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LONDON (Alliance News) - Allergy Therapeutics PLC on Wednesday said its loss widened in the first half of 2018, but revenue rose on strong performance in Germany and a strengthening of the euro.
The pharmaceutical company said its pretax loss widened sharply to GBP6.9 million in the six months to June 30 compared to a GBP2.0 million loss reported for the same period a year ago, as administration expenses jumped to GBP31.6 million from GBP23.1 million.
Meanwhile, revenue rose to GBP68.4 million from GBP64.1 million year-on-year, including the positive impact of the stronger euro versus the pound.
Despite a weak pollen season, Allergy Therapeutics said revenue at constant currency was 3.5% higher at GBP66.4 million.
All its main European markets, except Italy, exhibited good sales growth at constant currency, the company noted, with Spain showing 4%, the Netherlands 6%, Austria 5% and Germany 7% growth.
Germany is the company's main market, which forms 61% of its total revenue. Revenue in Germany grew well in the year with sales at constant currency increasing by 7% to GBP40.6 million.
"2018 was a solid year for Allergy Therapeutics as we made important progress in key areas across the company," said Chief Executive Manuel Llobet.
"With progress towards the US market, a pipeline of exciting clinical and pre-clinical assets, and a robust balance sheet, we look to the future with confidence in our growth prospects," added Llobet.
Shares in Allergy Therapeutics were trading flat on Wednesday at 24.50 pence each.
