Alliance Pharma plc (AIM: APH), the speciality pharmaceutical group, said it is trading in line with expectations.
In an update, it said revenues for the six months ended June 30 rose 10% to £54.4mln, though trading profit tracked at a slightly slower pace due largely to the phasing of marketing spend.
The company’s star international brands MacuShield, Vamousse and Kelo-Cote delivered “strong performances”, investors were told. The latter, a treatment for scarring, saw its sales increase 77% to almost £11mln.
Revenues from what Alliance calls local hero brands were in line with forecasts.
Cash flow remained strong
The company said its top line was negatively affected by currency fluctuations to the tune of £900,000.
Underlying free cash flow was £10.1mln, while net debt increased by £14mln to £86.3mln as it funded acquisitions such as the purchase of medicated anti-dandruff shampoo, Nizoral.
The company said it expects to launch anti-nausea treatment Xonvea in the UK in the autumn.
“On the basis of trading in the year to date, the board expects revenue and underlying profit before tax for the current financial year to be in line with expectations,” the market was told.