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Allergy Therapeutics PLC - West Sussex-based commercial biotechnology company - Says it will resume production at Freeman facility in Worthing, UK on November 14. This follows a short-term voluntary pause as it reviewed its operating processes. Says the pause was planned, to help improve "robustness" of quality systems and build capacity. It was then accelerated when the firm realised capacity could not cope with commercial demand. "The pause in manufacturing occurred during a period of peak production prior to the start of the pollen season in the spring," it says. Consequently, it estimates revenue will be around 13% to 18% lower than market expectations of around GBP80 million, for the year to June 30.
Business expenses are also expected to decrease by around GBP3 million. It is working on cost control and "tight working capital management" to delay non-critical spending.
"At the expected reduced levels of underlying profit, excluding research and development costs, the terms of the NatWest revolving credit facility would not allow use of the facility," it says.
Current stock price: 17.75 pence, up 4.4% on Friday in London
12-month change: down 50%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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