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.
Allergy Thera. (AGY)