Updates

Alliance Pharma

June 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Alliance Pharma, which owns a portfolio of branded generic medicines, reported slightly lower than expected full-year pretax profit of Â£10.7m (2010: Â£12.9m) with eps falling from 5.1p to 3.6p. The swing factor was a significant sales reduction for its previous best seller, Deltacortril, which fell off a cliff from an exceptional Â£13.5m to Â£4.7m, including just Â£1.1m in the second half, due to increased competition. However, to put this hiatus into perspective total group sales last year were Â£46m, which is 47% higher than 2009. Another important point is that Deltacortril, which treats arthritic joints and bowel disease, only cost Â£1m to acquire but has generated Â£13m cash and this has been ploughed back into acquisi ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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