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LONDON (Alliance News) - Allergy Therapeutics PLC on Monday reported a fall in pretax profit for its recently ended financial year as it continued to invest in its clinical studies, and noted that whilst growth in European markets is expected to be "relatively slow" in the coming year, its outlook is "very positive".
Allergy Therapeutics reported a pretax profit of GBP654,000, down from GBP1.1 million, as a rise in revenue to GBP43.2 million from GBP42.0 million was offset by a rise in operating costs as the company continued to invest in its clinical studies.
Revenue growth was constrained by the weaker euro, and at constant currency would have risen 11% to GBP49.7 million from GBP45.8 million.
The company also raised GBP20 million in March, which it said means its US development plans are fully funded, so it can resume its clinical development programme for its grass allergy treatment Pollinex Quattro Grass in the US. The company said it has the potential to be the first seasonal subcutaneous allergy vaccine to reach the US market, which would be "transformational" for the company.
"Growth in the European markets is expected to be relatively slow in the coming year but with the continued momentum across the company's activities, the outlook is very positive and we expect to increase our market share into the next year, delivering improved top-line growth," said Chief Executive Officer Manuel Llobet in a statement.
"The company will continue its plan to consolidate its position in the European markets, as well as progressing with the clinical development programme within the regulated framework in Germany," Llobet added.
Shares in Allergy Therapeutics were up 1.5% at 26.40 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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