Alliance Pharma PLC Full Year Trading Update (5077A)
22 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMAPH
RNS Number : 5077A
Alliance Pharma PLC
22 January 2020
22 January 2020
ALLIANCE PHARMA PLC
("Alliance" or the "Group")
Full Year Trading Update
Strong revenue growth in 2019 with rapid reduction in net
debt
Alliance Pharma plc (AIM: APH), the international healthcare
group, announces its unaudited trading update for the year ended 31
December 2019 ahead of the announcement of the Group's audited
results on 24 March 2020.
See-through revenue* for 2019 showed strong growth of 16% on the
prior year at GBP144.3m (2018: GBP124.0m) on both a reported and
constant currency basis. Excluding acquisitions, year on year
revenue increased 9% in 2019 (up 8% on a constant currency basis).
Underlying profit before tax is expected to be in line with
expectations.
Revenue growth was underpinned by strong performances across our
International Star brands:
-- Kelo-cote(TM) delivered another very strong performance, with
revenues of GBP31.0m, an increase of 38% on the prior year (2018:
GBP22.5m), due to continued strong demand from the Asia Pacific
region
-- Nizoral(TM) (under Johnson & Johnson management in 2019)
performed in line with expectations generating see-through
revenues* of GBP20.2m, compared with GBP10.9m in the second half of
2018
-- MacuShield(TM) saw strong growth in 2019, with revenues up 18% at GBP8.2m (2018: GBP7.0m)
-- Vamousse(TM) delivered another strong performance, achieving
revenues of GBP6.5m, up 14% on the previous year (2018: GBP5.8m),
and up 10% on a constant currency basis, reflecting continued
out-performance against the general market in the US, its main
sales territory
Local brands delivered a stable performance with revenues for
2019 slightly ahead of the prior year at GBP78.4m (2018:
GBP77.8m).
Free cash flow for the year was very strong at GBP29.1m (2018:
GBP16.1m) and continues the first half trend. Net debt reduced to
GBP59.2m at 31 December 2019 compared with GBP74.1m at 30 June 2019
and GBP85.8m at 31 December 2018. Leverage (adjusted net
debt/EBITDA) was just below 1.5 times as at 31 December 2019 (31
December 2018: 2.3 times).
Peter Butterfield, Chief Executive Officer of Alliance Pharma,
commented: "2019 continues the strong momentum of recent years with
good organic growth led by our consumer brands. We are also pleased
to report very healthy cash generation in 2019, which has resulted
in a significant reduction in net debt and leaves us well placed to
selectively add to our portfolio with a continued focus on
augmenting our consumer brands in international markets. We look
forward to 2020 and beyond with confidence."
* See-through revenue includes sales from Nizoral(TM) as if they
had been invoiced by Alliance. Under the terms of the transitional
services agreement with Johnson & Johnson (J&J), Alliance
receives the benefit of the net profit on sales of Nizoral from the
date of acquisition up until the product licences in the
Asia-Pacific territories transfer from J&J to Alliance. Revenue
for 2019, on a statutory-reported basis, is expected to be
GBP135.6m, an increase of 15% on the prior year.
For further information:
Alliance Pharma plc + 44 (0)1249 466966
Peter Butterfield, Chief Executive
Officer
Andrew Franklin, Chief Financial Officer
www.alliancepharma.co.uk
Buchanan + 44 (0)20 7466 5000
Mark Court / Hannah Ratcliff
Numis Securities Limited + 44 (0)20 7260 1000
Nominated Adviser: Freddie Barnfield
/ Huw Jeremy
Corporate Broking: James Black
Investec Bank plc + 44 (0)20 7597 5970
Corporate Finance: Daniel Adams /
Ed Thomas
Corporate Broking: Patrick Robb /
Tejas Padalkar
About Alliance
Alliance Pharma plc (AIM: APH) is an international healthcare
group, headquartered in the UK with subsidiaries in Europe, the Far
East and the US and wide international reach through an extensive
network of distributors, generating revenues in more than 100
countries.
We currently own or license the rights to around 90 consumer
healthcare products and pharmaceuticals, which are managed on a
portfolio basis according to their growth potential. Promotional
investment is focused on a small number of brands with significant
international or multi-territory reach. The remainder of the
portfolio comprises products which are sold in a limited number of
local markets and require little or no promotional investment.
Our strategy allows us to deliver good organic growth and to
enhance our growth rate through carefully selected
acquisitions.
For more information on Alliance, please visit our website:
www.alliancepharmaceuticals.com
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