9th Sep 2015 07:57
LONDON (Alliance News) - Alliance Pharma PLC on Wednesday said it expects to meet market expectations for its full year, as it reported a small rise in pretax profit for its first half.
According to forecasts provided by Morningstar, consensus from four brokers shows Alliance Pharma is expected to post a pretax profit of GBP11.2 million for 2015.
Alliance Pharma proposed an interim dividend of 0.366 pence for the half year to end-June, up from 0.33 pence a year before.
For the half year the company posted a pretax profit of GBP5.5 million, slightly up from GBP5.4 million a year before, as a rise in revenue to GBP22.8 million from GBP21.4 million was offset by higher administrative and marketing expenses.
Alliance Pharma said its first half sales and profit benefited from its acquisition of eye-care supplement MacuShield in February, which offset the hand-back in 2014 of nine products the company had been distributing for Novartis AG since 1998, and lower sales of aspirin product Nu-Seals. Additionally, it saw 11% revenue growth from its dermatology range.
"Alliance has made a positive start to 2015 with growth in both revenue and profits. We see good growth potential from MacuShield, Hydromol and other key products in our portfolio, and also from potential acquisitions. With some GBP18m of our acquisition bank facility still undrawn we have ample headroom for deals and are seeing an attractive pipeline of opportunities," said Chairman Andrew Smith.
Shares in Alliance Pharma were down 3.0% at 56.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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