Alliance Pharma lifted by pre-close trading statement, sees full-year turnover up 42 pct

Alliance Pharma PLC (AIM: APH) said trading during the last few months of the 2009 financial year remeined strong and as a result, it now expects to report turnover for the full year to 31 December 2009  of  approximately £31 million, an increase of approximately 42 percent on the previous year.

Shares in the speciality pharmaceutical company were lifted nearly 8 percent by the news in pre-opening London deals.

The company has previously reported that it is restricting investment in development projects to very modest levels and therefore does not propose to continue with clinical trials of Isprelor, for the induction of labour, without third-party support. In light of this, the carrying value of Isprelor on the balance sheet will be assessed as part of the year-end procedures to see whether any impairment should be recognised.  Prior to any impairment charges, the book value of Isprelor development costs at December 31 2009 was £2.8 million.

Excluding any impairment charges for Isprelor, results for the 2009 are expected to significantly exceed current  market expectations, with pre-tax trading profits expected to be no less than £8.5 million. 

The company had already flagged in November that results were likely to show a strong improvement, reflecting the positive sales trends reported in its interim statements, while sales of Buccastem and Timodine, the two brands acquired in August, had been in line with expectations.

Alliance Pharma's full-year results are scheduled to be released on March 24 2010. http://www.proactiveinvestors.co.uk/companies/news/11860/alliance-pharma-lifted-by-pre-close-trading-statement-sees-full-year-turnover-up-42-pct-11860.html