(Alliance News) - Alliance Pharma PLC on Monday said second-half recovery drove its full-year "record" revenue but noted that it does not expect profit growth in 2024.
The Chippenham, England-based distributor of consumer healthcare brands and prescription medicines said revenue rose 6.2% in 2023 to GBP182.7 million from GBP172.0 million a year before.
Alliance Pharma noted continued strong consumer demand, particularly in China, which it said drove "significant recovery" in its Kelo-Cote franchise revenue in the second half of 2023.
This led to 2023 revenue of GBP63.2 million, up 26% from GBP50.0 million in Kelo-Cote.
Meanwhile, revenue in Nizoral dipped 0.5% to GBP21.7 million from GBP21.8 million in 2022, whilst Amberen revenue fell 25% to GBP11.2 million from GBP14.9 million the year prior.
Looking ahead, Alliance Pharma said demand "remains strong", and expects to deliver continued strong organic growth over the medium term. It added that it expects its Consumer Healthcare revenue to continue to grow "grow above that of the broader Consumer Healthcare market, with stable Prescription Medicine revenue."
Additionally, the firm said it anticipates that profits in 2024 will be in-line with 2023.
Chief Executive Officer Peter Butterfield said: "Our portfolio continues to provide a robust platform from which to grow our Consumer Healthcare brands. In 2023, we delivered record revenue as we launched new advertising campaigns to accelerate organic sales growth whilst bringing new, innovative, products to market. Our global ecommerce business is building strongly, as we entered several new, high growth geographies in 2023, and look to enter more this year.
"We remain confident in our long-term performance as we focus our resources on those market segments in which we already have a strong presence and expertise, in order to drive solid organic revenue growth above that of the broader Consumer Healthcare market."
Shares in Alliance Pharma fell 0.6% to 38.28 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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Alliance Pharma (APH)