(Alliance News) - Biotechnology Allergy Therapeutics PLC on Wednesday reported first half revenue growth during a "steady start" to its financial year.
In the six months to December 31, revenue rose 8.1% to GBP50.5 million from GBP46.7 million with pretax profit rising 48% to GBP15.9 million from GBP10.7 million.
Chief Executive Officer Manuel Llobet said: "The group has made a steady start to the year with good sales growth supporting our strategy. The regulatory environment remains uncertain but we continue to perform well commercially and to progress our high potential pipeline."
The company is focused on the development of immunotherapies for patients with allergies. It has a "broad pipeline" of products in development, including vaccines for grass, tree, dust mites and peanut allergies.
One of the products the firm is developing will be sued to fight allergies to birch, a type of tree.
The company added that the first stage of a trial for the product will start in autumn.
Allergy added: "The board and management team expect that net sales will continue to grow in line with market expectations in the second half of the year and have confidence in the future of the business. The gross margin is expected to be lower in the second half of the year compared with the first, as volumes through the factory are likely to be lower, leaving gross margin for the whole year in line with last year."
"The regulatory environment is a challenge but the group is best placed to meet it with its strong portfolio of products and high potential pipeline."
Shares in the company were 0.8% lower at 10.84 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Allergy Thera. (AGY)