Allergy Therapeutics on track to 'significantly' exceed FY expectations

Biotechnology company Allergy Therapeutics said on Wednesday that its 2020 trading performance was on track to exceed market expectations.

Allergy expects reported revenues for the year ending 30 June to be at least 4% ahead of the prior year in constant currency terms.

The AIM-listed group added that a programme of operating cost efficiencies, together with the timing of planned research and development expenditure over the three years ending June 2022, was expected to deliver a net profit for the year "significantly above" market expectations.

Allergy will provide a further update to shareholders for the year ending 30 June in mid-July.

As of 1010 BST, Allergy shares had surged 20.07% to 14.26p.