Alliance Pharma (APH) Trading Update summary

Revenue and profit performance

• See-through revenues reached £84.8m for H1 2024, up 2.8% year-on-year and 5.0% at constant exchange rates.

• Consumer Healthcare revenues rose 5% CER to £61.4m, with Kelo-Cote franchise up 18.4% CER to £29.2m.

• Nizoral revenues fell 20.9% CER to £8.3m due to destocking, but are expected to recover in H2 2024 with new product launches.

• Amberen revenues declined 8.9% CER to £5.2m, while MacuShield grew 16.0% CER to £4.8m.

• Prescription medicine revenues increased 3.4% CER to £23.3m, driven by Hydromol and return to stock of certain products.

Cash flow and debt

• Strong free cash flow generation led to a reduction in net debt and leverage, with leverage expected below 2.0x as of 30 June 2024.

• Free cash flow is anticipated to build strongly throughout 2024, supporting further debt reduction by year-end.

Strategic outlook and guidance

• Board's expectations for full-year 2024 financial performance remain unchanged.

• Group revenues are expected to build in H2 2024, driving gross margin improvement.

• A refined strategy will be presented in Q4 2024.