Currency headwinds to impact Alliance Pharma profits
Alliance Pharma
45.70p
16:35 23/12/24
Consumer healthcare company Alliance Pharma said in an update on Thursday that sales for the first four months of the year were ahead of the equivalent period in 2022, although it warned that currency headwinds looked set to impact full-year profits.
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The AIM-traded firm, which was holding its annual general meeting, reported recovery and growing market demand for its key ‘Kelo-Cote’ product in China.
In its preliminary results announcement in March, Alliance hinted at a recovery in the Chinese market, with the company saying on Thursday that trading had indeed aligned with those expectations.
"Whilst the business is on track to meet the board's full year expectations for revenue and adjusted EBITDA, adverse currency movements, particularly the recent strengthening of sterling against the dollar, and the rising interest rate environment, mean that full-year adjusted profit before tax is expected to be marginally below current expectations,” said chair David Cook.
Alliance said it would provide further detail in its interim trading update on 18 July.
At 1443 BST, shares in Alliance Pharma were down 7.63% at 61.7p.
Reporting by Josh White for Sharecast.com.