Alliance Pharma is doing well in the first half of the year

Healthcare company Alliance Pharma updated the market on its first half on Tuesday, saying it had traded “strongly”, with transparent earnings increasing 24% year-on-year to £ 80.9million, or 28% at constant exchange rates .

The AIM-listed company said that with the exception of Amberen, which was acquired in December, transparent like-for-like revenue was £ 71.4million for the half-year ended. on June 30, or 9% more than in the first half of 2020, or 12% at constant exchange rates.

Based on trading since the start of the year, its board said it expects underlying profit before tax for the entire year to be in line with market expectations.

He said its consumer healthcare brands were performing well, with total division revenue up 30% to £ 56.8million, and comparable revenue, excluding Amberen, in up 8% to £ 47.3million.

‘Kelo-cote’ delivered another strong performance, with revenue up 54% to £ 21.9million, while Amberen continued to trade in line with its pre-acquisition expectations, generating revenue of £ 9.5 million, a steady increase in the currency of 10%. .

Revenues for ‘Nizoral’ were 8% lower than the same period last year at £ 9.0 million, or 7% lower at constant exchange rates, mainly due to the phasing of orders from distributors.

Alliance reported an increase in its prescription drug business during the period, with revenue increasing 12% to £ 24.1million, part of the negative impact of Covid-19 on the provision of treatment routine having subsided.

Free cash flow for the period totaled £ 6.5million, up from £ 10.5million a year earlier, with the board attributing the reduction to the expected reversal of the fund’s favorable movements. turnover in the fourth quarter of 2020 and the sales schedule within the period.

Net debt fell from £ 2.7m to £ 106.7m as of June 30, with group leverage reduced to 2.21x at the end of the period, from 2.43x at the end of December .

Its directors said they still expected that number to drop below 2x by the end of the year.

“Our consumer healthcare business continues to perform well – Kelo-cote in particular has had a very good first half,” said Peter Butterfield, Chairman and CEO.

“We are pleased with Amberen’s performance in the first half of the year, and the brand’s integration into our US-based operations is now complete.

“We expect the strong performance of the group to continue throughout the second half of the year, and anticipate that this will have a positive impact on cash generation and our ability to continue our deleveraging by the end of the year. “

At 0909 BST, shares of Alliance Pharma were up 1.81% to 101.2p.

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