23 May 2019 – agm statement
A trading update released to coincide with the company’s AGM has revealed that the company continues to trade well, with overall performance in the current financial year in line with expectations. There has been ongoing growth from the International Star brands and a solid performance from Local brands. Strong free cash flow means that adjusted the net debt/EBITDA leverage ratio should fall to under 2.0 times during the second half of the year unless there are any acquisitions. A separate announcement was also released with regards to the provisional findings of an investigation by the Competition and Markets Authority into the sale of prescription prochlorperazine. Alliance Pharma has confirmed that it has not been involved in the pricing or distribution of prochlorperazine since 2013 and that it has not benefited from any price increases. The shares are a BUY.