The contract services provider, which is currently trying to fend off a hostile takeover by investment group shareholder JLL Partners, posted a second quarter loss of $3.2m, an improvement on the $8m deficit it reported for the same period last year.

Patheon explained that that the year-earlier period had been impacted by the $8.3m it cost to close its facility in Toronto, Canada, and added that in contrast in the most recent quarter it only spent $800,000 on restructuring operations.

Revenue for the three months to April 30 fell 10 per cent to $167m, although Patheon said that the decline was largely due to turbulent global markets and international currency fluctuations.

In a conference call on the day of the announcment, Wheeler said that although “currency changes continued to hit us hard and we are seeing the effects of a downturn in the outsourcing market… our turnaround is still on track.

He added that: “We're following our strategic plan, trying not to be distracted by our volatile economy and the ongoing JLL bid.”

Cautious market reaction

Market response has been cautious. Desjardins Securities analyst Maher Yaghi told the Canadian Press that: “Patheon's results continue to exhibit a high level of volatility and visibility remains limited.

"We believe that until the company's long-term outlook becomes more predictable, the shares will continue to trade in the current range."