using the effective interest method.
1.10 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant 
and equipment.
Leases in which the Group assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. 
Where land and buildings are held under leases the accounting treatment of the land is considered separately from that of the buildings. Leased 
assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease 
payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for 
as described below.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant 
and equipment. Land is not depreciated. The estimated useful lives are as follows:
Freehold buildings     – 25 years
Leasehold property improvements   – life of lease
Plant and machinery    – 5 years
Fixtures and fittings     – 5 years 
Trolleys (classified within fixtures and fittings)  – 50% reducing balance
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
1.11 Intangible assets and goodwill 
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is 
tested annually for impairment. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of  
the investment in the investee.
Research and development
Expenditure on research activities is recognised in the income statement as an expense as incurred.
Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Group intends, has the 
technical ability and has sufficient resources to complete development, future economic benefits are probable and if the Group can measure reliably 
the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of  
new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate 
proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense  
as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.
Other intangible assets
Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred.
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and less accumulated impairment losses.
Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are 
indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each balance sheet date. Other 
intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
Customer relationship    – 10 years
Patents and trademarks    – 5-10 years
Capitalised development costs   – to be determined on an individual basis for each medicine developed
Strategic Report Directors’ Report Financial Statements 40
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
1 Accounting policies continued
1.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle and includes expenditure incurred 
in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of 
manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.
1.13 Impairment excluding inventories and deferred tax assets
Financial assets (including receivables)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence 
that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, 
and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the 
present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Interest on the impaired asset continues to 
be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease 
in impairment loss is reversed through profit or loss.
Non-financial assets
The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date  
to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For 
goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each  
year at the same time.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value  
in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are 
grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows 
of other assets or groups of assets (the ‘cash-generating unit’). The goodwill acquired in a business combination, for the purpose of impairment 
testing, is allocated to cash-generating units, or (‘CGU’). Subject to an operating segment ceiling test, for the purposes of goodwill impairment 
testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at  
which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that  
are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are 
recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill 
allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at 
each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change 
in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does 
not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
1.14 Employee benefits
Share-based payment transactions
The share option programme allows certain employees to acquire shares of the Company. The grant date fair value of share-based payment 
awards granted is recognised as an employee expense with a corresponding increase in equity, over the period that the employees become 
unconditionally entitled to the awards. The fair value of the options granted is measured using an option pricing model, taking into account the 
terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of 
awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised  
as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.  
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such 
conditions and there is no true-up for differences between expected and actual outcomes.
1.15 Post retirement benefits
The Group makes contributions to employee’s personal pension schemes in line with UK auto-enrolment legislation. The amount charged to the 
profit and loss account represents the contributions payable to the schemes in respect of the accounting period.
1.16 Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can  
be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by 
discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. 41
Quantum Pharma Plc Annual Report and Accounts 2015
1 Accounting policies continued
1.17 Revenue
Revenue represents the total amount receivable for goods, net of discounts and excluding value added tax, sold in the ordinary course of business, 
and arises from activities in the United Kingdom.
Revenue is recognised as follows:
Sale of goods
Revenue from the sale of goods is recognised net of value added tax and sales related discounts. Revenue is recognised at point of despatch.
Prescription income
Revenue from the fulfilment of medical prescriptions to patients is recognised net of value added tax. Revenue is recognised at point of fulfilment  
of the prescription.
1.18 Expenses
Operating lease payments
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives 
received are recognised in the income statement as an integral part of the total lease expense.
Finance lease payments
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated 
to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Financing income and expenses
Financing expenses comprise interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss 
using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income 
statement (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of  
an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Financing income comprise interest 
receivable on funds invested, dividend income, and net foreign exchange gains.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised 
in the income statement on the date the entity’s right to receive payments is established. Foreign currency gains and losses are reported on a 
net basis.
1.19 Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it 
relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted  
at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the 
amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition 
of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in 
subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected 
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance 
sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary 
difference can be utilised. 
Strategic Report Directors’ Report Financial Statements 42
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
1 Accounting policies continued
1.20 IFRS not yet applied
The following IFRS have not been applied in these financial statements.
IFRS 9 Financial instruments (effective 1 January 2018 but not yet adopted by the EU) replaces the existing guidance in IAS 39 Financial 
instruments recognition and measurement.
IFRS 15 Revenue from Contracts with Customers (effective 1 January 2017 but not yet adopted by the EU) establishes a new framework for 
determining whether, how much and when revenue is recognised.
The Group is currently reviewing the potential impact of the above. Preliminary indications are that the impact would not be significant. The same  
is true of the following new or amended standards:
• IFRS 14 Regulatory Deferral Accounts.
• Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11).
• Clarification of Acceptable Methods of Depreciation and amortisation (Amendments to IAS 16 and IAS 38).
• Defined Benefit Plans: Employee Contributions (Amendments to IAS 19).
• Annual Improvements to IFRSs 2010-2012 Cycle.
• Annual Improvements to IFRSs 2011-2013 Cycle.
2 Acquisitions of subsidiaries 
Acquisitions in the current period
On 11 December 2014, the Group exercised its option and acquired the remaining 49 per cent of the issued share capital in Colonis Pharma 
Limited for consideration of £15,000,000 settled in cash.
£175,000 of expenses relating to the acquisition were charged to the Consolidated Income Statement in accordance with IFRS 3.
As there was no change in control as a result of this transaction, the difference between the fair value of the net assets acquired and the 
consideration has been recognised directly in equity as other reserves.
Acquisitions in the prior period
On 18 March 2013 the Group exercised its option and acquired the remaining 76.6% of the issued share capital in Protomed Limited for 
consideration of £6,856,000, £3,428,000 settled in cash and £3,428,000 as deferred consideration, which was subsequently paid on 
16 September 2014.
£234,000 of expenses relating to the acquisition were charged to the Consolidated Income Statement in accordance with IFRS 3.
As there was no change in control as a result of this transaction, the difference between the fair value of the net assets acquired and the 
consideration has been recognised directly in equity as other reserves.
3 Segmental reporting
The following analysis by segment is presented in accordance with IFRS 8 on the basis of those segments whose operating results are regularly 
reviewed by the Board of Directors (the Chief Operating Decision Maker as defined by IFRS 8) to assess performance and make strategic 
decisions about allocation of resources.
The sectors distinguished as operating segments are A, B, C, D, E and F. A short description of these sectors is as follows:
A –  Quantum Pharmaceutical Limited – Manufacture and supply of niche pharmaceutical products, including Aseptics.
B –  Pern Consumer Products Limited – Supply and distribution of menthol in aqueous cream.
C –  Colonis Pharma Limited – Development and commercialisation of pharmaceuticals and related products.
D –  Total Medication Management Services Limited (trading as Biodose Services) – Supply of prescription drugs to the care home and 
domiciliary care sectors.
E –  UL Medicines Limited – Sourcing and supply of imported and batch made unlicensed pharmaceutical products.
F –  Protomed Limited – Supply of Biodose MDS and ancillary products. 43
Quantum Pharma Plc Annual Report and Accounts 2015
3 Segmental reporting continued
These segments have separate management teams and offer different products and services. These operating segments are reportable segments.  
The segment results, as reported to the Board of Directors, are calculated under the principles of IFRS. Performance is measured on the basis  
of Adjusted EBITDA which comprises the segment result before non-cash items (amortisation, depreciation and share based payments) and  
other items that are excluded when the Board assess performance. This includes ‘One-off costs, as termed in the tables below, which include,  
for example, restructuring, and professional fees which are analysed further in note 5. A reconciliation between Adjusted EBITDA and Profit before  
tax is included in the tables below:
31 January 2015
A
2015
£000
B
2015
£000
C
2015
£000
D
2015
£000
E
2015
£000
F
2015
£000
Total
£000
Result and reconciliation to profit/(loss) before tax
Total revenue 47,336 588 1,367 4,786 8,556 3,050 65,683
Inter-segment revenue (3,967)
Revenue 61,716
Segment Adjusted EBITDA 10,824 191 723 (658) 1,881 (483) 12,478
Group cost centres (262)
Group Adjusted EBITDA 12,216
Intangible amortisation (328)
Depreciation (653)
One off costs (3,983)
Deal costs (175)
Release of other Loan (see note 19) 1,650
Share based payments (2,057)
Operating result 6,670
Net finance costs (5,622)
Share of profit of jointly controlled entities 42
Profit before taxation 1,090
NET ASSETS
Segment assets 70,343 593 6,162 3,109 6,320 2,057 88,584
Segment liabilities (50,671) (292) (4,318) (12,654) (1,747) (3,302) (72,984)
Segment net assets/(liabilities) 19,672 301 1,844 (9,545) 4,573 (1,245) 15,600
Unallocated net assets 35,120
Total net assets 50,720
Depreciation and amortisation 671 – 15 93 59 143 981
Capital expenditure 1,581 – 21 59 – 11 1,672
Unallocated net assets include goodwill and intangibles (£12.5 million), cash and cash equivalents (£1.9 million), bank term loan (£14.8 million) and 
net inter-group loan receivables (£35.5 million).
Strategic Report Directors’ Report Financial Statements 44
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
3 Segmental reporting continued
31 January 2014
A
2014
£000
B
2014
£000
C
2014
£000
D
2014
£000
E
2014
£000
F
2014
£000
Total
£000
Result and reconciliation to profit/(loss) before tax
Total revenue 40,990 468 – 3,389 7,860 3,020 55,727
Inter-segment revenue (2,235)
Revenue 53,492
Segment Adjusted EBITDA 9,586 112 – (1,331) 1,558 (609) 9,316
Group cost centres (182)
Group Adjusted EBITDA 9,134
Intangible amortisation (193)
Depreciation (614)
Deal costs (234) 
One off costs (4,313)
Loss on sale of non-current assets (126)
Share based payments (1,377)
Operating result 2,277
Net finance costs (4,885)
Share of profit of jointly controlled entities 4
Loss before taxation (2,604) 
Net assets
Segment assets 49,891 491 2,683 1,733 4,323 1,626 60,747
Segment liabilities (33,216) (340) (1,656) (10,590) (1,149) (2,104) (49,055)
Segment net (liabilities)/assets 16,675 151 1,027 (8,857) 3,174 (478) 11,692
Unallocated net liabilities (15,567)
Total net liabilities (3,875)
Depreciation and amortisation 539 1 7 193 32 35 807
Capital expenditure 349 – 29 49 115 9 551
Unallocated net liabilities include goodwill and intangibles (£27.9 million), cash and cash equivalents (£0.1 million), bank term loans, loan notes and 
other loans (£54.0 million) and net inter group loan receivables (£10.4 million).
In all periods revenue is generated almost entirely in the UK. In the year ended 31 January 2015 two customers accounted for 34% of revenue 
(2014: 42%).
4 Other operating income
2015
£000
2014
£000
Other income 28 36
Government grants – 3
28 39 45
Quantum Pharma Plc Annual Report and Accounts 2015
5 Expenses and auditor’s remuneration
Included in profit/loss are the following:
2015 
£000
2014
£000
Depreciation of owned property, plant and equipment 653 614
Amortisation of intangible assets 328 193
Payments under operating leases 618 630
Acquisition related costs 175 234
One off costs
Legal and professional 955 1,772
Restructuring 1,077 1,477
Management bonus 1,636 –
Pre-revenue Colonis costs 315 207
Settlement agreed with Competition and Markets Authority – 370
Other – 487
3,983 4,313
Auditor’s remuneration:
2015
£000
2014
£000
Audit of these financial statements 20 –
Audit of financial statements of subsidiaries 51 50
Services relating to corporate finance transactions entered into by or on behalf of the Group 478 124
549 174
Amounts paid to the Company’s auditor and its associates in respect of services to the Company, other than the audit of the Company’s financial 
statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.
6 Staff numbers and costs
The average number of persons employed by the Group (including directors) during the year, analysed by category, was as follows: 
2015 2014
Staff numbers
Management and administration 135 137
Production 219 237
354 374
2015
£000
2014
£000
Staff costs
Aggregate payroll costs of these persons:
Wages and salaries (including directors) 11,544 10,413
Social security costs 1,433 986
Contributions to defined contribution plans (see note 21) 548 226
Share based payments (see note 22) 2,057 1,377
15,582 13,002
Strategic Report Directors’ Report Financial Statements 46
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
7 Directors emoluments
2015
Salary/
fees
£000
Bonus
£000
Benefit
in kind
£000
Pension
contributions
£000
Total
£000
AJ Scaife 199 474 5 10 688
MJ Such 127 234 3 21 385
S Kelly 4 – – – 4
J Clarke 7 – – – 7
337 708 8 31 1,084
2014
Salary/
fees
£000
Bonus
£000
Benefit
in kind
£000
Pension
contributions
£000
Total
£000
AJ Scaife 184 – 5 9 198
MJ Such 139 – 3 13 155
S Kelly – – – – –
J Clarke – – – – –
323 – 8 22 353
Directors’ emoluments include emoluments due to the directors of Quantum Pharma Plc. 2014 amounts represent emoluments paid to the 
directors of the historic group and are presented for comparative purposes.
The aggregate of emoluments of the highest paid director for the year to 31 January 2015 was £678,000 (2014: £189,000) and Company pension 
contributions of £10,000 (2014: £9,000) were made to a money purchase scheme on his behalf. The number of directors in respect of whose 
services shares were received or receivable under long term incentive schemes was 2 (2014: 0). Retirement benefits are accruing to 2 (2014: 2).
Two directors (2014: nil) exercised share options in the year. The aggregate gain on the exercise of the share options was £1,886,000 (2014: £nil).
Directors who held share options at 31 January 2015 were as follows:
Plan
2015
Number
2014
Number
AJ Scaife LTIP 1,501,500 –
MJ Such LTIP 780,000 –
AJ Scaife Share options – 10,938
MJ Such Share options – 2,083
All share options at 31 January 2015 are over the Company’s ordinary shares of 10p each.
8 Finance income and expense
Recognised in profit or loss
2015
£000
2014
£000
Other interest receivable 8 –
Bank interest receivable 1 2
Interest receivable on loans to directors 19 23
Total finance income 28 25
Total interest expense on financial liabilities 5,650 4,910
Total finance expense 5,650 4,910
Total interest expense includes £1,268,000 (2014: £nil) in relation to exceptional write off of capitalised debt issue costs. 47
Quantum Pharma Plc Annual Report and Accounts 2015
9 Earnings/(loss) per share
2015
£000
2014
£000
Profit/(loss) attributable to equity shareholders of the parent (£000) 696 (1,631)
Basic weighted average number of shares (‘000) 54,507 43,057
Dilutive potential ordinary shares (‘000) 849 –
Diluted weighted average number of shares (‘000) 55,356 43,057
Pence Pence
Basic earnings/(loss) per share 1.3 (3.8)
Diluted earnings/(loss) per share 1.3 (3.8)
Basic weighted average number of shares includes those shares in the EBT to which the beneficiaries are unconditionally entitled.
The diluted loss per share is identical to the basic loss per share in 2014 as potential dilutive shares are not treated as dilutive since they would 
reduce the loss per share.
The dilutive potential shares relate to the share options (note 22). There were no potentially dilutive shares or other instrument that have been 
excluded from Diluted EPS because they are antidilutive.
The adjusted EPS, based on the following earnings figure for the year and number of shares in issue of 54,507,000 (2014: 43,057,000) is 9.7 pence 
(2014: 6.8 pence).
2015
£000
2014
£000
Profit/(loss) after tax 696 (1,631)
Add back:
One off costs 3,983 4,313
Share based payments 2,057 1,377
Deal costs 175 234
Release of other loan (1,650) –
Exceptional write off of capitalised debt issue costs 1,268 –
Less tax associated with adjustments (1,239) (1,372)
Adjusted earnings 5,290 2,921
The adjusted diluted earnings per share based on the weighted average number of shares of 55,356,000 (2014: 43,057,000) is 9.6 pence  
(2014: 6.8 pence).
10 Taxation
Recognised in the income statement
2015
£000
2014
£000
Current tax expense – 115
Adjustments for prior periods (103) (1,103)
Current tax credit (103) (988)
Deferred tax expense:
Origination and reversal of temporary differences 431 52
Adjustment for prior periods (3) 282
Reduction in tax rate 41 (42)
Deferred tax expense 469 292
Total tax expense/(credit) in income statement 366 (696)
Reductions in the UK Corporation tax rate from 26% to 24% (effective from 1 April 2012) and to 23% (effective 1 April 2013) were substantively enacted 
on 26 March 2012 and 3 July 2012 respectively. Further reductions to 21% (effective from 1 April 2014) and 20% (effective from 1 April 2015) were 
substantively enacted on 2 July 2013. This will reduce the Group’s future current tax charge accordingly. The deferred tax balances at 31 January 
2015 and 31 January 2014 have been calculated based on the rates of 20% and 21% substantively enacted at the balance sheet date.
Strategic Report Directors’ Report Financial Statements 48
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
10 Taxation continued
Reconciliation of effective tax rate
2015
£000
2014
£000
Profit/(loss) for the period from continuing operations 724 (1,908)
Total tax expense/(credit) 366 (696)
Profit/(loss) excluding taxation 1,090 (2,604)
Tax using the UK corporation tax rate of 21.32% (2014: 23.16%) 232 (603)
Non-deductible expenses 1,065 853
Reduction in tax rate on deferred tax balances – 19
Research and development relief (31) (638)
Prior year adjustments current tax (103) (1,103)
Prior year adjustments deferred tax (3) 282
Other (60) 494
Unrelieved tax losses carried forward 313 –
Utilisation of tax losses brought forward (185) –
Tax relief on exercise of share options (862) –
Total tax expense/(credit) 366 (696)
11 Property, plant and equipment
Land and
buildings
£000
Leasehold
improvements
£000
Plant and
equipment
£000
Fixtures &
fittings
£000
Total
£000
Cost
At 1 February 2013 1,518 67 1,468 1,491 4,544
Additions 23 3 151 374 551
Disposals – – (12) (303) (315)
At 31 January 2014 1,541 70 1,607 1,562 4,780
At 1 February 2014 1,541 70 1,607 1,562 4,780
Additions 169 2 335 1,166 1,672
Disposals – – (1) (2) (3)
At 31 January 2015 1,710 72 1,941 2,726 6,449
Depreciation and impairment 
At 1 February 2013 167 17 860 625 1,669
Charge for year 46 11 204 353 614
Disposals – – (3) (166) (169)
At 31 January 2014 213 28 1,061 812 2,114
At 1 February 2014 213 28 1,061 812 2,114
Charge for year 49 6 230 368 653
Disposals – – – (2) (2)
At 31 January 2015 262 34 1,291 1,178 2,765
Land and
buildings
£000
Leasehold
improvements
£000
Plant and
equipment
£000
Fixtures &
fittings
£000
Total
£000
Net book value
At 31 January 2014 1,328 42 546 750 2,666
At 31 January 2015 1,448 38 650 1,548 3,684 49
Quantum Pharma Plc Annual Report and Accounts 2015
12 Intangible assets
Software
development
£000
Development
costs
£000
Patents and
trademarks
£000
Customer 
relationship
£000
Goodwill
£000
Total
£000
Cost
Balance at 1 February 2013 – 699 148 1,728 60,319 62,894
Other acquisitions – internally developed – 1,524 – – – 1,524
Other acquisitions – externally purchased – – 69 – – 69
Balance at 31 January 2014 – 2,223 217 1,728 60,319 64,487
Balance at 1 February 2014 – 2,223 217 1,728 60,319 64,487
Other acquisitions – internally developed – 3,140 – – – 3,140
Other acquisitions – externally purchased 42 – 35 – – 77
Balance at 31 January 2015 42 5,363 252 1,728 60,319 67,704
Amortisation and impairment 
Balance at 1 February 2013 – – 27 173 9,459 9,659
Amortisation for the year – – 20 173 – 193
Balance at 31 January 2014 – – 47 346 9,459 9,852
Balance at 1 February 2014 – – 47 346 9,459 9,852
Amortisation for the year – 128 27 173 – 328
Balance at 31 January 2015 – 128 74 519 9,459 10,180
Software
development
£000
Development
costs
£000
Patents and
trademarks
£000
Customer 
relationship
£000
Goodwill
£000
Total
£000
Net book value
At 31 January 2014 – 2,223 170 1,382 50,860 54,635
At 31 January 2015 42 5,235 178 1,209 50,860 57,524
Amortisation
The amortisation charge is recognised in the following line items in the income statement:
2015
£000
2014
£000
Administrative expenses 328 193
Impairment testing
Goodwill and indefinite life intangible assets considered significant in comparison to the Group’s total carrying amount of such assets have been 
allocated to cash generating units or groups of cash generating units as follows:
Goodwill
2015
£000
2014
£000
Quantum Pharmaceutical Limited 37,703 37,703
UL Medicines Limited 9,647 9,647
Colonis Pharma Limited 424 424
Total Medication Management Services Limited (‘TOMMS’) 1,841 1,841
Protomed Limited 1,245 1,245
50,860 50,860
The recoverable amount of the goodwill allocated to the above cash generating units has been calculated with reference to their value in use. The 
key assumptions of this calculation (with the exception of TOMMS) are shown below:
2015 2014
Period on which management approved forecasts are based 3 years 3 years
Growth rate applied beyond approved forecast period 0% 0%
Discount rate 10% 10%
Strategic Report Directors’ Report Financial Statements 50
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
12 Intangible assets continued
Impairment testing continued
Management have assumed 0% growth beyond the forecast period. The forecast period is based on a three year business model approved by  
the board. The key assumption in those forecasts is revenue. Forecasts for the more established businesses are based on historical growth trends. 
For the less mature businesses, forecast revenues are based on management’s assessment of market trends and the impact of the Group’s 
growth initiatives. In respect of Colonis, forecast revenue is based on estimated revenues for each product in development, which in turn is  
based on estimated market size and the Group’s likely market share.
The recoverable amount of these cash generating units has been calculated with reference to their value in use. Management have used a pre-tax 
discount rate of 10% that reflects current market assessments for the time value of money and the risks associated with the CGU. The discount rate is 
common to all CGU’s given their similarity in geography and markets. A ratio of 10% has been applied in the first instance and further analysis would 
be done if this suggested that the impairment assessment was sensitive to the discount rate. Management has performed sensitivity analysis on all  
the impairment calculations by increasing the pre-tax discount rate by 5% to 15% and no impairment would arise in any period.
TOMMS is at an early stage in its development, is restructuring its cost base and revenue is expected to continue to grow beyond that in the six year 
forecast which has been prepared for TOMMS. A growth rate of 3% has been applied thereafter in perpetuity which is in line with management’s 
experience of the growth rates in its niche markets. A discount rate of 12% has been applied to reflect the higher uncertainty in TOMMS future  
cash flows in comparison with the rest of the Group. The discount rate would have to increase to 14% before TOMMS goodwill is impaired.
13 Fixed asset investments
Interest in 
joint venture
£000
Share of post acquisition reserves
At 1 February 2013 –
Retained profits less losses 4
Exchange differences 8
Transfer to provision for liabilities (12)
At 31 January 2014 –
At 1 February 2014 –
Retained profits less losses 42
Exchange differences 37
Transfer to provision for liabilities (79)
At 31 January 2015 – 51
Quantum Pharma Plc Annual Report and Accounts 2015
14 Investments in subsidiaries and jointly controlled entities
The undertakings in which the Group’s interest at the period end is 20% or more are as follows:
Country of incorporation Principal activity
Class of 
shares held
At 31 January 
2015
%
At 31 January 
2014
%
Subsidiary undertakings
Quantum Pharma 2014 Limited United Kingdom Holding company Ordinary 100 100
Quantum Pharma Group Limited
#
United Kingdom Holding company Ordinary 100 100
Quantum Pharmaceutical Limited
-
United Kingdom Manufacture and supply  
of unlicensed  
pharmaceutical products
Ordinary 100 100
Quantum Specials Limited United Kingdom Dormant Ordinary 100 100
Pern Consumer Products Limited
^
United Kingdom Supply and distribution  
of body care products
Ordinary 100 100
Quantum Specials Trustee Limited United Kingdom Corporate Trustee Ordinary 100 100
Total Medication Management  
Services Limited
^
United Kingdom Supply of prescription drugs  
to the care home sector
Ordinary 100 100
UL Medicines Limited
^
United Kingdom Supply and distribution  
of unlicensed medicines
Ordinary 100 100
Colonis Pharma Limited
^
United Kingdom Development and 
commercialisation of 
pharmaceuticals and  
related products
Ordinary 100 51
Protomed
^
United Kingdom Supply of Biodose MDS  
system to pharmacies
Ordinary 100 100
Pharmacy Prime Limited* United Kingdom Dormant Ordinary 100 100
Protohealth Limited* United Kingdom Dormant Ordinary 100 100
Joint ventures
QM Specials Limited
+
Republic of Ireland Supply and distribution of 
special medical preparations
Ordinary 50 50
Quantum Specials Trustee Limited is the corporate trustee for an employee benefit trust established to facilitate employee share ownership in 
the company.
# held as a subsidiary of Quantum Pharma 2014 Limited
- held as a subsidiary of Quantum Pharma Group Limited
* held as a subsidiary of Protomed Limited
^ held as a subsidiary of Quantum Pharmaceutical Limited
+ held as a joint venture of Quantum Pharmaceutical Limited
Summary aggregated financial information on jointly controlled entities – 100 per cent:
2015
£000
2014
£000
Current assets 328 238
Long-term assets 21 43
Current liabilities (275) (286)
Long-term liabilities (668) (748)
Income 1,086 850
Expenses (1,002) (841)
Strategic Report Directors’ Report Financial Statements 52
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
15 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities 
Deferred tax assets and liabilities are attributable to the following:
Assets
2015 
£000
2014
£000
Liabilities
2015
£000
2014
£000
Property, plant and equipment – – – (190)
Intangible assets – – (284) (611)
Financial assets – – (1,121) –
Share-based payments – 106 – –
Provisions 21 21 – –
Tax loss carried forwards 294 174 – –
Other 121 – – –
Tax assets/(liabilities) 436 301 (1,405) (801)
Movement in deferred tax during the year
1 February
2014 
£000
Recognised
in income
£000
31 January
2015
£000
Property, plant and equipment (190) (94) (284)
Intangible assets (611) (510) (1,121)
Share-based payments 106 (106) –
Provisions 21 – 21
Tax loss carried forward 174 120 294
Other – 121 121
(500) (469) (969)
Movement in deferred tax during the prior year
1 February
2013 
£000
Recognised
in income
£000
31 January
2014
£000
Property, plant and equipment (50) (140) (190)
Intangible assets (487) (124) (611)
Share-based payments 121 (15) 106
Provisions 20 1 21
Tax loss carried forward 188 (14) 174
(208) (292) (500)
The group also has unrecognised deferred tax assets of £1,041,000 principally relating to losses carried forward.
16 Inventories
2015
£000
2014
£000
Raw materials and consumables 498 365
Finished goods and goods for resale 2,760 2,251
3,258 2,616 53
Quantum Pharma Plc Annual Report and Accounts 2015
17 Trade and other receivables
2015 
£000
2014 
£000
Trade receivables 9,999 7,945
Other receivables 1,412 1,397
Prepayments 488 696
11,899 10,038
Non-current – –
Current 11,899 10,038
11,899 10,038
Included within trade and other receivables is £nil (2014: £nil) expected to be recovered in more than 12 months.
18 Cash and cash equivalents
2015 
£000
2014 
£000
Cash and cash equivalents per balance sheet 5,873 4,287
Bank overdrafts – –
Cash and cash equivalents per cash flow statements 5,873 4,287
19 Other interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at  
amortised cost. 
The Group’s borrowings together with their principal terms, were as follows:
2015 
£000
2014 
£000
Non-current liabilities
Interest-bearing loans and borrowings 14,140 46,380
Current liabilities
Interest bearing loans and borrowings 699 7,588
14,839 53,968
Terms and debt repayment schedule 
Currency
Nominal  
interest rate
Year of 
maturity
Face value 
2015  
£000
Carrying 
amount  
2015
£000
Face value 
2014  
£000
Carrying 
amount 
2014 
£000
Bank term loan GBP Base rate + 2.8% 3 years 15,000 14,839 – –
Bank term loans GBP
Base lending rate + 
3.3-10% 1-3 years – – 23,481 23,045
10% secured loan stock GBP 10% 11 years – – 29,393 29,057
Shares classified as liabilities GBP 10% – – – 101 101
Other loans GBP 10% 3 years – – 1,765 1,765
15,000 14,839 54,740 53,968
Included within the carrying value of bank term loans are issue costs of £161,000 (2014: £772,000).
The issue costs of each instrument, together with the interest expense, are allocated to the profit and loss account over the term of the respective 
facilities at a constant rate based on the original value of each instrument.
Subsequent to the Company float on the AIM on 11 December 2014, the Group’s existing debt was repaid. The Group secured a new bank term 
loan of £15 million on flotation. At the balance sheet date the Group’s borrowings, comprising only bank loans, are secured by fixed and floating 
charges over the Group’s assets. Furthermore the proceeds of an insurance policy on the life of AJ Scaife has been guaranteed to the bank to the 
sum of £1,000,000. 
Strategic Report Directors’ Report Financial Statements 54
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
19 Other interest-bearing loans and borrowings continued
Terms and debt repayment schedule continued
The bank term loan bears interest at the base lending rate plus a margin of 2.8% (prior year loans were at rates varying from 3.3% and 10%) and  
is repayable in quarterly instalments. 
10% Secured loan stock 2017 was fully repaid in the year. Interest accrued on a daily basis at a fixed rate of 10% per annum, of which 25% was 
rolled up and paid on redemption of the loan stock. At the balance sheet date the amount which remained outstanding in respect of this loan 
included accrued rolled up interest of £nil (2014: £2,119,000).
10% Secured ‘A’ loan stock 2010 was fully repaid during the year. Interest accrued on a daily basis at a fixed rate of 10% per annum, of which 25% 
was rolled up and paid on redemption of the loan stock. This loan stock was also subject to further interest of 5% per annum if the Group’s results 
had exceeded certain EBITA targets. Any additional amount payable was rolled up and paid on redemption of the loan stock. At the balance sheet 
date the amount which remained outstanding in respect of this loan included total accrued rolled up interest of £nil (2014: £470,000).
10% Secured ‘B’ loan stock 2017. Interest accrued on a daily basis at a fixed rate of 10% per annum, of which 25% was rolled up and paid on 
redemption of the loan stock. At the balance sheet date the amount which remained outstanding in respect of this loan included accrued rolled  
up interest of £nil (2014: £1,415,000).
The Other loans were novated to the Group pursuant to the acquisition of Total Medication Management Services Limited and were repayable  
on 31 March 2014, subject to the contingent consideration provisions of the sale and purchase agreement and, as such, repayment of the other 
loans is contingent upon certain financial performance criteria being achieved. Interest accrued on a daily basis at a fixed rate of 10% per annum, 
of which 25% was rolled up and paid. On 16 April 2014 it was confirmed the financial performance criteria had not been achieved. As a result,  
the original novated loan of £1,650,000 was no longer payable and has been released to the consolidated income statement. 
During the period the Group drew down additional bank term loans totalling £11,000,000 with associated arrangement fees of £496,000.  
The facilities were repaid in full following the IPO.
Analysis of debt:
2015 
£000
2014 
£000
Debt can be analysed as falling due:
In one year or less, or on demand 699 7,588
Between one and two years 2,949 17,221
Between two and five years 11,191 19,270
In five years or more – 9,889
14,839 53,968
20 Trade and other payables
2015 
£000
2014 
£000
Current
Trade payables 7,033 5,635
Non-trade payables and accrued expenses 8,648 14,907
Deferred consideration – 3,428
15,681 23,970
Non-current
Non-trade payables and accrued expenses 16 14
21 Employee benefits 
Defined contribution plans 
The Group does not operate any pension scheme but administers contributions to a stakeholder pension scheme for its employees and makes 
contributions to the personal pension schemes of certain employees. The pension cost charge for the period represents contributions payable  
by the Group to the stakeholder and personal pension schemes and amounted to £548,000 (2014: £226,000).
There were £102,000 outstanding contributions at the end of the financial year (2014: £28,000). 55
Quantum Pharma Plc Annual Report and Accounts 2015
22 Share based payments
At 31 January 2015 the Group had 3 Share Award plans which are all equity settled schemes.
1) Long Term Incentive Plan (LTIP)
On 11 December 2014 the Group established the Quantum Pharma Plc Long Term Incentive Plan (‘LTIP’). This is a discretionary plan pursuant to 
which awards may be made in the form of options, conditional share awards or the award of restricted shares (‘Awards’). Benefits under the LTIP 
are not pensionable.
a) Eligibility
Only the Executive Directors and certain other senior management have been selected to participate in the LTIP.
b) Vesting and exercise of Awards
The Awards granted on 11 December 2014 vest subject to the satisfaction of the performance conditions outlined below. To the extent that any 
future awards are granted, different conditions may apply (in the absolute discretion of the Remuneration Committee).
The proposed performance conditions are as follows:
The Awards are split into three equal tranches each subject to Group EBITDA performance conditions measured over 3 financial years (which,  
for the avoidance of doubt ends on 31 January 2018). If the target for any tranche is not achieved at the end of the relevant financial year, it may  
be capable of vesting at a later financial year if the total EBITDA over the aggregate performance period (i.e. to 31 January 2018) exceeds the sum  
of the performance targets.
Any unvested awards following the financial year ending 31 January 2018 lapse in full.
The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The fair 
value of the share options granted is measured by using a Black Scholes valuation model.
The expected volatility is based on historical volatility of a peer group of companies over a relevant period prior to the Award on 11 December 2014.
The expected life is the average expected period to exercise, which has been taken as three years.
The risk free rate of return is the yield as at the grant date on zero coupon UK government bonds of a term commensurate with the expected life.
Measurement assumptions are as follows:
2015
At grant date
Share price £1.00
Exercise price £1.00
Expected volatility 40.9%
Expected option life 3 years
Expected dividends 1.25%
Risk free interest rate 0.89%
Fair value per award £0.263
6,072,650 options were granted in the year and remain outstanding at the balance sheet date.
2) Joint Share Ownership Plan (JSOP)
On 22 October 2014 the Group adopted the JSOP and Awards were made on the same date. The Awards related to shares in the previous parent, 
Quantum Pharma Group Limited. The Awards vested immediately.
a) Eligibility
Only the Executive Directors and other Senior Executives were selected to participate in the scheme.
b) Grant of Awards
Under the JSOP participants acquired a jointly owned interest in shares of the Group. At the same time participants were granted an option to 
acquire the balance of the interest in the same shares. The options vested immediately.
The total number of options granted was 11,493 with a cost recognised in the period of £1,149,000.
Strategic Report Directors’ Report Financial Statements 56
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
22 Share based payments continued
3) Share options
The Group operated an EMI Scheme under which share options were settled by the issue of its ordinary shares. The EMI Scheme was intended to 
attract, retain and incentivise participants to higher standards of performance and encourage greater dedication and loyalty by enabling the Group 
to give recognition to past contributions and services; as well as motivating participants to contribute to the long-term prosperity of the Group.  
The Awards related to shares in the previous parent, Quantum Pharma Group Limited. These options vested on the successful AIM listing.
The number and weighted average exercise prices of share options are as follows:
2015 2014
Weighted  
average 
exercise  
price  
£
Number of 
options
Weighted 
average 
exercise 
price  
£
Number of 
options
Outstanding at the beginning of the period 1.0 33,769 1.0 26,847
Granted during the period 1.0 – 1.0 8,307
Forfeited during the period 1.0 (5,993) 1.0 (1,385)
Exercised during the period 1.0 (27,776) – –
Outstanding at the end of the period 1.0 – 1.0 33,769
Exercisable at the end of the period – – 1.0 33,769
The options exercised in the year had a weighted average market value of £146.72.
The total expense recognised for share based payments are as follows:
2015 
£000
2014 
£000
LTIP 136 –
JSOP 1,149 –
Share options 772 1,377
2,057 1,377
23 Provisions
Provision 
for onerous  
leases  
£000
Provision for 
losses in  
joint venture  
£000
Total 
£000
Cost
Balance at 1 February 2013 – 388 388
Provisions made during the year 270 – 270
Provisions used during the year – (12) (12)
Balance at 31 January 2014 270 376 646
Balance at 1 February 2014 270 376 646
Provisions used during the year (257) (79) (336)
Balance at 31 January 2015 13 297 310
Included within provisions is £297,000 (2014: £514,000) expected to be settled in more than 12 months.
Provisions for losses in joint venture
The Group’s joint venture, QM Specials Limited, has net liabilities of £594,000 (2014: £753,000). A provision has been made in respect of the 
Groups deemed obligation to fund its share of these losses.
Provision for onerous leases
The provision relates to costs in respect of the vacation of properties and in particular the onerous lease costs and other commitments associated 
with the vacation of a property.
The provision will be utilised within one year and as such the impact of discounting would not be material. 57
Quantum Pharma Plc Annual Report and Accounts 2015
24 Share capital 
2015 
£000
2014 
£000
124,999,993 Ordinary shares of 10p each (2014: 43,057,000 of 10p each) 12,500 4,306
The holders of ordinary shares are entitled to receive dividends as declared form time to time and are entitled to one vote per share at meetings of 
the Company.
During the year the company issued 81,942,993 ordinary shares for consideration, net of expenses, of £73,134,000. Of this amount £8,194,000 had 
been credited to share capital and £64,940,000 to share premium account.
25 Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share premium Amount subscribed for share capital in excess of nominal value.
Consolidation reserve Arises as a result of the reverse acquisition concept in IFRS 3 when Quantum Pharma Plc became the parent of  
the Group. The Consolidation reserve of £9,752,000 represents (i) the difference between the reserves of Quantum 
Pharma Plc and those of the former parent and (ii) the premium payable on acquisition by a subsidiary, of preference 
shares arising in the pre-IPO restructure.
Merger reserve When Quantum Pharma Group acquired the entire issued share capital of Quantum Pharmaceutical Limited, the 
Company took advantage of the merger relief provisions of the Companies Act 2006 and has not recorded any 
premium arising on the issue of these shares. A merger reserve of £8,742,000 was created in the group financial 
statements which represents the difference between the fair value and the nominal value of the consideration 
shares issued by the company.
Translation reserve Gains/losses arising on retranslating the net assets of overseas operations into sterling.
Other reserve Other reserve relates to any premium arising on acquisition of non-controlling interests where there has been no 
change of control.
ESOP own share reserve Shares purchased and held to satisfy share options.
Retained earnings All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.
Own shares held by ESOP
At the balance sheet date 4,840,165 (2014: nil) ordinary shares of £0.10 each, were held by a Company sponsored Employee Benefit Trust.  
The arrangements for distributing shares to employees by the trust are at the discretion of the trustees. Based on the directors’ best estimate,  
the market value of the shares held by the trust at the balance sheet date was approximately £4,767,562 (2014: £nil). At the year end 4,840,165 
ordinary shares are under option to employees.
26 Financial instruments
Financial risk management
The Group’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including foreign currency risk and  
interest rate risk). 
a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, 
and arises principally from the Group’s receivables from customers.
Strategic Report Directors’ Report Financial Statements 58
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
26 Financial instruments continued
Financial risk management continued
The maximum exposure to credit risk at the balance sheet date for trade receivables was:
2015 
£000
2014 
£000
Trade receivables 9,999 7,945
The ageing of the trade receivables at the balance sheet date was:
2015 
Gross
£000
Impairment
£000
2014 
Gross
£000
Impairment
£000
Not past due 6,460 – 5,537 –
Past due 0-30 days 2,502 – 1,899 –
Past due 31-120 days 753 – 416 –
More than 120 days 369 (85) 150 (57)
Total 10,084 (85) 8,002 (57)
Management assesses the necessity for impairment on a specific item by item basis. Management incorporate, amongst other criteria, their 
knowledge and understanding of the business along with the age of the item. No other receivables are past due in any of the reporting periods above. 
The movement in the allowance for impairment in respect of trade receivables during the period was as follows:
2015 
£000
2014 
£000
Balance at start of year 57 75
Impairment loss recognised 28 –
Amounts deemed irrecoverable – (18)
Balance at end of year 85 57
The allowance account for trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount 
owing is possible; at that point the amounts considered irrecoverable are written off against the trade receivables directly.
b) Liquidity risk
The Group’s policy on liquidity risk has been to maintain sufficient cash balances to provide flexibility in the management of the Group’s liquidity.
The following are the contractual maturities of financial liabilities, including estimated interest payments.
Year to 31 January 2015
Carrying 
amount 
£000
Contractual 
cash flows
£000
1 year 
or less 
£000
1 to 2 
years 
£000
2 to 5 
years 
£000
Non-derivative financial liabilities
Interest bearing loans 14,839 16,105 1,165 3,370 11,570
Trade payables 7,033 7,033 7,033 – –
21,872 23,138 8,198 3,370 11,570
Year to 31 January 2014
Carrying 
amount
£000
Contractual 
cash flows
£000
1 year 
or less
£000
1 to 2 
years
£000
2 to 5 
years
£000
5 years 
and over
£000
Non-derivative financial liabilities
Interest bearing loans 53,968 79,615 11,125 20,784 27,572 20,134
Trade payables 5,635 5,635 5,635 – – –
59,603 85,250 16,760 20,784 27,572 20,134 59
Quantum Pharma Plc Annual Report and Accounts 2015
26 Financial instruments continued
Financial risk management continued
c) Market risk – Foreign currency risk
The Group’s exposure to foreign currency risk is as follows. This is based on the carrying amount for monetary financial instruments except 
derivatives when it is based on notional amounts.
Euro
£000
US Dollar
£000
Other
£000
Total
£000
Trade and other payables 24 111 72 207
Balance sheet exposure 31 January 2015 24 111 72 207
Trade and other payables 49 58 57 164
Balance sheet exposure 31 January 2014 49 58 57 164
d) Market risk – Interest rate risk
At the balance sheet dates the interest rate profile of the Group’s interest-bearing financial instruments was:
2015 
£000
2014 
£000
Variable rate instruments
Bank term loans 14,839 18,430
Fixed rate instruments
Secured loan stock – 29,057
Other loans – 1,765
Shares classified as liabilities – 101
Bank term loans – 4,615
14,839 53,968
A change of 1 basis points in the interest rates at the balance sheet note would have increased/(decreased) equity and profit or loss by the amounts 
shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular foreign currency rates, remain constant and considers the effects of financial instruments 
with variable interest rates. The analysis is performed on the same basis for each comparative period.
2015 
£000
2014 
£000
Equity
Decrease (11) (135)
Loss
Increase – 135
Profit
Decrease (11) –
e) Fair values of financial instruments
Trade and other payables and receivables
The fair value of these items are considered to be their carrying value as the impact of discounting future cash flows has been assessed as  
not material.
Cash and cash equivalents
The fair value of cash and cash equivalents is estimated as its carrying amount where the cash is repayable on demand. Where it is not repayable 
on demand then the fair value is estimated at the present value of future cash flows, discounted at the market rate of interest at the balance  
sheet date.
Long-term and short-term borrowings 
The fair value of bank loans and other loans is based on the terms the Group has agreed for its variable rate debt.
Short-term deposits
The fair value of short term deposits is considered to be the carrying value as the balances are held in floating rate accounts where the interest rate 
is reset to market rates.
Strategic Report Directors’ Report Financial Statements 60
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
26 Financial instruments continued
Financial risk management continued
Fair Value Hierarchy 
The following hierarchy classifies each class of financial asset or liability depending on the valuation technique applied in determining its fair value: 
Level 1: The fair value is calculated based on quoted prices traded in active markets for identical assets or liabilities. 
Level 2: The fair value is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or 
indirectly. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows utilising applicable year end yield 
curves. The fair value of forward foreign exchange and commodity contracts is determined using quoted forward exchange rates and commodity 
prices at the reported date and yield curves derived from quoted interest rates matching the maturities of the forward contracts. 
Level 3: The fair value is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). 
There have been no transfers between categories in the current or preceding period. The only item held at fair value in the current or prior year is 
the call option in respect of the acquisition of Protomed.
Call options in respect of business combinations
During the reporting periods the Group had call options as follows:
• the option to acquire the remaining 80% in Protomed Limited (granted on 27 October 2010 and subsequently exercised on 18 March 2013); and
• the option to acquire the remaining 49% of Colonis Pharma Limited (granted on 20 September 2012 and subsequently exercised on 
11 December 2014).
The Colonis Pharma option is an equity derivative, recognised at cost and not remeasured.
The Protomed option is carried at fair value with movements in fair value included in profit or loss. If and when exercised, the option fair value is 
included in the total consideration for the shares acquired.
The purchase option is considered to be Level 3 in the fair value hierarchy. Fair value is calculated with reference to the fair value of the related 
business (which is derived from estimates of future earnings and a market multiple) in comparison to the required consideration for the shares to be 
acquired. As there is no commitment to exercise the options the fair value is deemed to be nil where the consideration is higher than the business 
fair value. The options are valued at £nil in all reporting periods covered in these consolidated financial statements.
The fair values of all financial instruments, throughout the reporting periods, approximate to their carrying values. Whilst the Group has previously 
had some fixed rate debt the rate was consistent with that on the Group’s variable rate debt.
f) Capital management
The Group defines capital as equity (as set out on the Consolidated Balance Sheet) and interest bearing borrowings (as set out in note 19).  
The Group’s capital management objectives are to provide sufficient funds to support the continued growth of the Group and to provide a return  
to shareholders. There are no external capital requirements but the bank term loans are subject to covenants, consistent with normal business 
practice, in respect of leverage and interest cover.
27 Operating leases
Non-cancellable operating lease rentals are payable as follows:
2015 
£000
2014 
£000
Less than one year 642 700
Between one and five years 1,352 1,433
More than five years 4,548 4,795
6,542 6,928
28 Commitments
Capital commitments at the end of the financial period, for which no provision has been made, are as follows:
2015 
£000
2014 
£000
Contracted – – 61
Quantum Pharma Plc Annual Report and Accounts 2015
29 Contingencies
This Company is party to a composite guarantee with the Group’s lenders whereby the Company is liable, jointly and severally with other members 
of the Group in respect of borrowings within the Group.
The Group’s bankers and other lenders also have in place a debenture over the Company’s assets in support of borrowings within the Group 
which amounted to £15,000,000 (2014: £54,639,000) at the balance sheet date, including the unamortised amount of associated loan issue costs.
30 Related parties
The Group has a related party relationship with its subsidiaries, jointly controlled entities and its directors.
Subsidiaries
Transactions between the Company’s subsidiaries, which are related parties, have been eliminated on consolidation and are therefore not disclosed.
Directors
Amounts due from directors during the year to 31 January 2015 were as follows:
Balance at
beginning
of year
£000
Balance at
end of year
£000
Maximum
balance
during year
£000
AJ Scaife 118 – 160
MJ Such 57 – 84
T Engelen 529 – 548
In the year to 31 January 2013 T Engelen was advanced a loan of £500,000 by Quantum Pharmaceutical Limited, a wholly owned subsidiary of 
Quantum Pharma Plc. The loan is subject to interest at Bank of England Base rate plus 4%. The loan, along with any accrued interest, was fully 
repaid in the year (2014: £529,000 total loan and accrued interest outstanding).
Details of director’s share options, emoluments, pension benefits and other non-cash benefits can be found in note 7.
Other related party transactions
i) Prior to the IPO Lloyds Development Capital (LDC) was considered to be a related party by virtue of its shareholding. During the period  
the Group repaid loan notes and interest charges of £25,041,000 (2014: £nil) and monitoring fees of £118,000 (2014: £nil). The total  
amount outstanding at the balance sheet date amounted to £nil (2014: £22,958,000) in respect of loan notes and accrued interest  
and £nil (2014: £73,000) of monitoring fees outstanding. 
 In addition as part of the pre-IPO restructure the Group purchased preference shares for a total consideration of £5,986,000.
ii) QM Specials Limited is a joint venture in which the Group has a 50% interest. During the period the Company received loan repayments  
of £59,000 (2014: £7,000) from QM Specials Limited. The total amount outstanding at the balance sheet date amounted to £495,000  
(2014: £554,000) and is included in other debtors.
The Group did not undertake any transactions with QM Specials Limited during the current or preceding two financial years.
Key management personnel remuneration
Key management personnel are considered to be the Board of directors.
The total remuneration for key management personnel is £1,947,000 (2014: £1,064,000), comprising short term benefits of £1,053,000  
(2014: £331,000), post employment benefits of £31,000 (2014: £22,000) and share based payments of £863,000 (2014: £711,000).
31 Subsequent events
In April 2015, the Group announced the acquisition of 100% of the share capital of Lamda (UK) Limited, Lamda Laboratories SA and Lamda 
Pharmaceuticals SA for a total consideration of €9.7 million. The consideration comprises €4.7 million payable on completion and €5.0 million 
deferred consideration, to be paid in two equal instalments 12 and 24 months after the date of completion. An exercise is currently underway to 
identify, and measure the fair value of, the assets and liabilities acquired. This exercise will be completed by, and reported in, our announcement  
of interim results for the forthcoming half year.
Lamda provide a fully outsourced research and development service to companies looking to license medical products from its state of the art 
development laboratories near Athens, Greece.
Strategic Report Directors’ Report Financial Statements 62
Quantum Pharma Plc Annual Report and Accounts 2015
32 Accounting estimates and judgements
Impairment of goodwill and other intangibles
Determining whether goodwill and other intangibles are impaired required an estimation of the value in use of the cash-generating units to which 
goodwill and other intangible assets have been allocated. The value in use calculation required estimation of future cash flows expected to arise 
from the cash generating unit and a suitable discount rate in order to calculate present value. Details of CGU’s as well as further information about 
the assumptions made are disclosed in note 12.
Capitalisation of development expenditure
Determining whether expenditure meets the IFRS criteria for capitalisation required judgement as to whether the products are technically and 
commercially feasible and an estimation of the future economic benefits to arise from the products. The Group must also assess if it has sufficient 
resources to complete development and sell or use the asset.
Notes continued 63
Quantum Pharma Plc Annual Report and Accounts 2015
Note
2015 
£000
Fixed assets
Investments 2 85
Current assets
Debtors 3 107,613
Cash at bank and in hand 1,725
109,338
Creditors: amounts falling due within one year 4 (1,523)
Net current assets 107,815
Total assets less current liabilities 107,900
Creditors: amounts falling due after more than one year 5 (14,140)
Net assets 93,760
Capital and reserves
Called up share capital 6 12,500
Share premium 7 64,940
ESOP own share reserve 7 (484)
Profit and loss account 7 16,804
Shareholders’ funds 93,760
These financial statements were approved by the board of directors on 19 May 2015 and were signed on its behalf by:
MJ Such
Director
Company registered number: 9269818
Company Balance Sheet
at 31 January 2015
Strategic Report Directors’ Report Financial Statements 64
Quantum Pharma Plc Annual Report and Accounts 2015
2015
£000
Profit for the financial period 20,974
Consideration payable for purchase of own shares by ESOP trust (484)
Share based payments charge 136
Net addition to shareholders’ funds 20,626
Opening shareholders’ funds –
Shares issued for cash 73,134
Closing shareholders’ funds 93,760
Reconciliations of Movements in Shareholders’ Funds
for the period ended 31 January 2015 65
Quantum Pharma Plc Annual Report and Accounts 2015
Notes
1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the 
financial statements.
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards, and under the historical cost accounting rules.
Under FRS 1 the Company is exempt from the requirement to prepare a cash flow statement on the grounds that a parent undertaking includes 
the Company in its own published consolidated financial statements.
The Company has taken advantage of the exemption contained in FRS 8 and has therefore not disclosed transactions or balances with wholly 
owned subsidiaries which form part of the Group. The consolidated financial statements of Quantum Pharma Plc, within which this Company  
is included, can be obtained from Companies House.
Going concern
The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the 
Strategic Report on pages 1 to 21. The financial position of the Company is described in the Chief Financial Officer’s review on pages 14 to 17.  
In addition, note 26 to the financial statements includes the Company’s objectives, policies and processes for managing its capital; its financial  
risk management objectives; details of its financial instruments and its exposure to credit risk and liquidity risk.
The Company has considerable financial resources and financing facilities and prepares detailed business plans that model headroom on  
financial covenants.
The directors believe the Group is well placed to manage its business risks successfully and therefore have a reasonable expectation that the 
Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going 
concern basis in preparing the consolidated financial statements.
Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains  
or losses on translation are included in the profit and loss account.
Post-retirement benefits
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an 
independently administered fund. The Company also administers contributions to certain employees personal pension schemes. The amount 
charged to the profit and loss account represents the contributions payable to the schemes in respect of the accounting period.
Taxation
The charge for taxation is based on the result for the year and takes into account taxation deferred because of timing differences between the 
treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and 
accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.
Classification of financial instruments issued by the Company
Following the adoption of FRS 25, financial instruments issued by the Company are treated as equity (i.e. forming part of shareholders’ funds) only 
to the extent that they meet the following two conditions: 
a) they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial 
liabilities with another party under conditions that are potentially unfavourable to the Company; and 
b) where the instrument will or may be settled in the Company’s own equity instruments, it is either a non-derivative that includes no obligation to 
deliver a variable number of the Company’s own equity instruments or is a derivative that will be settled by the Company’s exchanging a fixed 
amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the 
legal form of the Company’s own shares, the amounts presented in these financial statements for called up share capital and share premium 
account exclude amounts in relation to those shares.
Where a financial instrument that contains both equity and financial liability components exists these components are separated and accounted for 
individually under the above policy. The finance cost on the financial liability component is correspondingly higher over the life of the instrument.
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar charges. Finance payments associated with 
financial instruments that are classified as part of shareholders’ funds (see dividends policy), are dealt with as appropriations in the reconciliation of 
movements in shareholders’ funds.
Strategic Report Directors’ Report Financial Statements 66
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
1 Accounting policies continued
Dividends on shares presented within shareholders’ funds
Dividends are only recognised as a liability at that date to the extent that they are declared prior to the year end. Unpaid dividends that do not meet 
these criteria are disclosed in the notes to the financial statements.
Share based payments
The share option programme allows certain employees to acquire shares in the Company Quantum Pharma Plc. Where the Company grants rights 
to its equity instruments to the Company’s employees, which are accounted for as equity-settled in the consolidated accounts, the Company 
accounts for these share-based payments as equity-settled.
The grant date fair value of share-based payment awards granted is recognised as an employee expense with a corresponding increase in equity, 
over the period that the employees become unconditionally entitled to the awards. The fair value of the options granted is measured using an 
option pricing model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is 
adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that 
the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance 
conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment 
is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
2 Fixed asset investment 
Shares in 
group 
undertaking 
£000
Cost
At beginning of period –
Capital contribution arising on share based payments 85
At end of period 85
The undertakings in which the Company’s interest at the period end is 20% or more are as follows:
Country of incorporation Principal activity
Class and percentage  
of shares
Subsidiary undertakings
Quantum Pharma 2014 Limited United Kingdom Holding company 100% Ordinary
3 Debtors
2015 
£000
Amounts due from group undertakings 107,285
Other taxes and social security 256
Prepayments and accrued income 72
107,613
4 Creditors: amounts falling due within one year
2015 
£000
Bank loans (see note 5) 699
Trade creditors 704
Accruals and deferred income 120
1,523
Bank loans due within one year are stated net of unamortised loan issue costs of £51,000. 67
Quantum Pharma Plc Annual Report and Accounts 2015
5 Creditors: amounts falling due after more than one year
2015
£000
Bank loans 14,140
Bank loans due after more than one year are stated net of unamortised loan issue costs of £110,000.
The Company’s borrowings at the balance sheet date, together with their principal terms, were as follows:
Initial capital 
advance
£000
Initial capital 
outstanding at 
end of year 
£000 Repayment terms Interest
Bank term loan 15,000 15,000 3 years 2.8%  
above base 
lending rate
Less: unamortised loan issue costs (167) (161)
14,833 14,839
The issue costs of each instrument, together with the interest expense, are allocated to the profit and loss account over the term of the respective 
facilities at a constant rate based on the original value of each instrument.
The Company’s borrowings, are secured by fixed and floating charges over the Group’s assets. The proceeds of an insurance policy on the life of 
AJ Scaife has been guaranteed to the bank to the sum of £1,000,000. These borrowings are repayable as detailed below.
Bank term loan is repayable by quarterly instalments commencing 31 January 2016.
Analysis of debt:
2015 
£000
Debt can be analysed as falling due:
In one year or less, or on demand 699
Between one and two years 2,949
Between two and five years 11,191
14,839
6 Called up share capital
2015 
£000
124,999,993 Ordinary shares of 10p each 12,500
The holders of ordinary shares are entitled to receive dividends as declared form time to time and are entitled to one vote per share at meetings of 
the Company.
7 Share premium and reserves
Company
Share 
premium 
£000
Own shares 
held by 
ESOP 
£000
Profit and 
loss account 
£000
Profit for the period – – 20,974
Reserves capitalised on bonus issue of shares – – (4,306)
Share based payments charge – – 136
Premium received on issue of new shares 64,940 – –
Consideration payable for the purchase of own shares by ESOP Trust – (484) –
At end of year 64,940 (484) 16,804
Strategic Report Directors’ Report Financial Statements 68
Quantum Pharma Plc Annual Report and Accounts 2015
Notes continued
7 Share premium and reserves continued
Own shares held by ESOP
At the balance sheet date 4,840,165 ordinary shares of £0.10 each, were held by a Company sponsored Employee Benefit Trust. The arrangements for 
distributing shares to employees by the trust are at the discretion of the trustees. Based on the directors’ best estimate, the market value of the shares 
held by the trust at the balance sheet date was approximately £4,767 ,562. At the period end 4,840,165 ordinary shares are under option to employees.
8 Contingent liabilities
This Company is party to a composite guarantee with the Group’s lenders whereby the Company is liable, jointly and severally with other members 
of the Group in respect of borrowings within the Group.
The Group’s bankers and other lenders also have in place a debenture over the Company’s assets in support of borrowings within the Group which 
amounted to £15,000,000 at the balance sheet date, including the unamortised amount of associated loan issue costs.
9 Pension scheme
The Company does not operate any pension scheme but administers contributions to a stakeholder pension scheme for its employees and makes 
contributions to the personal pension schemes of certain employees. The pension cost charge for the year represents contributions payable by the 
Company to the stakeholder and personal pension schemes and amounted to £4,430.
There were £2,500 outstanding contributions at the end of the financial period.
10 Share based payments 
The Company grants rights to its equity instruments to certain employees of the Group, which are accounted for as equity-settled in the Company 
and the consolidated financial statements.
The total expense recognised for share based payments in the Company financial statements, during the year, is £136,000.
Share options
The company operates an Long Term Incentive Plan (LTIP) Scheme under which share options are settled by the issue of its ordinary shares. The 
LTIP is intended to attract, retain and incentivise participants to higher standards of performance and encourage greater dedication and loyalty by 
enabling the group to give recognition to past contributions and services; as well as motivating participants to contribute to the long-term prosperity 
of the Group.
The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The fair 
value of the share options granted is measured by using a Black Scholes valuation model.
The expected volatility is based on historical volatility of a peer group of companies over a relevant period prior to the Award on 11 December 2014.
The expected life is in the average expected period to exercise, which has been taken as three years.
The risk free rate of return is the yield as at the grant date on zero coupon UK government bonds of a term commensurate with the expected life.
Measurement assumptions are as follows:
2015
At grant date
Share price £1.00
Exercise price £1.00
Expected volatility 40.9%
Expected option life 3 years
Expected dividends 1.25%
Risk free interest rate 0.89%
Fair value per award £0.263
6,072,650 options were granted in the period and remain outstanding at the balance sheet date.
11 Ultimate controlling party
The Company’s shares are listed on the Alternative Investment Market (‘AIM’) and are widely held. There is no one controlling party or group of 
related parties who have control of the Group. Company Details 
Quantum Pharma Plc is a public limited company, incorporated and registered in England and 
Wales with company number 09269818. Its shares were admitted to trading on AIM on the 
London Stock Exchange on 11 December 2014.
Officers
Directors
John Clarke
Andrew Scaife
Martin Such
Sheila Kelly OBE
Company Secretary
Craig Swinhoe
Registered office
Quantum House 
Hobson Industrial Estate 
Burnopfield 
County Durham  
NE16 6EA
Professional Advisors
Auditors
KPMG LLP 
Quayside House 
110 Quayside 
Newcastle upon Tyne 
NE1 3DX
Nominated Adviser and Broker
Zeus Capital Limited  
82 King Street 
Manchester 
M2 4WQ
and 
23 Berkeley Square 
London 
W1J 6HE
Registrars
Capita Asset Services 
The Registry 
34 Beckenham Road 
Beckenham 
Kent 
BR3 4TU
Solicitors
Muckle LLP 
Time Central
32 Gallowgate 
Newcastle upon Tyne 
NE1 4BF
Financial Media and  
Investor Relations
Abchurch Communications Limited
125 Old Broad Street
London
EC2N 1AR
Up-to-date information  
can be found on our website  
www.quantumpharmagroup.com  Quantum Pharma Plc Annual Report and Accounts 2015
Quantum Pharma Plc 
Head Office
Quantum House
Hobson Industrial Estate
Burnopfield
County Durham
NE16 6EA
Tel: +44 (0) 1207 279400
General: enquiries@quantumpharma.co.uk
Corporate and IR: ir@quantumpharma.co.uk
www.quantumpharmagroup.com