LONDON (Alliance News) - Alliance Pharma PLC Wednesday said trading in the first four months of 2014 has been in line with expectations, following a robust trading performance in 2013.
In a statement released ahead of its annual general meeting Wednesday the speciality pharmaceutical company said trading in the first four months of 2014 generated revenues of GBP15.2 million, after reporting revenue growth to GBP45.5 million and an 11% rise in pretax profit to GBP12.0 million in 2013.
"Of particular note in the period to date has been the continued strong performance of the Hydromol brand, which in the 12 months to April 2014 delivered revenue growth of 18%," said Chairman Michael Gatenby.
"Production volumes of Ashton and Parsons Infants' Powders have increased significantly with the introduction of the new packaging machinery. We are now able, for the first time, to meet demand fully and are starting a promotional campaign behind the product," he added. Revenue from Ashton and Parsons Infants' Powders in the first four months of 2014 came in at GBP0.6 million, nearly 50% higher than the whole of 2013.
Looking ahead, the company said it continues to actively search for acquisition opportunities and has an acquisition bank facility of more than GBP20 million available.
Gatenby steps down from the Chairman role following AGM Wednesday with Andrew Smith assuming the Chairmanship immediately, as previously announced.
"We expect trading performance this year to be in line with our plans. We continue to work towards delivering further earnings enhancing acquisitions to outperform those plans," said Smith.
Shares in Alliance Pharma were trading 3.14% higher at 32.488 pence per share Wednesday.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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