24th Jun 2020 11:53
(Alliance News) - Shares in Allergy Therapeutics PLC jumped on Wednesday as it said it expects net profit for the 2020 financial year to be "significantly" above market expectations.
The stock was trading 15% higher at 13.72 pence on Wednesday morning in London, and 34% higher than at the start of the year.
The biotechnology company based in Worthing, West Sussex said revenue for its financial year ending Tuesday next week is expected to be at least 4% ahead of the GBP73.7 million posted the year prior.
Allergy Therapeutics added that the implementation of a programme to slash costs as well as the timing of planned research and development expenditure over the three years to June 2022 will result in a net profit higher than expectations.
The company will publish a further update in the week commencing July 13.
By Ife Taiwo; [email protected].
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