Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, is pleased to announce its preliminary results for the year ended 31 December 2007.
Financial Highlights
• Sales up 6% to £18.2m (2006: £17.3m) • Operating profit* up 39% to £3.6m (2006: £2.6m) • Step change in profitability mid-year, with £1.1m pre-tax profit* in the second half of 2007 • Full year pre-tax profit* of £0.4m (2006: £0.5m) • Cash flow from operations of £4.1m (2006: £1.1m) • Non-cash impairment charge of £3.4m in respect of Posidorm® *Before exceptional items
Operational Highlights
• Acquisition of Forceval® rights in China through new joint venture • Successful completion of Phase III trial for Isprelor®, with encouraging reaction from potential prescribers • Strategy implemented to increase profitability and cash generation • Mid-year reorganisation reduced overheads by more than £1m annually Commenting on the results, Michael Gatenby, Alliance’s Chairman, said: “We are greatly encouraged by the speed and effectiveness of the turnaround in the second half of 2007. Following the decisive action we took, Alliance has delivered the best six months’ performance in its history. The current year has begun well. Provided there is no unexpected setback on pricing, we are confident that the improved profitability achieved in the second half of 2007 will be sustainable through 2008.”
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 / Rebecca Skye Dietrich / Catherine Breen
Numis Securities + 44 (0) 20 7260 1000 David Poutney / Michael Meade / Nick Westlake
