Alliance Pharma 'confident' in performance following CEO's exit

Hannah Baker

21 June 2024 at 3:19 am·2-min read

Alliance Pharma is based in Chippenham, Wiltshire — -Credit: (Image: Google Maps)

Wiltshire-headquartered pharmaceutical firm Alliance Pharma has said it is "confident" in its medium and long-term performance a month after its chief executive announced he was leaving the business.

In a long-awaited set of results, the Chippenham-based company reported underlying revenue of £182.7m for the year ended December 31, 2023 - up from £172m the year previously. Gross profit was £105m, up from 101.7m the year before.

It follows a tough few months for the business, which first delayed its results on April 5, on April 22 and then again on May 8 following an audit process.

Andrew Franklin, chief financial officer of Alliance, said: "Whilst the audit delay has been unsatisfactory, it has allowed us to implement a more robust intangible valuation review process.

"Despite the non-cash impairments our portfolio continues to provide a solid platform from which to grow our consumer healthcare brands and generate strong cash flow."

Alliance Pharma, which sells over-the-counter and prescription medicines, said it expected profits for the full-year to be in line with 2023, with performance weighted in the second half.

"We remain confident in our medium to long-term performance as we focus our resources on those market segments in which we already have a strong presence and expertise in order to drive solid organic revenue growth above that of the broader consumer healthcare market," added Mr Franklin.

Alliance Pharma said group performance in the five months to the end of May was in line with the board's expectations.

Last month, Nick Sedgwick joined the mid-cap company as its new chief executive after Peter Butterfield announced he was leaving to pursue "other business interests".

It followed the appointment in February of Camillo Pane as chair. She added: "I am looking forward to working with our new CEO, Nick Sedgwick, and, together with the wider management team, I am focused on ensuring we deliver shareholder value."

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