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LONDON (Alliance News) - Allergy Therapeutics PLC on Wednesday reported significantly higher profit for the first six months of its financial year as revenue rose and research costs were reduced.
For the half-year to the end of 2018, the pharmaceutical company posted pretax profit of GBP10.7 million, up 67% compared to GBP6.4 million a year prior.
Revenue increased 11% year-on-year to GBP46.7 million from GBP42.2 million which research & development costs were down to GBP5.0 million from GBP5.9 million.
"The group has made a strong start to the financial year. Our ultra-short course products continue to drive good sales growth in a relatively flat market and the group's pre-R&D operating profit has increased as a result of investment into our commercial business last year and our focused sales and marketing strategy," Chief Executive Officer Manuel Llobet said.
Furthermore, the company said it looks confidently to the remainder of the financial year as it expects sales to continue to grow.
Allergy Therapeutics shares were trading up 2.9% at 14.15 pence each.
