7th Apr 2016 07:31
LONDON (Alliance News) - Speciality pharmaceutical company Alliance Pharma PLC Thursday reported a rise in pretax profit for 2015, as its acquisition of the Sinclair Healthcare Products business helped drive up its revenue.
The company reported a pretax profit of GBP15.2 million, up from GBP10.2 million a year before, as revenue rose to GBP48.3 million from GBP43.5 million.
During 2015 the company acquired Sinclair for GBP132.2 million, which helped drive up revenue, along with a strong performance from the company's Hydromol dermatology range, which grew 10%.
These gains were partly offset by the loss of revenue from nine products Alliance handed back to Swiss drugs giant Novartis AG in 2014. These products had contributed GBP1.6 million in revenue in 2014.
Elsewhere, the company said that since its acquisition of stretch mark treatment Kelo-Stretch with Sinclair in mid-December 2015, sales have been lower than anticipated. This is expected to result in a possible reduction of GBP1.2 million at the operating profit level in 2016, Alliance warned, although notwithstanding this, trading to date for the Sinclair healthcare products has been in line with expectations.
Alliance Pharma proposed a final dividend of 0.734 pence, taking its full year dividend to 1.100p per share, up from the 1.00p it paid in 2014.
"This year has been transformational for Alliance following the Sinclair Healthcare Products business acquisition. We will broadly double the scale of our business - in sales, profits and people. We have extended our reach from around 40 countries to over 100, greatly strengthened our presence in Europe and Asia, and extended our portfolio to some 90 products," Chairman Andrew Smith said.
"The current year has started well and we are progressing successfully in the integration of the Sinclair Healthcare Products acquisition," said Smith added.
Shares in Alliance Pharma were down 3.3% at 49.10 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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