Wiltshire healthcare firm Alliance Pharma has posted a rise in profits two months after making its chief operating officer redundant.
The Chippenham-headquartered business reported underlying revenue of £84m for the six months ending June 30, 2024 – up from £81.4m over the same period in 2023. Profit before tax rose from £10.3m to £12.7m from the year before.
The firm, which sells prescription and over-the-counter medicines, said demand for its scar treatment brand Kelo-Cote drove group revenues over the period.
The company’s performance was assessed using so-called ‘alternative performance measures’ which are not defined under International Financial Reporting Standards (IFRS). The method is used by management to monitor ongoing business performance against shorter-term budgets and forecasts, and longer-term plans.
Nick Sedgwick, chief executive of Alliance, said: “I am pleased by the performance we delivered in H1 24 as we continue to see the benefits of our investment in both marketing and innovation. Our free cash flow is expected to build strongly throughout the remainder of 2024, which we anticipate will enable us to reduce further our net debt and leverage by the end of the year.”
Mr Sedgwick added: “I have also implemented a number of senior management changes to accelerate decision making and to bring the consumer closer to the heart of the business, and I see further opportunity to deliver efficiency gains and capability improvements over time.”
News of the results follow tough few months for the company, which replaced its chief executive in May and delayed its results several times after problems with its audit.
The business first delayed its results on April 5, on April 22 and then again on May 8. It said at the time its chief executive’s departure was not linked to the issues with the audit.
Alliance’s chief operating officer, Jeyan Heper, left the business last month. The company said in the summer the role was no longer required and the move would “simplify” its management structure.