31st Mar 2025 12:24
(Alliance News) - Allergy Therapeutics PLC on Monday said talks are underway regarding further financing as it said reduced costs helped trim its half-year loss.
The Sussex, England-based biotechnology company said its pretax loss narrowed to GBP11.4 million in the six months to December 31 from GBP14.9 million a year prior.
The bottom line benefited from lower research and development costs of GBP7.6 million, down from GBP11.4 million.
Revenue edged up 1.2% to GBP34.0 million from GBP33.6 million.
The firm noted revenue has now grown for two consecutive half year periods, demonstrating that the "financial recovery continues".
It pointed to a 5% increase in the volume of units sold, indicating a recovery in manufacturing output, with the growth primarily driven by a rebuild of the diagnostic portfolio.
Allergy Therapeutics said the cash position was GBP21.7 million at December 31 compared to GBP12.9 million at June 30.
Chief Executive Manuel Llobet said: "We enter 2025 with clear positive momentum across all aspects of our business. Our return to first-half growth and strengthened financial foundation give us renewed confidence to advance our strategic priorities."
In the second half of the financial year, Allergy Therapeutics expects further sales growth when compared to the second half of the year prior. It expects full-year sales to also show growth year-on-year.
In the year to June 30, 2024, Allergy Therapeutics reported revenue of GBP55.2 million.
The company expects that additional funding will be required during the fourth quarter of financial 2025 onwards and said discussions are underway regarding the utilisation of the uncommitted facilities referenced in the financial review.
Shares in Allergy Therapeutics fell 7.4% to 6.00 pence each in London on Monday afternoon.
By Jeremy Cutler, Alliance News reporter
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