Updates

Alliance Pharma

February 2014

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.

A somewhat disappointing update from Alliance, which said sales for 2013 will be below expectations at Â£45.5m although pretax profit is still expected to be in line at Â£12m. But disappointment really centres around the fact that Alliance has not been successful in retendering for the toxicology contract with the government, which leaves a gap in future profits. It's a cyclical product - the contract is worth Â£5m every 2.5 years - and last year was an â€œon yearâ€ when it delivered H1 sales of Â£3.2m. Some of the gap in profits will be filled in future years with last month's acquisition of Lipsyl and the acquisition of the German rights from Bayer to Irenat, a thyroid treatment, this month. Sales of Irenat are small at Eu ...

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