16th Sep 2013 12:53
LONDON (Alliance News) - Pharmaceutical company Allergy Therapeutics PLC Monday said pretax profit and revenue declined in its last financial year, despite strengthening its market share in Europe.
The allergy vaccines specialists posted pretax profit of GBP536,000 for the period ended June 30, down from GBP823,000 a year earlier, while operating profit dropped to GBP668,000 compared with GBP1.1 million.
The firm said although it is beginning to see improvement in certain markets, sales across its principle geographical markets continue to be affected by challenging market conditions, governmental austerity measures and the weakening of the euro against the pound.
Revenue dipped to GBP39.3 million, from GBP41.3 million in 2012, due to the foreign exchange movements.
The company has continued to diversify its businesses and increased research and development costs to GBP2.5 million, up from GBP2.1 million last year.
Allergy said it reduced its financing costs, after raising GBP12.6 million last year, by repaying its bank loan facility and replacing it with a seasonal overdraft facility.
Allergy shares were trading at 9.62 pence Monday morning, down 1.00 pence, or 9.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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