22nd Jan 2020 10:54
(Alliance News) - Alliance Pharma PLC said Wednesday its profit for 2019 is set to be in line with expectations amid double-digit revenue growth.
For the year, underlying pretax profit will be in line with expectations, as revenue on a see-through basis grew by 16% to GBP144.3 million from GBP124.0 million the year before.
In 2018, underlying pretax profit was GBP28.1 million.
Alliance Pharma said revenue growth was driven by strong performances across its International Star brands.
Scar treatment product Kelo-Cote's revenue rose by 38% to GBP31.0 million on strong demand from the Asia-Pacific region.
Revenue from anti-dandruff shampoo Nizoral nearly doubled to GBP20.2 million.
Eyecare treatment product MacuShield was up 18% to GBP8.2 million and head-lice brand Vamousse grew by 14% to GBP6.5 million on its outperformance in the US general market.
Local brands reported a 0.7% increase in revenue to GBP78.4 million from GBP77.8 million the year before.
As at December 31, Alliance Pharma had free cash flow of GBP29.1 million, compared to GBP16.1 million the prior year. Net debt meanwhile was reduced year-on-year to GBP59.2 million from GBP85.5 million.
"2019 continues the strong momentum of recent years with good organic growth led by our consumer brands. We are also pleased to report very healthy cash generation in 2019, which has resulted in a significant reduction in net debt and leaves us well placed to selectively add to our portfolio with a continued focus on augmenting our consumer brands in international markets. We look forward to 2020 and beyond with confidence," said Chief Executive Officer Peter Butterfield.
Shares in Alliance Pharma - which is based in Chippenham - were up 0.2% at 85.20 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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