Alliance Pharma lowers net debt after "strong" revenue growth in 2019
International healthcare group Alliance Pharma said it had recorded some strong revenue growth in 2019 on Wednesday as well as a rapid reduction in net debt.
Alliance's see-through revenues for 2019 improved 16% year-on-year to £144.3m on both a reported and constant currency basis.
Excluding acquisitions, year-on-year revenues increased 9% and underlying profits before tax were now expected to be in line with expectations.
The AIM-listed firm said revenue growth was underpinned by "a strong performance" across its International Star brands - Kelo-Cote, Nizoral, MacuShield and Vamousse. Local brands delivered "a stable performance" with revenues for 2019 slightly ahead of the prior year at £78.4m.
Alliance also said free cash flow for the year "was very strong" at £29.1m and net debt reduced to £59.2m from £74.1m.
Chief executive Peter Butterfield said: "2019 continues the strong momentum of recent years with good organic growth led by our consumer brands.
"We are also pleased to report very healthy cash generation in 2019, which has resulted in a significant reduction in net debt and leaves us well placed to selectively add to our portfolio with a continued focus on augmenting our consumer brands in international markets."
As of 1130 GMT, Alliance shares had inched forward 0.24% to 85.20p.