23 Mar 2011 -- Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, is pleased to announce its preliminary results for the year ended 31 December 2010.
Financial Highlights
•Sales up 60% to £49.9m (2009: £31.2m)
•Operating profit* up 66% to £18.7m (2009: £11.3m)
•Pre-tax profit* up 91% to £16.4m (2009: £8.6m)
•Adjusted basic EPS up 43% to 5.07p (2009: 3.55p)
•Cash generated from operations up 70% to £18.1m (2009: £10.6m)
•Dividends
o Final dividend proposed up 74% to 0.40p per share (2009: 0.23p)
o Full year dividend up 90% to 0.57p per share (2009: 0.30p)
* before exceptional items
Operational Highlights
•Acquisition of 18 products from Cambridge Laboratories in February 2010 generating £11.7m of sales
•Promoted portfolios of Oncology and Dermatology continue strong growth, achieving like for like sales growth of 16% and 18% respectively
•Sales of DeltacortrilTM / enteric coated prednisolone up 59% to £13.5m (2009: £8.5m)
•BuccastemTM and TimodineTM sales ahead of expectations in first full year at £2.9m
•New bank facilities and interest swap put in place with Lloyds TSB Corporate Markets reducing effective interest rate by more than 5 percentage points and giving headroom of over £20m to fund acquisitions
•Conditional acquisition of AnbesolTM and Ashton & ParsonsTM from Reckitt Benckiser for £2.55m announced today – see separate release
Commenting on the results, Michael Gatenby, Alliance’s Chairman, said: “2010 was an excellent year, during which we completed our largest acquisition to date. We are reporting record sales, operating profit and cash generation and increasing the dividend substantially. The current year has begun well and our new bank facilities will allow us to take advantage of further acquisition opportunities as they arise.”
For further information:
Alliance Pharma plc + 44 (0) 1249 466966 John Dawson, Chief Executive Richard Wright, Finance Director www.alliancepharma.co.uk
Buchanan Communications + 44 (0) 20 7466 5000 Mark Court / Jessica Fontaine
Numis Securities + 44 (0) 20 7260 1000 Nominated Adviser: Michael Meade / Simon Blank Corporate Broking: David Poutney
