TIDMAGY
RNS Number : 3269R
Allergy Therapeutics PLC
08 March 2016
Allergy Therapeutics plc
("Allergy Therapeutics" or "the Company")
Interim Results for the six months ended 31 December 2015
Allergy Therapeutics plc (AIM:AGY), the fully integrated
specialty pharmaceutical company specialising in allergy vaccines,
announces unaudited interim results for the six months ended 31
December 2015.
Highlights
Financial highlights
-- Revenue increased by 12% at constant currency to GBP31.5m (H1
2015: GBP28.2m)* and reported revenue increased by 3% to GBP29.0m
(H1 2015: GBP28.2m)
-- R&D expenditure increased to GBP6.5m (H1 2015: GBP1.1m)
as the two Phase II studies in Germany and the US were successfully
progressed
-- Fundraising of GBP11.5m (gross) successfully completed with
placing of 41,005,500 ordinary shares in the Company to invest in
new product development, strengthen the balance sheet and
accelerate growth
-- Cash balance bolstered to GBP33.2m (H1 2015: GBP8.0m)
Products and pipeline highlights
-- Increasing market share in all major markets
-- Spanish Alerpharma acquisition fully integrated
-- US Phase II study for GrassMATAMPL (marketed in Europe as
Pollinex Quattro Grass product) initiated in December 2015 - on
track for data read out in H2 2016
-- PQ Birch204 Phase II study patient enrolment completed - results expected in H2 2016
-- Acquisition of Virus Like Particles ("VLP") technology
licence for the development of a potential new injectable vaccine
immunotherapy treatment for allergy sufferers, with peanut as the
lead project
-- Positive house dust mite study results for Acarovac - July 2015
Post period end highlights
-- US Grass MATAMPL study fully recruited according to plan in February 2016
Commenting on the interim results, Manuel Llobet, Chief
Executive Officer, said:
"The first half of this year has seen continued momentum with
our product sales continuing to outperform the market with further
market share gains across Europe. We delivered 12% revenue growth
at constant currency. This double-digit growth against a (broadly)
flat market has been driven by a combination of our winning
proposition of lifestyle enhancing short course aluminium-free
vaccines boosted by our successful sales strategy.
"Our business is gaining significant scale and momentum in
Europe through both organic and acquisitive growth and we expect
this to continue as we further invest in our commercial
infrastructure and prepare to take our products over to the US. We
eagerly await the data from two ongoing Phase 2 studies for
GrassMATAMPL and PQ Birch204 which are both due to report later in
2016. "
* Constant currency uses prior year weighted average exchange
rates to translate current year foreign currency denominated
revenue to give a year on year comparison excluding the effects of
foreign exchange movements. See table in financial review for an
analysis of revenue.
Joint Statement from the Chairman and Chief Executive
Officer
Operating Review
Overview
During the first six months of the year, the Company's revenues
grew 12% (at constant currency) compared to 11% at the end of June
2015, and against flat or low growth markets in Europe. Allergy
Therapeutics' robust level of double digit top line growth at
constant currency is due to the benefits offered to patients of a
short course, aluminium-free, therapy which is enabling the Company
to outperform its competitors and grow its market share in Europe.
Geographically, the major contributing markets to the Company's
growth have been Germany and Spain, followed by The Netherlands,
the UK and Austria.
Pollinex Quattro - increasing market share in Europe and paving
the way towards the US market
The success of Allergy Therapeutics' immunotherapy concept is a
key driver of shareholder value creation. Future sales growth will
further de-risk the Company's strategic objective of significantly
increasing its addressable market, as it prepares to replicate
Pollinex Quattro's commercial success in Europe through its launch
in the US market. Given that Pollinex Quattro is already
established in Europe, the Board and management team are confident
of commercial success in the US, where Pollinex Quattro will enjoy
first mover advantage in the seasonal segment, and high barriers to
entry, fulfilling a clearly defined market need.
The clinical development programme for Pollinex Quattro Grass in
the US is now progressing well. In December 2015, Allergy
Therapeutics announced the initiation of the Phase II study (G204)
for grass allergy and the Company continues to expect to file for
US FDA approval at the end of 2018. Following approval, the launch
of Pollinex Quattro Grass in the US would enable the Company to
enter into a market for specific immunotherapy potentially worth $2
billion. Like its core adoptive European markets, the US allergy
immunotherapy market has historically been serviced by subcutaneous
rather than sublingual compounded vaccines. Allergy Therapeutics is
therefore confident that the availability of an FDA-approved
subcutaneous vaccine will facilitate a fast penetration and broad
acceptance of the product among the prescriber base.
Regulatory affairs - moving the pipeline forward
Allergy Therapeutics' regulatory department has made good
progress throughout the period, including with the German TAV
(Therapy Allergy Ordinance) process for the Pollinex Quattro Birch
(PQB) vaccine clinical development programme. In November, the
Company announced completion of patient enrolment of the PQB 204
Phase II study with headline data expected in the second half of
2016. The target sample of 350 patients was successfully achieved
and the active phase of the study is now complete. The endpoint of
the trial is the change in total rhinoconjunctivitis symptoms score
after treatment relative to the placebo. The optimal dose
established from the trial will be selected and examined further in
the PQ Birch phase III study, due to start in the first quarter of
2017. The completion of the phase III study is expected to fulfil
the requirements for the initial clinical programme under the TAV
of the Paul Ehrlich Institute (PEI), the German Biologics Agency,
and lead to marketing authorisation approval of this subcutaneous
immunotherapy (SCIT) in 2019. Allergy to birch pollen is a
significant health issue with around 6 per cent of the population
in Europe being skin-prick positive for the allergen.
The Company has maintained a proactive dialogue with the
regulatory authorities in its key markets including Germany, Italy,
Spain and Austria.
Progress with new high value projects
Allergy Therapeutics' organic growth strategy has been enhanced
during the period by a number of high value projects which will
further leverage the Company's operational infrastructure and
scientific know-how. These projects seek to replicate the success
of the Company's short course and ultra-short course
immunotherapies in other related areas such as Perennial Allergic
Rhinitis and Food Allergies, and develop further vaccine
formulations using the Micro Crystalline Tyrosine (MCT) adjuvant
system. These projects will open up new areas of the immunotherapy
treatment market and increase the Company's total addressable
market, fivefold, to c. $15 billion p.a., including:
-- VLP - peanut allergy
Taking the newly-acquired Virus like Particles (VLP) technology
license for the development of Polyvac Peanut, a new potential
injectable vaccine immunotherapy treatment for allergy sufferers,
into Phase I clinical trials. As previously announced, food allergy
represents a significant and strategically important new area for
the Company, with peanut allergy treatments alone being an $8
billion p.a. addressable market, globally.
Peanut allergy affects an increasing number of sufferers with a
significant unmet need. Polyvac Peanut could be the first
subcutaneous vaccine to address this segment, delivering a
sustained immunological response and bringing relief to peanut
allergy sufferers around the world.
-- Acarovac Quattro - dust mite allergy
Progressing the in-house development of Acarovac Quattro, a
treatment for perennial dust mite allergy, through Phase I clinical
trials and to launch in Spain on a named patient basis targeted for
2017. Acarovac Quattro uses the same technological platform as
Pollinex Quattro and will bring to the perennial segment
unmatchable attributes in terms of patient convenience. The product
will reduce the current number of annual injections required
compared to current products in the market, providing a unique,
natural, biodegradable, alternative depot vaccine, boosted by the
MPL adjuvant Monophosphoryl Lipid A, which Allergy Therapeutics
holds exclusive rights to use in allergy vaccines. The development
of Acarovac Quattro builds on the success of the already launched
Acarovac Plus vaccine in the Spanish market as a Named Patient
Product (NPP).
In July, during the Adjuvants in Allergy Conference in
Amsterdam, Dr Albert Roger, Director of the Allergy Unit at
Hospital Germans Trias i Pujol, presented the results of a
prospective observational one-year follow-up study comparing the
safety, tolerability and long-term effectiveness of Acarovac Plus
using Dermatophagoides pteronyssinus (house dust mite) in 30
patients with allergic rhinitis and/or asthma. Tolerability was
demonstrated, along with a reduction in symptom scores of more than
50 per cent during follow up visits after one year. This novel
efficacious mite SCIT product underpins EU wide product development
plans for Acarovac Quattro. House Dust Mite is the world's most
common cause of allergy and is estimated to affect over 90 million
people in Europe, North America and Japan alone. With a $3-4
billion per annum global addressable market, house dust mite
represents another significant and strategically important area for
the Company.
-- Immunomodulators and adjuvants
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Various feasibility studies are in progress in the fields of
immunomodulators and adjuvants; specifically including the use of
symbiotics in allergy response and MCT as an adjuvant system with
other vaccines for treating infection and illness. The Company
presented data relating to the use of this patented adjuvant
technology at the World Vaccine Congress in November 2015. The data
supported the use of depot adjuvant MCT in novel vaccine candidate
formulations including malaria and influenza. The data was
established following active collaboration with Oxford University,
The Jenner Institute and Public Health England.
Inorganic growth strategy and successful integration of
M&A
The Company's acquisitive growth strategy has continued to
progress on track, with the successful integration of the recently
acquired Spanish company, Alerpharma, into the Company's Spanish
Operations. Alerpharma is now fully integrated, and the optimal
operational platform has been established for Allergy Therapeutics
to become a leading company in the important specific immunotherapy
Spanish market.
The Company continues to assess a number of inorganic
opportunities against a rigid set of qualifying criteria.
Equity fundraising
In order to capitalise on the continued momentum across the
business, the successful organic and acquisitive growth strategies
and management's objective of further accelerating the pace of
increasing market share the Company completed a fundraise in
November 2015, raising GBP11.5m (before costs) by placing
41,005,500 New Shares, representing approximately 7.5 per cent of
the Company's existing ordinary share capital. The placing was
oversubscribed and will enable Allergy Therapeutics to capitalise
on growth opportunities and diversify into adjacent and
complementary areas, with the aim of achieving a five-fold
step-change in the Company's total addressable market to
approximately $15 billion p.a. as detailed above.
Increased manufacturing efficiencies and automation
Additionally, work has been ongoing in the Company's
manufacturing facilities to enhance processes for efficiency and
compliance. The use of bar codes to check and reconcile named
patient vaccines, controlled issue to packing lines and a
redesigned diagnostic despatch process have all been implemented.
Allergy Therapeutics also recorded its first successful batch
release by the PEI for machine-filled Pollinex Quattro Tree with
Grass. This enables the Company to transfer a large percentage of
manufacturing for Pollinex Quattro away from a manual process and
this switch will be made starting in autumn 2016.
Pride in patient care
The Company has worked to ensure as many of its diagnostic
licences as possible can be retained in Germany. This retains its
intellectual property and has enabled the Company to reintroduce 31
allergens during 2015 which are now available for all markets.
Having a broad range of well-standardised and characterised allergy
diagnostics has been a strategic priority for Allergy Therapeutics
in order to provide the best possible service to its customers.
Pioneering works on development of the proteomics and allergomics
concepts (published in the World Allergy Journal in August 2015)
underpins the Company's track record in the scientific advancement
of its product portfolio, reinforcing its focus on patient care and
commitment to invest both in existing and future products to ensure
patients receive the treatment they deserve.
Excellence in customer service
The Company's Supply Operations in Worthing have been working on
customer service to ensure the best possible response for
customers. This was one of the Company's key strategic objectives
in 2014-15 and it has culminated in 100 per cent customer service
satisfaction in November 2015, with an average customer service
achieved of 99 per cent for named patient vaccines delivered on
time. The Company has been servicing increased demand and has had
no out of stock allergens for vaccine manufacture during the first
half year. The Company has targeted on time delivery, which include
Pollinex or Venomil to affiliates/distributors, at 99-100 per cent
and is fulfilling this objective.
Financial Review
Reported revenues for the first half of the financial year were
GBP29.0m (H1 2015: GBP28.2m), representing a growth of 3 per cent,
despite low to flat markets in Europe, reported after taking into
account currency movements; the negative impact on revenues from
the weakening Euro being GBP2.5m. At constant currency, revenue
growth is 12 per cent for the period, with first half revenues of
GBP31.5m (H1 2015: GBP28.2m). This double digit sales growth has
been driven primarily by the Company's improving trading
performance as it continues to increase its market share in all of
its main markets, supported by the acquisition of Alerpharma in
June 2015 which added approximately 3 per cent of the reported
sales growth.
A reconciliation between reported revenues and revenues in
constant currency is provided in the table below:
6 months to 6 months to Increase Increase
31-Dec-15 31-Dec-14
GBPm GBPm GBPm %
Revenue 29.0 28.2 0.8 3%
Adjustment to retranslate to prior year foreign exchange 2.5 -
rate
------------------------------------------------------------ ------------ ------------------ ----------- ---------
Revenue at constant currency 31.5 28.2 3.3 12%
Add rebates at constant currency 2.6 2.0 0.6
------------------------------------------------------------ ------------ ------------------ ----------- ---------
Gross revenue at constant currency 34.1 30.2 3.9 13%
As in previous years, owing to the seasonality of the pollen
allergy market, between 60 per cent to 70 per cent of Allergy
Therapeutics' revenues are generated in the first half of the
financial year and, as a consequence, the Company typically records
profits in the first half of the year and losses in the second
half.
Cost of goods sold increased marginally in the period to GBP7.3m
(H1 2015: GBP6.8m), due mainly to inflationary increases and the
acquisition of Alerpharma. Gross profit improved to GBP21.6m (H1
2015: GBP21.4m), which represents a gross margin of 75 per cent (H1
2015: 76 per cent), a good result given the foreign exchange impact
on sales.
Distribution costs of GBP9.8m (H1 2015: GBP8.9m) were higher
than the previous period after taking into account impacts on
overseas costs as Alerpharma costs were included for the first time
and a number of sales representatives have been added throughout
Europe to help accelerate revenue growth, less the positive impact
of foreign exchange. Administration expenses of GBP3.9m (H1 2015:
GBP3.9m) remained the same, and included the benefit of the
stronger dollar revaluing US dollar deposits favourably by GBP1.1m,
less the negative impact of the fair valuation of Euro denominated
derivatives (GBP0.8m).
Research and development costs increased to GBP6.5m (H1 2015:
GBP1.1m), as the two Phase II studies in Germany and the US were
progressed within the period.
The tax charge in the period of GBP0.2m (H1 2015: GBP0.1m)
relates to overseas subsidiaries and the increase reflects the
growing profitability of the subsidiaries.
Property, plant and equipment increased by GBP2.0m to GBP8.8m as
a result of the acquisition of Alerpharma. Excluding this, the
depreciation charge for the period broadly equalled new equipment
purchases. Goodwill increased to GBP3.1m with the acquisition of
Alerpharma (H1 2015: GBP2.5m), whilst other intangible assets have
risen by GBP0.7m, again mainly as a result of the Alerpharma
purchase.
Total current assets excluding cash have increased by GBP0.3m to
GBP14.0m (H1 2015: GBP13.7m). This is mainly due to an increase in
inventory.
Retirement benefit obligations, which relate solely to the
German pension scheme, decreased slightly to GBP7.5m (H1 2015:
GBP7.6m) as a result of the movement in the GBP:EUR exchange
rate.
Net cash generated by operations remained positive, although was
significantly lower as a result of increased R&D spending, with
a reported inflow of GBP0.6m (H1 2015: GBP6.5m).
Financing
In November 2015, 41,005,500 new ordinary shares of 0.1 pence
each ("Ordinary Shares") were placed with investors raising
proceeds of GBP11.5m before expenses (GBP11.0m net). The Company
will use the placing proceeds to invest in new product development
with a view to achieving a step change in the size of its total
addressable markets, strengthen its balance sheet and accelerate
growth.
The Group had no debt on its balance sheet at the close of the
financial year other than the loans acquired as a result of the
Alerpharma acquisition (GBP1.6m). The seasonal overdraft had been
fully repaid in November 2015. The Company expects to renew its
banking facilities when they are due for review in April 2016.
The Directors believe that the Group will have adequate
facilities for the foreseeable future and accordingly they have
applied the going concern principle in preparing these interim
financial statements.
Movements in the currency markets between the respective values
of the Euro and Sterling have an effect on the Company's
operations. The Company manages its cash exposure in this respect
by foreign currency hedges. Over 90 per cent of our gross sales are
denominated in Euros whereas approximately 50 per cent of costs are
incurred in the United Kingdom and denominated in Sterling.
Other Matters
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As disclosed in Note 4 (Contingent liabilities), on 23 February
2015, the Company received notification that The Federal Office for
Economics and Export ("BAFA") had made a decision to reverse their
preliminary exemption to the increased manufacturers rebate in
Germany for the period July to December 2012. The Company was
granted a preliminary exemption to the increased rebate for this
period by BAFA in 2013. The Company recognised revenue of EUR1.4m
(GBP1.1m) against this exemption in the year ended 30 June 2013.
All other preliminary exemptions (granted for periods up to 30 June
2012) have previously been ratified as final by BAFA. After taking
legal advice, the Company has lodged an appeal against this
decision and is confident that the exemption will be re-instated.
Therefore, as at 31 December 2015, no provision has been recognised
for the repayment of the rebate refund. This position will be kept
under review.
The European Commission has concluded its investigation into
whether the exemption of pharmaceutical manufacturers from the
increase in rebates in Germany constitutes state aid. The European
Commission has determined that the exemptions do not constitute
state aid. Subsequent to this announcement, the Group has been
advised that an appeal has been lodged at the EU Court against this
decision. If successful, and the exemptions are determined to be
illegal state aid, then the exemption refunds may have to be
repaid. The maximum sum to be repaid would be approximately GBP5m
(including the GBP1.1m referred to above); however, the Group
considers this to be an unlikely outcome and consequently has not
recognised any contingent liability.
Outlook
Allergy Therapeutics' lifestyle-enhancing short course and
ultra-short course products continue to gain market share in Europe
and the Company remains on course with its plan to become a leading
player in the global specific immunotherapy market. Whilst its main
markets are exhibiting flat or low growth, the Company believes it
can continue to outperform competitors and keep increasing market
share, aiming to grow its European business at low double digit
rate over the coming years, supported by an enhanced commercial
infrastructure and expanding product portfolio.
In the US, following the GBP20m (net of expenses) fundraising in
March 2015, the Company has restarted clinical development plans,
aiming to enter the US market following FDA approval in 2019,
thereby becoming the first company to launch a subcutaneous vaccine
in the seasonal segment of the US allergic rhinitis market.
The Company's US commercialisation strategy is where significant
growth potential lies and, with a reinforced balance sheet, the
Company is well placed to build a fast growing, profitable
international allergy solutions business.
We look forward to the future with confidence.
Peter Jensen
Chairman
Manuel Llobet
Chief Executive Officer
7 March 2016
ALLERGY THERAPEUTICS PLC
Consolidated income statement
Note 6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
2
unaudited unaudited audited
Revenue 28,959 28,183 43,230
Cost of sales (7,328) (6,796) (12,179)
---------- ---------- -------------
Gross profit 21,631 21,387 31,051
Sales, marketing and distribution
costs (9,842) (8,874) (17,060)
Administration expenses
- other (3,879) (3,926) (10,218)
Research and development
costs (6,537) (1,065) (3,121)
---------- ---------- -------------
Administration expenses (10,416) (4,991) (13,339)
Other income - - 73
Operating profit 1,373 7,522 725
Finance income 84 1 147
Finance expense (154) (110) (218)
---------- ---------- -------------
Profit before tax 1,303 7,413 654
Income tax (249) (108) (546)
---------- ---------- -------------
Profit for the period 1,054 7,305 108
========== ========== =============
Earnings per share 3
Basic (pence per share) 0.19p 1.62p 0.02p
Diluted (pence per share) 0.18p 1.54p 0.02p
Consolidated statement of
comprehensive income
6 months 6 months 12 months
to to to
31 Dec 31 Dec 30 Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Profit for the period 1,054 7,305 108
Items that will not be reclassified
subsequently to profit or
loss:
Remeasurement of net defined
benefit liability (255) (1,137) (932)
Remeasurement of investments-retirement
benefit
assets (51) 44 8
Items that will be reclassified
subsequently to profit or
loss:
Exchange differences on
translation of foreign operations 366 (35) (119)
Total comprehensive income/
(loss) 1,114 6,177 (935)
========== ========== ==========
Consolidated balance sheet
31 Dec 31 Dec 30 Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
Assets
Non-current assets
Property, plant and equipment 8,787 6,785 8,750
Intangible assets - Goodwill 3,053 2,454 2,980
Intangible assets - Other 1,925 1,192 2,020
Investment - Retirement
benefit asset 3,451 3,348 3,160
Deferred taxation asset - 174 -
Total non-current assets 17,216 13,953 16,910
Current assets
Trade and other receivables 7,141 7,236 5,060
Inventory 6,826 6,318 6,747
Cash and cash equivalents 33,206 7,985 21,199
3 163 783
Derivative financial instruments
Total current assets 47,176 21,702 33,789
Total assets 64,392 35,655 50,699
---------- ---------- ---------
Liabilities
Current liabilities
Trade and other payables (7,906) (6,227) (7,169)
Current borrowings (262) (49) (251)
Total current liabilities (8,168) (6,276) (7,420)
Net current assets 39,008 15,426 26,369
---------- ---------- ---------
Non current liabilities
Retirement benefit obligation (7,465) (7,546) (6,755)
Deferred taxation (296) (128) (298)
Non current provisions (252) (217) (211)
Other non current liabilities (113) - (113)
Long term borrowings (1,378) - (1,433)
---------- ---------- ---------
Total non current liabilities (9,504) (7,891) (8,810)
Total liabilities (17,672) (14,167) (16,230)
Net assets 46,720 21,488 34,469
========== ========== =========
Equity
Capital and reserves
Issued capital 597 420 556
Share premium 102,389 67,750 91,463
Merger reserve - shares
issued by subsidiary 40,128 40,128 40,128
Reserve - shares held by
EBT 67 67 67
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Reserve - share based payments 761 667 591
Reserve - convertible loan - 3,652 -
notes
Revaluation reserve 1,178 1,222 1,178
Foreign exchange reserve 226 (56) (140)
Retained earnings (98,626) (92,362) (99,374)
---------- ---------- ---------
Total equity 46,720 21,488 34,469
========== ========== =========
Consolidated statement of changes in equity
Issued Share Merger Reserve Reserve Reserve Foreign Retained Total
Capital premium reserve - - share - Revaluation exchange earnings equity
- shares shares based convertible reserve reserve
issued held payment loan
by in note
subsidiary EBT
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December
2014 420 67,750 40,128 67 667 3,652 1,222 (56) (92,362) 21,488
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Exchange
differences
on
translation
of foreign
operations - - - - - - - (84) - (84)
Remeasurement
of net
defined
benefit
liability - - - - - - - - 205 205
Remeasurement
of
investments
- retirement
benefit
assets - - - - - - (44) - 8 (36)
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Total other
comprehensive
income - - - - - - (44) (84) 213 85
Loss for
the period
after tax - - - - - - - - (7,197) (7,197)
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Total
comprehensive
income - - - - - - (44) (84) (6,984) (7,112)
Transactions
with
shareholders
-Convertible
loan note - - - - - - - - (86) (86)
Conversion
of loan
note to
equity 42 3,832 - - - (3,652) - - (222) -
Share based
payments - - - - 204 - - - - 204
Shares
issued 94 19,881 - - - - - - - 19,975
Transfer
of lapsed
options
to retained
earnings - - - - (280) - - - 280 -
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
At 30 June
2015 556 91,463 40,128 67 591 - 1,178 (140) (99,374) 34,469
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Exchange
differences
on
translation
of foreign
operations - - - - - - - 366 - 366
Remeasurement
of net
defined
benefit
liability - - - - - - - - (255) (255)
Remeasurement
of
investments
- retirement
benefit
assets - - - - - - - - (51) (51)
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Total other
comprehensive
income - - - - - - - 366 (306) 60
Profit for
the period
after tax - - - - - - - - 1,054 1,054
--------- -------- ----------- -------- -------- ------------ ------------- --------- -------------------- --------
Total
comprehensive
income - - - - - - - 366 748 1,114
Share based
payments - - - - 170 - - - - 170
Shares issued 41 10,926 - - - - - - - 10,967
At 31 December
2015 597 102,389 40,128 67 761 - 1,178 226 (98,626) 46,720
========= ======== =========== ======== ======== ============ ============= ========= ==================== ========
Condensed consolidated cash
flow statement
6 months 6 months 12 months
to to to
31Dec 31Dec 30Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
(as restated)
Cash flows from operating
activities
Profit before tax 1,303 7,413 654
Adjustments for:
Finance income (84) (1) (147)
Finance expense 154 110 218
Non cash movements on defined
benefit pension plan 148 143 290
Depreciation and amortisation 782 644 1,293
Charge for share based payments 170 202 406
Derivative financial instruments 781 183 (438)
Foreign exchange revaluation
on US Dollar cash deposits (1,087) - 1,118
(Increase)/decrease in trade
and other receivables (2,112) (1,922) (448)
Decrease/(increase) in inventories 2 90 (424)
Increase/(decrease) in trade
and other payables 550 (358) 1,079
---------- ---------- --------------
Net cash generated by operations 607 6,504 3,601
Interest paid (154) (111) (304)
Income tax received/(paid) 44 - (174)
Net cash generated by operating
activities 497 6,393 3,123
Cash flows from investing
activities
Interest received 11 1 65
Investments (128) (166) (275)
Acquisition of Alerpharma
Group - - (2,653)
Cash acquired on acquisition
of Alerpharma Group - - 1,301
Payments for intangible assets (142) (48) (13)
Payments for property plant
and equipment (335) (221) (1,091)
Net cash used in investing
activities (594) (434) (2,666)
Cash flows from financing
activities
Proceeds from issue of equity
shares (net of share issue
costs) 10,967 34 20,079
Repayment of borrowings (120) - -
Net cash generated by financing
activities 10,847 34 20,079
---------- ---------- --------------
Net increase in cash and cash
equivalents 10,750 5,993 20,536
Effects of exchange rates
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March 08, 2016 02:01 ET (07:01 GMT)
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