Allergy Therapeutics, the fully integrated specialty pharmaceutical company specialising in allergy vaccines announces interim results for the six months ended 31 December 2009.
Highlights
• Net profit after tax increases to £6.3 million (H1 2009: loss £8.5 million)
• Revenues increased by 13% to £27.3 million (prior period H1 2009: £24.2 million)
o Revenues increased by 4% on a constant currency basis
o Pollinex Quattro named-patient sales increased by 19% to £16.4 million
• Gross profit increased by 24% to £21.4 million (H1 2009: £17.3 million)
• Operating profit increased to £7.8 million (H1 2009: loss £0.8 million)
• Raised £23.7 million net of expenses from equity issues
o Repayment of £9.4 million of debt
o Revised and amended bank terms agreed
• A further £9.6 million of debt repaid as a result of the strong seasonal operating performance, £12.4 million debt outstanding
• Net debt reduced to £7.1 million (H1 2009: £ 30.3 million)
• Placing and Subscription to raise £2.0 million net of expenses on 1 March 2010, the placing has been underwritten by Nomura Code Securities.
Manuel Llobet, Chief Executive of Allergy Therapeutics, said:
“I am pleased to report that we have been successful with a key objective which has been to reduce costs and improve gross margin. Combined with better sales, this has led to a strong first half performance .The Group is now in a strong and stable financial position and the focus will be on strengthening the sales and marketing capabilities across Europe"
