Trading Update

RNS Number : 6556L

Allergy Therapeutics PLC

13 January 2016

 

13 January 2016

Allergy Therapeutics plc

("Allergy Therapeutics" or the 'Company")

Trading Update

Allergy Therapeutics (AIM:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today announces the following trading update for the six months to 31 December 2015, ahead of the publication of its unaudited interim results in March 2016.

At *constant currency the Company expects to report revenue growth of 12 per cent. for the period, with first half revenues of approximately £31.5m (H1 2015: £28.2m).  This double digit organic sales growth has been primarily driven by the Company's positive trading performance as it continues to increase its market share in all of its major European markets, supported by the acquisition of Alerpharma in June 2015.  It is therefore anticipated that the Company's full year revenue will be in-line with current market expectations despite significant currency headwinds.

Commenting on the trading update, Manuel Llobet, Chief Executive Officer, said:

"We are delivering double digit growth at constant currency and gaining market share despite a flat to low European market. Overall we are executing our business strategy and, in addition to growing our European business, remain focused on executing a pivotal clinical trial programme, potentially paving the way towards the US and expanding into new market segments with a strong new product pipeline.  Our business is now in a very strong position to generate continuing growth over the coming years."

*Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year on year comparison excluding the effects of foreign exchange movements. Without using the constant currency effect, the Company expects first half reported revenues of approximately £29.0m (H1 2015: £28.2m), representing growth of 3 per cent.; the negative impact from the weakening Euro being £2.5m.

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Allergy Therapeutics                                                                                       [phone]

Manuel Llobet, Chief Executive Officer

Ian Postlethwaite, Finance Director

Panmure Gordon                                                                                             [phone]

Freddy Crossley / Duncan Monteith, Corporate Finance

Tom Salvesen, Corporate Broking

Consilium Strategic Communications                                                                  [phone]

Mary-Jane Elliott / Ivar Milligan / Matthew Neal / Laura Thornton

[e-mail]

Note for editors

About Allergy Therapeutics

Allergy Therapeutics is a specialty pharmaceutical company focused on allergy vaccination. It has a growing business achieving revenue in the last financial year of £43.2 million mainly in Europe through its own sales and marketing infrastructure and further afield through distributors.

 

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