Business
Trading Update & Notice of Results - Replacement
Trading Update & Notice of Results - Replacement.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n \nRNS Number : 0610A Allergy Therapeutics PLC 16 January 2020 \n\n \n \n \nAllergy Therapeutics plc\n(\"Allergy Therapeutics\", \"ATL\" or the \"Group\")\n \nHalf Year Trading Update & Notice of Results - Replacement\n \nThis announcement replaces an earlier version (RNS 9580Z), correcting 'December 2020' in the first paragraph to 'December 2019'.\n \nAll other details remain unchanged and the full amended text is shown below.\n \n- Strong earnings and market share continues to grow\n- Record cash position reflecting continuous performance improvement \n \n16 January 2020 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today provides a trading update for the six months ended 31 December 2019 ahead of its Half Year Results to be announced on 4 March 2020.\n \nFinancials\n \nReported revenues for the six months ended 31 December 2019 are expected to have grown to £50.5m (2018: £46.7m) representing 9% growth on a constant currency basis (8% on reported basis). The Group is trading in line with Board expectations. Geographically, there was growth across all major countries with the best performances in Germany, Spain, Netherlands and Switzerland. Product wise, Pollinex Quattro and Venomil continued to progress well, along with Pollinex, driven by superior technology and a robust supply chain. The Group continued to gain market share in Germany.1 \n \nThe cash balance at the end of December 2019 was £39.7m (31 December 2018: £31.6m) which includes the £3.2m received in settlement of legal costs relating to the litigation with Inflamax. \n \nOn current assumptions, the Group will be able to fund the Grass MATA MPL Phase III trial currently planned for later this year from existing resources. \n \nRegulatory \n \nIn reference to the Grass MATA MPL Phase III trial, the Group confirms that it is on track to start the screening for the first stage of the study during summer 2020, which will be executed in the USA and the EU. The design of this study in a stepwise approach (as communicated in November 2019) incorporates the lessons learned during the analysis of the Birch MATA MPL study. The Group has now completed and submitted ...