Allergy Therapeutics (AGY)

 

Allergy Therapeutics ahead of forecasts

Allergy Therapeutics expects revenues for the year ended 30 June to be ahead of market forecasts at £64.1m (2016: £48.5m).

A year-end update said the strong performance represented 15% annual growth on a constant currency basis and 32% on a reported basis which reflected the favourable euro exchange rate.

The company said it continued to gain market share within its core markets in Europe.

The update said: "Revenues have grown over the past 18 years at a double-digit compound annual growth rate.

"Research and development expenditure for the 2017 financial year is anticipated to be lower than market expectations due to the phasing of activities across the year end and these costs will now be incurred in financial year 2018.

"The ongoing pipeline trials continue to progress well and timing remains in line with Board expectations."

At 8:04am: (LON:AGY) Allergy Therapeutics PLC share price was +0.75p at 26.5p