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(Alliance News) - Allergy Therapeutics PLC on Thursday said it expects to swing to a loss for the full-year as revenue plummets on production disruptions.
Shares in Allergy Therapeutics were down 10% at 2.51 pence each in London on Thursday morning.
The West Sussex, England-based commercial biotechnology company, focused on the treatment and diagnosis of allergic disorders, said its underlying operating loss is expected to be around GBP13.3 million from a profit of GBP3.4 million the year before.
This results from an expected revenue of GBP61.0 million, 16% lower from GBP72.8 million a year prior.
This is due to a short-term halt in production between October and November last year, Allergy Therapeutics said.
Looking ahead, Allergy Therapeutics expects sales for financial 2024 to be slightly lower than financial 2023, as it forecasts costs and overheads before research and development costs to be higher.
The company added it will require funding from October onwards for trading, working capital and continuing research and development programmes.
By Sabrina Penty, Alliance News reporter
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