11th Sep 2013 12:01
LONDON (Alliance News) - Alliance Pharma PLC Wednesday said that profits and revenues rose in the first half of the year, boosted by its cyclical toxicology product, which reached the peak of its 30-month sales cycle during the first half, and by the acquisitions it made in the second half of 2012.
The group said that although its trading performance is not likely to be as strong in the second half, as toxicology product sales pass their cyclical peak, it said that it will gain an additional contribution from its obesity drug Syntometrine.
Alliance Pharma acquired the international rights for Syntometrine from Novartis in June, for a cash consideration of GBP7.5 million. It now owns all of the rights to the product, both in the UK and internationally.
Signalling its confidence, the company raised its interim dividend by 10% to 0.303 pence per share.
Alliance Pharma said revenues in the first half of the year rose 4% to GBP22.8 million, compared with GBP22.0 million a year earlier. The company said its recent acquisitions and the cyclical toxicology product amore than offset the temporary loss of its bladder cancer treatment ImmuCyst and a decline in sales in Ireland of its Nu-Seals enteric-coated low-dose aspirin.
Pretax profit was GBP6.8 million, compared with GBP5.3 million a year earlier, a 28% increase, and net profit was GBP5.5 million, compared with GBP4,3 million a year earlier.
Alliance Pharma said its net debt increased to GBP26.6 million, from GBP21.8 million a year earlier, despite spending GBP8.2 million on acquisitions.
It also said that during the first six months of the year, it launched its new treatment for molluscum contagiosum, MolluDab, and that its Hydromol brand is growing well, now considered a GBP5 million brand.
Alliance Pharma shares were down 5.1% or 1.88 pence, trading at 35.00 pence per share midday Wednesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Alliance Pharma