Alliance Pharma PLC AGM Statement (6294H)

TIDMAPH

RNS Number : 6294H

Alliance Pharma PLC

21 May 2014

 
 For immediate release   21 May 2014 
 

ALLIANCE PHARMA PLC

("Alliance" or the "Company")

AGM Statement

Alliance Pharma plc (AIM: APH), the speciality pharmaceutical company, will hold its Annual General Meeting ("AGM") in London later this morning.

Michael Gatenby, the Company's Chairman, will make the following statement:

"Following a robust performance in 2013 when Alliance grew revenue to GBP45.5 million and increased pre-tax profits by 11% to GBP12.0 million, trading in the first four months of 2014 has been in line with expectations, with revenue of GBP15.2 million.

"Of particular note in the period to date has been the continued strong performance of the Hydromol(TM) brand, which in the 12 months to April 2014 delivered revenue growth of 18%.

"Production volumes of Ashton and Parsons Infants' Powders(TM) have increased significantly with the introduction of the new packaging machinery. We are now able, for the first time, to meet demand fully and are starting a promotional campaign behind the product. Revenue from Ashton and Parsons Infants' Powders(TM) in the first four months of 2014 was GBP0.6 million, nearly 50% higher than the whole of 2013.

"We continue to search actively for acquisition opportunities and have available to us an acquisition bank facility of more than GBP20 million.

"As previously announced, I retire from Alliance immediately following this meeting and I'm proud to say that I leave the business in great shape. It has been a privilege to chair Alliance for the past 10 years, a period in which the Company has evolved into a profitable, cash generative business with a portfolio of more than 60 pharmaceutical products. I am confident that Alliance will continue on this growth path in future."

Andrew Smith, who assumes the Chairmanship immediately after the AGM, will make the following comments:

"On behalf of the Board, I would like to thank Michael very much for his strong leadership over the past decade. He has made a significant contribution to Alliance and we all wish him well for the future.

"We expect trading performance this year to be in line with our plans. We continue to work towards delivering further earnings enhancing acquisitions to outperform those plans."

For further information:

 
 Alliance Pharma plc                           + 44 (0) 1249 466966 
 John Dawson, Chief Executive 
 Richard Wright, Finance Director 
 www.alliancepharma.co.uk 
 Buchanan                                     + 44 (0) 20 7466 5000 
 Mark Court / Fiona Henson / Sophie Cowles 
 
 Numis Securities Limited                     + 44 (0) 20 7260 1000 
 Nominated Adviser: Michael Meade / Oliver 
  Cardigan / Freddie Barnfield 
 Corporate Broking: David Poutney 
 

Notes to editors:

Alliance, 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 products and owns or licenses the rights to more than 60 pharmaceutical products and continues to explore opportunities to expand the range.

Alliance joined the AIM market of the London Stock Exchange in December 2003 and trades under the symbol APH.

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMQKKDQABKDBPB