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Interim results for the six months ended 30 June 2019

Alliance Pharma PLC

("Alliance" or the "Group")

Interim results for the year ended 30 June 2019


Alliance Pharma plc (AIM: APH), the international healthcare group, is pleased to announce its interim results for the six months ended 30 June 2019.


  • Revenue on a see-through* basis up 29% at £70.3m (up 28% on a constant currency* basis), with like-for-like revenue on a constant currency basis up 10%
    • Continued strong revenue growth from International Star brands, led by Kelo-cote™
    • Asia Pacific and international distributor business continue to be main growth areas
    • Local brands performed in line with expectations
  • Underlying EBITDA* up 34% to £18.8m (H1 2018: £14.1m)
  • Continued strong cash flow, with leverage reduced to 1.95 times
  • New banking facilities in place, providing further flexibility
  • Nizoral™ transition progressing well; new offices and dedicated team established in Singapore and Shanghai to support this business
  • Interim dividend increased 10% to 0.536p
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Financial Summary

Unaudited six months ended 30 June



2018 (restated**)



Revenue (see-through basis)*




Revenue (statutory basis)




Gross profit




Underlying EBITDA*




Underlying profit before taxation




Reported profit before taxation




Underlying basic earnings per share




Reported basic earnings per share




Free cash flow*






2.33 (31 Dec)

Net debt*


85.5 (31 Dec)

Interim dividend per share




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* The performance of the Group is assessed using Alternative Performance Measures (“APMs”), which are measures that are not defined under IFRS, but are used by management to monitor ongoing business performance against both shorter term budgets and forecasts and against the Group’s longer term strategic plans. APMs are defined in note 18.

Specifically, see-through revenue includes sales from Nizoral™ as if they had been invoiced by Alliance. Under the terms of the transitional services agreement with Johnson & Johnson (J&J), Alliance receives the benefit of the net profit on sales of Nizoral from the date of acquisition up until the product licences in the Asia-Pacific territories transfer from J&J to Alliance, which is expected to occur during 2019 and 2020. For statutory accounting purposes the product margin on Nizoral sales is included within Revenue, in line with IFRS 15.
Alliance Pharma plc

** 2018 comparatives have been restated following the adoption of IFRS 16 Leases and the reclassification of £0.3m of costs relating to the Nizoral acquisition.


The second half of the year has started well and, based on trading in the year to date, the Board expects full year revenues and underlying trading profit to be in line with its expectations.

Commenting on the interim results, Peter Butterfield, Chief Executive Officer of Alliance, said:

““We continue to see sustained growth from our product portfolio driven by our continued focus on both international growth markets and higher growth, consumer healthcare products. The first half of 2019 has seen us enhance our presence in the Asia Pacific region, to support the transition and ongoing management of Nizoral, and put in place new banking facilities, which will provide further flexibility for the Group to deliver carefully targeted acquisitions over the next few years to complement its organic growth strategy.

“The second half of the year has started well; our strong underlying growth and cash generation, coupled with the enhanced banking facilities, mean we are well positioned to pursue future growth opportunities.””

Peter Butterfield, Alliance Pharma's Chief Executive Officer

Analyst Meeting and webcast

A meeting for analysts will be held at 10.00am this morning at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Please contact Buchanan for further details on 020 7466 5000 or email

To access a live webcast of the analyst presentation, please log on to the following web address several minutes before 10.00am:

A replay of the webcast will be made available at the Investors section of Alliance’s website,

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: Freddie Barnfield / Freddie Naylor-Leyland
Corporate Broking: James Black

Investec Bank plc + 44 (0) 20 7597 5970
Corporate Finance: Daniel Adams / Ed Thomas
Corporate Broking: Patrick Robb / Tejas Padalkar

About Alliance

Alliance Pharma plc (AIM: APH) is an international healthcare group, headquartered in the UK with subsidiaries in Europe, the Far East and the US and wide international reach through an extensive network of distributors, generating sales in more than 100 countries.

We currently own or license the rights to more than 90 consumer healthcare products and pharmaceuticals, which are managed on a portfolio basis according to their growth potential. Promotional investment is focused on a small number of brands with significant international or multi-territory reach. The remainder of the portfolio comprises products which are sold in a limited number of local markets and require little or no promotional investment.
Our strategy allows us to deliver good organic growth and to enhance our growth rate through carefully selected acquisitions.

For more information on Alliance, please visit our website:

View the full news release here.