Pre-Close Trading Update - 19 Jan 2015
ALLIANCE PHARMA PLC
("Alliance" or the "Group")
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, announces its pre-close trading update ahead of its preliminary results for the year ended 31 December 2014.
Turnover for 2014 is expected to be £43.5 million (2013: £45.3 million after restatement following the adoption of IFRS 11). Pre-tax profits are expected to be in line with current market expectations.
Sales of the HydromolTM dermatology range grew 15% year on year to £6.0 million and sales of the stoma care range grew by 10% to £4.3 million. Sales of ForcevalTM recovered from the issues in 2013 to reach £3.5 million (2013: £1.9 million). With unconstrained supplies, sales of Ashton & Parsons Infants' PowderTM reached £1.3 million in 2014, up from £0.4 million achieved in 2013. These and other areas of growth were offset by the expected reduction in toxicology product sales from £3.9 million in 2013 to £0.1 million in 2014 and the decline in Nu-SealsTM sales from £3.1 million to £2.5 million as a result of generic competition in Ireland.
Cash generation remains strong and as a result net bank debt at 31 December 2014 was £21.1 million, down £4.6 million in the year. Alliance currently has £24 million of committed unutilised facility available to fund acquisitions. We continue to evaluate a number of acquisition opportunities.
Alliance's preliminary results for 2014 are due to be announced on 25 March 2015.
For further information:
Alliance Pharma plc + 44 (0)1249 466966
Peter Butterfield, Chief Executive Officer
Andrew Franklin, Chief Financial Officer
Buchanan + 44 (0)20 7466 5000
Mark Court / Sophie Wills / Hannah Ratcliff
Numis Securities Limited + 44 (0)20 7260 1000
Nominated Adviser: Michael Meade / Freddie Barnfield
Corporate Broking: James Black
Investec Bank plc + 44 (0)20 7597 5970
Corporate Finance: Daniel Adams / Ed Thomas
Corporate Broking: Patrick Robb / Tejas Padalkar
Notes to editors:
Alliance, founded in 1998, is an AIM listed speciality pharmaceutical company based in Chippenham, Wiltshire, UK. The Company has a strong track record of acquiring the rights to established niche products and owns or licenses the rights to more than 60 pharmaceutical products and continues to explore opportunities to expand the range.
Alliance joined the AIM market of the London Stock Exchange in December 2003 and trades under the symbol APH.