(Alliance News) - Allergy Therapeutics PLC on Tuesday resumed trading on AIM after the release of its annual results.
Shares in the Sussex-based biotechnology company specialising in allergy vaccines were suspended from trading on January 2, after it failed to publish its full-year results on its December 31 deadline.
Having been restored to trading, Allergy Therapeutics shares plunged 22% to 2.00 pence each in London on Tuesday morning.
In the newly published results, Allergy Therapeutics said revenue dropped 18% to GBP59.6 million in the year ended June 30, from GBP72.8 million the year before.
The decrease in revenue was reflected by a manufacturing pause in late 2022, Allergy Therapeutics said.
Operating loss for the financial year, before research & development costs and exceptional items, widened to GBP14.8 million from GBP12.2 million. Meanwhile, the company's net loss widened to GBP43.1 million from GBP13.8 million.
Chair Peter Jensen and Chief Executive Officer Manuel Llobet said: "Following the resumption of manufacturing after the manufacturing pause, the group has since made headway in streamlining and improving its manufacturing and quality systems, which is designed to improve efficiency and enable future growth."
By Sabrina Penty, Alliance News reporter
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Allergy Thera. (AGY)