Last checked at 6 Jan 2010 07:00
| For immediate release | 6 January 2010 |
ALLIANCE PHARMA PLC
("Alliance Pharma" or "the Company")
Pre-close Trading Update
Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, is pleased to announce that trading during the last few months of the 2009 financial year remained strong. As a result, the Company expects to report turnover for the full year to 31 December 2009 of approximately £31 million, an increase of approximately 42% on the previous year.
The Company has previously reported that it is restricting investment in development projects to very modest levels and therefore does not propose to continue with clinical trials of Isprelor®, for the induction of labour, without third-party support. In light of this, the carrying value of Isprelor® on the Company's balance sheet will be assessed as part of the year end procedures to see whether any impairment should be recognised. Prior to any impairment charges, the book value of Isprelor® development costs at 31 December 2009 was £2.8 million.
Excluding any impairment charges for Isprelor®, results for the year to 31 December 2009 are expected to significantly exceed current market expectations, with pre-tax trading profits expected to be no less than £8.5 million.
Alliance Pharma's preliminary results for the 12 months to 31 December 2009 are scheduled to be released on 24 March 2010.
For further information:
| Alliance Pharma plc | + 44 (0) 1249 466966 |
| John Dawson, Chief Executive | |
| Richard Wright, Finance Director | |
| www.alliancepharma.co.uk | |
| | |
| Buchanan Communications | + 44 (0) 20 7466 5000 |
| Mark Court / Stasa Filiplic / Jennie Spivey | |
| | |
| Numis Securities Limited | + 44 (0) 20 7260 1000 |
| Nominated Adviser: Michael Meade / Brent Nabbs | |
| Corporate Broking: David Poutney | |
Notes to editors
About Alliance Pharma
Alliance Pharma, founded in 1998, is an AIM listed speciality pharmaceutical company based in Chippenham, Wiltshire, UK. The company has a strong track record of acquiring the rights to established niche brands and owns, or licenses, the rights to 37 branded pharmaceutical products and continues to explore opportunities to expand the range.
Alliance Pharma's products are prescribed in the treatment of a wide range of conditions and include brands used in the treatment of dermatological conditions, in childbirth, in the prevention of heart disease, in Parkinson's disease, in nutrition and in nasal infections. Alliance Pharma's sales are mainly prescription driven. Its products are distributed to hospitals directly and to pharmaceutical wholesalers, which service both hospital and retail pharmacies with their prescription requirements.
Alliance Pharma joined the AIM market of the London Stock Exchange in December 2003 and trades under the symbol APH.