Secondary Recommendation

Alliance Pharma

April 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Alliance firmed after announcing its 2010 results, which showed sales up 60% to Â£49.9m and pretax profit before exceptionals up 91% at Â£16.4m. Adjusted eps was 4.6p. The gross margin rate for the year was 60.9%, up from 58.0% in 2009.Of the Â£18.6m increase in sales, the biggest contributor was Alliance's acquisition of 18 products from Cambridge Laboratories in Feb '10, which accounted for Â£11.7m. A further Â£5m of growth came from Deltacortril, Alliance's enteric coated prednisolone, which grew sales to Â£13.5m and the rest was from the acquisition of Buccastem and Timodine.Alliance sounded some notes of caution within its outlook statement. First was that Deltacotril sales will almost certainly slow this year fo ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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