4 July 2011 – final results

Results for the year ended 31 March have revealed turnover up 27% to £7.9m (2010: £6.2m).  Gross profit was up 30% to £4.7m (2010: £3.6m) and adjusted profit before tax rose by 25% to £0.74m (2010: £0.59m), which translated into adjusted earnings per share of 1.7p (2010: 3.1p).

We have covered the placing, which raised £7.75m before expenses, before.  This was necessary to fund the acquisition of Allergopharma’s allergy business in December and net cash at the period end was £0.45m (2010: net debt of £1.26m) as a result.  However, this fundraising will continue to cause a drag on the share price in the near term given that it was priced at 12p per share.  Over the longer term we remain convinced that value will be created for shareholders and retain our LONG TERM BUY rating.