Business
Interim Results and Lifting Suspension in Trading
Interim Results and Lifting Suspension in Trading.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n\n \nAllergy Therapeutics plc\n(\"Allergy Therapeutics\" or the \"Company\" or the \"Group\")\n \nInterim Results for the six months ended 31 December 2022\nand Lifting of Suspension in Trading\n \n19 June 2023: Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, announces its unaudited interim results for the six months ended 31 December 2022 and expected restoration of trading in the Company's ordinary shares on AIM with effect from 7.30am today.\n \nFinancial Review\n \nRevenue for the first half of the financial year was 18% lower at £39.9m (2022 H1: £48.7m) as a consequence of the short-term pause in production in October 2022.\n \nCost of sales increased to £14.1m (2022 H1: £12.8m), with an ongoing programme of continuous improvement across the supply chain and quality systems, together with higher labour costs.\n \nGross profit decreased by 28% to £25.8m (2022 H1: £35.9m), which represents a gross margin of 65% (2022 H1: 74%), reflecting reduced absorption of fixed production overheads on lower revenue.\n \nSales, marketing and distribution costs were slightly higher at £13.2m (2022 H1: £13.1m) as a result of higher labour costs offset by cost savings. Administrative expenses increased to £11.9m (2022 H1: £10.6m), resulting from increased IT spend to improve productivity and security. Research and development costs increased to £8.5m (2022 H1: £5.0m), including initiation of the G306 Pollinex Quattro grass study. Exceptional costs were £0.4m (2022 H1: £nil) from the ongoing review of funding options.\n \nThe operating profit pre-R&D of £0.5m (2022 H1: £12.5m) reflects the decline in revenue caused by the short-term pause in production, together with increased manufacturing, administrative and exceptional costs.\n \nResearch and development costs increased to £8.5m (2022 H1: £5.0m), mainly due to initiation of the G306 Pollinex Quattro grass study and preparation for the P101 peanut study.\n \nThe operating loss was £8.0m (2022 H1: £7.4m, profit), and the loss before tax was £8.2m (2022 H1: £7.3m, profit). The tax charge of £0.3m (2022 H1: £0.6m) relates to the overseas subsidiaries. The basic loss per share was 1.29 pence per share ...