RNS continued:18 Mar 2009 07:05
Commenting on the results, Michael Gatenby, Alliance's Chairman, said: "We have established a new level of profitability in the business, which has created an exciting platform for our future growth. The current year has started well and, earlier this month, we were particularly pleased to welcome MVM Life Science Partners to our Board and shareholder register. We look forward to the coming year with great confidence."
Business Review
The resilience of our portfolio produces another record year
Overview
Alliance Pharma has now delivered its third successive half-year of much improved profitability since the restructuring and strategic changes announced in 2007. Sales, profits and cash generation all reached record levels in 2008 in a very encouraging year for the Group.
These results reflect the resilience of the Group's portfolio, which, by being predominately prescription driven, is highly resistant to recessionary pressures. It also benefits from the continuing success of our dermatology strategy - spearheaded by the promotion of the Hydromol® range of products for eczema and other dry skin conditions.
As a result of this strengthening financial performance, we have decided that the business is now reaching the appropriate point in its development to commence paying a dividend.